The Federal Reserve system: Most Americans know it's important but most Americans don't know exactly what it is. In this episode, discover the controversial and disturbing history of the Federal Reserve and learn how it has allowed bankers and politicians to create money out of nothing, taking value out of your bank accounts for over 100 years. Executive Producers: Anonymous, Brandon K. Lewis Please Support Congressional Dish – Quick Links Click here to contribute monthly or a lump sum via PayPal Click here to support Congressional Dish for each episode via Patreon Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536 Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD191: The Democracies of Elliott Abrams CD174: The Bank Lobbyist Act CD167: Combatting Russia (NDAA 2018) CD102: The World Trade Organization CD Team Members Only (Patreon): Inside CSPAN Books The Creature from Jekyll Island by G. Edward Griffin September 2010 Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America Booth by Danielle DiMartino February 2017 Collusion: How Central Bankers Rigged the World by Nomi Prins 2018 Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud by David Dayen May 2016 Articles/Documents Article: The Fed May Have Just Extended The Bull Market by Nancy Tengler, USA Today, September 19, 2019. Article: The Fed Is Trapped in the Twilight Zone by Mark Gongloff, Bloomberg Opinion, September 19, 2019. Article: Fed Cuts Interest Rates To Prop Up The slowing Economy by Scott Horsley, NPR, September 18, 2019. Article: Powell Stresses Solid U.S. Outlook After Fed Cuts Rates Again by By Craig Torres and Rich Miller, Bloomberg, September 18, 2019. Article: Fed's First-in-a-Decade Intervention Will Be Repeated Wednesday by Liz McCormick and Alex Harris, Bloomberg, September 17, 2019. Article: 5 facts about the national debt by Drew Disilver, Pew Reserach Center, July 24, 2019. Article: Does Trump Have the Legal Authority to Demote the Federal Reserve Chairman? by Charlie Savage, The Washington Post, June 20, 2019. Article: Taxing Empty Apartments Could Ease the Housing Crisis by Adele Peters, Fast Company, February 12, 2019. Article: Elizabeth Warren Was Right, New Law is Already Making Banks Bigger The Intercept, by David Dayen, February 8, 2019. Article: Oakland's vacant-property tax takes effect, sparking hope - and alarm by Kathleen Pender, San Francisco Chronicle, January 26, 2019. Article: Steve Mnuchin Is a Dunce by Rebecca Burns and David Dayen, The Intercept, January 1, 2019. Article: Does Trump get one thing right about the Fed? by Andrew Van Dam, Washington Post, November 29, 2018. Info booklet: I Bet You Thought By David H. Friedman, Federal Reserve Bank of New York, December 27, 2018 Press Release: Federal Reserve Board invites public comment on framework that would more closely match regulations for large banking organizations with their risk profiles, Board of Governors at the Federal Reserve Board, October 31, 2018. Article: Vacancy: America's Other Housing Crisis by Richard Florida, CityLab, July 27, 2018. Article: The Richest 10% of Americans Now Own 84% of All Stocks by Rob Wile, CNN Money, December 19, 2017. Article: Who Is Jerome Powell: Trump's Pick for Fed Chairman by Binyamin Appelbaum and Kevin Granville, New York Times, Nov. 2, 2017. Article: Donald Trump Expected to Pick Shadow Banker for Key Position at the Fed by David Dayen, The Intercept, April 19, 2017. Article: The End Is in Sight for the U.S. Foreclosure Crisis by William R. Emmons, St. Louis Federal Reserve, December 2, 2016 Article: Food Price Inflation Since 1913 by Tim McMahon, InflationData.com, March 21, 2013. Article: Hedge Funds Draw Concerns, Reuters and Bloomberg News, July 26, 2006. Article: Banker Joins Dillon, Read, New York Times, February 17, 1995. Article: With NAFTA, US Finally Creates a New World Order by Henry Kissinger, Los Angeles Times, July 18, 1993. Article: The Owens Bill as a Measure of Inflation, New York Times, December 13, 1913 Article: Putting Government Into the Banking Business, New York Times, June 17, 1913 Resources Congressional Budget Office: Taxes Council on Foriegn Relations: Membership Council on Foreign Relations: Membership roster Council on Foreign Relations: Corporate Membership Council on Foreign Relations: Corporate Membership informational brochure Federal Reserve: Monetary Policy Federal Reserve Board of Governors: Board Members Federal Reserve FAQ: Is it legal for a business in the United States to refuse cash as a form of payment? Federal Reserve History: The Meeting at Jekyll Island Federal Reserve History: Monetary Control Act of 1980 Investopedia: Monetary Control Act of 1980 Treasury Direct: Historical Debt Outstanding - Annual 1900 - 1949 Treasury Direct: Historical Debt Outstanding - Annual 2000 - 2018 Treasury Direct: Interest Expense on the Debt Outstanding U.S. Global Investors: The Many Uses of Gold Sound Clip Sources Press Conference aired on CNBC: Powell on Trump: 'The law is clear that I have a four-year term, and I fully intend to serve it' June 19, 2019 Reporter: Clarify what you would do if the president tweets or calls you to say he would like to demote you as fed chair? Jerome Powell: I think the law is clear that I have a four year term and I I fully intend to serve it. Tweet: Kyle Dunnigan, #LeavingNevreland March 6, 2019 Fox News Interview with President Donald Trump October 16, 2019 President Donald Trump: Give me zero interest rates right now and you take a look at our numbers. It'd be the greatest economy in the history of the world. Nobody would be able to compete with it. President Donald Trump: And I fully get the whole thing, the Federal Reserve, I get it as well as any president who's ever been here. I get it really well. Joe Biden Speaks that Council on Foreign Relations January 23, 2018 Joe Biden: I'll give you one concrete example. I was—not I, it just happened to be that was the assignment I got. I got all the good ones. And so I got Ukraine. And I remember going over, convincing our team and our leaders, convincing them that we should be providing for loan guarantees. And I went over, I guess, the 12th, 13th time to Kiev. I was supposed to announce that there was another billion-dollar loan guarantee. And I had gotten a commitment from Poroshenko and from Yatsenyuk that they would take action against the state prosecutor, and they didn't. So they said they were walking out to a press conference. I said, nah, I'm not going to—or, we're not going to give you the billion dollars. They said, you have no authority. You're not the president. The president said—I said, call him. (Laughter.) I said, I'm telling you, you're not getting the billion dollars. I said, you're not getting the billion. I'm going to be leaving here in, I think it was about six hours. I looked at them and said: I'm leaving in six hours. If the prosecutor is not fired, you're not getting the money. Well, son of a bitch. (Laughter) He got fired. And they put in place someone who was solid at the time. Hillary Clinton Speaking at the Council on Foreign Relations November 2015 Watch on C-SPAN Hillary Clinton: So we need to move simultaneously toward a political solution to the civil war that paves the way for a new government with new leadership and to encourage more Syrians to take on ISIS as well. To support them, we should immediately deploy the Special Operations Force President Obama has already authorized, and be prepared to deploy more, as more Syrians get into the fight. We should retool and ramp up our efforts to support and equip viable Syrian opposition units. Our increased support should go hand in hand with increased support from our Arab and European partners, including Special Forces who can contribute to the fight on the ground. We should also work with the coalition and the neighbors to impose no-fly zones that will stop Assad from slaughtering civilians and the opposition from the air. Opposition Forces on the ground, with material support from the coalition, could then help create safe areas for them from the country instead of fleeing toward Europe. Ron Paul speech at the Campaign for Liberty: End the Fed September 18, 2009 Ron Paul: But, there's a moral argument, against the, the Federal Reserve because, we're giving power to a few individuals to create money out of thin air and have, have legal tender laws that says, you must use the paper money. You can't use gold as the constitution tells you you should, but you must use, paper money. And then that gives the central bank the Authority to counterfeit money, and always for good reasons, of course, to maintain a stable economy. Ron Paul: The mandate and the Federal Reserve Act for the Federal Reserve was to maintain the value of the dollar and to have full employment, and maintaining the value of the dollar means stable prices. Well, they fail. They flown, they get an AF. They're destroying the value of the dollar. And we have perpetual increases in cost of living and they say, oh no, it's not all bad inflation. We're only destroying the money at 2% per year. But it's a lot worse than that. But 2% it's evil too. You know, under sun money, your value of your money goes up, costs go down, cost of living goes down and you get more. And that's how we become more prosperous. But they have totally failed in maintaining the value of the dollar, giving us stable prices. Nobody wants to talk about the inflation in Eh, in a medical care. Yes, pricing. People are unhappy because they can't afford it or they can't afford it because their dollar doesn't buy as much. Y