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The Fed: 100 Years of Boom & Bust #670-1

April 29, 2015One Comment

News Behind the News: Scott Minerd offers a critical analysis of the first hundred years of the Federal Reserve.

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Due to his unconventional views, Scott Minerd, the global Chief Investment Officer of Guggenheim Partners is serving on the market advisory committee to the New York Federal Reserve Bank. He explained the initial purpose of the founding of the Fed and gives a critical analysis of the successes and failures of the Fed, noting the Great Depression and the recent Great Recession.

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1 comment to “The Fed: 100 Years of Boom & Bust #670-1”

  1. godenich | May 4, 2015 | Permalink Reply

    Reform the US bank charter act to preserve the ownership of customer deposits. Currently, deposits are owned by the bank and thus allow the bank to use those funds as part of their reserve to conduct fractional reserve bank lending without your explicit explicit consent, i.e., your willingness to risk your deposit. State that customers do not relinquish their property rights when making a deposit into a bank. The FDIC was created to insure the bank deposits against loss. That is insurance for the bank, not you. It insures the bank against bank runs and investment losses on loans*

    As far as government protecting the general welfare of the public, government need only instate a NIT** within a balanced budget. It would also provide an economic liquidity floor for all individual economies to cushion against any busts and allow failed business to be replaced by successful ones.

    Consider debating the root cause in the bank charter act. The UK parliament is debating theirs[1]. The FED is a symptom of a more basic problem.

    * There’s about $63bn insuring around $6tn of insured deposits that are used by bank reserves to leverage loans of approximately 10X (money multiplier) more than what it has. There is also exposure to notional derivative sums in the hundreds of trillions of dollars. Note that after the $63bn is gone, taxpayer foots the bill.

    ** working age (16-64) tax-free, garnish free, $12K Individual Federal Poverty Level, citizens’s negative income tax.

    [1] ‘Money Creation & Society’ Debate in UK Parliament | Youtube

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