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It’s the early 1900’s, career politicians are in a pickle
You want more money from the subjects you rule over. You know how to spend their money better than they do, their money is better off in your hands.
You want more money for troubling times, when everyone was too irresponsible to prepare
They’ll instinctually look to the government for help. If you don’t offer any welfare, they’ll blame on you
But if you had money on your hands, you'll have the ability to give them some welfare, stimulus checks, unemployment insurance and benefits, some grants
The main way to make money is from taxes, but can't tax too much
If you could print free money, you'd get the same result as taxing.
The idea of the gov printing as much money as they want just doesn't sound right and reminds people of hyperinflation in places like Germany, Venezuela, Zimbabwe
Enter - the Federal Reserve - America’s money printer
The Panic of 1907 happened: stock market dropped almost 50%, there were bank runs, banks and small and large businesses declared bankruptcy
In 1910, you go to Jekyll Island with your five guests
Assistant secretary of the US treasury
Heads of the most powerful banks at the time, National City Bank of New York, JP Morgan, and Kuhn, Loeb & Company
Big bankers:
Small banks were popping up all over, the big banks in New York were losing of market share to competition
Interest rates at the time were set by the free market, which meant less profits
To make more money as a bank, more risk, lend out more of your depositors’ money, but you didn’t have gov bailouts and stimulus packages
The Federal Reserve system was born
You can’t just say “We’re gonna print $2 trillion dollars today!”
Calling it something more technical:
Discount Window, Open Market Operations, changing the reserve ratio, Quantitative Easing
Anything that doesn’t allude to “We’re inflating the money supply & making your money less valuable”
Open Market Operations is the most powerful tool the fed uses to print money
Gov Debt: the gov takes out loans as treasury notes or bonds
This debt forms the foundation for nearly all of the nation’s money supply
The gov sells that treasury note or bond to big banks, investors, businesses, etc
The federal reserve buys these treasury notes or bonds from major banking firms
The Fed pays in the form of new money that they create out of thin air
Through Fractional Reserve Banking, the new money gets deposited into the banks
Those banks then lend out that money as loans
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