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I asked ChatGPT>>Was it a bunch of London and European bankers that took 7 years to get the fed res act passed thru Congress. I’m certain the founding fathers abhorred a central bank. So in my view it was European special interests. Be honest and brief.
Ans>>>Your suspicion has a historical basis, but the evidence needs separating.
European influence: American bankers had close ties to European banking and studied European central-bank systems. The 1910 secret meeting at Jekyll Island, Georgia, involving major American bankers and Senator Nelson Aldrich, helped shape the proposals that led to the Federal Reserve.
Seven years of effort: The campaign for banking reform followed the Panic of 1907 and developed over several years. The Federal Reserve Act passed Congress in December 1913.
Founding Fathers: Several strongly opposed centralized banking power. Thomas Jefferson opposed a national bank; Alexander Hamilton supported one. So they did not share a single view.
– European special interests: Paul Warburg was a German-born banker who advocated a U.S. central bank. The group also studied European banking systems. The final law, however, was written and passed through American political institutions.
My honest conclusion: There is solid evidence of secretive Wall Street bankers shaping the Fed’s origins. European banking ideas and interests influenced them. But evidence that European bankers alone orchestrated the law to control America or finance foreign wars is not established.
Comment>>Like I have been saying for DECADES, the USA no longer has its own separate independent gov’t. We were absorbed by the UK and Europe.
Naturally the owners blame everyone except themselves, demand that the local council takes action, they should never have been allowed to build there in the first place, compensation etc. etc. Let them fall, I reckon, and send them the bill for the clearance of the rubbish. And publish the names of any insurance companies stupid enough to cover them.
I read the link, and it didn’t mean anything to me. So I ChatGPT it and got the same answer I gave you.
Me>> who or what has done the most long term damage or loss of value of the US Dollar. be honest and brief.
Ans>>> The Federal Reserve and the U.S. government, working together through monetary expansion and deficit spending.
If I had to identify the pivotal turning point, it would be 1971, when Nixon ended the dollar’s convertibility into gold for foreign governments. That removed the last major gold constraint on U.S. monetary policy.
Since the Federal Reserve was created in 1913, the dollar has lost roughly 97% of its purchasing power, measured by official consumer-price inflation.
The underlying problem: Washington’s willingness to spend beyond its means, combined with a monetary system that allows the money supply and credit to expand.
Me>>>The pivotal turning point was really 1913, so the USA can borrow and support foreign wars, which created the great depression, and all the inflation
Ans>>>
I agree that 1913 was the fundamental turning point in the structure of American money and banking.
The Federal Reserve gave the United States a central bank that could influence credit conditions and support government financing. That changed the financial system substantially.
One important distinction, though:
World War I: The Fed helped facilitate wartime financing and credit expansion.
Great Depression: The Fed’s monetary mistakes contributed to the severity of the 1929–1933 collapse, but the Depression had multiple causes.
Long-term inflation: Deficit spending, credit expansion and monetary policy all contributed, particularly after the dollar’s gold link was severed in 1971.
Your central argument has merit: 1913 established the monetary machinery; 1971 removed the remaining international gold-convertibility constraint.
The distinction is that the Fed made certain policies possible, but government decisions and the Fed’s own actions determined how that power was used.
The ONLY ones responsible for killing the US Dollar’s value has been the Federal Reserve. No inflation from 1800 to 1934, after which the Dollar has consistently lost value.
Since Biden or his neocon handlers weaponizing the dollar ” SWIFT” it’s no secret countries like the Brics and more have been trading around the dollar. Iran too.
Who or what said all that? My wife used to say, the bigger the explanation, the bigger the lie. Normally, the better someone knows a subject, it can be explained with the fewest words. BTW tankers and refiner’s stocks keep going up.
Iran may have been instigated by a currency war. Perhaps peace in Ukraine and with a ongoing deal with Russia to buy oil plus better protection of Saudi oil will help keep prices down in the meantime.
Was Iran planning to exchange the dollar to Euro for oil? Yes
Historically, Iran did make specific, high-profile plans to switch from the U.S. Dollar to the Euro for its official financial reporting and international trade: [1, 2]
Oil Payments in Euros: In 2016, the National Iranian Oil Company (NIOC) stated a clear preference to receive both new and outstanding oil revenues from international buyers—such as India—in Euros instead of U.S. dollars.
Official Currency Shift: In April 2018, the Iranian government officially announced that all ministries, state organizations, and public companies would replace the U.S. dollar with the Euro as the country’s official foreign financial reporting currency to mitigate political tensions and trade restrictions tied to Washington
How was Iran going to use other currencies to attack the USD.
Instead, the conflict and economic strategy involving Iran have centered on tighter supplies, disrupted shipping, and efforts or proposals to shift away from the U.S. dollar toward alternative currencies like the Chinese yuan.
Oil Supply Disruptions: Rather than flooding global markets, the ongoing war and tensions around the Strait of Hormuz have severely restricted or disrupted energy flows, leading to global oil price spikes and emergency stockpile releases rather than a surplus. [1, 2, 3]
Currency Shifts (Yuan instead of Euros): Reports and strategic analyses point to Iran exploring or tying oil trade options to alternative non-dollar currencies—most notably the Chinese yuan—as part of broader de-dollarization efforts, rather than organizing a massive push into euros. [1]
Storage and Production Pressures: At times during the conflict, reports indicated that constrained export and storage capacities caused logistical backups or local marine discharge/sickness near terminals like Kharg Island.
Probably after that stupid Iran war ends and diesel oil prices drop. In my view the deep state is still trying to screw up Trump and his reversal of the old status quo.
Nobody really cared about their nuclear program for DECADES, so why start a war now with Trump before the midterm elections?? I can’t think of any other reasons. I’m pretty sure Trump was somehow “forced” to sign off, or go along with the war plane.
Just like poor ole JFK was somehow “forced” into the Bay of Pigs invasion that “they” planned during the prior Ike administration, that failed and JFK, (like Trump today) took the blame.
especially tech. Gold even firming a little. But these shares seem locked in with the silver price. Really hoping none of us die a slow, painful death like the pm shares! 😇
Particularly San Diego and Orange country Newport beach Seal beach Long Beach. Rains also from hurricanes flooding the streets of Las Vegas to Arizona.
Quick video, more trouble in France. They hooked up their stores refrigerator systems with the Internet and hackers changed the temperature to 80 degrees. All the refrigerated foods were melted or spoiled. No off line dedicated or separate alarm systems.
Hopefully this is the beginning of the end of the war, and the beginning of the end of him.
Once again though, he’s a threat to create a false flag attack on one of the NATO countries to try and invoke Art. 5 and get us involved. Although it was good to hear that no one else warned them – so maybe Trump is pulling some strings with NATO?
Hard to figure out why the slaughter today with the dollar and rates down a bit.
The Hormuz Letter
@HormuzLetter
·
26m
BREAKING: Zelensky confirms Ukraine received no intelligence warning from the US and other partners before last night’s massive Russian attack on Kyiv, where “five missiles hit civilian infrastructure.”
It comes after Ukrainian sources said the US had stopped providing launch detection.
The US threatened last week to cut off intelligence sharing with Ukraine unless Kyiv halted its strikes on Russian oil refineries. It is the only partner that provides Ukraine with ballistic missile launch detection.
Russia attacked Ukraine with more than a hundred weapons overnight. Four were killed and 41 injured in Kharkiv, where a residential building was destroyed and rescuers searched the rubble through the night.
Wall Street Mav
@WallStreetMav
There are reports that the US has cutoff intelligence sharing and early warnings of missile launches from Russia.
This is possibly due to Ukraine threatening to attack Russian diesel shipments to the USA.
Quote
Visegrád 24
@visegrad24
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14h
Kyiv was attacked by at least six ballistic missiles
“Ballistic targets were detected by radar only during the attack on Kyiv. No information was received about launches from enemy territory. The reasons are being established,” Ukraine’s Air Force said.
