Visual Encyclopedia

Federal Reserve System

The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises were to be alleviated. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s, have led to the expansion of the roles and responsibilities of the Federal Reserve System.

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Can we End the Fed? Can banks prosper without a centralized banking system? The answer is yes!

Contributed by Samuel Alam

The Federal Reserve is basically a cartel of bankers who out smarted the U.S government 100 years ago and formed a centralized bank, which the founding fathers despised. Today the Fed, which is a privitized company, makes all the money that is in circulation. The system is basically this: The government needs say 1 billion dollars, they trade government bonds for the money that the Fed creates out of nothing and bam, the U.S is a billion dollars more in debt. But that's not all! Like any loan they Fed charges interest of 10%. So instead of owing the Fed a billion dollars for what they borrowed they actually owe a billion plus 10% interest. So every dollar in the US is actually -10 cents. The people who own this company are a mystery, and they are likely the richest people in the world.

Contributed by Artemio Enrique Flores

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