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Thread: End the Fed?

  1. #17
    Got Drosera? Indiana Gardener's Avatar
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    The Federal Reserve is a private corporation that has nothing to do with anything federal. I can call myself Federal Reserve Indiana Gardener. Aww, c'mon, put me in control of your money, I'm Federal. lol They only look out for themselves. Our country's economy will never recover and remain in good shape under the control of the Federal Reserve, because they don't want it to. They make money off of it the way it is. It's just a constant cycle of building it up and tearing it down so that they can build it up again.


    David

  2. #18
    rattler's Avatar
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    actually that cycle is a normal part of things.....every country goes through it no matter how their monetary system is controlled....what needs to happen is for ppl to accept that and knock the current administration(by this i mean the president AND most definatly congress) upside the head to realize you cant spend your way out of the bottom of the curve.....thats like standing in a bucket and trying to pick yourself up by the handle....it has never, and will never work......what kicked us out of the Great Depression wasnt FDR's spending, it was WWII and the allies buying arms and munitions manufactured in the US....outside dollars came in and kicked us out of it.......
    cervid serial killer
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  3. #19

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    Just for the record, the current Fed Chairman is Ben Bernanke. He was appointed by Bush II. I don't think anyone (mostly libertarians) who advocate massive reforms to the Fed, DoEd, etc., have seriously considered the possible consequences. That article is about 99% supercharged opinion, sort of like Fox News. Doesn't give me a lot of confidence in any analysis or conclusions they might provide.

  4. #20
    dashman's Avatar
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    You say that like you think I hold Bush in high regard. For the record, I don't hold Obama in high regard either.

    I don't disagree with you. The link I provided is clearly biased. But I am trying to focus on facts here. I realize the article of choice may not be the most factual and is clearly very opinionated. But the facts that are there cannot be discredited.

    I don't pretend to have all of the answers either. I am trying to understand what thier purpose is. I have seen the slogan "End the Fed" and am trying to weigh the merits of that.

    Here are my opinions based on the facts that I know.

    It is a fact that the country went into bankruptcy about 20 years after the Fed took over while under FDR. We have been in bankruptcy ever since borrowing money from the Fed to run the country and paying interest. We are coming up on 100 years of this and there will soon come a time that the interest payments will be greater than what the US gets in taxes. So what happens then? It is clear to me that this model is broken.

    To me it seems they cause public debt while reaping massive profits via interest payments. If I am not mistaken, they are the holders of a majority of the US deficit, China is #2. From what I researched, they make the most money in times of dispair from what I can tell. (see second link).

    Perhaps not end the Fed, but definately audit it. Does anyone even know who owns it? It is a private company. Who gets the profits? If we are going to have a Fed, I would much rather see it made a public company with shares trading on the stock market and dividends paid. Why did we sign over this massive money maker to a privately held bank? That doesn't have to follow the same SEC guidlines imposed on the rest of the banking world? Are they special? Are they above the law?

    Also, they have no competition. Isn't that a monopoly?

    These are the questions I am trying to bring to light. Not how biased the writer of the article I published was.

    Here is an interesting quote made by someone close to the creation of the Fed...

    "Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."


    – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s
    Last edited by dashman; 08-12-2010 at 04:48 PM.

  5. #21
    SeaQuestDSV's Avatar
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    Quote Originally Posted by dashman View Post
    Does anyone even know who owns it? It is a private company. Who gets the profits? If we are going to have a Fed, I would much rather see it made a public company with shares trading on the stock market and dividends paid. Why did we sign over this massive money maker to a privately held bank? That doesn't have to follow the same SEC guidlines imposed on the rest of the banking world? Are they special? Are they above the law?

    Also, they have no competition. Isn't that a monopoly?
    I answered a bit if your questions in my second post. The US Treasury gets the profits for congress and the current president to help decide how it is spent. Your second article states this as well. Paying dividends sounds like a great idea to me, but it'd really be like a tax return.

    Maybe if the Fed could make money like this all the time there wouldn't be a need for taxes!

    And it really is a government entity, regardless of what some people will tell you. It's kind of like the Supreme Court where it's members aren't democratically elected. And it wields such great economic power without the help or decisions of congress for a number of reasons. One of them being in the event of a crisis it needs to act and make decisions fast, something that congress never does.

    And yes, they do have a monopoly on what they do, but that's usually the case with all government entities. They have the monopoly on governing, in this case it's the economy.

    Hopefully you don't mind me taking part in this discussion as much as I am, I really enjoy this sort of thing and enjoy hearing other peoples opinions!

  6. #22
    dashman's Avatar
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    I don't mind in the least. I rather enjoy it. This is how public debate should be. Nice, peaceful, honest, and open. An art I think our friends at capital hill have lost. Name calling, finger pointing, and labeling do not really solve problems IMO.

    The US Treasury gets the profits for congress and the current president to help decide how it is spent. Your second article states this as well. Paying dividends sounds like a great idea to me, but it'd really be like a tax return.
    Oh, but they do. From the last few years I checked they profited no less than 30 billion dollars per year.

    And it really is a government entity, regardless of what some people will tell you.
    I would tend disagree with you on the government entity part as well. I guess in an acedemic sense they could be called an "Independant Agency". But there are no checks and balances.

    Don't take my word for it. Let's here from Mr. Greenspan, former director of the Fed.

    http://www.youtube.com/watch?v=pVmxQsvj6lo

    So, in addition to being a monopoly, they answer to no-one and under a shroud of secrecy. We don't even get to see what they do and where thier profits go. Bernake was asked specifically by Congress who got the TARP funds and the Fed refused to tell Congress. Does this not scare\anger anyone but me?

    According to law...
    "The Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute."

    I say Congress gives the Fed the responsibility of valet parking at the Smithsonian, free of charge.
    And yes, they do have a monopoly on what they do, but that's usually the case with all government entities. They have the monopoly on governing, in this case it's the economy.
    Monopolies have no place in a democracy of checks and balances. The government is here to serve the people, and not the other way around. That is one of the main reasons why I do not care for the Bushes and Obama's of the world. They are trying to change the government into a monopoly on our lives albeit very slowly. But being one who gets paid to pay attention to detail, I do notice them and can also step back and take a big picture look to see where it is leading us. That is what scares me the most.
    Last edited by dashman; 08-12-2010 at 08:06 PM. Reason: Slight add

  7. #23
    dashman's Avatar
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    Quote Originally Posted by SeaQuestDSV View Post
    Maybe if the Fed could make money like this all the time there wouldn't be a need for taxes!
    BINGO!

    Although I would say it like this. If we were to abolish the fed there wouldn't be a need for income tax.

    Matter of fact, the modern income tax was inacted in 1913. The exact same year the Federal Reserve System was. What a coincidence.

  8. #24
    dashman's Avatar
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    I realize this is an aging thread, but I came across this video. The first few minutes articulate the mathematics behind why the Central Bank theory is not a good idea and appears to be engine for collapse.

    http://www.youtube.com/watch?v=_dmPc...ext=1&index=13
    Last edited by dashman; 08-25-2010 at 12:02 AM.

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