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Copyright law is quite a bit more complicated than that. It's at any rate not only the copyright owner who is allowed to make a copy. You can, for example, rip your CDs and copy those files on your HDD as often as you want.

Actually strictly speaking under the copyright law in this country, you cannot. It says "all rights reserved" on my CDs, and one of those rights is literally the right to copy. Bear in mind these laws were written a long time ago, when consumers did not have the means to make unauthorised copies, to prevent mass infringement.

You can. 17 U.S.C. § 1008 (http://www.law.cornell.edu/uscode/17/1008.html) allows consumers to make non-commercial copies (both digital and analog).

As I said, copyright law is quite complex and full of exceptions and clarifications.

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