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[–] OricaTonithos ago
So, this is the problem I have with listening to any former chairman of the Federal Reserve Bank:
The Federal Reserve Bank is a private institution with pseudo government authority to play a key role in the production of US currency (the US Mint does this, but by direction of the Fed). When the tax/spend cycle of funding the federal government comes up short, deficit spending prompts the creation of new currency through the Fed. Debt is created toward the Federal Reserve Bank and the US Government gets the first hands on the new currency (also causing inflation, which reduces the value of all US money). This system creates a "feed trough" that government and all its contractors and tag-alongs can benefit from before the public at large. It seems to work by "stimulating" near term growth...but with long term debt.
The national debt interest rate is also manipulated by the Fed to keep a political/economic balance going. If they were to charge an interest rate appropriate for a country that would be increasingly higher risk of default, it would blow minds and cause the public to buy pitchfork and light their torches. Most of our federal income tax (at many levels also hidden to us, as well) serves to pay this interest rate...it's really that bleak.
Tax and spend, more debt. Rinse and repeat. To not serve that status quo would cause a major upset and possibly create popular support of unmasking the true owners of our national debt and cause people to realize that that age old term "Robber-Barons" has modern day application.
Greenspan's opinion plays cover for this whole scheme.