Does anyone think we need the Fed?

I'm not here to educate you. Frankly I doubt it can be accomplished.
Go look at the history of bank panics and Morgan's role in them during his life and report back.
AND NO WIKI!!!!

You say bank panics, I say market corrections. I think there will be much more to panic about when the Fed system can no longer inflate the currency to buy our way out of recession. I'm not asking to be educated, I'm asking you to back up your assertions. I suspect you can't and so you don't.

fartfartfartfart.
Is this all you can contribute?
I've told you where to go to find all this out. And somehow you dont believe me, even though I've demonstrated a knowledge here you can only dream about.
You don't know the difference between a bank panic and a market correction? You're even dumber than I thought. And that would take something.

If the Federal Reserve was controlling our economy, I would have to say they are doing a damn poor job. They are trying to "direct it" but they are not having the greatest of success right now.

Dude, there are no absolutes when dealing with the economy. There are no absolutes when it comes to economists. Most of their theories are rational, but they do not work all of the time. Economics is not a science that has proven theories.

The present structure has flaws, but it has allowed the United States to become the leading economic powerhouse in the world. I would not scrap our present system. Instead, I am in favor of tweaking it to run better. I wonder about the men who make up the Fed Board. I think we should change that, but do not know what the solution is. Maybe you can offer a counter proposal short of saying "kill them all."

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Again, I post the truth, the whole truth and nothing but the truth. Why are there so many people who can not accept the truth?

I'm not saying kill them. Just put them back on a level playing field where the market determines the interest rates and there isn't some shadowy cabal of counterfeiters deciding our economic fate in secret. Also, I believe that fiat currency is garbage. And, if you haven't noticed, the dollar has become steadily weaker since the Fed took over ($1 2009 = $0.04 1913). How is that a good thing? This is not a rhetorical question. I really want to hear an answer that isn't full of ad hominem attacks and appeals to authority. "Dude, it's complicated" is not an answer. That's just parroting what the Fed board is saying basically. Their policy is, "keep people bored with our jargon and convoluted schemes so they'll never question us." I used to work in IT so believe me I know how that kind of laziness works.

You're right, I do dream about being a pompous ass who disguises limp, uninformed arguments with appeals to authority and ad hominem attacks. No wait, those are nightmares Rabbi Keynes-Hitler. Why do we have bank panics? Because people lose confidence in banks right? Why do people lose confidence in banks?

Were you an advocate of TARP Rabbi Keynes-Hitler?

They manipulate the value of the currency by inflating the supply of dollars. For every dollar created every other dollar in existence loses value. This then trickles down to the politically well connected who get to use the new money before the rise in prices, while the common man faces a rise in prices before ever seeing it.

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"The fact is that the average man's love of liberty is nine-tenths imaginary, exactly like his love of sense, justice and truth. He is not actually happy when free; he is uncomfortable, a bit alarmed, and intolerably lonely. Liberty is not a thing for the great masses of men. It is the exclusive possession of a small and disreputable minority, like knowledge, courage and honor. It takes a special sort of man to understand and enjoy liberty — and he is usually an outlaw in democratic societies." - H. L. Mencken

Anti-Imperialist ⋅ Individualist ⋅ Libertarian ⋅ Voluntaryist

I would have to disagree. There are absolutes in economics.

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"The fact is that the average man's love of liberty is nine-tenths imaginary, exactly like his love of sense, justice and truth. He is not actually happy when free; he is uncomfortable, a bit alarmed, and intolerably lonely. Liberty is not a thing for the great masses of men. It is the exclusive possession of a small and disreputable minority, like knowledge, courage and honor. It takes a special sort of man to understand and enjoy liberty — and he is usually an outlaw in democratic societies." - H. L. Mencken

Anti-Imperialist ⋅ Individualist ⋅ Libertarian ⋅ Voluntaryist

Thank God for reasonable people!

KEVIN, READ WHAT I WROTE NOT WHAT YOU WANT TO REPLY TO. I said that there are no absolutes when dealing with the economy (I.e. Our Economy.)

If you are trying to tell me that Economic theory is absolutely correct in all situations, I would be prone to think that you are a bit daft. I know you did not mean that. Granted, in economics, some theories are so solid that they would qualify as a Law as long as they are applied to specific defined purposes. Our economy is in flux.

There are people on this board who think that printing of money results in inflation, yet, there had been deflation while the money in circulation was going up.

I see somebody else screaming that the Fed is printing tons of money in this crisis. I don't even know where to look to confirm that, but so far I am seeing deflation in this country. Prices are going down not up. with that as the end result of all of this "printing of money" perhaps they should print more and we can get prices back to where they were in the 1950's. I remember buying a bottle of Coke for five cents. I'd kind of like to go back to that time.

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Again, I post the truth, the whole truth and nothing but the truth. Why are there so many people who can not accept the truth?

If currency is deflating, then why is the gold price going up? Because USD reserves in foreign banks are being cashed in and gold demand is up. What happens when all those dollars come back into our money supply? Don't you think this is a signal? We need to wake up and think about what direction we want this country to go in.

You know why you can't check on how much money the Fed is printing? Because it's a secret! They are under no obligation to tell us what they are doing. I watched a hearing with the Fed's general counsel about HR 1207 (Audit the Fed bill) where he was asked why the board of governors thought it was a bad idea for GAO auditors to audit the Fed regularly and without exceptions. You want to know what he said? He said something to the effect of "if we had unfettered audits, then people would lose confidence in the banks." Doesn't that very statement make us lose confidence in banks?

Wow, even more economic illiteracy from Rubberdickhead, King of the Ripe One.
You want to know how much money the Fed is creating?
Right here:
FRB: H.6 Release--Money Stock and Debt Measures--October 1, 2009

What about M3 Rabbi Hitler-Keynes? Hmm... It's not on there. That'd be a great place to hide fraud wouldn't it? I mean, the whole system is fraudulent but M3 (since it's not published) would be a great place to hide money supply activities that might raise questions, wouldn't you agree?

Commodity prices are rising, which tells you that inflation is serious. If deflation were a true concern then commodity prices would be going down.

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"The fact is that the average man's love of liberty is nine-tenths imaginary, exactly like his love of sense, justice and truth. He is not actually happy when free; he is uncomfortable, a bit alarmed, and intolerably lonely. Liberty is not a thing for the great masses of men. It is the exclusive possession of a small and disreputable minority, like knowledge, courage and honor. It takes a special sort of man to understand and enjoy liberty — and he is usually an outlaw in democratic societies." - H. L. Mencken

Anti-Imperialist ⋅ Individualist ⋅ Libertarian ⋅ Voluntaryist

How can someone be so foolish as to put so much trust into a system that is not even accountable to the people? What incentive do they have to even consider the interests of the general population? Think Rabbi Hitler. Think very carefully because you may live long enough to hear common sense say "I told you so."