April 21, 2025 • 53 mins
In this episode, Dennis Greene dives deep into the origins and evolution of one of America’s most powerful institutions—the Federal Reserve. From its turbulent birth in the wake of early American banking failures to its critical role in today’s global economy, we unpack how the Fed shapes everything from inflation and interest rates to crisis management and government policy. We explore the founding goals behind the Federal Reserve Act of 1913, reveal the historical tensions between central banking and political power, and spotlight quotes from key figures like Alexander Hamilton, Woodrow Wilson, and Jerome Powell that tell the story of the Fed’s independence and influence. Plus, how does the Fed work with—and sometimes push back against—the Executive, Legislative, and Judicial branches? Whether you’re a political junkie or just trying to understand why interest rates are rising, this episode gives you a clearer picture of the Fed’s purpose, its limits, and its undeniable impact on American life
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Speaker 1 (00:00):
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Hello, my fellow Americans, and good day to our friends
so around the world. This is a political talk show
here on WRMN. Thank you very much for being here.
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(01:22):
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interact with WRM and the community that we cover, which
is the Fox River Valley. Thank you very much for
being here. Thanks for being a part of the show.
Couldn't do the show without you. You're the receiver. You're
the person that's on the other end. You're the reason.
(01:44):
Without you screaming into the void, we need the receiver
on there. Does a the tree falls in the woods,
No one's around to hear it, including squirrels. Does it
make a sound. No, sure it doesn't. That's why I
appreciate you being here. I hope you had a great
(02:06):
easter here in the Fox River Valley was a little rainy.
Hi Brandon, we see you over there as well. I'm
glad you got your own YouTube account. Jeff came in
as well. There. We had the socks game on early,
(02:27):
so normally it's the afternoon shows that get bumped off,
but today it was Matt McNeil. We appreciate everything he
does around here, and so it is monetary Monday. You
appreciate those of you that are keeping track at home
of what days we do things. And today something came up,
(02:49):
something was on everybody's mind other than the stock market.
I guess you can worry about that, but it was
a Federal reserve and the relationship that we have with
the Federal Reserve, whether it's through our bank. If you're
a politician, where is the cutoff? What did Alexander Hamilton
(03:15):
to think about it? And of course what did Thomas
Jefferson think the opposite. I don't know if you heard
about this, but I got sucked into a group chat
with some of the founding fathers, and I asked them this.
(03:38):
Alexander Hamilton was the first one to jump in on it.
I had to pry out and answer from Thomas Jefferson.
So today we are going to read their responses. There
are two of the five that I have text messaging
capabilities with, and obviously the Alexander Hamilton stood up for it.
(04:02):
The Federalists were more about having that centralized government, centralized banking,
centralized trade, big government, Democratic Republicans, Madison Jefferson, they wanted
that smaller government. They wanted it localized. So we'll dive
(04:28):
into that today as well, the history of the Federal Reserve,
and we'll go all the way back in our way
back machine to seventeen ninety one with just the first
Bank of the United States. When we also go in,
we're going to make sure that we talk about the
(04:49):
relationship BECAU. It's not just all about the history. It's
not just all about the facts. Sometimes it's about where
have we come from here? What is the already system
come Things have changed a lot since the first Bank,
So we'll go into that as well. If there is
(05:10):
time in the second hour, we will open up the
phone lines and we will run through some headlines. How
is your Easter? I hope it was great. I hope
you got some time for self reflection. I hope you
got some time to spend with family. A political talk show.
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We'll be right back after this.
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I know we're at a at will state, but for
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Do have any records?
Speaker 2 (07:13):
But do were you fired?
Speaker 3 (07:14):
No?
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Not?
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Yeah. The problem ATDIE is they can fire you for
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the morning and say.
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You know what, I'm a little bored this morning.
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I'll tell you what I'm gonna do.
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I'm gonna fire.
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Eddie for no reason. Yep, he can do that.
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It's like your mental health. If you're struggling and feeling overwhelmed,
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Speaker 2 (09:03):
Welcome back to a political park show on WRMN Dare
to Know, simpei Ade was the motto of the Age
of Enlightenment. Use your reason, think for yourself, use the
(09:25):
facts that you have at your fingertips in your toolbox.
Dare to know that age of reason as Elgend's finest
drive by. I don't know if you can hear that,
but it was all about using reason, using your intellectual side,
(09:51):
the humanist movement about fairness, and so in that the
spirit of knowing, in that spirit of let's actually look
under the hood the curiosity, the political curiosity, the mechanical
(10:12):
monetary curiosity. Today we're going to talk about the Federal Reserve.
The Federal Reserve system commonly referred to as the Federal
Reserve or simply the FED for those of you coolcats
(10:34):
out there. It's a central banking system of the United States.
It plays a pivotal role in the American economy by
regulating monetary policy, supervising and regulating banks, maintaining financial system stability,
and providing banking services to depository institutions and the federal
(10:59):
government to depository institution, well that would be a bank.
We're going to explore the history, the purpose, the relationship
with the Federal government and the Federal Reserve, and we
have to start from the pre Federal Reserve historical background,
(11:23):
before the creation of the Federal Reserve in nineteen thirteen.
The US had a fragmented and unstable banking system, like
most of the systems that we have in place, or
most of the departments, or most of the things that
we do nowadays, is because it wasn't regulated. The market
(11:47):
couldn't handle it, privatization didn't understand it. So remember that
when we start to dismantle some of these things. The
first Bank of the United States in seventeen ninety one,
back in that age of Enlightenment or age of reason,
(12:11):
enlightenment seems a little too pretentious. The First Bank of
the United States was proposed by Alexander Hamilton to stabilize
and improve the nation's credit. The first bank was a
quasi central bank. Hamilton argued in his Report on a
(12:32):
National Bank in seventeen ninety quote, it is not easy
to conceive a bank of the United States that will
not answer the purpose of regulating and establishing a national currency. Opposition,
led by Thomas Jefferson and James Madison, feared federal overreach.
(12:55):
The bank's charter was not renewed, but we needed a
common currency, at least nationwide. On Friday, we did talk
about the cryptocurrency and the possibility of a global currency
(13:16):
with Elliott Serrano and David T's and at least regionally,
we need currency now. I don't need to drive around
the world paying for haircuts with Danny's bucks from here
(13:37):
in Elgin. It's like four locals that laughed at that
appreciate it, but for the rest of us to understand it,
I don't need to run around and give out Chuck
E Cheese tokens for other restaurants. Use them in Chuck
E Cheese. The Dave and Busters will not accept them.
(14:03):
Even if you come in with your own role of tickets.
They don't do it. It's a bad Friday. But we
have to acknowledge that that is part of what we
all assume that the federal government does well at the
(14:26):
federal level, whether it's a federal government, federal reserve, whatever.
We expect somebody beyond us a bigger power. They have
to be able to regulate what is a dollar? How
much does a pound weigh? We don't have somebody who
(14:46):
regulates those measurements. We're back to using cubits and hands
and stones and whatever other ways we've used to measure
things in the past. So I understand Jefferson and Madison
with the federal government shouldn't have everything with the federal side.
(15:11):
But I do believe maintain currency is within the scope
of the constitution. So they tried again. So instead of
the First Bank of the United States, guess what they
came up with in eighteen sixteen, five years later after
the First Bank of the United States, Oh, you guessed it,
Second Bank of the United States was reestablished after the
(15:36):
War of eighteen twelve. Due to the financial instability, the
Second Bank was dismantled by President Andrew Jackson. In his
eighteen thirty two veto message, Jackson wrote, the bank is
trying to kill me, but I will kill it now.
(15:59):
Andrew Jackson did not like paper money. A lot of
the people at the time wanted hard currency, wanted actual gold,
actual silver, actual things that if you melted them down,
they are actual things. So they wanted to keep in
(16:20):
that same side. There's nothing that says your currency is
based off of gold, then you know gold. The free
banking era from eighteen thirty seven to eighteen sixty three
(16:42):
a period with no central authority where state chartered banks
issued their own currencies, leading to chaos. The state banking.
The absence of federal oversight was resulted in frequent bank
failures and unreliable currencies eighteen sixty three. In eighteen sixty four,
(17:12):
the National Banking Acts created a system of nationally chartered
banks and a uniform currency, but did not resolve issues
like liquidity shortages. Economist Milton Friedman later observed quote, the
lack of central bank led to the banking system prone
(17:36):
to periodic panics. And we all know about the panics, right,
But did you know about the panics of nineteen oh seven?
The panic of nineteen oh seven and a call for reform,
(17:57):
triggered by the collapse of the Knickerbocker Trust Company, exposed
systemic weakness. JP Morgan coordinated efforts to stabilize the system,
highlighting the need for a central authority. Senator Nelson Aldrich remarked, quote,
(18:18):
something must be done. We must have more elastic currency
and a better control over our banking reserves. The National
Monetary Commission was formed just a year later in nineteen
oh eight, to study international central banking models and proposed reforms.
(18:47):
And finally that takes us to nineteen thirteen, with the
Federal Reserve Act signed into law by President Wilson on
December twenty third, nineteen thirteen. Just bear getting it in
there before Christmas. The Federal Reserve system was created to
address banking instability. President Wilson said, a nation which does
(19:13):
not control its own credit is not a free nation,
and the goals of the Federal Reserve Act of nineteen
thirteen was to provide an elastic currency, serve as a
lender of last resort, improve supervision of those banks, stabilize
(19:38):
the financial system, and foster economic stability. Been over one
hundred years since we've had the Federal Reserve Act, and
it hasn't always been stable. But it's not up to
(20:00):
the job of the Federal Reserve to keep it stable.
We're supposed to stabilize it. You and I and our
understanding of economics, and our understanding of the direction of
the future, and our beliefs and our feelies. They all
(20:21):
drive the markets, whether that be banking, stock, housing, global
So it's up to the Federal Reserve to kind of react,
(20:42):
to steer the boat as it would. We'll talk about
that a little bit more when we get into the
structure and components, and a lot of the structure and
components of it is that same checks and balances. You've
(21:04):
got the Board of Governors located in Washington, d C.
There's seven members. They have to They are appointed by
the President, but they must be confirmed by the Senate.
And Alan Greenspan, who was a name that I heard
(21:24):
most of my life growing up mostly in clinched fist shaking.
He noted independence from political pressure is critical for the
effectiveness of monetary policy. But like most sages, whether they
(21:53):
be stock whisperers or preaching whatever gospel that they've got,
they go unheeded. Second part of the structure Federal Reserve Banks.
There's twelve regional banks. They serve as an operational arm
(22:15):
of the FED. The New York FED is the most
prominent due to its role in open market operations. The
third piece and structure of the FED is the Federal
Open Market Committee the foe MC. I'm sure they prefer.
(22:36):
FOMC comprised of the Board of Governors and five regional
bank presidents. It makes key monetary policy decisions. Ben Bernanke
explained the fomc's mandate is the foster maximum employment and
(22:58):
price stability. We've heard about that before. Mister Powell has
been a part of that before we have to make
sure that the unemployment rate has to reach a certain thing,
or we have to make sure that the markets stabilize
(23:19):
with inflation, the two things that they pretty much do.
Takes a lot of people, takes a lot of banks
to do that. Now, they also make sure that all
the banks have money. But you and I are the
ones that make sure the banks have money. It's when
we take it out that they really fear us. Purpose
(23:40):
and functions of the Federal Reserve are next, and then
later on in the program, we will ask the founding
fathers what they think about the current Federal Reserve stick around.
Speaker 9 (24:03):
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Thank you for making a Political Talk Show one of
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on there. Monetary Mondays. I really like them. It gives
me all weekend to kind of prepare the show. So
that's probably why I we're talking about the Fed today
here on Monetary Mondays. He seemed to be in the
news quite a bit. And you know, the style of
a political talk show. Why give you the news like
(30:12):
everybody else is when I can give you the education
of what the establishment is intended for? What is it
supposed to do. Why are we yelling at mister Powell
to lower, raise, change, twist, manipulate, stabilize. We need to
(30:42):
be asking what are we doing? Why is he there?
So let's talk a little bit more about the structure
and monetary policy so we talked about the board of
(31:04):
the Federal Reserve. Now let's talk about the purpose and
function of the Federal Reserve. What is it, what the
pieces are, Where it came from the banking We had
a couple of presidents try it. I don't think we'll
get all the way to the third Bank of the
(31:24):
United States. But the first and foremost is monetary policy.
The Fed manages interest rates and the supply of money.
They've got a few tools in the toolbox for this one.
They've got open market operations, discount rates, reserve requirements, and
(31:48):
interest on excess reserves. Chair Pale stated, we will use
our tools to support the economy and keep inflation near
our two percent objective. That's what he's always going for, right,
They always go for the unemployment around four percent, inflation
(32:12):
around two been like that for a couple of years now.
The second thing that is part of their purpose and
function is the financial system stability. The FED monitors risk
coordinates internationally. During the two thousand and eight crisis, it
(32:38):
played a pivotal role in liquidity support, making sure everybody
had enough cash on hand for the fire sale. And
when we talk about power, I don't want to Bury
the lead. But when we talk about power, and we
(33:01):
talk about marching, we talk about protests, and we talk
about all of these different things. Oh, the billionaires have this,
the banking, your system's doing that. It's unfair here, unfair
there where the real power lies and where we've always
seen it, and we've always seen where the largest change,
(33:22):
the biggest disruption. The counter to this financial system stability
has always been you and I and the banks and
the relationship we have with them. And if we don't
like the direction that the economy is moving, and we
(33:42):
all go out and we all take our money out,
that's when everyone gets scared. Think about the last banking
crisis that we've had, any of them, pick one. A
lot of it is scared money and scared money removed
(34:03):
from the system. Think about economies, think about the monetary
system as blood or as flowing water, or as the
movement of things. When you stop movement, or you pull blood,
or you dam up rivers, you hurt the system or
(34:31):
change it at least. And so what did they do?
What did they figure out? Well, they figured out that
they could give you a little piece of plastic that
is your bank now, and you don't have to run
on the banks anymore. They have control. Have you ever
tried to purchase something? It says no, And then you
get a text message it says, hey, is that you
(34:55):
trying to purchase stuff? Yeah? Absolutely, we want to make
sure that we're safe. But isn't it scary that they
are the ones that can decide when and where and
how and what how much you can spend. I'm not
(35:16):
one to cause a panic. I'm not one to say,
don't break the law. I'm not one to well say
two not break the law. Too many negatives confuse it.
Follow the law please, But these protests that are out here,
I bet if instead of a day of not buying anything,
(35:44):
we had a day of take out five hundred bucks.
We all know most Americans out there nowadays it's hard
to do. But do you know what's even harder as
(36:04):
a bank giving us all five hundred bucks? Because less
than one percent of all of our currency it's digital.
So when you force them to show it, where is
the money? Show me the money? The Federal Reserve is
(36:26):
the one that has to step in and make sure
that you have it. But you know, I know, we
all know they don't have the physical money. They can
transfer it to your little police piece of plastic. Heck,
(36:46):
they could transfer it to your phone. They could transfer it,
transfer it to a different piece of plastic that you
can pick up at Walmart right now. But what they
can't do is produce it to hold it in your hand.
(37:06):
And so the Federal Reserve has some more purposes and functions.
But I just wanted to make that note about the
stability of the system is that you and I believe
that that little piece of plastic will give us money
regardless of where we are and whatever we do. And
(37:29):
that's where the supervision and regulation overseeing financial institutions to
ensure soundness and compliance, to set up a uniformity. Do
we use a chip, do we use a stripe? Do
we use a little wireless fella? Who's wireless fella? Whose chip?
(37:53):
Whose stripe? Whose magnetic process? What size should the card be?
They also oversee the payment systems that operate national payment
infrastructure FED wire and ACCH. If you're looking at sending
(38:13):
some moneys around the world, Federal Reserve is part of it,
and it acts as a banking service for the US
Treasury and other banks. So banks turn around and get
money from the Federal Reserve. Hey, Federal Reserve, I would
(38:35):
like a million dollars so that I can land a
million dollars out to people and I'll pay you back.
So let's look at it this way. The Federal Reserve
wants their cut of that million dollars that you did.
(38:57):
Federal Reserve is probably going to take whatever or money
they set it at. Let's say it's set at even
five five percent. The bank then turns around and says, Okay,
I'm going to loan out that money at seven percent
(39:20):
because us as a bank, we need to make our
money too. And so now me going to the bank
to get the loan, they loan it to me at
seven percent. I now have to go out in the
world and use that money to go get not only
(39:44):
the money in which I have borrowed, let's say I
borrowed the whole million, I also have to come up
with seven percent more. And so think about the entire
ecosystem where every single thing, every single person, every single job,
(40:09):
every single small business, large business person who buys a house,
every single thing that's out there now needs to get
seven percent more. Think about an entire system, everything, every
(40:31):
single piece of the system, any system. Think about the
way a mechanical system works. Think about your easter basket.
Think about anything as a whole. Now give me seven
percent more of that whole. That deficit is always built in.
(40:56):
That take it from some somewhere else is always built in.
So we have to figure out the system, the perpetual system,
the flow. When we come back, we're going to talk
(41:20):
about the relationship with the US government and the Federal Reserve.
In the second hour, we'll ask the founding five. Two
out of them, particularly Alexander Hamilton, and I wrote Thomas
Jefferson into the conversation about the banking system and what
(41:43):
they wrote in the Federalist papers. More a political talk
show coming up after this.
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an AI fact checker for the show. Do you want
to try it out? Sure?
Speaker 14 (44:52):
Talk Time with Tammy and Friends is the best show
on wrimn.
Speaker 10 (45:00):
Oh, talk Time with Tammy and Friends is the best
show on WRMN. Huh what a bold subjective opinion masquerading
as a fact. Sure, I bet you and all twelve
of her fans feel that way. While I can confirm
the show exists, yay for reality, its best status is
completely debatable and yes, congratulations. It does air Monday through Thursday,
two pm to four pm. Let me know when Tammy
(45:22):
wins an Emmy or something. Until then, this is a
hard note on objectivity grade three ten fact talk Time
with Tammy and Friends airs weekdays Monday Thursday, two pm
to four pm on WRMN. Try again, when you want
to talk about facts, not fangirling.
Speaker 2 (45:40):
I'll work on it.
Speaker 16 (45:40):
You better in the middle of the night, Everything will
be all right if you listen to Coast to Coast
right here on WRMN, seven days a week, from midnight
to five am. Each night, on Coast to Coast, listeners
are captivated by George Nuri with discussions on news and
current events, conspiracy theories, UFOs, Life after Death, all things
curious and unexplained coast to coast every night midnight to
(46:04):
five am, right here on WRMN AM fourteen ten and
ninety six seven FM.
Speaker 2 (46:43):
Welcome back to a political talk show here on WRMN,
broadcasting live the down town Elgin serving the Fox River Valley,
the talk of the town, the voice of the Valley
here in WRMN WRMN Radio. If you're on the YouTube side,
(47:03):
you can go to WRMN radio find our live streaming
starts every day six am, goes all the way till
about now, but on Thursday we've got the NFL Draft
and the sports guys and gals for the River Media
(47:28):
Network Sports the weekend shows. For the most part, Marcus, Derek,
Mike all their guests are going to be on to
walk through that stream with you and them. Marcus Ogden
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from the Ravens motivational speaker now and has a podcast
and I believe the top one percent. We'll be joining
them kicking off right at six, well, six oh six
(48:12):
for what's six minutes of news between friends. Listen here WRMN,
but also watch again on that WRMN radio on YouTube,
Like and subscribe if you're already there. We like to
see that subscriber train chugging along on our way to
(48:35):
the next thousand. Join the club. We're going to be
out there in the world live streaming quite a few
things here on the station, all the different parades, all
the different festivals, Gilbert's Hampshire, Elgin, of course, Saint Charles,
(49:06):
you know, the usual suspects. We're talking about the Federal Reserve,
and we left off with the relationship between the Federal
Reserve and the three branches of government. But before we
(49:27):
go to that, we'll take that over in the top
of the hour. I just want to ask our founding
fathers a couple things. I asked the chat group of
the Founding five, George Washington, Madison Hamilton, Jefferson Franklin. Obviously,
(49:54):
Alexander Hamilton was the first one to jump up when
I said, would you approve of the FED today? It's
the reason why he's on the money and wasn't a president.
Alexander Hamilton says, a most worthy question, and one I
am perhaps singularly suited to answer, having been the architect
(50:18):
of our nation's first central bank. Permit me to state
the onset I would regard the Federal Reserve system with
cautious approval, though not without critique. It's a central purpose
to manage the currency, stabilized credit, and safeguard the financial order.
Is consistent with the very aims I pursued when establishing
(50:42):
the Bank of the United States and Federalist Number thirty.
I argued, the government ought to contain itself every power
requisite to the full accomplishment of the objects committed to
its prayer. Along these objects is the preservation of public
(51:03):
credit and the facilitation of commerce, the ends the Federal
Reserve seek to attain. And so what about you, Thomas,
He says, Ah, friend, I feared you might ask. Let
(51:25):
me speak plainly, as is my custom, I would regard
the Federal Reserve with deep suspicion and likely disapproval, not
from a dislike of order, but from a principal abhorrence
of concentrated financial power, especially when removed from the reach
(51:50):
of the people. We'll dive in a little bit more
about those two sides Alexander Hamilton and Thomas Jefferson's still
held today. These two sides of is the FED good
is the FED bad? We'll jump into a history of such,
(52:14):
and of course we got to make a a reference
to Senator Rand Paul. I can't speak about the FED
without talking libertarian. A political talk show will be back
six after stick around. It's still got a couple of
minutes till then. If you're listening to WRMN.
Speaker 17 (52:38):
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Speaker 12 (53:38):
Your hometown radio station since nineteen forty nine, we are
WRMN AM fourteen ten Elgin Time
Sponsored by Pfizer.
Speaker 2 (00:33):
Hello, my fellow Americans, and good day to our friends
so around the world. This is a political talk show
here on WRMN. Thank you very much for being here.
WRMN fourteen ten am dial is the one that you've
got programmed into your number one slot there on the radio,
or maybe you're watching on the YouTube side YouTube dot com.
(00:57):
You can find us at WRMN Radio. That's there. Hey, also,
your smart speakers got us on there. Let's make sure
it's up and running. I do believe it is. Why, yes,
it is right there. You can find us on the
tune in app or you can go to WRMN fourteen
ten dot com and find all the different ways to watch, listen, read, look,
(01:22):
all kinds of different things that you can do to
interact with WRM and the community that we cover, which
is the Fox River Valley. Thank you very much for
being here. Thanks for being a part of the show.
Couldn't do the show without you. You're the receiver. You're
the person that's on the other end. You're the reason.
(01:44):
Without you screaming into the void, we need the receiver
on there. Does a the tree falls in the woods,
No one's around to hear it, including squirrels. Does it
make a sound. No, sure it doesn't. That's why I
appreciate you being here. I hope you had a great
(02:06):
easter here in the Fox River Valley was a little rainy.
Hi Brandon, we see you over there as well. I'm
glad you got your own YouTube account. Jeff came in
as well. There. We had the socks game on early,
(02:27):
so normally it's the afternoon shows that get bumped off,
but today it was Matt McNeil. We appreciate everything he
does around here, and so it is monetary Monday. You
appreciate those of you that are keeping track at home
of what days we do things. And today something came up,
(02:49):
something was on everybody's mind other than the stock market.
I guess you can worry about that, but it was
a Federal reserve and the relationship that we have with
the Federal Reserve, whether it's through our bank. If you're
a politician, where is the cutoff? What did Alexander Hamilton
(03:15):
to think about it? And of course what did Thomas
Jefferson think the opposite. I don't know if you heard
about this, but I got sucked into a group chat
with some of the founding fathers, and I asked them this.
(03:38):
Alexander Hamilton was the first one to jump in on it.
I had to pry out and answer from Thomas Jefferson.
So today we are going to read their responses. There
are two of the five that I have text messaging
capabilities with, and obviously the Alexander Hamilton stood up for it.
(04:02):
The Federalists were more about having that centralized government, centralized banking,
centralized trade, big government, Democratic Republicans, Madison Jefferson, they wanted
that smaller government. They wanted it localized. So we'll dive
(04:28):
into that today as well, the history of the Federal Reserve,
and we'll go all the way back in our way
back machine to seventeen ninety one with just the first
Bank of the United States. When we also go in,
we're going to make sure that we talk about the
(04:49):
relationship BECAU. It's not just all about the history. It's
not just all about the facts. Sometimes it's about where
have we come from here? What is the already system
come Things have changed a lot since the first Bank,
So we'll go into that as well. If there is
(05:10):
time in the second hour, we will open up the
phone lines and we will run through some headlines. How
is your Easter? I hope it was great. I hope
you got some time for self reflection. I hope you
got some time to spend with family. A political talk show.
(05:33):
We'll be right back after this.
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I know we're at a at will state, but for
making a comment like hey, your hair is good, And
then I got a call from HR saying, hey, you
know what, you're under investigation.
Speaker 6 (07:12):
Do have any records?
Speaker 2 (07:13):
But do were you fired?
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No?
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Not?
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Yeah. The problem ATDIE is they can fire you for
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I'm gonna fire.
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That's an interesting sound.
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Speaker 2 (09:03):
Welcome back to a political park show on WRMN Dare
to Know, simpei Ade was the motto of the Age
of Enlightenment. Use your reason, think for yourself, use the
(09:25):
facts that you have at your fingertips in your toolbox.
Dare to know that age of reason as Elgend's finest
drive by. I don't know if you can hear that,
but it was all about using reason, using your intellectual side,
(09:51):
the humanist movement about fairness, and so in that the
spirit of knowing, in that spirit of let's actually look
under the hood the curiosity, the political curiosity, the mechanical
(10:12):
monetary curiosity. Today we're going to talk about the Federal Reserve.
The Federal Reserve system commonly referred to as the Federal
Reserve or simply the FED for those of you coolcats
(10:34):
out there. It's a central banking system of the United States.
It plays a pivotal role in the American economy by
regulating monetary policy, supervising and regulating banks, maintaining financial system stability,
and providing banking services to depository institutions and the federal
(10:59):
government to depository institution, well that would be a bank.
We're going to explore the history, the purpose, the relationship
with the Federal government and the Federal Reserve, and we
have to start from the pre Federal Reserve historical background,
(11:23):
before the creation of the Federal Reserve in nineteen thirteen.
The US had a fragmented and unstable banking system, like
most of the systems that we have in place, or
most of the departments, or most of the things that
we do nowadays, is because it wasn't regulated. The market
(11:47):
couldn't handle it, privatization didn't understand it. So remember that
when we start to dismantle some of these things. The
first Bank of the United States in seventeen ninety one,
back in that age of Enlightenment or age of reason,
(12:11):
enlightenment seems a little too pretentious. The First Bank of
the United States was proposed by Alexander Hamilton to stabilize
and improve the nation's credit. The first bank was a
quasi central bank. Hamilton argued in his Report on a
(12:32):
National Bank in seventeen ninety quote, it is not easy
to conceive a bank of the United States that will
not answer the purpose of regulating and establishing a national currency. Opposition,
led by Thomas Jefferson and James Madison, feared federal overreach.
(12:55):
The bank's charter was not renewed, but we needed a
common currency, at least nationwide. On Friday, we did talk
about the cryptocurrency and the possibility of a global currency
(13:16):
with Elliott Serrano and David T's and at least regionally,
we need currency now. I don't need to drive around
the world paying for haircuts with Danny's bucks from here
(13:37):
in Elgin. It's like four locals that laughed at that
appreciate it, but for the rest of us to understand it,
I don't need to run around and give out Chuck
E Cheese tokens for other restaurants. Use them in Chuck
E Cheese. The Dave and Busters will not accept them.
(14:03):
Even if you come in with your own role of tickets.
They don't do it. It's a bad Friday. But we
have to acknowledge that that is part of what we
all assume that the federal government does well at the
(14:26):
federal level, whether it's a federal government, federal reserve, whatever.
We expect somebody beyond us a bigger power. They have
to be able to regulate what is a dollar? How
much does a pound weigh? We don't have somebody who
(14:46):
regulates those measurements. We're back to using cubits and hands
and stones and whatever other ways we've used to measure
things in the past. So I understand Jefferson and Madison
with the federal government shouldn't have everything with the federal side.
(15:11):
But I do believe maintain currency is within the scope
of the constitution. So they tried again. So instead of
the First Bank of the United States, guess what they
came up with in eighteen sixteen, five years later after
the First Bank of the United States, Oh, you guessed it,
Second Bank of the United States was reestablished after the
(15:36):
War of eighteen twelve. Due to the financial instability, the
Second Bank was dismantled by President Andrew Jackson. In his
eighteen thirty two veto message, Jackson wrote, the bank is
trying to kill me, but I will kill it now.
(15:59):
Andrew Jackson did not like paper money. A lot of
the people at the time wanted hard currency, wanted actual gold,
actual silver, actual things that if you melted them down,
they are actual things. So they wanted to keep in
(16:20):
that same side. There's nothing that says your currency is
based off of gold, then you know gold. The free
banking era from eighteen thirty seven to eighteen sixty three
(16:42):
a period with no central authority where state chartered banks
issued their own currencies, leading to chaos. The state banking.
The absence of federal oversight was resulted in frequent bank
failures and unreliable currencies eighteen sixty three. In eighteen sixty four,
(17:12):
the National Banking Acts created a system of nationally chartered
banks and a uniform currency, but did not resolve issues
like liquidity shortages. Economist Milton Friedman later observed quote, the
lack of central bank led to the banking system prone
(17:36):
to periodic panics. And we all know about the panics, right,
But did you know about the panics of nineteen oh seven?
The panic of nineteen oh seven and a call for reform,
(17:57):
triggered by the collapse of the Knickerbocker Trust Company, exposed
systemic weakness. JP Morgan coordinated efforts to stabilize the system,
highlighting the need for a central authority. Senator Nelson Aldrich remarked, quote,
(18:18):
something must be done. We must have more elastic currency
and a better control over our banking reserves. The National
Monetary Commission was formed just a year later in nineteen
oh eight, to study international central banking models and proposed reforms.
(18:47):
And finally that takes us to nineteen thirteen, with the
Federal Reserve Act signed into law by President Wilson on
December twenty third, nineteen thirteen. Just bear getting it in
there before Christmas. The Federal Reserve system was created to
address banking instability. President Wilson said, a nation which does
(19:13):
not control its own credit is not a free nation,
and the goals of the Federal Reserve Act of nineteen
thirteen was to provide an elastic currency, serve as a
lender of last resort, improve supervision of those banks, stabilize
(19:38):
the financial system, and foster economic stability. Been over one
hundred years since we've had the Federal Reserve Act, and
it hasn't always been stable. But it's not up to
(20:00):
the job of the Federal Reserve to keep it stable.
We're supposed to stabilize it. You and I and our
understanding of economics, and our understanding of the direction of
the future, and our beliefs and our feelies. They all
(20:21):
drive the markets, whether that be banking, stock, housing, global
So it's up to the Federal Reserve to kind of react,
(20:42):
to steer the boat as it would. We'll talk about
that a little bit more when we get into the
structure and components, and a lot of the structure and
components of it is that same checks and balances. You've
(21:04):
got the Board of Governors located in Washington, d C.
There's seven members. They have to They are appointed by
the President, but they must be confirmed by the Senate.
And Alan Greenspan, who was a name that I heard
(21:24):
most of my life growing up mostly in clinched fist shaking.
He noted independence from political pressure is critical for the
effectiveness of monetary policy. But like most sages, whether they
(21:53):
be stock whisperers or preaching whatever gospel that they've got,
they go unheeded. Second part of the structure Federal Reserve Banks.
There's twelve regional banks. They serve as an operational arm
(22:15):
of the FED. The New York FED is the most
prominent due to its role in open market operations. The
third piece and structure of the FED is the Federal
Open Market Committee the foe MC. I'm sure they prefer.
(22:36):
FOMC comprised of the Board of Governors and five regional
bank presidents. It makes key monetary policy decisions. Ben Bernanke
explained the fomc's mandate is the foster maximum employment and
(22:58):
price stability. We've heard about that before. Mister Powell has
been a part of that before we have to make
sure that the unemployment rate has to reach a certain thing,
or we have to make sure that the markets stabilize
(23:19):
with inflation, the two things that they pretty much do.
Takes a lot of people, takes a lot of banks
to do that. Now, they also make sure that all
the banks have money. But you and I are the
ones that make sure the banks have money. It's when
we take it out that they really fear us. Purpose
(23:40):
and functions of the Federal Reserve are next, and then
later on in the program, we will ask the founding
fathers what they think about the current Federal Reserve stick around.
Speaker 9 (24:03):
I'm Trey Westerberg WRMN News. This update brought to you
by Sentas. VNA Healthcare has opened another facility in Aurora,
this time at the new Bloomhaven Campus in the former
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marking the VNA's fifth clinic in Aurora. VNA invested eight
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million dollars into the buildout of the medical center, spanning
twenty six thousand square feet and housing more than thirty
exam in procedure rooms, mental health counseling and therapy centers,
a wellness classroom, and a pharmacy. The site also features
a kitchen and a laboratory. Ah Winfield tax preparer faces
federal charges after he was accused of filing more than
fifty fraudulent tax returns over a five year period. At
forty year old Cedric Taylor was charged with filing false
(24:48):
tax returns for himself and wilfully preparing false tax returns
for others per and indictment. Taylor filed forty five returns
for others with tax credits that were a misrepresentator overstated.
He is also accused of filing six if his own
tax returns that underreported his income or falsely reported tax credits.
Speaker 8 (25:04):
The incidents took place between twenty eighteen and twenty twenty three,
per a news release from the US Attorney's Office, The
Batavia Plane Dirt Gardeners have established a scholarship for a
graduating high school student who plans to pursue a career
requiring an associate or bachelor's degree in horticultural science fields
such as agriculture, botany, conservation, ecology, environmental science, forestry, and
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land management. The scholarship about his two thousand dollars, and
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For more information, visit Batavia Plane Dirt Gardeners dot org.
I'm Trey Westerberg on fourteen ten wrimn Elgin proudly serving
(25:48):
the Fox River Valley.
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Speaker 7 (27:54):
This is Sarah Silver with your Fox Valley forecast. This
afternoon mostly cloudy with a high near fifty two, windy
with gusts up to forty miles per hour. Tonight, mostly
clear with a low around forty. Tomorrow scattered showers and thunderstorms.
After ten am, mostly sunny with a high near sixty nine.
Currently it is fifty two and overcast. I'm Sarah Silver
(28:16):
on the Talk of the Town WRMN.
Speaker 15 (28:24):
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Speaker 2 (29:26):
Thank you for making a Political Talk Show one of
the podcasts that have now beaten out over two and
a half million other podcasts every week. Appreciate that keep
us in the running. Find the A Political Talk Show
podcast on your favorite podcasting platform. This one will be
(29:49):
on there. Monetary Mondays. I really like them. It gives
me all weekend to kind of prepare the show. So
that's probably why I we're talking about the Fed today
here on Monetary Mondays. He seemed to be in the
news quite a bit. And you know, the style of
a political talk show. Why give you the news like
(30:12):
everybody else is when I can give you the education
of what the establishment is intended for? What is it
supposed to do. Why are we yelling at mister Powell
to lower, raise, change, twist, manipulate, stabilize. We need to
(30:42):
be asking what are we doing? Why is he there?
So let's talk a little bit more about the structure
and monetary policy so we talked about the board of
(31:04):
the Federal Reserve. Now let's talk about the purpose and
function of the Federal Reserve. What is it, what the
pieces are, Where it came from the banking We had
a couple of presidents try it. I don't think we'll
get all the way to the third Bank of the
(31:24):
United States. But the first and foremost is monetary policy.
The Fed manages interest rates and the supply of money.
They've got a few tools in the toolbox for this one.
They've got open market operations, discount rates, reserve requirements, and
(31:48):
interest on excess reserves. Chair Pale stated, we will use
our tools to support the economy and keep inflation near
our two percent objective. That's what he's always going for, right,
They always go for the unemployment around four percent, inflation
(32:12):
around two been like that for a couple of years now.
The second thing that is part of their purpose and
function is the financial system stability. The FED monitors risk
coordinates internationally. During the two thousand and eight crisis, it
(32:38):
played a pivotal role in liquidity support, making sure everybody
had enough cash on hand for the fire sale. And
when we talk about power, I don't want to Bury
the lead. But when we talk about power, and we
(33:01):
talk about marching, we talk about protests, and we talk
about all of these different things. Oh, the billionaires have this,
the banking, your system's doing that. It's unfair here, unfair
there where the real power lies and where we've always
seen it, and we've always seen where the largest change,
(33:22):
the biggest disruption. The counter to this financial system stability
has always been you and I and the banks and
the relationship we have with them. And if we don't
like the direction that the economy is moving, and we
(33:42):
all go out and we all take our money out,
that's when everyone gets scared. Think about the last banking
crisis that we've had, any of them, pick one. A
lot of it is scared money and scared money removed
(34:03):
from the system. Think about economies, think about the monetary
system as blood or as flowing water, or as the
movement of things. When you stop movement, or you pull blood,
or you dam up rivers, you hurt the system or
(34:31):
change it at least. And so what did they do?
What did they figure out? Well, they figured out that
they could give you a little piece of plastic that
is your bank now, and you don't have to run
on the banks anymore. They have control. Have you ever
tried to purchase something? It says no, And then you
get a text message it says, hey, is that you
(34:55):
trying to purchase stuff? Yeah? Absolutely, we want to make
sure that we're safe. But isn't it scary that they
are the ones that can decide when and where and
how and what how much you can spend. I'm not
(35:16):
one to cause a panic. I'm not one to say,
don't break the law. I'm not one to well say
two not break the law. Too many negatives confuse it.
Follow the law please, But these protests that are out here,
I bet if instead of a day of not buying anything,
(35:44):
we had a day of take out five hundred bucks.
We all know most Americans out there nowadays it's hard
to do. But do you know what's even harder as
(36:04):
a bank giving us all five hundred bucks? Because less
than one percent of all of our currency it's digital.
So when you force them to show it, where is
the money? Show me the money? The Federal Reserve is
(36:26):
the one that has to step in and make sure
that you have it. But you know, I know, we
all know they don't have the physical money. They can
transfer it to your little police piece of plastic. Heck,
(36:46):
they could transfer it to your phone. They could transfer it,
transfer it to a different piece of plastic that you
can pick up at Walmart right now. But what they
can't do is produce it to hold it in your hand.
(37:06):
And so the Federal Reserve has some more purposes and functions.
But I just wanted to make that note about the
stability of the system is that you and I believe
that that little piece of plastic will give us money
regardless of where we are and whatever we do. And
(37:29):
that's where the supervision and regulation overseeing financial institutions to
ensure soundness and compliance, to set up a uniformity. Do
we use a chip, do we use a stripe? Do
we use a little wireless fella? Who's wireless fella? Whose chip?
(37:53):
Whose stripe? Whose magnetic process? What size should the card be?
They also oversee the payment systems that operate national payment
infrastructure FED wire and ACCH. If you're looking at sending
(38:13):
some moneys around the world, Federal Reserve is part of it,
and it acts as a banking service for the US
Treasury and other banks. So banks turn around and get
money from the Federal Reserve. Hey, Federal Reserve, I would
(38:35):
like a million dollars so that I can land a
million dollars out to people and I'll pay you back.
So let's look at it this way. The Federal Reserve
wants their cut of that million dollars that you did.
(38:57):
Federal Reserve is probably going to take whatever or money
they set it at. Let's say it's set at even
five five percent. The bank then turns around and says, Okay,
I'm going to loan out that money at seven percent
(39:20):
because us as a bank, we need to make our
money too. And so now me going to the bank
to get the loan, they loan it to me at
seven percent. I now have to go out in the
world and use that money to go get not only
(39:44):
the money in which I have borrowed, let's say I
borrowed the whole million, I also have to come up
with seven percent more. And so think about the entire
ecosystem where every single thing, every single person, every single job,
(40:09):
every single small business, large business person who buys a house,
every single thing that's out there now needs to get
seven percent more. Think about an entire system, everything, every
(40:31):
single piece of the system, any system. Think about the
way a mechanical system works. Think about your easter basket.
Think about anything as a whole. Now give me seven
percent more of that whole. That deficit is always built in.
(40:56):
That take it from some somewhere else is always built in.
So we have to figure out the system, the perpetual system,
the flow. When we come back, we're going to talk
(41:20):
about the relationship with the US government and the Federal Reserve.
In the second hour, we'll ask the founding five. Two
out of them, particularly Alexander Hamilton, and I wrote Thomas
Jefferson into the conversation about the banking system and what
(41:43):
they wrote in the Federalist papers. More a political talk
show coming up after this.
Speaker 5 (41:50):
Let me tell you a story about Bill. Bill was
a normal guy in his fifties. He had back surgery
about two years ago. Bill was in a lot of pain.
He dealt with his pain by taking the percocets as
doctor prescribed for him. Bill took more and more and
more of them to help with the pain till one
day the prescriptions weren't enough to get rid of Bill's pain.
(42:10):
Then one day Bill found someone to help him get
rid of the pain with illegal drugs. He didn't need
a prescription for best. Forward to today. Bill lost his
job and his family. The only thing he does have
is his drug dealer. If you know Bill's story and
you don't want to end up like Bill, call the
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(42:31):
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right now. Help is standing by eight hundred six ninety
four eleven twenty seven.
Speaker 1 (42:50):
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Speaker 12 (43:19):
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(43:39):
Ask your local retailer about a bivium today or visit
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Speaker 2 (43:47):
Now available on Amazon dot com and Barnesennoble dot com
is the book called Duy Jury Trial, which is the
true story of a truck driver in Illinois who is
charged with driving under the influence of alcohol. Was he
facing a rivocation of his driver's license, but also a
lifetime disqualification of his CDL which would prevent him from
(44:08):
ever driving a semi truck again. This book includes backstories
of the truck driver, the lawyers that defended the case,
and the DUI expert witness who analyzed the case and
then testified at trial as to the proper protocol procedures
of the field sobriety tests as well as the breathalyzer test.
This nonfiction novel also includes the actual court transcript from
(44:31):
the jury trial, a courtroom showdown in which the final
verdict would determine the fate of the defendant's livelihood. The
book Dui Jury Trial is now available on Amazon dot
com and Barnesennoble dot com. Hey Tammy, I just made
an AI fact checker for the show. Do you want
to try it out? Sure?
Speaker 14 (44:52):
Talk Time with Tammy and Friends is the best show
on wrimn.
Speaker 10 (45:00):
Oh, talk Time with Tammy and Friends is the best
show on WRMN. Huh what a bold subjective opinion masquerading
as a fact. Sure, I bet you and all twelve
of her fans feel that way. While I can confirm
the show exists, yay for reality, its best status is
completely debatable and yes, congratulations. It does air Monday through Thursday,
two pm to four pm. Let me know when Tammy
(45:22):
wins an Emmy or something. Until then, this is a
hard note on objectivity grade three ten fact talk Time
with Tammy and Friends airs weekdays Monday Thursday, two pm
to four pm on WRMN. Try again, when you want
to talk about facts, not fangirling.
Speaker 2 (45:40):
I'll work on it.
Speaker 16 (45:40):
You better in the middle of the night, Everything will
be all right if you listen to Coast to Coast
right here on WRMN, seven days a week, from midnight
to five am. Each night, on Coast to Coast, listeners
are captivated by George Nuri with discussions on news and
current events, conspiracy theories, UFOs, Life after Death, all things
curious and unexplained coast to coast every night midnight to
(46:04):
five am, right here on WRMN AM fourteen ten and
ninety six seven FM.
Speaker 2 (46:43):
Welcome back to a political talk show here on WRMN,
broadcasting live the down town Elgin serving the Fox River Valley,
the talk of the town, the voice of the Valley
here in WRMN WRMN Radio. If you're on the YouTube side,
(47:03):
you can go to WRMN radio find our live streaming
starts every day six am, goes all the way till
about now, but on Thursday we've got the NFL Draft
and the sports guys and gals for the River Media
(47:28):
Network Sports the weekend shows. For the most part, Marcus, Derek,
Mike all their guests are going to be on to
walk through that stream with you and them. Marcus Ogden
(47:52):
from the Ravens motivational speaker now and has a podcast
and I believe the top one percent. We'll be joining
them kicking off right at six, well, six oh six
(48:12):
for what's six minutes of news between friends. Listen here WRMN,
but also watch again on that WRMN radio on YouTube,
Like and subscribe if you're already there. We like to
see that subscriber train chugging along on our way to
(48:35):
the next thousand. Join the club. We're going to be
out there in the world live streaming quite a few
things here on the station, all the different parades, all
the different festivals, Gilbert's Hampshire, Elgin, of course, Saint Charles,
(49:06):
you know, the usual suspects. We're talking about the Federal Reserve,
and we left off with the relationship between the Federal
Reserve and the three branches of government. But before we
(49:27):
go to that, we'll take that over in the top
of the hour. I just want to ask our founding
fathers a couple things. I asked the chat group of
the Founding five, George Washington, Madison Hamilton, Jefferson Franklin. Obviously,
(49:54):
Alexander Hamilton was the first one to jump up when
I said, would you approve of the FED today? It's
the reason why he's on the money and wasn't a president.
Alexander Hamilton says, a most worthy question, and one I
am perhaps singularly suited to answer, having been the architect
(50:18):
of our nation's first central bank. Permit me to state
the onset I would regard the Federal Reserve system with
cautious approval, though not without critique. It's a central purpose
to manage the currency, stabilized credit, and safeguard the financial order.
Is consistent with the very aims I pursued when establishing
(50:42):
the Bank of the United States and Federalist Number thirty.
I argued, the government ought to contain itself every power
requisite to the full accomplishment of the objects committed to
its prayer. Along these objects is the preservation of public
(51:03):
credit and the facilitation of commerce, the ends the Federal
Reserve seek to attain. And so what about you, Thomas,
He says, Ah, friend, I feared you might ask. Let
(51:25):
me speak plainly, as is my custom, I would regard
the Federal Reserve with deep suspicion and likely disapproval, not
from a dislike of order, but from a principal abhorrence
of concentrated financial power, especially when removed from the reach
(51:50):
of the people. We'll dive in a little bit more
about those two sides Alexander Hamilton and Thomas Jefferson's still
held today. These two sides of is the FED good
is the FED bad? We'll jump into a history of such,
(52:14):
and of course we got to make a a reference
to Senator Rand Paul. I can't speak about the FED
without talking libertarian. A political talk show will be back
six after stick around. It's still got a couple of
minutes till then. If you're listening to WRMN.
Speaker 17 (52:38):
HI, I'm Ryan Blaney, a third generation race car driver,
and we dedicate a lot of our time to going
as fast as possible. My grandpa who is the reason
why my dad and I started racing, and I'm really
proud to follow on his tracks. But when my grandpa
was diagnosed with Alzheimer's, it was a very unexpected bump
in the road for us. I've learned a lot on
this journey with my grandpa, Lou and the memories of
my grandpa will always be with me. It's important to
(52:58):
notice if older family members are acting differently, experiencing problems
with their memory or having trouble with routine tasks. Talking
about Alzheimer's can be really tough, but if you notice something,
have a conversation with your love one, encourage them to
see a doctor or offer to go with them. Early
detection of Alzheimer's can give your family time to explore
support services, make a plan for the future, and access
available treatments. The Alzheimer's Association provides care, support and research
(53:21):
to help you take control of the situation with your
family and manage the disease together. If you or your
family are noticing changes, it could be Alzheimer's. Talk about
seeing a doctor together. Visit alz dot org slash time
to talk a message from the Alzheimer's Association and the
ad Counsel.
Speaker 12 (53:38):
Your hometown radio station since nineteen forty nine, we are
WRMN AM fourteen ten Elgin Time
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