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Date Posted: 8:32:47 1/15/23 Sun
Author: Jasper
Subject: Martin Armstrong writes about the fed and gov edicts.

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As World War II approached, politics took control of the Fed. Once again the Fed was ordered to support US government bonds at par. This decree was not lifted until 1951. The Fed remained fairly independent thereafter until the Vietnam War. Politicians viewed its authority to increase the money supply on an elastic basis as meant that inflation was their problem, not Congress’. Politicians began to spend whatever they wanted to win elections and criticized the Fed if inflation appeared when they had no control over the fiscal spending of Congress.

The is independent and it has been at war with Congress before. The elastic money power is necessary because the Fed has expanded and then contracted the money supply. I would stress that the Fed returns to its original design and it should buy ONLY private paper – not government. The Fed is stimulating the government under the orders from WWI to buy government paper. It should no longer buy government paper – PERIOD!

https://www.howestreet.com/2023/01/is-the-fed-a-den-of-thieves-or-independent/

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