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→Criticism
[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]
[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]
The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]], with virtually no accountability to the public. The Senate refuses to confirm for a position at the Fed anyone who is a critic or a genuine outsider. In practice, the Fed is a safety net for those connected with its club, as it arranged for the bailout of [[Long Term Capital Management]] in 1998<ref>http://www.pseagles.com/Fed_Bailout_Requires_Full_Investigation</ref> and then again for [[Wall Street]] banks a decade later.<ref>https://www.bloomberg.com/opinion/articles/2014-09-23/biggest-losses-start-with-brilliance</ref>
The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]], with virtually no accountability to the public. The Senate refuses to confirm for a position at the Fed anyone who is a critic or a genuine outsider. In practice, the Fed is a safety net for those connected with its club, as it arranged for the bailout of [[Long Term Capital Management]] in 1998<ref>http://www.pseagles.com/Fed_Bailout_Requires_Full_Investigation</ref> and then again for [[Wall Street]] banks a decade later.<ref>https://www.bloomberg.com/opinion/articles/2014-09-23/biggest-losses-start-with-brilliance</ref> '''''There is no real oversight of the Fed''''' as it bails out its buddies who took risks for their own personal benefit; for decades [[conservative]] Dr. (and congressman) [[Ron Paul]] has urged an audit of the Fed.
It was established by the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. As it describes itself, "the Board is a federal government agency consisting of seven members appointed by the President of the United States and confirmed by the U.S. Senate."<ref>[http://www.ny.frb.org/aboutthefed/fedpoint/fed46.html Board of Governors of the Federal Reserve System] - Fedpoints - Federal Reserve Bank of New York</ref> The Federal Reserve is a system of private banks, twelve of which are designated as Federal Reserve Banks and have some features of public federal agencies. The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is Jerome Powell, as appointed by President [[Donald Trump]]. Prior chairmen have included [[Alan Greenspan]], appointed by President [[Ronald Reagan]].
It was established by the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. As it describes itself, "the Board is a federal government agency consisting of seven members appointed by the President of the United States and confirmed by the U.S. Senate."<ref>[http://www.ny.frb.org/aboutthefed/fedpoint/fed46.html Board of Governors of the Federal Reserve System] - Fedpoints - Federal Reserve Bank of New York</ref> The Federal Reserve is a system of private banks, twelve of which are designated as Federal Reserve Banks and have some features of public federal agencies. The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is Jerome Powell, as appointed by President [[Donald Trump]]. Prior chairmen have included [[Alan Greenspan]], appointed by President [[Ronald Reagan]].
==Criticism==
==Criticism==
[[Libertarian]]s, such as [[Ron Paul]], and many conservatives want to abolish the Federal Reserve. For 30 years Ron Paul has called for the secretive Federal Reserve bank to be audited.<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref> Ron Paul's website declares "Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar."<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref>
Since 1971, when [[President Richard Nixon]] ended the [[dollar]]'s [[gold]] backing, the [[US]] has been free to print trillions of dollars out of thin air. Before 1971, $1 was represented 1/35 oz of gold — a fixed [[value]]. After that, the dollar became [[fiat]], backed only by the Federal Reserve (Fed) printing power.
The Fed doesn’t just print [[cash]] — it now creates digital dollars by buying government bonds.
From 2020 to 2022, the money supply ([[M2]]) surged 40%, adding nearly $10 trillion. By mid-2025, M2 reached $22 trillion — steadily eroding the value of money.
[[Libertarian]]s, such as [[Ron Paul]], and many conservatives want to abolish the Federal Reserve. For 30 years Ron Paul has called for the secretive Federal Reserve bank to be audited.<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref> Ron Paul's website declares "Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort [[interest rate]]s and intentionally erodes the value of the dollar."<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref>
==Recent Literature==
==Recent Literature==