CALLER – Mr. Supinski, does my country own the Federal Reserve System? MR. SUPINSKI – We are an agency of the government. CALLER – That’s not my question. Is it owned by my country? MR. SUPINSKI – It is an agency of the government created by congress. CALLER – Is the Federal Reserve a Corporation? [...]
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This webpage is copied in full from fee.org. It is a fine expression which applies to the economic collapse of today. http://www.fee.org/in_brief/default.asp?id=2396&year=2008&month=10 October 10, 2008 by Sheldon Richman Sheldon Richman is the editor of The Freeman and “In brief,” and a contributor to The Concise Encyclopedia of Economics. TGIF appears Fridays. Comments welcome.
This morning I learned that our glorified Senator Dodd flapped his lips and told the country that we have but days to prevent financial meltdown. It’s the first honest thing we have heard from within government in a helluva long time, from a man I would not trust to deliver my newspaper. Some (what, [...] Executives from the major Wall Street firms expressed reluctance at a plan by government officials to have each firm chip in money to buy Lehman Brothers’ troubled real estate portfolio, worried that even after Lehman, another firm might need a similar bailout as the financial crisis continues to wreak havoc among the big investment banks. [...] A deal has been drafted for the Fed to buy Lehman Brothers’ bad assets and clear the way for an eventual sale of the troubled firm. Striker: We knew this was a’comin’ sometime this weekend. Is this the proverbial straw that broke the camel’s back? Or do we hold our breath a few more days, [...] Monetary inflation may seem impossibly complicated, but take heart. While understanding inflation is essential to everyone, both in sensing the future and to understanding the basics of personal well-being, a degree in economics is unnecessary. Money is basically a “medium of exchange”; an instrument of convenience, which makes it unnecessary to tote chickens or bushels [...] |
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