Alternative to Federal Reserve- what is it?

[SpidermanTuba]

Alternative to Federal Reserve- what is it? Seriously, some of the teabaggers wanna just get rid of the Fed. What do we replace it with?

 

[rightwinger]

Gold

We should pay for everything with gold. only way to make the wingnuts happy. This papermoney stuff is just a fad

 

[SpidermanTuba]

Gold

We should pay for everything with gold. only way to make the wingnuts happy. This papermoney stuff is just a fad

LOL! Gold is kind of heavy. Where do I store it? Under the house?

 

[Toro]

Gold

We should pay for everything with gold. only way to make the wingnuts happy. This papermoney stuff is just a fad

LOL! Gold is kind of heavy. Where do I store it? Under the house?

The dollar would be backed by gold and the market would set short-term interest rates. I don't necessarily agree with this, but that's the argument.

The Fed has been enormously irresponsible in the management of monetary policy. People are right to be angry.

We may be seeing the end of fiat currencies as we know it.

 

[SpidermanTuba]

Gold

We should pay for everything with gold. only way to make the wingnuts happy. This papermoney stuff is just a fad

LOL! Gold is kind of heavy. Where do I store it? Under the house?

The dollar would be backed by gold and the market would set short-term interest rates. I don't necessarily agree with this, but that's the argument.

The Fed has been enormously irresponsible in the management of monetary policy. People are right to be angry.

We may be seeing the end of fiat currencies as we know it.

I don't really get it. If every dollar in existence has to be backed by gold, then banks wouldn't be able to loan money from deposits.

 

[mal]

Alternative to Federal...

Sheridan or Pecos... Lowell is WAY to slow.

Anything else?



peace...

 

[Oddball]

Gold

We should pay for everything with gold. only way to make the wingnuts happy. This papermoney stuff is just a fad

LOL! Gold is kind of heavy. Where do I store it? Under the house?

The dollar would be backed by gold and the market would set short-term interest rates. I don't necessarily agree with this, but that's the argument.

The Fed has been enormously irresponsible in the management of monetary policy. People are right to be angry.

We may be seeing the end of fiat currencies as we know it.

We should be as lucky.

 

[SpidermanTuba]

LOL! Gold is kind of heavy. Where do I store it? Under the house?

The dollar would be backed by gold and the market would set short-term interest rates. I don't necessarily agree with this, but that's the argument.

The Fed has been enormously irresponsible in the management of monetary policy. People are right to be angry.

We may be seeing the end of fiat currencies as we know it.

We should be as lucky.

Is it just fiat currency the teabaggers want to end - or fiat money altogether?

 

[Oddball]

They're the same thing.

 

[SpidermanTuba]

They're the same thing.

ROTFLMAO!

Sorry Dude. All currency is money, but not all money is currency.

 

[Oddball]

"Money", constitutionally defined, is specie or notes redeemable for such....While gold and silver notes are indeed currency, they aren't fiat currency.

Fiat "money" has no such backing, no matter if you call it "currency" or "money".

The laugh is on you, ignoramus.

 

[SpidermanTuba]

"Money", constitutionally defined, is specie or notes redeemable for such....While gold and silver notes are indeed currency, they aren't fiat currency.

Fiat "money" has no such backing, no matter if you call it "currency" or "money".

The laugh is on you, ignoramus.

I was asking about the money that is not currency - bank deposits and such - would those have to be backed by gold as well?

 

[Skull Pilot]

[youtube]Xir5j8SjVlI&feature[/youtube]

 

[Oddball]

"Money", constitutionally defined, is specie or notes redeemable for such....While gold and silver notes are indeed currency, they aren't fiat currency.

Fiat "money" has no such backing, no matter if you call it "currency" or "money".

The laugh is on you, ignoramus.

I was asking about the money that is not currency - bank deposits and such - would those have to be backed by gold as well?

Banks would end up being depositories of specie (coin) and people would generally do business in the redeemable notes, or "currency" if you will, for the larger denominations.

Credit would then be fully privatized and in the hands of people who have something to sell....No more money-for-nothing.

 

[industry7]

If you want to return to a constitutionally sound monetary policy, then we don't really need to replace it with anything. The fed basically took over the job of the treasury so that private interests could use the power for profit generation. So, the answer is to have the treasury mint currency to give out as loans set to a national prime rate for the purpose of inter-bank loans, which was one of the few legitimate services the fed provided. Thus banks can still get the loans they need for day-to-day operations, but instead of the interest going into the hands of a small elite, it goes back to the American people to be invested in infrastructure for the benefit of all Americans and American businesses.

 

[SpidermanTuba]

"Money", constitutionally defined, is specie or notes redeemable for such....While gold and silver notes are indeed currency, they aren't fiat currency.

Fiat "money" has no such backing, no matter if you call it "currency" or "money".

The laugh is on you, ignoramus.

I was asking about the money that is not currency - bank deposits and such - would those have to be backed by gold as well?

Banks would end up being depositories of specie (coin) and people would generally do business in the redeemable notes, or "currency" if you will, for the larger denominations.

Credit would then be fully privatized and in the hands of people who have something to sell....No more money-for-nothing.

So the banks would just be large vaults? How much do you think they would ending up charging me to keep my money there? I kind of like the current system, where I deposits my money, and the bank gives me interest.



I'm not sure what you mean be "credit would then be fully privatized" - banks are already private institutions.

 

[Oddball]

The issuance of credit is controlled by the monopoly of the Federal Reserve, which sets the discount and overnight interest rates, by which banks use as a guide to set their rates.

And yes, the banks would basically be big vaults, unless given permission by their depositors or directed by statute to lend the money on a 1:1 basis.

Before we go any further, start here (12 parts):

[ame=http://www.youtube.com/watch?v=7auQEXTWomA]YouTube - Creature from Jekyll Island 1 of 12[/ame]

 

[SpidermanTuba]

The issuance of credit is controlled by the monopoly of the Federal Reserve, which sets the discount and overnight interest rates, by which banks use as a guide to set their rates.

That's not true. Any private entity may issue credit at whatever interest rate the free market will provide them.

And yes, the banks would basically be big vaults, unless given permission by their depositors or directed by statute to lend the money on a 1:1 basis.

You can already do that. If you just want the bank to store your currency, rent a safety deposit box. If you want the bank to lend out 100% of your money, buy a CD. I fail to see why you wish the remove the freedom of banks to have ordinary checking and savings accounts.

 

[Baruch Menachem]

Alternative to Federal Reserve- what is it? Seriously, some of the teabaggers wanna just get rid of the Fed. What do we replace it with?

The usual alternative is a currency board with a commodity, market basket, or reserve currency backing. The commodity doesn't have to be gold. It could be oil or a collection of assets,


The problem is, it is supposed to have enough reserves to pay out when ever people need the alternative to the local currency. And currency boards are usually the last gasp of a desperate economy for stability.

It would be better for the fed to act as a currency board, rather than a central bank. That is, rather than lending the cash, it still just acts as agent for sales of securities. A currency board has no regulatory authority. The problem with the fed is that its regulatory activities have often been disastrous.

Between 1828 and 1914 the US had no central bank. because of the way the law was written, the Fed didn't have total control of the money supply until 1928 when the last of the licenses on paper money expired. So 1929 was the first really big test of the Fed, and it failed miserably.

 

[SpidermanTuba]

Alternative to Federal Reserve- what is it? Seriously, some of the teabaggers wanna just get rid of the Fed. What do we replace it with?

The usual alternative is a currency board with a commodity, market basket, or reserve currency backing. The commodity doesn't have to be gold. It could be oil or a collection of assets,


The problem is, it is supposed to have enough reserves to pay out when ever people need the alternative to the local currency. And currency boards are usually the last gasp of a desperate economy for stability.

It would be better for the fed to act as a currency board, rather than a central bank. That is, rather than lending the cash, it still just acts as agent for sales of securities. A currency board has no regulatory authority. The problem with the fed is that its regulatory activities have often been disastrous.

Between 1828 and 1914 the US had no central bank. because of the way the law was written, the Fed didn't have total control of the money supply until 1928 when the last of the licenses on paper money expired. So 1929 was the first really big test of the Fed, and it failed miserably.

Congratulations, I have long sought the alternative, and most of the teabaggers can't even explain what the fed does let alone what an alternative would do, you're the first to show me something credible. I shall study and get back.