Abolish the Income Tax: Steve Forbes and Peter Schiff

[FattBurger]

I don’t see why anyone would support the Federal Reserve unless they some how benefit from it. That would mean the member banks.

I have asked Kass to explain to me the benefits of the Federal Reserve and his reply was liquidity. I asked who pays for that and his reply was “ a small price to pay” This is a weak defense clearly by someone who knows nothing.

If anyone can please explain to me the benefits of the Federal Reserve I am all ears. And the benefits of the fraction reserve system?

Please I’m very flexible and want to be convinced that the Fed is a good thing.

 

[Kassz007]

Quote from FattBurger:

Kass, you sink with every wiggle. Leveraging thru fractional reserve lending creates the boom and bust cycles. Remove the fractional reserve system and remove the fed that back stops the gamblers and get back to slow steady growth.

But it’s a win win for the bankers, privatize the profits and socialize the loss, god help us.

You do not know very much about history or economics so I'll help you out:

There were boom and bust cycles before fractional reserve banking was introduced.

 

[Nem0]

Quote from Kassz007:

You do not know very much about history or economics so I'll help you out:

There were boom and bust cycles before fractional reserve banking was introduced.

Why are you ignoring me.

Do you think your arguments are more convincing to readers if you ignore my questions ?

Just 16 years after establishment of FED we had a GREAT DEPRESSION

And now in 2010 Fed can't be audited. Answer me. Why can't the FED be audited ?

 

[Kassz007]

Quote from Nem0:

Never am I more scared than when I see educated people defend completely corrupt system.

You can forgive uneducated poor people. But when guys like Kass spit propaganda I get very bearish long term.

I am defending central banks and the fractional reserve banking system as being the best alternative (of which the Fed is a part of). I have no idea why you think I am defending corruption.

 

[FattBurger]

Kass go away you not qualified to answer in defense of the Fed. Someone please help this financial flunkie.

 

[Kassz007]

Quote from Nem0:

Why are you ignoring me.

Do you think your arguments are more convincing to readers if you ignore my questions ?

Just 16 years after establishment of FED we had a GREAT DEPRESSION

And now in 2010 Fed can't be audited. Answer me. Why can't the FED be audited ?

You're a Jew hating troll, that's why I am ignoring you. You just registered to ET, which tells me you likely have many prior aliases. Not to mention you're taking the debate in another direction by talking about Fed audits.

Go find someone else to troll, troll.

 

[Free Thinker]

Quote from Nem0:


Just 16 years after establishment of FED we had a GREAT DEPRESSION

geeze guys its not that hard. to claim that we would have smooth sailing without the fed shows an ignorance of history. in fact the fed was created partly in reaction to the panic of 1907.

Panic of 1819
•The first major American depression, the Panic of 1819 was rooted to some extent in economic problems reaching back to the war of 1812.
•It was triggered by a collapse in cotton prices. A contraction in credit coincided with the problems in the cotton market, and the young American economy was severely affected.
•Banks were forced to call in loans, and foreclosures of farms and bank failures resulted.
•The Panic of 1819 lasted until 1821.
•The effects were felt most in the west and south. Bitterness about the economic hardships resonated for years and led to the resentment that helped Andrew Jackson solidify his political base throughout the 1820s.
•Besides exacerbating sectional animosity, the Panic of 1819 also made many Americans realize the importance of politics and government policy in their lives.

Panic of 1837
•The Panic of 1837 was triggered by a combination of factors including the failure of a wheat crop, a collapse in cotton prices, economic problems in Britain, rapid speculation in land, and problems resulting from the variety of currency in circulation.
•It was the second-longest American depression, with effects lasting roughly six years, until 1843.
•The panic had a devastating impact. A number of brokerage firms in New York failed, and at least one New York City bank president committed suicide. As the effect rippled across the nation, a number of state-chartered banks also failed. The nascent labor union movement was effectively stopped, as the price of labor plummeted.
•The depression caused the collapse of real estate prices. The price of food also collapsed, which was ruinous to farmers and planters who couldn’t get a decent price for their crops. People who lived through the depression following 1837 told stories that would be echoed a century later during The Great Depression.
•The aftermath of the panic of 1837 led to Martin Van Buren’s failure to secure a second term in the election of 1840. Many blamed the economic hardships on the policies of Andrew Jackson, and Van Buren, who had been Jackson’s vice president, paid the political price.

Panic of 1857
•The Panic of 1857 was triggered by the failure of the Ohio Life Insurance and Trust Company, which actually did much of its business as a bank headquartered in New York City. Reckless speculation in railroads led the company into trouble, and the company’s collapse led to a literal panic in the financial district, as crowds of frantic investors clogged the streets around Wall Street.
•Stock prices plummeted, and more than 900 mercantile firms in New York had to cease operation. By the end of the year the American economy was a shambles.
•One victim of the Panic of 1857 was a future Civil War hero and US president, Ulysses S. Grant, who was bankrupted and had to pawn his gold watch to buy Christmas presents.
•Recovery from the depression began in early 1859.

Panic of 1873
•The investment firm of Jay Cooke and Company went bankrupt in September 1873 as a result of rampant speculation in railroads. The stock market dropped sharply and caused numerous businesses to fail.
•The depression caused approximately three million Americans to lose their jobs.
•The collapse in food prices impacted America's farm economy, causing great poverty in rural America.
•The depression lasted for five years, until 1878.
•The Panic of 1873 led to a populist movement that saw the creation of the Greenback Party.

Panic of 1893
•The depression set off by the Panic of 1893 was the greatest depression America had known, and was only surpassed by the Great Depression of the 1930s.
•In early May 1893 the New York stock market dropped sharply, and in late June panic selling caused the stock market to crash.
•A severe credit crisis resulted, and more than 16,000 businesses had failed by the end of 1893. Included in the failed businesses were 156 railroads and nearly 500 banks.
•Unemployment spread until one in six American men lost their jobs.
•The depression inspired "Coxey's Army," a march on Washington of unemployed men. The protesters demanded that the government provide public works jobs. Their leader, Jacob Coxey, was imprisoned for 20 days.
•The depression caused by the Panic of 1893 lasted for about four years, ending in 1897.


The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell close to 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered into bankruptcy. Primary causes of the run include a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.[1

 

[Nem0]

Quote from Kassz007:

You're a Jew hating troll, that's why I am ignoring you. You just registered to ET, which tells me you likely have many prior aliases. Not to mention you're taking the debate in another direction by talking about Fed audits.

Go find someone else to troll, troll.

I don't hate Jews you are lying. You are a liar.

Why don't you respond to what happened 16 years after FED got power. We had Great Depression.

Why don't you see a problem with FED not allowing auditing.

Because you are a scum liar.

You are a deceiver.

 

[Kassz007]

Quote from FattBurger:

Kass go away you not qualified to answer in defense of the Fed. Someone please help this financial flunkie.

LOL you think I'm going to sit here and outline the benefits of central banks to you? You want me to spoon feed you an education? Do your own research, lazy prick. You don't know the first thing about the subjects you are making comments about. I am done with your nonsense, Fatty.

 

[Kassz007]

Quote from Free Thinker:

geeze guys its not that hard. to claim that we would have smooth sailing without the fed shows an ignorance of history. in fact the fed was created in reaction to the panic of 1907.

Panic of 1819
•The first major American depression, the Panic of 1819 was rooted to some extent in economic problems reaching back to the war of 1812.
•It was triggered by a collapse in cotton prices. A contraction in credit coincided with the problems in the cotton market, and the young American economy was severely affected.
•Banks were forced to call in loans, and foreclosures of farms and bank failures resulted.
•The Panic of 1819 lasted until 1821.
•The effects were felt most in the west and south. Bitterness about the economic hardships resonated for years and led to the resentment that helped Andrew Jackson solidify his political base throughout the 1820s.
•Besides exacerbating sectional animosity, the Panic of 1819 also made many Americans realize the importance of politics and government policy in their lives.

Panic of 1837
•The Panic of 1837 was triggered by a combination of factors including the failure of a wheat crop, a collapse in cotton prices, economic problems in Britain, rapid speculation in land, and problems resulting from the variety of currency in circulation.
•It was the second-longest American depression, with effects lasting roughly six years, until 1843.
•The panic had a devastating impact. A number of brokerage firms in New York failed, and at least one New York City bank president committed suicide. As the effect rippled across the nation, a number of state-chartered banks also failed. The nascent labor union movement was effectively stopped, as the price of labor plummeted.
•The depression caused the collapse of real estate prices. The price of food also collapsed, which was ruinous to farmers and planters who couldn’t get a decent price for their crops. People who lived through the depression following 1837 told stories that would be echoed a century later during The Great Depression.
•The aftermath of the panic of 1837 led to Martin Van Buren’s failure to secure a second term in the election of 1840. Many blamed the economic hardships on the policies of Andrew Jackson, and Van Buren, who had been Jackson’s vice president, paid the political price.

Panic of 1857
•The Panic of 1857 was triggered by the failure of the Ohio Life Insurance and Trust Company, which actually did much of its business as a bank headquartered in New York City. Reckless speculation in railroads led the company into trouble, and the company’s collapse led to a literal panic in the financial district, as crowds of frantic investors clogged the streets around Wall Street.
•Stock prices plummeted, and more than 900 mercantile firms in New York had to cease operation. By the end of the year the American economy was a shambles.
•One victim of the Panic of 1857 was a future Civil War hero and US president, Ulysses S. Grant, who was bankrupted and had to pawn his gold watch to buy Christmas presents.
•Recovery from the depression began in early 1859.

Panic of 1873
•The investment firm of Jay Cooke and Company went bankrupt in September 1873 as a result of rampant speculation in railroads. The stock market dropped sharply and caused numerous businesses to fail.
•The depression caused approximately three million Americans to lose their jobs.
•The collapse in food prices impacted America's farm economy, causing great poverty in rural America.
•The depression lasted for five years, until 1878.
•The Panic of 1873 led to a populist movement that saw the creation of the Greenback Party.

Panic of 1893
•The depression set off by the Panic of 1893 was the greatest depression America had known, and was only surpassed by the Great Depression of the 1930s.
•In early May 1893 the New York stock market dropped sharply, and in late June panic selling caused the stock market to crash.
•A severe credit crisis resulted, and more than 16,000 businesses had failed by the end of 1893. Included in the failed businesses were 156 railroads and nearly 500 banks.
•Unemployment spread until one in six American men lost their jobs.
•The depression inspired "Coxey's Army," a march on Washington of unemployed men. The protesters demanded that the government provide public works jobs. Their leader, Jacob Coxey, was imprisoned for 20 days.
•The depression caused by the Panic of 1893 lasted for about four years, ending in 1897.


The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell close to 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered into bankruptcy. Primary causes of the run include a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.[1

People like Fatty and Nemo need something to blame their misfortunes on. The Fed is an easy target for them. If only they knew something about the subject they could save themselves some embarrasment.