[EMAIL PROTECTED] wrote:
In reply to thomas malloy's message of Fri, 28 Nov 2008 17:19:59 -0600 (CST):
Hi,
[snip]
R C Macaulay wrote:
Robin ,
At the risk of falsely claiming fraud, As any Columbian drug cartel
can explain, round bailing US money and storing
Could someone explain to me how the Federal Reserve Banks get "Federal
securities" to "pledge", in the first place, and also what happens
(financially)
when old worn notes are taken out of circulation, and who does that.
Dah, they print them up. Congress gives it's approval, of course.
I assume you are saying that "they" "print up" the securities, which are
effectively IOUs?
What I'm really trying to get at is the exact flow of wealth between the Federal
Reserve banks and the government of the USA. Do the "books" balance, or is this
a net "one way" flow?
The Federal Reserve is a highly profitable business.
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