Koreans can agree on a unified flag

[EDsomali]

Can you tell me what fiat currency is?

Can you tell me what fractional reserve banking is?

Since we are talking about the United States can you tell me who owns the federal reserves?

Fiat money is based on debt the federal reserve who isn’t owned by the government prints money backed by no intrinsic value and loans it to the government on interest that’s why the debt keeps growing say for example the federal reserve prints just 1 dollar and there’s no more money in circulation except that one dollar and they loan it to the government but charge one dollar interest on that loan even if the government pays the one dollar back there’s no more money in circulation to pay the dollar they owe on interest hence they need to borrow another dollar in order to pay that debt which means more debt.

How this relates to the US or any other major economy being able to repay its debt.

 

[Cognitivedissonance]

Somalis are being punished for their disobedience, lack of sharia and all their other harams. Lack of unity causes corruption and evil to spread. The union Northeners and Southerners made was based on kufr and democracy and nationalism and other -isms. And look at how we split.

Allah tests those he loves best we came from him and to him we shall return

 

[Cognitivedissonance]

How this relates to the US or any other major economy being able to repay its debt.

The United States and most of the world uses fiat currency and fractional reserves banking do you know what that is?

 

[EDsomali]

The United States uses fiat currency and fractional reserves banking do you know what that is?

Yeah but how does that stop them from paying their debts or enable them to be 'slaves' of debt.

 

[TelephoneMan]

Koreans have an average IQ of over a 100. , including somalis have an IQ of 70 or below, why the hell do you think they should be compared to Koreans? If you nuked both korea to the ground today, they'll rise out of the ashes and rebuild again and countries including somalia will not have progressed an inch.

We need eugenics and genetic engineering.

Then there are these. I legit want to know what drives you to keep on living if you hate yourselves enough to see you and your familes as a bunch of apes.

 

[Cognitivedissonance]

Yeah but how does that stop them from paying their debts or enable them to be 'slaves' of debt.

If you know what fiat currency is then surely you know that it’s debt based it is not backed by intrinsic value right?

 

[EDsomali]

If you know what fiat currency is then surely you know that it’s debt based it is not backed by intrinsic value right?

Its backed by the US economy , that's why it doesn't need to be backed by gold for example anymore.

 

[Cognitivedissonance]

Its backed by the US economy , that's why it doesn't need to be backed by gold for example anymore.

We are getting somewhere now can you please tell me who owns the federal reserve that prints the money in the United States?

 

[EDsomali]

We are getting somewhere now can you please tell me who owns the federal reserve that prints the money in the United States?

It's an independent organisation. No one owns it.

 

[Cognitivedissonance]

It's an independent organisation. No one owns it.

So the federal reserve prints the money and lends it to the government on interest?

It’s independent from the United States government but it’s ludicrous to suggest no one owns it cause it has stakeholders who happen to be from very prominent banking dynasties

 

[EDsomali]

So the federal reserve prints the money and lends it to the government on interest?

It’s independent from the United States government but it’s ludicrous to suggest no one owns it cause it has stakeholders who happen to be from very prominent banking dynasties

No usually its private companies and individuals who lend the government money but yes the federal reserve does loan money to the government on interest. Its like the government owing money to itself. An example of this is quantitative easing.

 

[Cognitivedissonance]

No usually its private companies and individuals who lend the government money but yes the federal reserve does loan money to the government on interest. Its like the government owing money to itself. An example of this is quantitative easing.

You said the federal reserve is independent from the government now you’re saying the federal reserve lends money to the government on interest it’s like the government owing money to itself are you implying the federal reserve is owned by the government?

Here’s Alan Greenspan the former chair of the federal reserve for over a decade saying the federal reserve is a private corporation And the government can’t overrule any actions taken by the federal reserve that it’s independent from the government

 

[EDsomali]

You said the federal reserve is independent from the government now you’re saying the federal reserve lends money to the government on interest it’s like the government owing money to itself are you implying the federal reserve is owned by the government?

Its independent from the government but the government appoints directors and ultimately the chair of the fed. The government also sets the inflation target for the fed to meet and the board is directly accountable to the congress.

Its a very weird relationship.

 

[Cognitivedissonance]

Its independent from the government but the government appoints directors and ultimately the chair of the fed. The government also sets the inflation target for the fed to meet and the board is directly accountable to the government.

Its a very weird relationship.

I reiterate here’s an interview with Alan Greenspan the previous chair of the federal reserve when asked what’s the relationship between him and the president of the United States he responds by saying the federal reserve is independent and no government can overrule its decisions

 

[Cognitivedissonance]

@EDsomali my question to you is if indeed the federal reserve is independent from the government yet they have the power to print money and not the government if they lend money to the government while charging interest on that money then how will the government ever be able to repay the federal reserve private owners all that money over 20 trillion?

 

[EDsomali]

@EDsomali my question to you is if indeed the federal reserve is independent from the government yet they have the power to print money and not the government if they lend money to the government while charging interest on that money then how will the government ever be able to repay the federal reserve private owners?

The federal reserve has no private owners.

 

[Cognitivedissonance]

The federal reserve has no private owners.

Who owns it then the government


Again here’s Alan Greenspan the former chairman of the federal reserve saying the federal reserve is a private corporation

 

[EDsomali]

Who owns it then the government

Think of it as an independent governmental organisation.
Its owned by the government but completely independent from it at the same time.

 

[Cognitivedissonance]

Think of it as an independent governmental organisation.
Its owned by the government but completely independent from it at the same time.

You can lead a horse to water but you can’t make it drink Bro remain asleep for now till eternity

 

[EDsomali]

Bro remain asleep for now till eternity

The topic of the US banking system is quite alien to me since i live in the UK. But lets not digress from your original statement that somehow Somalia's debt or economic situation is better than that of the US or Japan etc.