Richmond Fed Debunks The Horrible Rumor That the Fed Prints Money

*that's not from the Richmond Fed but you get the idea

I will readily admit to having a piece or two of Fed propaganda lying around my house but to have it invade my computer so viciously has left me feeling violated and abused.

What happened?

Apparently Richmond Fed came out with a series of instructional videos (you guys remember those from school right?) about what they do and don't do. Presumably Mythbusters was already taken so they named it MythUnderstanding. According to the Bank, the goal of "MythUnderstanding" is to clarify their role and responsibilities in America's economy.

With titles like "The Fed Doesn't Print Money" and "Fed Not Controlled by Wall Street," you'd think someone over in my friendly 5th District Federal Reserve Bank was feeling a little defensive these days. I wonder why that might be. I'm definitely not on the "non-hostile" side of the Fed's list of friends (for the most part) but I'm also not a complete anti-Fed Jihadist (I'm mad but cuddly), so I can admit that they were actually doing alright up until yesterday morning when they announced full support for European collapse. Fuck it, let's take everyone down. Again. I mean it's going down eventually anyway isn't it? Might as well get a big screen and some $4 bacon out of it while we can. The minute they pull the plug on the money - oh, excuse me, they don't actually print the money - it's back to shooting dinner and planting stuff in the ground. Best to kick the high fructose corn syrup while you can, kids.

Anyway, on their YouTube page, there's also a video made by Virginia college students that looks like the intro to one of those weird tube videos about the nice college girl coming to the audition in front of a camera. And another that looks like a Group X video warns if you spend money you don't have, you'll end up living in your mom's basement.

And then there is a cozy little piece about how the Fed protects your money by sending out bank examiners and writing regulations that protect the consumer (consumer being anyone forced to use dollars). There is no mention of dispatching examiners to the Federal Reserve itself to ensure that our money is being protected.

"The Federal Reserve doesn't print money — we influence the nation's money supply and issue currency, distribute it and store it. The U.S. Treasury prints the currency you use every day."

God that sounds absolutely fucking filthy. "Influence" and "distribute"? That sounds an awful lot like pimping to me — they don't do the actual dirty work but they, er, supervise.

Points for trying.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


malus Diaz said...

Please Define "Define" please

Anonymous said...

"we influence the nation's money supply" .... and both directly and indirectly manipulate the cost of credit and the rates of interest paid upon savings accounts..... your welcome!!!

Anonymous said... to follow that train of thought.... if we make policies that create an artificial environment where your friendly local bank or credit union is paying you 0.10% on your savings and in the absence of thos policies they would nned to be paying you say 90 bp more to be competitive, we've more or less "printed money" or bought your bank / credit union some time... time is money, right?

cafinny said...

I'd like to know the difference between printing money (which the Fed doesn't do?) & issuing currency (which it does).

Anonymous said...

"I'd like to know the difference between printing money (which the Fed doesn't do?) & issuing currency (which it does)."

They answer this question on their website