Is the Federal Reserve Bank evil?
The Constitution gave Congress the power to coin money, not a central bank cartel controlled by banks. In 1914 the Federal Reserve was established to create an elastic currency to promote inflation and provide liquidity.
Total public and private debt in the U.S. expanded from $1 trillion in 1964 to $67 trillion currently. Public debt is approaching $22 trillion, and there is also $46 trillion in unfunded liabilities for Social Security, Medicare and Medicaid. When the Chicago Board of Trade allowed cash settlement on commodities contracts it opened the door for gambling on such items as currencies, interest rates, and stock market volatility. A decade after the crash of 2008 U.S. banks have a notional exposure of $600 trillion in derivative contracts. Banks measure their exposure based on net risk if they have a short and long position. However, during financial crisis, if counter parties fail, net risk can become a notional or uncovered risk overnight. Derivatives do not spread risk, they multiply it and concentrate it with a few big banks. The next collapse will not be stopped by government, because it will be larger than governments.
By rejecting God revealed in Scripture and by embracing naturalistic materialism, the modern mind has no grounds for holding to any ethical standard or reason for esteeming "virtue" over "vice". Keynesian economics provides intellectual rationale for rejecting the Christian virtue of saving and deferring present consumption. Keynes promoted excessive extravagance. The United States has become a prodigal son.
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Dr. Steve Johnston
Page Updated Last on: Jan 17, 2019