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End The Fed?..And then what
- Thread starter lrm21
- Start date
Quote from Daal:
If the money supply is not rising, deflation will take over. With everyone with debt up to their eyeballs you are arguing for a 1930's repeat
Didn't the US rise as a superpower with a quality of living unmatched in history after the hard times of the 1930's?
I understand your reasoning and that of others in trying to avoid the hardship people endured back then but perhaps societies have to pay a price somethimes to ensure future wellbeing of generations to come.
Quote from Debaser82:
Didn't the US rise as a superpower with a quality of living unmatched in history after the hard times of the 1930's?
Yeah specially, right after FDR devalued the dollar and the fed started to print money, getting the PPI and CPI to put a large yoy gain and ending the debt deflation price spiral. Sorry the austrians are only correct with deflation where debt is not huge, when debt is everywhere deflation is a poison that kills the economy
Quote from Daal:
Yeah specially, right after FDR devalued the dollar and the fed started to print money, getting the PPI and CPI to put a large yoy gain and ending the debt deflation price spiral. Sorry the austrians are only correct with deflation where debt is not huge, when debt is everywhere deflation is a poison that kills the economy
You are saying exercise is healthy but when you weigh 500 pounds it can kill you.
Agreed.
Probably a catch 22 so it seems.
Quote from achilles28:
You're totally misinformed. Banks OWN the FED. They control interest rates. Its a financial cartel that only appears bureaucratic to the dummies.
No alternative to the FED? Ever hear of colonial script? Debt-free Money issued by the Founders to circumvent oppressive usury charged by King George?
Gold. Silver. Commodities. Script. Whatever.
Legalize competing currencies and let the free market decide whats best.
The broken-record sycophants who preach endless FED domination are the ones to be afraid of.
They take us to the cleaners, and you ask for seconds.
Please elaborate more on the Colonial Script concept or if you have further links.
http://en.wikipedia.org/wiki/Colonial_scrip
Colonial scrip was not backed by gold or silver and therefore the colonies could control its purchasing power. This was similar to the "tally stick" system used by the British Empire for over 700 years. It was different from the conventional European mercantilist system of money which required governments to borrow from banks and pay interest for those loans, as gold and silver were the only regarded forms of money. Colonial scrip, were "bills of credit" created by the government, based on the credit of that government, and this meant that there was no interest to pay for the introduction of money. This went a considerable way towards defraying the expense of the Colonial governments and in maintaining prosperity. The Governments charged low interest when it loaned out this paper money to its citizens, with land as collateral, and this interest income lowered the tax burden on the people, contributing to prosperity.
The currency was born when a lack of gold and silver in the Colonies made trade hard to conduct, and a barter system prevailed. One by one, the Colonies began to issue their own paper money to serve as a medium of exchange to make trade vibrant. The Governments could then retire excess notes out of circulation by taxing the people, helping some colonies generally avoid inflation. Each colony had its own currency and some were better managed than others. It was banned by English Parliament in the Currency Act after Benjamin Franklin had explained the benefits of this currency to the British Board of Trade. Outlawing the circulating medium caused a depression in the colonies, and Franklin and many others believed it to be the true cause of the American Revolution.
Quote from achilles28:
You're totally misinformed. Banks OWN the FED.
Wow....there must be some real crap out there on the internet about the function of the Federal Reserve. I don't need to respond to someone that thinks the banks control our Federal Reserve. If that's what you're thinking, perhaps getting a BS or BA in economics will show you what they do, but only then will you be able to tell me that I'm misinformed.
Quote from bwolinsky:
Wow....there must be some real crap out there on the internet about the function of the Federal Reserve. I don't need to respond to someone that thinks the banks control our Federal Reserve. If that's what you're thinking, perhaps getting a BS or BA in economics will show you what they do, but only then will you be able to tell me that I'm misinformed.
You're an idiot.
FED ownership is public information. Banks own it.
I've got a formal background in economics, which is clearly more than you.
Why do you suppose the Treasury pays interest on national debt the FED prints from NOTHING.
Half of all interest on the national debt is paid to (and allegedly "destroyed") , by the FED.
Why do Americans pay north of 250 Billion in income tax, only to have it purportedly "destroyed"?
Enlighten us.