by tonytran2015 (Melbourne, Australia).
Americans keep paying unnecessary fees to private bankers through Federal Reserve Bank.
Every year billion dollars of undeserved fees (or interests) have been paid to private bankers through the Federal Reserve Bank. This Federal Reserve Bank is actually a private bank, not a wholly owned branch of the US Government. There is no ground for using a private FRB and pay it billions of dollars every year.
1. USA need no one to back their newly printed dollars.
Figure: Fiat money relies only on the taxation power of its issuing government for its backing.
The said payment cannot be said for supporting (underwriting) the issuing of new US dollar notes. Indeed, the government of USA is a money sovereign. It can print as much fiat money as it likes (and bear the consequences). Its fiat money has value to Americans because Americans have to use it…
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