Comment: We don't owe any debt to the Federal Reserve

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We don't owe any debt to the Federal Reserve

The value of the money supply is what should be elastic. What can my dollar buy versus how many of them I have (i.e. in 1950 I could buy a home for $12,000 so I needed less dollars - it is the purchasing power that counts). What I learned is it is a fallacy that is used by "economists" getting their information from bankers. The money supply does not need to be elastic for growth (creating more dollars), but it is the purchasing power and what those dollars can buy.

Interesting part of the article is the "colonies/govt" did not pay interest on the money printed. Can you imagine the strength of America if our Congress coined money like they were suppose to without interest? Instead, the Federal Reserve was created and private banks were given the power to print money and charge interest. I hate hearing the entrenched line about how we owe all this debt, which is mainly interest to bankers who should never have gotten it in the first place. I say we don't owe it.