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Central Banking system and its flaws

Vincenzo Lawrence-Bertucci

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The central Bank is the largest and most privileged bank throughout all banks in the United States. The central Bank prints the nation’s currency, and gives out loans.

With much of this privilege you may think that these banks are publicly owned, and run by elected officials, although this is not the case.  The central bank is run privately without so much as a single elected official. This in and of itself is fairly alarming.  The life of a nation in the hands of a few, and more than likely these few have private interests at heart. This is already inherently flawed, and somewhat sketchy.

A mistake made by the Federal Reserve can end up ruining a country for many years.  Take the Great Depression, for example.  In the 1930s, the Federal Reserve made many mistakes. One other disturbing fact is the warnings Thomas Jefferson had given about the central banking system.  He was quoted as saying, “If the American people ever allow private banks to control the issue of their money, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered.”

Today, this is how the U.S. runs its banking system. Furthermore, the central banks of Britain were one of the primary causes of the revolutionary war of 1776 due to it being illegal for colonies to print their own currency.  By having this law, in place it only made the central bank of Britain richer, and made the citizens of America much poorer. This warning that many have given, including Thomas Jefferson, and Franklin Roosevelt. With all these warning signs and catastrophes that the Central Bank has already been the center of, it is time to change it.

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Central Banking system and its flaws