Mega banks such as Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup doiminate the United States banking system using the Federal Reserve as a tool to make money. Huge amounts of money are lender to these mega banks for nothing and they use all that cash to add to the United States debt. The Fed acts as a "last resort" and bailout to banks. Sixteen trillion was spent in secret bailouts to corporations and banks around the world in less than three years. Many argue that the Fed is unconstitional which is correct, occurrences such as secret bailouts happen without a single vote taking place in any chamber of Congress.
Inflation in our dollar has significantly risen. Higher prices are a direct consequence of inflation since increasing the supply of money decreases the purchasing power of the dollar. The poor is impacted the most because they have less disposable income. Consumers with low disposable incomes will be negatively impacted by higher prices for food and clothing.
The policies of the Federal Reserve hurt the middle working class. It benefits the privileged few at the expense of average American. Access to money and credit before the harmful inflationary effects impact the entire economy are given to special people. High power lobbyists are in favor of the Fed due to the special privileges the Fed gives this group of people.
Out-of-control spending by Congress the Fed initiates. The federal government can only obtain money through taxation, printing or borrowing money. Printing money has become the federal government’s common action. This negatively impacts the economy due to their printing during spending sprees.
In conclusion the Federal Resvere is too powerful and does not benefit the American people and hurts the economy. They are primary reason to the high national debt.
