Amend The Fed

[David Merrill]

I apologize for commenting solely on your quote. Ellen BROWN does indeed look to be worth reading.

To your last question:

I may have already thought that through. If China was to redeem its debt with the US, what would we do? - Send them a planeload of paper? Sure! Why not? What would they do with it? They would come over here and buy land, groceries, homes etc. They might even plan ahead and build Ghost Cities so that when the native Americans find themselves sinking in class, we grab 3-Year Contracts to go fill those cities in Little America Wards where we get on a bus and ride to our daily shift making zippers or sunglasses...

I have my own plan for abolishing the Fed. You all know what it is. I will be celebrating the Anniversary all right!

[Keith Alan]

That effectively happened in trust back in 1933:

[ATTACH=CONFIG]1483[/ATTACH]

Yes, but if they ever do something like that, I think the troubles that many seem to be experiencing with banks by making demand would just go away.

Also, the article was illuminating in other areas. It talked about Bernanke creatiing debt free money with which to buy Fed credit, which was deposited with banks as Quantitative Easing. I find that fascinating. If Treasury is doing that, then the inverse is also possible: creating debt free money and depositing it in accounts through those ATMs.

Treasury is/was creating $85 billion per month, and selling it to the Fed for credit. Why would it do that? Why not simply redeem the debt outstanding? I'm just thinking out loud here, but if the national banks were insolvent, and needed a bailout, why not just redeem the debt? That would solve the bank's and the government's problem.

[David Merrill]

That effectively happened in trust back in 1933:

[Keith Alan]

http://ellenbrown.com/2013/12/07/amend-the-fed-we-need-a-central-bank-that-serves-main-street/

Interesting proposal,

Bernanke delivered the money to the creditors because that was all the Federal Reserve Act allowed. If the Fed is to fulfill its mandate, it clearly needs more tools; and that means amending the Act. Harvard professor Ken Rogoff, who spoke at the November 2013 IMF conference before Larry Summers, suggested several possibilities; and one was to broaden access to the central bank, allowing anyone to have an ATM at the Fed.