I am a novice about this myself and don't have a strong feeling either way, but was doing some research on the US deficit and came across certain points about the Fed (on the web and youtube) I had no clue about.
The Question: No one really seems to be able to answer why the US, the most powerful country in history, should not print its own money, and be free of debt and interest to a private corp - the Fed, which is creating this same money out of nothing....
The Fed (and most central banks of the world) is a privately owned company, not part of the government and hence theoretically has no legal obligation to the American public, but only to its private shareholders. Fed and other central banks are apparently owned by a small group of people and financier families - Rothschilds, Rockefellers et al.
The Fed, a private corporation, can legally create Trillions of dollars out of nothing (no asset backing??) and then lend this fictitiously created money at interest to the US govt. In return for creating money out of thin air with no assets backing it, a private corporation gets to lay claim over tangible physical assets belonging to the US govt and its people. In addition, they get to collect interest on this fictional money, from our taxes (and make decisions about rates that lead to booms and busts). ****Why the heck doesn't the US govt print all the money it wants interest free and debt-free (as stated in the constitution), but for some reason a private company is creating this money out of scratch and then lending it at interest?? ****
There are some interesting videos on YouTube explaining the above points.
All this doesn't seem to make sense - what am I missing?? Thanks for your patience.
Added June 7:
SORRY was really not trying to be a troll or a conspiracy theorist...... Was just struck by the secrecy, unfair/lucrative monopolistic advantage and potential conflict of interest with a private corp like the FED. Had always assumed the Fed was under the Federal Govt. Why does this entity get to enjoy a monopoly, earn virtually risk-free interest, and be subjected to far less transparency than every other private corp in the US?? We seem to treat these people like Gods and give them complete benefit of the doubt, which would not be granted to any other private or public entity in the country.
If the thread ended up being trollish - my apologies.