Bruh, I just learned that the Federal Reserve is neither part of the federal government nor does it have any Reserves 馃槕馃槕
Yet it controls the money supply in the US and you people are ok with this 馃槓
22-25, F
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MrBrownstone 路 46-50, M
TurtlePink 路 22-25, F
SW-User
@MrBrownstone the federal reserve act was signed in 1913.. about 50 years after Lincoln was killed
MrBrownstone 路 46-50, M
@SW-User Was the US using money then?
SW-User
@MrBrownstone of course, but there was no federal reserve.
There were U.S. government chartered banks and state banks that issued currencies..
There were treasury notes issued and backed by the government with gold reserves.
Nixon took us off the gold standard when france insisted on redeeming U.S. debt in gold..
Nixon knew we couldn't afford to finance the war and pay our debts in gold so he took us off the gold standard and told france to fuck off.
There were U.S. government chartered banks and state banks that issued currencies..
There were treasury notes issued and backed by the government with gold reserves.
Nixon took us off the gold standard when france insisted on redeeming U.S. debt in gold..
Nixon knew we couldn't afford to finance the war and pay our debts in gold so he took us off the gold standard and told france to fuck off.
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MrBrownstone 路 46-50, M
@Greybare How was money backed in his time?