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Originally posted by kmax87Since you are not MB (I am sick of his laziness.), I'd be more than happy to tell you how to find data on the size of the profit transfer to the US Treasury. From this it's a quick calculation to get the percentage of total revenue. Just send me a PM, and I'll tell you how to do it. I can say that the fraction of total revenue returned to the Treasury varies quite a bit from year to year. Sometimes it is low (like low-70% ). Other times it is over 90%.
Originally posted by normbenign
[b]The Fed could create "money" out of thin air. The net result of this was the ability of government to spend money that didn't exist, without the messy need to borrow it from someone who actually had some....
The interest on debt service is a third of the Federal budget, but then if you don't have any money, but ge tell us the whole story of their involvement with the American public's purse? Right?[/b]
As for whether the Fed is really scamming us all, you're right that all they've got are allegations and incredulity (and in the case of MM, a deficient understanding of economics). If some one can come up with something truly substantive (like show us data suggesting some sort of misconduct) then I think we can go farther. At this point though all they have is "Yeah, okay there's such and such oversight or regulation, but do you really want us to believe that the Fed isn't scamming people?" Absent good evidence that suggests that such abuse is occurring, there's really no where to go with this conversation. One can always believe that they are covering something up or have secret, powerful relationships with 19th century industrialists. The Fed isn't going to throw away exemptions to the FOIA to satisfy the speculation of a fringe political group. Even if they did open "everything" up to the public, why should we think that these fringe groups would be satisfied with the audit? I'm sure they'd come up with some story about how the audit is a fake and a secret society stole the real results.