What Is the Federal Reserve?

TOPIC

What  IS the Federal Reserve?

GUEST:
Charles Moscowitz

Contact: (617) 271-5044  charlesmoscowitz@gmail.com 

The Art and Science of American Money – How Our Money Is Created and Why It Matters

What IS the Federal Reserve? 

The New York Times front page article: In Tug of War Over New Fed Leader, Some Gender Undertones (7/26)focuses irrelevantly on the question of the gender of a potential Chairman of the Fed, soon to be chosen by President Obama, as Fed Chairman Ben Bernanke prepares to step down at the end of this year.

But what, exactly, is the Federal Reserve anyway and why does the Fed get to set interest rates on credit? The Fed is a private banking cartel which holds a virtual monopoly on the setting of interest rates, and therefore on the creation and the cost of currency and credit for both our government and for all Americans.

Radio commentator and published historian Charles Moscowitz is the author of The Art and Science of American Money 
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Moscowitz dscusses currency in easy to understand terms, contends that the Fed bears a lion’s share of responsibility for the fact that, according to an AP report (7/28), 4 out of 5 Americans are now struggling with poverty joblessness and welfare dependency. The Fed is largely to blame for the $16 Trillion Dollar National Debt, the trade imbalance with China and the creeping inflation that is causing gas prices to go up, and is robbing the value of the workingman’s dollar. 

The role of the Fed in our economy ought to be discussed and debated as would any other political or social issue. 

Moscowitz contends that Congress, not the Fed should regulate the value of the dollar as the value of money ought to be set by elected representatives not by an unelected bureaucracy. Regarding the regulation of the value of money, the Constitution reads as follows:

Article I, Sec 8 clause 5:

The Congress shall have power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; 

The Art and Science of American Money – How Our Money Is Created and Why It Matters examines the history of American money and the battle between advocates of public money vs. those who supported the private debt oriented system that we now have. Many great Americans supported public money including Thomas Jefferson, James Madison, Andrew Jackson, Abraham Lincoln, Franklin D. Roosevelt and John F. Kennedy.  

The Socialist Bible-Why The Communist Manifesto Is the World’s Second Most Important Bookreveals that Karl Marx in the Communist Manifesto supported private central banking. The Communist Manifesto reads as follows:

Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.