Letter: Disgusted with the FED - Ahwatukee Foothills News: Letters To The Editor

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Letter: Disgusted with the FED

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Posted: Saturday, July 13, 2013 11:19 am

I am really disgusted with the Federal Reserve. I don’t like the fact that there has never been an audit of their finances. Everything that the FED does affects America. Does everyone out there know that in 1973 an agreement was brokered with Saudi Arabia, giving the Saudis the complete ownership of ARAMCO, with the U.S. insisting that all profit from ARAMCO be used to purchase treasury bonds?

Well, I have two questions: Who authorized the U.S. to own ARAMCO in the first place? Now that Saudi Arabia owns $80 trillion of treasury bonds, what does our government expect to happen when Saudi Arabia decides to cash in those $80 trillion of bonds?

We will get what we deserve, by allowing the FED to operate, with no controls. This will destroy America if the Saudis decide to cash in those bonds.

Another question: Why hasn’t any paper exposed the FED and had Congress eliminate this organization?

The FED was originally given mandates in 1913, one being to provide elasticity in the money supply, but since John F. Kennedy’s administration they have decided to ignore this mandate. Elasticity meant that the FED would provide monetary expansion for times of higher growth, and less expansion for lower growth times. Presently, in a low growth time they provide higher expansion than in a high growth time, which is the opposite of what they should be doing. And it is not working. Why keep these clowns?

Don Crook

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