Should and will the Fed be abolished?

[william the wie]

There are a lot of posts out there calling for this and I was wondering how much of the talk was simply show time and how much it was serious.

 

[LordBrownTrout]

I think it should be abolished Wie. We shouldn't have an entity that can simply print endless amounts of money to our detriment. All of these supposed fail safes are now failing.

 

[Big Fitz]

The political will in DC does not exist, and won't till after the blame for utter collapse is pinned on them... in about 20 years if they don't weasel out of it somehow.

 

[william the wie]

The political will in DC does not exist, and won't till after the blame for utter collapse is pinned on them... in about 20 years if they don't weasel out of it somehow.

Me, I think the Fed should be part of DOD, Central banks are useful in life or death emergencies.

 

[Polk]

It should not, and thankfully will not.

 

[Kevin_Kennedy]

It definitely should, but probably won't be. At least not anytime soon.

 

[BolshevikHunter]

It should not, and thankfully will not.

What is wrong with you Polky? Please explain so that I can attempt to understand why you take that position? Other than that, hope all is good bro. ~BH

 

[BolshevikHunter]

It definitely should, but probably won't be. At least not anytime soon.

I agree Kevin. In my opinion though, They will start World War 3 before they ever allow that to happen. I am sure that these bottomfeeders are planning it so that they have an excuse to get out of their debt to Red China. ~BH

 

[Polk]

It should not, and thankfully will not.

What is wrong with you Polky? Please explain so that I can attempt to understand why you take that position? Other than that, hope all is good bro. ~BH

Hope you're doing well as well, friend.

The alternative to having an independent body settling the policy would be to have Congress do so directly. The result is a much more unstable money supply, as Congress will turn on the printing presses every two years to grease their reelection prospects, they pull back sharply to head off inflation. I'd rather have a calm and steady hand at the wheel.

 

[expat_panama]

...The alternative to having an independent body settling the policy would be to have Congress do so directly...

--or not do it at all. The fed's mandates are stable prices and lender of last resort while maximizing employment. Before the Fed and the FOMC prices were not as stable, employment was more erratic, and the last lender (JP Morgan) quit.

 

[william the wie]

...The alternative to having an independent body settling the policy would be to have Congress do so directly...

--or not do it at all. The fed's mandates are stable prices and lender of last resort while maximizing employment. Before the Fed and the FOMC prices were not as stable, employment was more erratic, and the last lender (JP Morgan) quit.

Employment was also higher as were economic growth rates. Instability is one of the results of higher employment and growth. Nothing comes without costs. The substantially higher inflation rates of the Fed regime is a very high cost to pay.

 

[expat_panama]

...Employment was also higher as were economic growth rates. Instability is one of the results of higher employment and growth. Nothing comes without costs. The substantially higher inflation rates of the Fed regime is a very high cost to pay.

Standard measures show better conditions with the Fed than without although I've seen a few 'tin-foil-hat' sites set up specifically for fed bashing and selling gold. If you're serious we can look at the numbers together as there are lots of different records for employment, gdp, inflation.

 

[sparky]

centralized banking and fractional reserves work just fine , until the wrong elements infiltrate to expand the normal limitations for their own ends

now if you'd like to go back to state banks, that can work too, in fact it does work well in states like N Dakota

just keep the riff raff outta the books, and it's all okey dokey...

 

[Toddsterpatriot]

centralized banking and fractional reserves work just fine , until the wrong elements infiltrate to expand the normal limitations for their own ends

now if you'd like to go back to state banks, that can work too, in fact it does work well in states like N Dakota

just keep the riff raff outta the books, and it's all okey dokey...

You're not suggesting that states should be allowed to issue their own notes, are you?

 

[percysunshine]

Abolish is not the word I was thinking of, so I can't answer the poll. I was thinking more along the lines of self immolation, after all the US debt they bought that can't be paid back and they can't sell to the Chinese.

How do you inflate your way out of your own debt purchases?

 

[sparky]

centralized banking and fractional reserves work just fine , until the wrong elements infiltrate to expand the normal limitations for their own ends

now if you'd like to go back to state banks, that can work too, in fact it does work well in states like N Dakota

just keep the riff raff outta the books, and it's all okey dokey...

You're not suggesting that states should be allowed to issue their own notes, are you?

I'm suggesting the model is an option Todd>
Bank of North Dakota - Wikipedia, the free encyclopedia

but you'd be surprised what other options have been brewing>

 

[editec]

WEll its a drop dead cinche that a privately owned bank is NOT going to make policies that are in the BEST interests of the nation, isn't it?

Now I DO think that national BANK oversight that does SOME of the things that the FED does is necessary in a modern capitalistic system.

But that national banking oversight ought to be done by PUBLIC officials, and ALWAYS with the motivation to serve the best interests of the United States of America and her PEOPLE.

 

[Sallow]

I think it should be abolished Wie. We shouldn't have an entity that can simply print endless amounts of money to our detriment. All of these supposed fail safes are now failing.

So.

I'm guessing Congress is next on the list?

Section 8 - Powers of Congress

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

 

[LordBrownTrout]

I think it should be abolished Wie. We shouldn't have an entity that can simply print endless amounts of money to our detriment. All of these supposed fail safes are now failing.

So.

I'm guessing Congress is next on the list?

Section 8 - Powers of Congress

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

I don't have a problem with the constitution and the printing of money. I have a problem with congress' extension, fed reserve, printing trillions and trillions to our detriment. Our system is built upon trust and when that fails we're left with nothing.

 

[Toddsterpatriot]

I'm suggesting the model is an option Todd>


You prefer that "model" to private banks or to a central bank?

What is it about that model that you feel is better than what we have now?