Does anyone think we need the Fed?

Discussion in 'Economy' started by rubberhead, Oct 6, 2009.

  1. rubberhead
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    rubberhead Member

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    I'd love to hear some arguments why we need the Federal Reserve System and "elastic" fiat currency in general. Also, if you could tell me why fractional reserve banking is not fraud, I'd greatly appreciate that. Thanks! Also, if you think the Fed Board are a bunch of counterfeiters printing money for defrauding depositors and paying off the ever growing deficit, feel free to say so.

    If you don't know what the Federal Reserve is, then I suggest you find out because it is controlling our economy.
  2. Paulie
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    Paulie Senior Member

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    Most arguments you'll hear FOR the Fed stem from the fact that we're already so buried in the Federal Reserve System that we can not possibly survive on something different.

    It's all that anyone alive even knows. I suppose the Fed likes it that way.
  3. rubberhead
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    Getting out of the fiat system would be more painful than continuing down this road... yeah, I think I've heard that one. I think another reason why no one is interested is because the financial system is so painfully boring that no average person can stay awake through a Fed hearing and congress likes having a way to tax Americans ('inflation tax') without their consent or even immediate knowledge to fund endless wars and entitlement programs.
  4. Paulie
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    Paulie Senior Member

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    Yes, willful ignorance on the part of the public definitely plays a prime role in our economic demise.
  5. BasicGreatGuy
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    BasicGreatGuy Aut libertas aut mors

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    I would truly enjoy seeing the Federal Reserve come to a halt.
  6. The Rabbi
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    I would truly enjoy seeing Rubberdickhead study some economic history so he can pluck his head out of his ass and figure out why the Fed is important--crucial in fact to the American economy.
  7. Paulie
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    Paulie Senior Member

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    It's not surprising that someone with jewish nomenclature would be advocating the Fed.
  8. The Rabbi
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    Because we all know the Fed is actually the tool of the World Zionist Conspiracy. Right?
  9. rubberhead
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    rubberhead Member

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    Oh, are you still crying Rabbi Hitler? Come on, give me one good reason to have a clandestine organization manipulating the value of our currency under a cloak of almost complete secrecy? I mean other than defrauding the American people. Ready?! Go!
    Last edited: Oct 6, 2009
  10. The Rabbi
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    How do they manipulate the value of our currency? How was value determined before the Fed?
  11. rubberhead
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    Hopefully it will happen soon.

    Click here to find out how
  12. The Rabbi
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    Ignoring my questions because you haven't managed to pluck your head out of your ass?
  13. rubberhead
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    Before the Fed our currency was redeemable for gold (or silver) bullion. They manipulate the value of our currency by printing more money and increasing the money supply (supply goes up while demand stays the same => price goes down). Very simple stuff really. Also, they set the interest rates at which banks lend to one another which creates credit and makes banks much more likely to take risks whether or not those risks are actually justified by market conditions.
  14. Big Black Dog
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    Let's do away with American currency altogether and use gold to pay for everything.
  15. The Rabbi
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    OK. You have proven you don't have a clue what you are talking about. Not like I suspected any different.
  16. rubberhead
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    When I say it was redeemable, I mean that you could give a treasury note to a bank and they would give you the gold that the note represented. Commodity currency is what I believe it's called.
  17. rubberhead
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    I totally support that. Very well said.:clap2:
  18. rubberhead
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    Why don't you educate me Rabbi Hitler? Do you think that socialized banking is a good idea? Tell me why. Or maybe you can just tell me I'm wrong some more and that'll surely make you right.
  19. rubberhead
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    Here's some help for ya Rabbi Hitler:

    United States dollar - Wikipedia, the free encyclopedia
  20. The Rabbi
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    Geez are you completely out of your depth here.
    fwiw, the us went off the gold standard under Nixon, I think in 1972. The Fed began in 1913. Chew on that. Go read a book by James Grant on monetary history and come back with a book report so you don't sound like you're talking out of your ass.

    And no, I don't consider spending 90 seconds on a Wikipedia article being informed.

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