The United States Federal Reserve announced Wednesday that it will start drawing down (i.e. “tapering”) its multibillion-dollar quantitative easing policies in 2014.
The Fed will begin tapering its $85 billion monthly purchases of Treasuries and Treasury mortgage-backed securities by $5 billion each starting in January.
100 years ago, this December, the United States Congress created a central bank today, we know it as the Federal Reserve Bank of the United States. What most people don’t know is that the bank isn’t a federal entity and candidly, it really has nothing in reserves.
Is the Federal Reserve good for the United States? Is it even possible to get rid of it?
The first step toward truth is to be informed.