Federal Reserve Should Become A Public Institution

Discussion in 'Politics' started by KevinWestern, Jun 11, 2012.

  1. KevinWestern
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    KevinWestern Hello

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    Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

    Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

    Thoughts?
     
  2. The T
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    The T George S. Patton Party Supporting Member

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    Federal Reserve is a scam and should be abolished. It was created by Progressives the same time the 16th and 17th Amendments were foisted upon us.
     
  3. TakeAStepBack
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    TakeAStepBack Gold Member

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    It needs to be audited, dismantled slowly, abolished and then a gold standard re-instated.
     
  4. KevinWestern
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    KevinWestern Hello

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    I’m totally fine with abolishing it; what I’m saying is that if it has to exist, shouldn’t it at least be under control of a public office? Or at least audited every few years?
     
  5. BDBoop
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    BDBoop BANNED

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    Agreed. I wonder how we (all) can go about making such a change?
     
  6. Staidhup
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    Staidhup Gold Member Supporting Member

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    The Federal Reserve was established to be independent institution insulation from government and private sector influence, unfortunately it failed the test of time. The real question is, should it be a political tool? that concept has grave consequences associated with that move. I do feel it is time for a full fledged audit.
     
  7. TakeAStepBack
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    TakeAStepBack Gold Member

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    We're working on the audit. You can thank Ron Paul for that. Should we get a full audit and the publicity matches the facts, it should show how bad it really is and move public opinion in the way of dismantling or at least severely limiting its powers. A it stands, we can thank almost every negative economic consequence since 1913 directly onto the shoulders of the fed. It is the moral hazard of our economics..
     
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  8. g5000
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    g5000 Diamond Member

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    Are you joking? Would you really want a politician's hands anywhere near the currency printing press in an election year?
     
    Last edited: Jun 11, 2012
  9. TakeAStepBack
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    TakeAStepBack Gold Member

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    No fiat money never works no matter who is at the print press. We need an anchor to our currency. Gold is the best one to date in history and it needs to be restored.
     
  10. Flopper
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    Flopper Gold Member

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    It has both private and public components, and was designed to serve the interests of both the general public and private bankers and is subject to congressional oversight. Not sure whether I agree with you or not, however having monetary policy controlled by politicians doesn't seem practical.
     
    Last edited: Jun 11, 2012

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