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Are you with the goldbugs or against them? Please pick a lane.
http://www.goldalert.com/2010/10/a-case-to-end-the-fed/
With financial markets appearing these days to be at the mercy of every move by the Federal Reserve, one related topic that received widespread attention during the financial crisis but over the past year has taken a back seat is the notion of abolishing the Fed.
Although at first glance many may view this idea as drastic, several well-respected investors and financial professionals are large proponents of it – with their basic premise being that the Fed’s attempt to manage interest rates and its propensity to create money out of thin air are principally responsible for the boom and bust cycles that have plagued the U.S. economy for much of the past century. Notables in this camp include Dow Theory Letters founder Richard Russell, legendary investor Jim Rogers, and Michael “Mish” Shedlock – author of Mish’s Global Economic Trend Analysis. (Incidentally, each of these individuals has also been a long-time gold bull).
While these men are well known by many in the investment community, another individual to recently state his case for an “orderly dissolution” of the Fed is Jim Powell, a senior fellow at the Cato Ins ute and the author of “FDR’s Folly,” “Wilson’s War,” and “Bully Boy,” among others. In an Investor’s Business Daily (IBD) editorial, Mr. Powell provides a damning critique of the central bank, citing numerous examples throughout the past century in which he believe the Fed made disastrous economic decisions due to political pressures.
Powell cites was commentary in 1971 from then-Fed President Arthur Burns, who after expanding the money supply in an attempt to reduce unemployment to get President Richard Nixon re-elected , was caught on tape saying “I have done everything in my power to help you as president, your reputation and standing in American life and history … . No one has tried harder to help you.” What followed, Powell contends, contributed to the Great Inflation of the 1970s.
Powell subsequently points to many instances in which Alan Greenspan and
Ben Bernanke failed to foresee the unintended consequences of their never-ending easy monetary policies and contends that it is absurd that monetary policy in the U.S. continues to be run by those individuals who created the problems in the first place. As such, he concludes his argument by stating that “It’s time to begin planning for an orderly dissolution of the Fed before it does us any more harm.”
Are you with the goldbugs or against them? Please pick a lane.
fully against
Meh. If there was not the Fed specifically, there would still be a need for something like it.
Form follows function.
Why couldnt it be run by the govt, rather than private banking interests?
Because that would be uncons utional!
uh, wait........
that is the main issue. Who calls the shots with our currency. If the wrong people are at the helm, they can use the currency to reel in the wealth of the middle class.
And before you claim it is a Federal Ins ution...Thomas Jefferson
If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.
- I believe that banking ins utions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the Government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.
9th Circuit
... we conclude that the [Federal] Reserve Banks are not federal ... but are independent privately owned and locally controlled corporations... without day to day direction from the federal government.
It is what is generally known as a quasi-governmental en y.
I am quite familiar with the form and status of the Fed.
I have no problem with it, or what it does. I am quite happy about its existance.
If the right person picks up a gun, he could shoot someone with it.
Your point?
remind me about the condition of the middle class at current? Remind me about the condition of the ultra elite? Remind me about bailouts, and bonuses, and the anger of the American people that means absolute when it comes to policy makers?
Remind me about the state of our economy and unemployment at current?
The gun has been wielded for decades. You dont care to put it back into the hands of those who must answer to the voters?
Do you admit that you dont understand how boom/bust cycles can be used by bankers to siphon wealth out of our economy?
Parkay, have you had your blood pressure checked lately? You are getting really worked up over this...
1)Not all too good,
2)good as they ever have been,
3)seems like you don't need to be reminded.
4) not all too good
5) Ultimately they are
6) I do understand how they can.
I just have a great deal of doubt that it is some grand evil, coordinated conspiracy.
Pure uncoordinated human greed and stupidity explains it so much better than a coordinated conspiracy, as you seem to suggest here, yet again.
And yet again you are taking a leap of logic. We go from critique of the Fed to wild eyed stories of mythical beasts.
Otherwise, we are in agreement. We arent talking conspiracy here, we are talking greed plain and simple. Control over the welfare of the nation's economy in the hands of a very few powerful interests.
Look at the nuts and bolts of fractional reserve lending.
Why are you pointing? Can't you just explain it, maestro?
I fully understand the nuts and bolts.
It seems to work well to increase overall human welfare.
I don't think the Fed is that slavishly devoted to narrow interests.
It acts for the overall good.
The US Treasury can issue currency. It currently chooses not to. It hasn't for a long time.
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