Message #20084

[Jitendra Hy-do-u-no-us?]

The Federal Reserve changed dramatically during the Nixon administration. My understanding is that he was instrumental in taking us off the gold standard. This is what made it possible to borrow so much. Gold was no longer needed to back up the dollar. However I am not saying I know what I am talking about here because I willingly admit I am not an economist. Franklin Roosevelt also borrowed money to help us out of the depression. We were not on the gold standard then. Perhaps mccoy, eric or someone else knows more about this and can help in our understanding .  It would b nice to get some basic idea how and y the federal Reserve does what it does. This video is claiming that these debts were purposely caused to give the rich increasing power over our lives. It does make sense that owing trillions of dollars gives tremendous interest payments to those that have lent the money.