Wednesday, April 2, 2008

WHEN DO THEY BURN THE MONEY?

I keep reading about the Federal Reserve and all the money it is printing and handing out to help Wall Street and the Big Banks. Mighty generous of them. That money has a debt that goes with it. An amount of interest that WE THE PEOPLE are not privy to knowing. It is a closed room deal. No one knows the procedure and the amount. That is secret to the Federal Reserve, which is a privately held company. It has never been audited. And we don't know for how long the Federal Reserve collects it's interest on the money it prints. Does it go on an anuual basis forever?



And say they print up a lot of money, say a couple trillion dollars, to drop around the various companies who use that kind of money. How does this money get paid back? Where does the repayment come from? Does the US Treasury take the money out of tax income and pay back the loan for the currency? All questions I can't answer, but I am sure I will be in on the payback. If not me personally then at least a lot of my friends.



But we owe interest on that money. As long as we have it we can be charged for it. So my question is:



WHEN DO WE GET TO BURN THE MONEY?



It was a time honored custom in this country for many decades that when a mortgage was paid off there was a little ceremony where the mortgage was burned to show that the bondage was over. We need to continue this with our Federal Reserve dealings.



Stay alive!



Michael



mboone@rtccom.net

1 comment:

Gringo_Malo said...

Eventually, people will be using Federal Reserve Notes for tinder or toilet paper. For the present, while I still can, I'd rather convert FRNs into things that have intrinsic value, such as land, cattle, firearms, ammo, and tools.