this short animation breaks down the basics of fractional reserve banking and its relationship to the private federal reserve system but nowhere near completely explains how the system functions on a daily basis, its worth a watch though
you will never see a complete and thorough audit of the fed in our lifetime, and the three points I have to correct Ben and many other fed critics on is the fed doesn't just "create money out of thin air" they must always have a debt instrument to monetize like a bond, bill, note and or security and the "mortgage housing crisis" was not the main cause of the 2008 financial crash, the main cause was the terrible and irresponsible gambling that was done by mega banks like JP Morgan Chase and Goldman Sachs (no more glass steagall) which had to be bailed out and Harry Reid is a shill to rival shills SMH
so the debt ceiling has now been suspended indefinitely til February 2014 and the ceiling will most likely be raised there after as well, so we are now borrowing around 328 billion dollars a day from the private federal reserve
I'm surprised to see this piece in the wall street journal, Andrew Huszar pretty much admits that his quantitative easing program did nothing to help the american people but did wonders for the bank's profits margins SMH
once again, kudos to Mariah Milano for starting this thread, she will probably go down in history as my favorite porn star because of it, and Godfrey seems pretty upset and has every right to be IMO
these guys are like the greenback party of the 1860s, instead of federal reserve notes, let the US treasury be the issuer of US Notes and let the treasury charge interest to the private banks, lets reverse the roles and start to bring down that national debt