Saturday, November 14, 2009

What is the Federal Reserve?


Everyday I hear people say what the Fed should or should not do as it relates to the economy. Often times I get the opportunity to ask them what the Fed really is. I use the "5 Ws" to pose this question:

WHO founded the Fed, and WHO makes it up?
WHAT did they intend the Fed to be, and WHAT is the Fed used for today?
WHERE was the Fed founded?
WHEN was the Fed founded and is the year significant?
WHY was the Fed founded?

Most cannot answer these questions. I recommend they read:

Start with Murray Rothbard's article "Origins of the Federal Reserve" and then read his book "The Case Against the Fed." Click here to download it for free!

You might also try Ron Paul's "End the Fed!"

Then, if you are brave and want to go further down the rabbit hole, read "The Creature From Jekyll Island" by G. Edward Griffin. You will never look at the world of banking and finance the same way again!


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QE3 Is Here!

Move over QE2, QE3 is here! The markets are euphoric for now.