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In 5 myths debunked about the Federal Reserve, Mark Hamrick, Washington Bureau Chief for Bankrate, asserts that Myth #2 about the Fed is that The Fed isn’t part of the US government. As is typical of “Fed defenders,” Hamrick does not tell the whole story, and he confuses by using the words “part of.” I
It’s now been a year since Germany announced that it was recalling gold that had long been stored in New York and Paris. The Bundesbank (Germany’s central bank) said that the purpose of the recall was so that half of Germany’s gold reserves would be stored in Frankfort. At last report, according to the IMF
In The Federal Reserve under attack like never before, I referred to bankrate.com’s cheerleading piece for the Fed, 5 myths debunked about the Federal Reserve. Let’s take a look at what Mark Hamrick, the writer, calls Myth 1: The Fed is run by foreigners. I’ve been in the precious metals business for forty years and
In The Federal Reserve under attack like never before, I noted that when I started in the silver bullion business in 1973 few people knew what the Federal Reserve was and what it did. That was not always the case. Before the Fed was instituted in 1913, the United States had had two central banks,
The World Financial Crisis of 2008 now seems a long time ago and not worthy of discussion, except at the academic level where professors can point to the power of central banking. After all, didn’t the Fed solve the crisis by buying assets, many of which that were worthless on the free markets, with freshly
When I entered the silver bullion business in 1973, few people knew what the Federal Reserve System was and what it did. Still fewer knew it was a central bank, and with little knowledge of what a central bank did. Those that knew the Fed existed knew that it expanded the nation’s money supply, which
