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Federal reserve is in control of the printing of all of our money, government borrows from them and has to pay back principle plus interest. how is this possible? if fed loans x to government, how can government pay back x plus interest? that is mathematically impossible. Also, why doesn't the government take charge of the printing of money so that way it is not in debt? is it true that for every dollar someone has, someone else is 1 dollar in debt? washington Is it true that all money in existence is debt since it comes from the federal reserve?
You have some misconceptions. First, the Federal Reserve does NOT print money. The printing of the money is the responsibility of the Bureau of Engraving and Printing which is a part of the U.S. Treasury. Second, the Fed does not loan money to the U.S. Government. In fact, it is prohibited by law from doing so. See 12 USC 355 Federal Government borrows money by issuing U.S. Treasury securities. These securities are sold at auction where anyone may buy them, even you. These securities are sold with a set maturity date and the money does not have to be paid back until the maturity date is reached. If a holder of these securities wants to get their money before the maturity date, the only way to do that is to find another investor willing to purchase the security from them. This buying and selling Treasury securities before maturity but after original issue is what creates the open market. It is only on the open market that the Federal Reserve may buy the securities that it holds. The Federal Reserve doesn't hold 2/3 of the debt either. The total U.S. government debt is approximately $15 trillion. The Federal Reserve only holds about $1.6 trillion of the debt. However, it is actually beneficial for the Federal Reserve to hold this debt since the Federal Reserve is REQUIRED BY LAW to pay its net earnings to the U.S. Treasury every year. This is even reported in the news... As for your question about how it is possible for loans to get repaid when anyone who takes out a loan has to repay it with interest is the simple fact that money CIRCULATES throughout an economy. Banks do loan money and do collect interest on that money. However, do you think they just stuff that collected interest in a jar and bury it? No, the banks spend their earnings on purchasing buildings, paying employees, etc. etc. You should take a class on Money and Banking and courses in Macroeconomics and Microeconomics.
They shafted us with it approximately one hundred years in the past, and now the generic public is largely ignorant to the fact or think of we gained't get some genuine substitute by using eliminating it and the sixteenth modification. If we did we could nevertheless could desire to pay down the debt and use a federal tax to do it, yet as quickly as we've been on condition that debt down we could desire to get rid of federal earnings tax completely. it is so elementary, and so unwell.
Ignore the first guy. First, Wikipedia isn't a valid source for anything, and second the Fed owns 2/3 of our debt. What it basically boils down to politicians apparently cannot spend what or less than what is taken in with taxes. If you or I spent like they do, we would be in prison.
The government does not borrow money from the federal reserve like your thinking, and the treasury prints money. try Wikipedia