Economists Tell Congress, Obama To Leave The Fed Alone

Discussion in 'Economy' started by Kevin_Kennedy, Jul 16, 2009.

  1. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Economists Tell Congress, Obama To Leave The Fed Alone

    It's absolutely laughable that these economists try to assert that Fed "independence is necessary to control inflation," when inflation has essentially been the standard operating procedure of the Fed since 1913. Our dollar has lost 95% of its value since the Federal Reserve was created and they say without their "independence" we should worry about inflation?
     
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  2. Toro
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    Toro Diamond Member

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    It would be horrific if there was increased government involvement in the Federal Reserve, other than perhaps cashing in all the private shares of the Fed.

    The more independent the central bank, the better.
     
  3. sealybobo
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    sealybobo Diamond Member

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    Forget it Kevin. They own Obama, the GOP, the country, you, me, the economists, etc.

    The reason they lie is because most Americans are dumb and they will accept it.
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    However, I think we know that an organization whose head is appointed by the President is not independent in the first place.
     
  5. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    There are 270 co-sponsors to Ron Paul's bill including every member of the GOP in the House, sealy. John McCain recently co-sponsored the Senate version. These people aren't suddenly interested in the Fed, it's because their constituents are demanding transparency. It shows that the people can have a say in their government.
     
  6. Paulie
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    Paulie Platinum Member

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    Why is "transparency" being confused with "independence" here?

    A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

    Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

    This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?
     
  7. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    The Fed and its supporters are trying to confuse the issue by misleading people. The audit bill doesn't make the Fed do anything other than let the Congress know exactly what they're doing. It doesn't give the Congress any power to stop the Fed from doing something or to make them do something. Ron Paul is absolutely right that when they talk of independence they really mean secrecy.
     
  8. Paulie
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    Paulie Platinum Member

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    Right. The common person hears "it'll be a catastrophe" and that's all they need to hear. This is a good example of appeal to authority. If we hear mainstream economists say that this will hurt the country, that's good enough for most people, because well, they're economists so what more do we need to know? :rolleyes:

    I find it interesting also, that lately a lot of economists have been on TV praising the actions of the Fed and Bernanke, saying that they literally "saved us from a catastrophic depression".

    When will people finally wake up to the fact that we're being systematically conditioned via the mainstream media?
     
  9. Toro
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    Transparency is fine. Do it well after the fact though.
     
  10. Paulie
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    Paulie Platinum Member

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    When the money's already been doled out to line the various cronies' pockets?

    No thanks. I own a piece of that currency, as do you and everyone else who's a citizen in this country. Not only do we have the right to know, we have the duty to. We of course direct our government through our reps. How do we make that direction without being 100% informed?
     

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