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Federal Reserve

While the Fed is not a government entity of the United States, which play important that binds to the Federal Authorities. According to the Federal Reserve Act of 1913, the Federal Reserve was created to manage monetary policy. That gives them the power to print money and regulate the amount of transfer money in the market. Since the central bank is considered private, none of its actions must be ratified by Congress or the President. While it certainly makes things more effective, the Federal Reserve is not the perfect solution to monetary problems.

Why was it created?

Before the Federal Reserve, which many had tried to establish a strong central bank. Bank of the United States had initially been successful, but when heavy debts incurred, there was strong opposition against the bank. An independent treasury was created for some time, but fell into oblivion after a short period of time. Without a strong central bank, financial panics left the devastated economy. Realize something must be done to prevent such panic Disaster Federal Reserve was created as a private entity to control the monetary system.

How did they do?

Since its inception, the Federal Reserve has little to claim success. In 1929, less than 20 years after its creation, the Great Depression came, the biggest financial panic to date. Although true that the case was too large to manage the Federal Reserve, which was still largely to blame for the pain caused by the earthquake earth. Lack of adequate preparation depression lasted nearly a decade and ended with the U.S. in War World. In its first test of their skills, Federal Reserve not to perform your job horribly. Much of the blame for the financial crisis is the fault of inflation that led to a boom in the assets and the Federal Reserve has done its job and inflation in a hurry, when he was too late to solve the problem. With its first real test, the central bank had failed and caused the biggest economic collapse history.

Some might say that the failure of the Federal Reserve is excusable because they were the new organization and youth, prepared for what we would face. In some ways they are right. Recession after the Second World War may be excusable, given Most of the resources of the United States were diverted to the fight against war. After the Second World War, it was largely recession.

However, one aspect of our monetary system that everyone moans about, but not to point the finger at the decline of the dollar. In fact, since the creation of the Federal Reserve in 1913, the dollar fell by 97%. Was worth only three cents in 1913 is now a dollar. Inflation is natural and expected, but not to such outrageous levels.

Inflation bubble begins to grow during the Second World War, but then terminate the tragic war. Most funds will be printed after the war was not for our own benefit, but also to strengthen our allies. Although The cause seems noble, who was wrapped in a machine that was to give more. Over time, all our good will we had left in poor condition and the dollar losing value again. Since then, the dollar continued to lose value, and, more recently, a slide is particularly strong in value.

Even now, in the midst of our worst recession since the Second World War, no one is pointing the finger the real culprit in this disaster. Most responsible for this financial disaster with the Federal Reserve Federal fixed. Although I could not control the products or market Housing, which oversees the banking system, what happened to collapse, after the recession. Federal Reserve was well aware of the bursting of the housing bubble blowing and when the banks would not be able to manage stress. One function of the federal government is to regulate interest and which are not, causing the collapse.

When buyers have flooded the housing market with hand money over fist, do not take more than the basic economics to understand how to deal with the problem. The sudden arrival was too much for banks to manage, but not the duty of the federal government standing idly by, that feed the flames of disaster. If rates of interest were raised, more buyers have been discouraged from seeking a new home, helps reduce the bubble property. However, interest rates remained at the same level until the banks in case of disaster began to eat. Only then will the federal government step in and lower interest rates.

What can be do?

The Federal Reserve has demonstrated its incompetence in dealing with the monetary system. It would be better if the system was transferred back into the hands of the U.S. Treasury. With the U.S. Treasury in charge of monetary policy, there would be less corruption and a greater financial responsibility. Many argue that since the Federal Reserve is a private, often abuse their power to fertilize pockets. With U.S. government oversight of monetary policy, these crimes were suppressed and punished with the utmost rigor. Shown to be unnecessary, the federal government should be dissolved and supervision of monetary policy should be reinstated in his right hand, the U.S. Treasury.