Do you understand why the Federal Reserve is Bad?

[bendog]

Personally, I thank the Bernank and really think he should have gotten the Nobel rather than Obama.

 

[Procrustes Stretched]

Do you understand why the Federal Reserve is Bad?

Few understand our banking and monetary system. The Federal Reserve should not exist and getting away from banks controlling the money is why our founding fathers got the hell out of Great Britain in the first place.
...

The founding fathers and framers wanted a national bank: The Men Who Made America Rich created a great financial system by establishing a national bank. Some of the founders and framers didn't want a national bank, they wanted a whacky agrarian utopia with man running around like an animal in Born Free


and that jerk Mishkin does have something intelligent to say http://home.cerge-ei.cz/pstankov/Teaching/VSE/Reading/Mishkin9.1.pdf

 

[bendog]

Well... the early history was the democrats Jefferson/Jackson western expansionists really got jammed with banks that were not really a national system. And the runs on banks during "panics" destroyed a lot of westerners. But, with the Fed, we're talking a much different beast. Greenspan in large part put us in this boat, because he chose to think his only duty was to guard against inflation. Though, he pretty much derailed bushI, and being a Jew wanting in the gop countryclub, prolly didn't want to do in another bush. (-:

It's too early to see whehter the Bernank can sell back all the mortgage securities he's buying to stave off inflation, without crushing growth with interest rates, in a few years. So far, he's saved my life.

 

[Procrustes Stretched]

He who controls the amount of money in circulation is that economy's master.

Suffice it to say if you know beforehand that the amount of money in circulation is going to go down or go up, you can position yourself to clean up on the change.

And that INSIDER TRADING is the LEAST of the problems stemming from the system we have today, too.

The money supply ought to only increase or decrease when the production of REAL ASSETS change.

That is NOT how the FED works, today.

That is NOT how the FED ever worked, either.

WE have had 16 recession/depressions since 1913. (7 in my working lifetime alone!)

Clearly the FED either can do nothing about them or, much worse, is causing at least SOME of them.

Things in the world would be worse without the FED. Normal people recognize that,

and that nut Friedman has said that ideally he would "prefer to abolish the federal reserve system altogether" and replace it by a computer. He would prefer to replace the organization with a mechanical system that would increase the money supply at some fixed rate"

academics can be so stupid

 

[bendog]

Well, I think Friedman was commenting more upon the ramping up and ramping down on monetary policy for political, not econ, ends. At the time ... he had a point. But, the Friedman theory of monatarism is not really followed now.

Of course, I'm so old i took economics before Friedman was the rage.

 

[OohPooPahDoo]

Few understand our banking and monetary system. The Federal Reserve should not exist and getting away from banks controlling the money is why our founding fathers got the hell out of Great Britain in the first place. Leave it to a liberal Democrat, Woodrow Wilson, to completely fuck us over.

Explain how the National Banking System that existed prior to Wilson and the Federal Reserve wasn't "banks controlling the money"

Thanks.

He's also the one to thank for income taxes and the creation of the IRS.

You left some parts out but I know you knew that. Let's review to educate others:

The 16th amendment was proposed by Congress under Republican President Taft after he asked them to propose it so he could levy a 2% tax on corporate income. It was first proposed in Congress by Republican Senator Norris Brown and the amendment was that actually passed was first introduced by Republican Senator Nelson W. Aldrich. The amendment proposal was then passed by over 2/3 vote by a 65% Republican Senate and the 56% Republican House. It was ratified in 1913 in February before Wilson even took office

But you knew all that I'm sure.

Funny how we had roads, businesses, railroads, schools and colleges before the government starting stealing our money to do these things.

Why is that funny?

Regardless of which party you belong to, watch the video. Our country started down the wrong path 100 years ago. No wonder it can't be fixed. We need to eliminate the Federal Reserve banks.

And replace them with what and why would it be better?

This isn't about party. It's an 'American thing."

Ah, I get it. So based on your research and the knowledge you have gained which most Americans are unaware if, it is unAmerican to disagree with your way of thinking?

 

[g5000]

Do you understand why the Federal Reserve is Bad?

Few understand our banking and monetary system. The Federal Reserve should not exist and getting away from banks controlling the money is why our founding fathers got the hell out of Great Britain in the first place.
...

The founding fathers and framers wanted a national bank: The Men Who Made America Rich created a great financial system by establishing a national bank. Some of the founders and framers didn't want a national bank, they wanted a whacky agrarian utopia with man running around like an animal in Born Free


and that jerk Mishkin does have something intelligent to say http://home.cerge-ei.cz/pstankov/Teaching/VSE/Reading/Mishkin9.1.pdf

I was going to PM you, but, "Dante has exceeded their stored private messages quota and cannot accept further messages until they clear some space."



So...


Speaking of Mishkin, he co-authored a tantalizing paper about three weeks ago: research.chicagobooth.edu/igm/usmpf/file.aspx

If the link does not work, google for "Crunch Time: Fiscal Crises and the Role of Monetary Policy".

 

[OohPooPahDoo]

Few understand our banking and monetary system.

Its not really that complicated.

If anyone has any questions I can answer them.