11 Lies About The Federal Reserve

...sounds like you've given up on blaming the Depression on the Fed. Smart move.
why a smart move...
Some how it seemed to me that Mad Scientist was over his head and I was commending him on his change of subject, but if you disagree then we can say MS is an idiot. It's still off topic.
...when Friedman felt the Fed caused the Great Depression?
Friedman also started the payroll tax and for a while was a Keynesian none of which makes the Fed bad or the Keynes/payroll tax good. What we got is you can pick and choose from Friedman to back up what you've already decided about the Fed's track record, and--
econfedr.jpg

---I'll say the fed's track record is what it is.
 
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If that were true why would the Fed matter? I mean, you don't like it you can go form your own 'private charter'. Fact is that the Fed matters because it's created and funded by congress, controlled by the President, and it's how America's decided to regulate the value of its money. You got a better way let's hear it.

You wanna tell us how it's "controlled by the president"?

Please tell me what authority Obama has on ANYTHING the Fed does.

Well Arthur Burns once said that if the Fed didn't do what the President wants then it would lose its independence. I have little doubt that Ben Bernanke is doing exactly what Obama wants him to do.

I don't really know about that...Ben Bernanke is actually an intelligent mind. Obviously he's making the wrong kind of decisions, but I don't think that's by accident. I'm not quite sure Obama has any pull in that regard, because I highly doubt the man knows what Fed operations are in the first place. There might be SOMEONE pull those strings, but it's not Obama directly.
 
Stipulate monetary actions in general, is what I meant. There probably hasn't been a president who understood that since Jackson.
 
Why would you want prices to remain constant?

so we get good price signals from the market telling us where to most effectively spend our money and thereby increase our standard of living.

Well who's us? Us consumers, or us producers? Price signals are for producers, and prices need to fluctuate to send those signals. If they remained constant they wouldn't be sending any signals.

dear, when we speak of constant prices or 0% inflation or low inflation we speak of an environment whose monetary background is constant so non-monetary price changes are very apparent thus allowing producers and consumers to make comparatively smart choices in the market place that will raise our standard of living.
 
so we get good price signals from the market telling us where to most effectively spend our money and thereby increase our standard of living.

Well who's us? Us consumers, or us producers? Price signals are for producers, and prices need to fluctuate to send those signals. If they remained constant they wouldn't be sending any signals.

dear, when we speak of constant prices or 0% inflation or low inflation we speak of an environment whose monetary background is constant so non-monetary price changes are very apparent thus allowing producers and consumers to make comparatively smart choices in the market place that will raise our standard of living.
Kevin, do not argue with ed. It is like arguing with a head of lettuce. Except the lettuce is less ignorant. You will notice that the majority of people do not bother to even read his drivel.
 
Well who's us? Us consumers, or us producers? Price signals are for producers, and prices need to fluctuate to send those signals. If they remained constant they wouldn't be sending any signals.

dear, when we speak of constant prices or 0% inflation or low inflation we speak of an environment whose monetary background is constant so non-monetary price changes are very apparent thus allowing producers and consumers to make comparatively smart choices in the market place that will raise our standard of living.
Kevin, do not argue with ed. It is like arguing with a head of lettuce. Except the lettuce is less ignorant. You will notice that the majority of people do not bother to even read his drivel.

translation: as a liberal I always get killed so resort to violent personal attack
 
...we've got the president and congress naming everyone with power, they tell the Fed what it's supposed to do, the Fed reports regularly on their progress, and folks on these threads don't see any control.

Something more important here is the fact that the president and congress is chosen by the voters, and this popular refusal to see reality may be nothing more than a childlike denial of ultimate responsibility for creating and maintaining the Federal Reserve.
...They nominate and verify. based on advisory. Furthermore reporting regularly on it's CHARTERED (though expanded roles since inception) are it's mandates. The legislation would have to propose a new goal and vote. As it has done...
The Fed is a creation of our votes and we can vote differently if we want. I like my choice and you've offered me nothing I'd consider worth reconsidering my choice.

If you've wanted to vote it out then you've failed. You can admit your failure or admit accepting the consequences of your choice.
 
What we got is you can pick and choose from Friedman to back up what you've already decided about the Fed's track record, and--
econfedr.jpg

---I'll say the fed's track record is what it is.

I'd say there was no more important advocate for freedom ever than Friedman. He did it from the inside too with superior math and research skills which meant he could not be ignored. Were it not for him, Keynes and Krugman would rule and freedom would be just another word for nothing left to lose!!
 
...I'd say there was no more important advocate for freedom ever than Friedman. He did it from the inside too with superior math and research skills which meant he could not be ignored. Were it not for him, Keynes and Krugman would rule and freedom would be just another word for nothing left to lose!!
You understand that Friedman worked for FDR as a Keynesian, started payroll withholding, and worked with Nixon's "we're all Keynesians now" team.


Nobody's perfect.
 
...I'd say there was no more important advocate for freedom ever than Friedman. He did it from the inside too with superior math and research skills which meant he could not be ignored. Were it not for him, Keynes and Krugman would rule and freedom would be just another word for nothing left to lose!!
You understand that Friedman worked for FDR as a Keynesian, started payroll withholding, and worked with Nixon's "we're all Keynesians now" team.


Nobody's perfect.

Agreed but still I'd say there was no more important advocate for freedom ever than Friedman so he must be our greatest hero. He stood against the tide much the way George Washington did.

Without him the march to communism would have continued and perhaps succeeded. People like Galbraith and Samuelson were just waiting in the wings for the right moment.
 
Some of us prefer to read:
  1. “The Fed actually prints money.”
  2. “The Federal Reserve is spending money wastefully.”
  3. “The Fed is causing hyperinflation.”
  4. “The amount of cash available has grown tremendously.”
  5. “The gold standard would make prices more stable.”
  6. “The Fed is causing food and gas prices to rise.”
  7. “Quantitative easing has not helped job growth.”
  8. “Tying the U.S. dollar to commodities would solve everything.”
  9. “Ending the Fed would make the financial system more stable.”
  10. “The Fed can’t do anything else to help job growth.”
  11. ”The Fed can’t easily unwind all of this stimulus.”
Loonies that buy that crap are beyond reason so any attempts to 'refute' are for the benefit of the refuter, not the refutee. Just the same, I'm wondering why they left out two others we hear a lot:
  • The Fed is a private bank
  • Nobody audits the Fed.


Crazy. Amazingly crazy.

What good is an audit of the Fed when it doesn't include their open market operations? I mean the only thing really pertinent is what the fuck they're DOING with the money they create.

You don't know what they do with the money?
They release their balance sheet every week.
Look at what they had last week, compare it to what they have this week, the difference is what they did with the money.
 
  • The Fed is a private bank
  • Nobody audits the Fed.
Crazy. Amazingly crazy.
True, Amazingly true.

The Federal Reserve IS a privately owned bank. Alan Greenspan said so:

[ame="http://www.youtube.com/watch?v=K38khtCrN-4"]The Federal Reserve is Above the Law - YouTube[/ame]

Now some homework for you ExPat: How many times since 1913 has the Fed been audited?

ExPat, you know how to trade stocks, but that's all. You don't know d*ck about the Federal Reserve.

Where in that clip did he say the Fed IS a privately owned bank?
 
ExPat, you know how to trade stocks, but that's all. You don't know d*ck about the Federal Reserve.

Bernanke is a mild mannered college professor who spent his entire life studying central banking. Is he now part of some huge conspiracy of private bankers? To what end?? Does he, Greenspan, Volker, have 35,000 sq/ft. houses somewhere that they have managed to hide?
 
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