Does anyone think we need the Fed?

[The Rabbi]

How do they manipulate the value of our currency? How was value determined before the Fed?

Wow three pages and he still hasn't answered the basic question. Mere ass-talking by one of the great ass-talkers of our times.
And looking things up in Wiki isn't doing research.
Go check John Steele Gordon Empire of Wealth or James Grant History of Banking in the US for real answers. And no, you cannot Wiki them.
And don't post here until you've done so so we can avoid stinking up the thread again with more of your ignorant ass-talking.

Ok, Rabbi Keynes, it's obvious you have nothing to say. Thanks for the reading list, but I'll wait until you actually contribute something to the discussion to take you seriously.

In the meantime you can run to Wiki anytime someone poses something you didn't know. Like every 5 minutes.
We need a Federal Reserve because JP Morgan died in 1913.

 

[rubberhead]

Oh, are you still crying Rabbi Hitler? Come on, give me one good reason to have a secretive organization manipulating the value of our currency? I mean other than defrauding the economy. Ready?! Go!

How do they manipulate the value of our currency? How was value determined before the Fed?

Wow three pages and he still hasn't answered the basic question. Mere ass-talking by one of the great ass-talkers of our times.
And looking things up in Wiki isn't doing research.
Go check John Steele Gordon Empire of Wealth or James Grant History of Banking in the US for real answers. And no, you cannot Wiki them.
And don't post here until you've done so so we can avoid stinking up the thread again with more of your ignorant ass-talking.

Were you asking because you didn't know? Or were you asking because you wanted to try to prove that I don't know? Why don't you just tell me why you think we need central banking? That was my initial question and you still haven't answered it.

from 1792 (Mint Act) to 1900 (Gold Standard Act) we had a bimetallic system where the dollar was pegged to gold and silver. After 1900, the dollar was pegged to gold alone. After 1933 we basically have fiat currency and our gold supply is locked up tight by government control until after WW2, when foreign banks are allowed to trade their USDs for gold (Bretton Woods), until foreign banks begin dumping the dollar because of continuous inflation (caused by irresponsible monetary policy inherent to fiat currency) which prompted Nixon to unilaterally withdraw from Bretton Woods in order to prevent hyperinflation when those USDs were dumped back into domestic circulation. Ever since then, we have had an extremely sick system where monetary policy and political ambition have been inextricably linked, largely unbeknownced to the poor saps that the inflation tax steals from.

Tell me again Rabbi Keynes-Hitler, is central banking a good thing? Or is it just a way to elminate risk and socialize losses?

 

[rubberhead]

We need a Federal Reserve because JP Morgan died in 1913.

How does that follow at all? Are you joking? I hope so.

 

[The Rabbi]

We need a Federal Reserve because JP Morgan died in 1913.

How does that follow at all? Are you joking? I hope so.

Ah the stink, THE STINK!!! He's talking out of his ass again. Lay off the Mexican burritos at dinner, ok?
Only a world class ignoramus like you would ask a question like that.

 

[rubberhead]

We need a Federal Reserve because JP Morgan died in 1913.

How does that follow at all? Are you joking? I hope so.

Ah the stink, THE STINK!!! He's talking out of his ass again. Lay off the Mexican burritos at dinner, ok?
Only a world class ignoramus like you would ask a question like that.

Are you going to answer any of my questions? Or just pretend you know the answer and that I'm stupid for asking? That's the sign of true genius Rabbi Keynes-Hitler. Bravo!

 

[The Rabbi]

How does that follow at all? Are you joking? I hope so.

Ah the stink, THE STINK!!! He's talking out of his ass again. Lay off the Mexican burritos at dinner, ok?
Only a world class ignoramus like you would ask a question like that.

Are you going to answer any of my questions? Or just pretend you know the answer and that I'm stupid for asking? That's the sign of true genius Rabbi Keynes-Hitler. Bravo!

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!!!!

 

[rubberhead]

Ah the stink, THE STINK!!! He's talking out of his ass again. Lay off the Mexican burritos at dinner, ok?
Only a world class ignoramus like you would ask a question like that.

Are you going to answer any of my questions? Or just pretend you know the answer and that I'm stupid for asking? That's the sign of true genius Rabbi Keynes-Hitler. Bravo!

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.

 

[The Rabbi]

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.

 

[Neubarth]

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.

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."

 

[rubberhead]

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.

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."

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.

 

[rubberhead]

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.

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?

 

[Kevin_Kennedy]

Oh, are you still crying Rabbi Hitler? Come on, give me one good reason to have a secretive organization manipulating the value of our currency? I mean other than defrauding the economy. Ready?! Go!

How do they manipulate the value of our currency? How was value determined before the Fed?

Wow three pages and he still hasn't answered the basic question. Mere ass-talking by one of the great ass-talkers of our times.
And looking things up in Wiki isn't doing research.
Go check John Steele Gordon Empire of Wealth or James Grant History of Banking in the US for real answers. And no, you cannot Wiki them.
And don't post here until you've done so so we can avoid stinking up the thread again with more of your ignorant ass-talking.

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.

 

[Kevin_Kennedy]

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.

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."

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

 

[rubberhead]

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.

Thank God for reasonable people!

 

[Neubarth]

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.

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."

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

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.

 

[rubberhead]

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."

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

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.

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?

 

[The Rabbi]

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

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.

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

 

[rubberhead]

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.

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?

 

[Kevin_Kennedy]

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."

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

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.

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

 

[rubberhead]

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."