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@ptiffany “If it weren’t for the Federal Reserve, we’d be in a much deeper depression” You really need to study the history of debt based, fractional reserve banking and the pain it has caused the entire world.

Why do you think the founders and early leaders of your country did away with the first central bank (early 1800s) and fought to keep them out of America for over 100 years…

The government can just forgive the government’s debt. ) Yet canceling this debt would give the government substantial room under the debt ceiling to manage its finances.

This organization was deliberately created to reduce short-term political influence on decisions to regulate the money supply, a huge mistake in the past that generally benefited the Plutocracy, the very rich who loved the gold standard.

If it weren’t for the Federal Reserve, we’d be in a much deeper depression.

Warren Buffett calls the debt ceiling a “nuclear weapon, too horrible to use.” Obama administration official Jason Furman says the consequence of a default on U. government debt is “too terrible to think about.” When asked about a default, Wells Fargo strategist James Kochan simply commented, “Holy cripes.” With this crisis, America is risking financial Armageddon. Last year, the Federal Reserve declared a “profit” of roughly $91 billion, much of which came from interest payments from the U. If this plan were enacted, there conceivably might be some operational problems for the Fed, but nothing compared to the nightmare of a default on Federal debt.

The default of Lehman Brothers on its $613 billion of debt ignited a chain reaction in the financial system, nearly destroying the U. Some of the Fed’s Treasury debt facilitates Fed open market operations, which is part of how the central bank manages the money supply.

It is just not directly controlled by the US Treasury.

Its rules of operation were set up by Congress and the Executive Branch nominates the Chairman of the Federal Reserve Board, then approved by Congress, much like Justices of the Supreme Court.Views expressed in the comments do not represent those of Reuters.For more information on our comment policy, see “So a simple solution to the impasse is as follows: Federal Reserve Chairman Ben Bernanke should simply cancel the Treasury debt that it owns. If I owe money to myself, I can cancel that debt at will and without consequence, essentially taking it out of my left pocket and putting it in my right pocket. The Federal Reserve then quickly remitted nearly all of this profit right back to the U. The Fed isn’t really “buying” Treasury bonds, it is just letting the government finance its deficit by adding to the money supply. government on trillion of debt — debt that has been considered the safest in the world — could be far worse. In essence, the government owes this money to itself. He thinks, as do I, that the Federal Reserve’s dramatic expansion of its balance sheet is simply a way of financing the government by printing money.Each and every such dollar dilutes the full faith and credibility of America foreign governments expect to sustain the purchasing power of U. Is it not in the interest of every American that the perceived value and purchasing power of the dollar be preserved? drowning itself in debt is like a goose in a pot of water with the temperature rising one degree a minute.

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