Contrary to what Patrick Krey thinks about the Fed as an “American Coup”, the

history of Federal Reserve leads us down the trail of the nation’s rise to wealth and power, making the United States of America the greatest and the mightiest on the planet. 

     The creation of the Fed in 1913 is an American coup against economic depressions, financial panics, and the Bank Panic of 1907.

     It is most difficult and even harder for hate-Fed-maulers to accept the undeniable historical fact that a nation needs a Central Bank to charter the course of the economy. Without it a nation sails the rough sea of economic instability without a rudder, and Krey would not have arrived to where he is now.

      We hear a lot of this bucket-kicking demonstrations on scripted videos produced by haters of banks and bankers.  This written article is just one of those extracts from You-Tube campaigns launched against the Fed.  There are several of these videos running in the Internet, and you notice that the attack languages used are similar because these are no doubt scripted from a clandestine source that wears a mask [see those masks in the published editorials Fed I & Fed II].

      Bankers profit from money.  Money is a commodity. Banks make a business out of it.  It is no different from a vegetable vendor who makes a business out of carrots, and sells more carrots, and creates more money out of profits every time a sale is made.

      Okay, if you hate banks, and your blood boils with the thought that the banking system is making a fool out of you, the solution is in your hand – don’t put your money in the bank, or don’t be foolish to borrow money or make a loan from the bank. Kiss good-bye to any loan or credit, then tell me how your life looks like!

      If all Americans who live in this country are like you whose life has no connection whatsoever with credit, the bank and the banking system, then we do not need the Federal Reserve to supervise and regulate credit, all banks and the banking system that you think are taking advantage of you.

     Fair?  In the meantime, I prescribe this pill of knowledge to cure this severe anxiety that a lot of us suffer … know the Role Of Fed In The Economy.

     This Krey article is a good response to Sumcad’s editorials – the author of Fed I & Fed II that millions read as an eye-opener.

      Krey’s Fed article that FP.com editor Powell Gamill has this admirable sense of presenting to elevate the debate to a collegial level is different from the reaction of very angry critics who rudely responded to Sumcad’s expose’. With emotions afire, and unable to debate because of failure to rise above this corked passion for name-calling, it is understandable that those over-acting critics just sunk their teeth on the person of the author. There is nothing intellectual or educational there.  It is just an empty mouthing of pure rage. #

Lolo/06/26/09.