what does the federal reserve do?

i am testing out the google video embed feature here (and the extreme video plugin for wordpress), with a video from the ludwig von mises institute (1995) about the federal reserve. it’s pretty long, but if you don’t feel like reading william greider’s classic study “secrets of the temple: how the federal reserve runs the country“, this is a relatively quick introduction. be forewarned, this group believes that when nixon suspended the gold convertibility of the dollar in 1971 and the dollar became a floating currency, all hell broke loose. they are in favor of a gold-backed currency and against the fiat currency we have had since 1971.

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