Comment: Answers

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Cyril's picture

Answers

I'll have to re-read Dr. Paul's End the Fed to point out his insights wrt. your first two questions, even if partial, if I can find such and relevant, explaining better than I would.

Your other questions aren't too difficult to answer, AFAIC, though:

3) If the Federal Reserve is really a private bank ran stockbrokers and private bankers aren't they aware of the inflation caused by their policies? Aren't they hurting their own agenda?

It doesn't really matter whether the planners and plunderers come from the private vs. the public sector (academia, inclusive) - they have in all times shared the same common attributes:

contempt for economic fairness, just weights, justice, the true value of labor, fair competition, the markets, and mankind's individual incentives in general.

Therefore, they are actually illogical, irrational, against the forces of nature (economics included, specifically), and also have utter contempt for the unintended long term consequences of their plunder and unsound "principles". They live selfishly in their materialistic present, have no concerns whatsoever for peoples' future.

They think they are Supermen gifted with god-like powers over entire peoples and/or nations.

Power corrupts - always. And absolute power corrupts absolutely.

The power of "creating (fake) money" in a monopolistic, centralized fashion IS the most absolute power OF ALL.

See also, btw (in case you think the Federal Reserve Creature / Monster "is anything new"):

http://en.wikipedia.org/wiki/Gosbank#Foundation

Or, even:

http://en.wikipedia.org/wiki/Banque_de_France#History

I don't think that needs a drawing to elaborate further.

DOES IT?

4) If our currency is considered fiat does that mean our 17 trillion dollar debt is fake and shouldn't exist?

The issue is a big proportion of that debt already comes from the sweat, and even blood, already spent by others who (already, just as well) know they will never been paid back anywhere close to what they're owed - the Chinese, most notably, but certainly not exclusively.

History has shown that in such cases, the value owed that can't be paid back is sometimes converted into resentment, revengeful plunder the other way round... For years or decades... See this wars serie in Europe for instance : 1870 - 1914 - 1939 - I'll let you do your own homework out of these mere year numbers...

5)What is the purpose of keeping track of the debt and deficits if our money is "worthless" anyway?

See (4) - i.e., try to convince the USA's creditors that they need to get along with the idea that "you" - it's only rhetorical, it's actually the USA - don't even care any longer keeping track of your past and present wrong deeds...

6)Should Americans be concerned about the estimated 100 trillion dollars it will cost for future entitlement programs such as Social Security & Medicare?

Americans don't need to be concerned about the estimated 100, etc ... instead they need to accept the idea that IT'S GONE. IT'S OVER. THE MUSIC IS STOPPING ALREADY.

The American people IS SCREWED for AT LEAST this current generation (of my own 40s), and likely for my kids' generation, too - before the USA eventually "comes clean" to the face of the world.

What you alluded to... Make no mistake... At this point, IT WOULD NEVER BE HONORED, IF ONLY PARTIALLY, IN ANY OTHER WAY THAN THRU MORE PLUNDER against whoever else after the Chinese... That is, unlikely to happen after it's soon exposed that the emperor has no clothes... Then, brace!

7)What if President Obama does an executive order or Congress passes a law requiring the Treasury Department to reset the national debt to zero? Will there be any negative consequences to the economy if that ever happened?

See (4) and (5)

8)Could the Federal Reserve create an 17 trillion dollars worth of money out of thin air to "pay off" the debt?

That's what they are already doing.

See (4) and (5) again, for a longer term perspective of that sort of kicking the can down the road.

'HTH,

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius