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Hernando Today

private bankers

LETTERS TO THE EDITOR

Abolish Federal Reserve Act The Federal Reserve refers to the rate at which private banks borrow money from each other or from the Federal Reserve in order to meet their reserve requirements for making loans, set 10 cents in reserve for every dollar they loan. By lowering the rate to zero, the Feds are essentially handing out free money to bankers, saying: Take this bag of cash. Use it for loans or whatever you want, it doesn't matter what interest rate you charge; you're guaranteed a profit. The Feds are only interested in ensuring the future of the current system of debt - and the profits of its fellow private bankers. ...more

January 14, 2009

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