Bernanke Seeks to End Reserve Requirements
In the footnotes of a speech U.S. Federal Reserve Bank Chairman Ben Bernanke would have given to the House Financial Services Committee on Feb. 10, lies a unique and startling disclosure.
Hosted on the Federal Reserve's own servers, the written testimony of the bank's chairman explains in plain text what expanding the Fed's powers will do.
"The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system," footnote number nine, at the bottom of the page, explains without additional qualification.
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Yet, by the Federal Reserve's stated assumption, that it will one day be able to eliminate the requirement forcing financial institutions maintain even a fraction of their depositors' assets, it's proposed mass-regulation of the financial sector sustains a brand of logic, however skewed.
Unhinging banks from even basic deposit standards would essentially create a class above the daily requirements of capitalism, resting atop a pool of funds with infinite depth, removing the need for what's currently known as "fractional reserve banking."
continue at -
http://rawstory.com/2010/03/footnote-fed-believes-minimum-re...
so THIS is how you end FRACTIONAL RESERVE BANKING...
JUST ELIMINATE THE RESERVE PART!
INGENIOUS, BERNENKE.
So the VERY REASON for the banking crisis in the first place is only going to be WORSE.
I would expect an eventual TOTAL collapse if this idea goes through.
Crazy!
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
One time
bump for the day people, and input on this destructive idea.
For an informed citizenry, individuals must discard the television set in favor of the acquisition of information via either books and/or the internet. An uneducated populous will remain in ignorance and thus continue to suffer the sharp ax of tyranny.