Government granted a monopoly on the production of legal tender to the Federal Reserve Bank
Aaron Greenspan / October 17, 2011 at 6:49 PM DT
The Federal Reserve Bank actually has a really good reason for existence. It is a crucial point of coordination among banks in the United States and now globally. We should be thankful that we have one currency and not 50--though the issues are different, take a look at what Europe is going through trying to standardize.
The Fed is certainly not perfect, and Alan Greenspan (no relation) made serious mistakes, but the Fed is not the main villain in the current economic situation.
Chris Wooten / October 31, 2011 at 1:29 AM DT
Is it true that the FRB is a private institution and makes a profit from lending vast amounts of money?
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