The Fed is just the central enabler of the all-pervading debt money “Scheme for the Confiscation of Wealth” young Dr. Greenspan decried — before he sold out to become the worst central bank Confiscator ever (or was given an offer he couldn’t refuse).
As Greenspan simply described (second link below), all debt money systems like present US dollars automagically transfer ever more wealth from the many to the wealthiest few, virtually effortlessly making them ever wealthier, as known since ancient times:
Hence, since completing the debt money Wealth Confiscation Scheme by Nixing the gold peg in 1971, when US was greatest middle class society of all time, with an otherwise unheard-of wealth distribution: a majority of households owning a majority of the nation’s total wealth…
the Wealth Confiscation Scheme is the primary reason half of US households now have virtually zero net worth on average per latest Fed Household Survey, and the top few percent own and/or control essentially everything (especially the megawealthy 0.001%).
Since the Scheme is exceedingly simple to understand, the wealthy* spent more than a century endowing Chairs of Finance and Economics and otherwise commandeering all discourse to expunge colonists’ understanding and hate of debt money. (That’s the expunged backstory to Boston Tea Party: the tea tax had to be paid in hated debt money British pounds.) *actually the wealthy worldwide, where necessary
Without a peg, the value of debts/money ever collapse as asset prices soar…*
thus essentially effortlessly mushrooming net worth of especially those with the most access to credit, the wealthiest, thus enabling them to borrow ever more and accumulate ever more as their net worth ever grows automagically via soaring asset prices (plus rising retail prices boosting earnings and dividends, etc.)…
as explained in detail on this page
* = prices soar due to
ever more lent money chasing a constant amount* of a nation’s assets *or slower growing
ALL wealthy portfolios* expand automagically via the debt money price escalator, ever larger, up to exponentially fast, as following 1971..
ever accumulating ever more of everyone else’s assets.
*that don’t get too reckless
Banksters are just the enablers, the well-paid agents indebting/bankrupting the masses, ever infecting them with endless propaganda and spin..
the Scheme colonists well understood hence hated: that’s the backstory to bankster Hamiltonians vs. Jeffersonians, the hardest-fought battles of the Constitutional Convention.
Please note the Fed was just chartered by Uncle Shame, it is OWNED and DIRECTED by banksters, primarily by megabanks who have most on deposit with the Fed hence own most of its stock, hence choose the Directors of the twelve Fed District Banks… who are also members of the Open Market Committee that sets monetary policy. All these interested parties, especially megabank owners who are the primary powerbrokers though never acknowledged…
all these are also intimately involved in determining who is appointed to the Board of Governors and who becomes Fed Chair.
Anyone sufficiently familiar how banksters operate watching Congress’ alleged oversight of the Fed via the Chair’s biannual testimony knows at most one or two members of Congress have any significant understanding of the Fed, and debt money banking in general. (Not to mention the arcane, Jurassic Park predator worlds of derivatives, etc.)
Global banking is coordinated and directed via the world’s rarely mentioned Bank for International Settlements. Although the Fed Chair and US Treasury Secretary make at least quarterly trips to the BIS to work with their peers in the rest of the world’s nations, to govern and integrate the global monetary/financial system, these ultra-crucial meetings are rarely to never mentioned in the press.
Banksters rule finance, including financing governments, rule and dominate in endless ways…
ever primarily serving their über wealthy owners who are among the primary owners / clandestine dictators of the entire world, including governments:
Wall Street and its law firms provided almost 60% of the cost of Obama’s first presidential campaign.
Many more little to unknown but crucial details can be found via the above links.
The primary effect of all such systems that concentrate wealth and/or power in few hands is exploiting if not impoverishing the rest of humanity.