Should The U.S Abolish The Federal Reserve?

Discussion in 'Politics' started by Paul2012, Sep 9, 2010.

  1. Paul2012
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    Me: The fed always claims to work in the interest of the nation. It has a vested interest in keeping Americans ignorant

    You: That's a fine theory. Do you have any evidence of this, other than blaming the jooos?

    Yes, inflation is not in the nation or the people's interest. It is theft and a hidden tax. Inflation is the direct result of the Fed printing money that has no value or backing.

    Me: The Fed monetizes everything and creates money via digital dollars in electronic accounts. Actual currency represents a miniscule fraction of money created by the fed. Yes, we all know the Mint makes the currency.

    You: If the Fed monetized everything, the value of the dollar would be zero and we wouldn't bother printing more money. you should probably ponder the implications of your above statement before you say it again.

    Me: Well, a 1913 dollar is worth five cents now. So the dollar lost 95% of its value. So the money is well on its way to being zero. The Federal Reserve monitizes debt. This debt is from money that is printed from nothing or digitally created and typed into a borrowers account and has no backing.

    Me: Why does the fed allow government to borrow trillions and trillions of dollars? There is an alignment of interests here that works against the American people.

    You: The Fed is a financial institution. it "allows" the government to borrow trillions because it can sell those bonds on the open market.

    Me: Aren't T-Bills the monetization of debt? Rhetorical question, the answer is yes. Who is one of the biggest buyers of T-Bills? Answer: the Fed and China

    You: Gold is audited. Last I looked it was valued at about 250 billion dollars.

    Me: If by "last you looked" meant about 1913, you would be correct. There has been no audit conducted in decades. Maybe when Nixon tried to prop up the dollar by selling gold was the last time anyone knew

    You: The Fed publishes a weekly balance sheet, the Fed H.4.1. That report includes gold holdings.

    Me: That is what the Fed says it has. It refuses to allow an audit, hence the Ron Paul legislation.


    You: The Fed reports money supply.

    Me: Wrong. The fed quit reporting m3 over a decade ago.

    You: The Fed doesn't control the M3, so there is no reason for them to report it. Private firms have taken over that duty.

    Me: True, these private firms are called banks. The Fed is made up of private banks. Who controls M3? -Banks Who creates credit? -Banks. Who decides the limit on how much credit to extend? -Banks What makes up the Federal Reserve? - Banks

    You: The fed DOES publish the money supply they control - the MB. They also publish the M1 and M2 because those are important Monetary tools they influence. The size of your credit limit is really not important to them.

    Me: The credit limit is not important to them which is why they keep printing money until the economy is crushed under debt and then want bailout when their unlimited credit line goes belly up because they made bad loans because the money was created from nothing, is backed by nothing, and has a value that is continually decreasing. They create money as the principle but not the interest to service the debt. When there is a contraction of the money supply because the debt consumes increasing amounts of real resources, the money becomes concentrated and foreclosures occur. The banks end up with the money and all the real property.

    Hence, the business cycle causes economic collapse.

    You: TARP is a Treasury program.

    Me: Right. The Treasury (controlled by who? -Paulson and then Geithner) borrowed at interest the money it gave right back to the banks, thereby putting the American taxpayers on the hook for credit default swaps and other banking scams. These frauds actually increased during TARP when banks kept buying up garbage so they could dump even more toxic assets at profit on taxpayers as the government continued to pay way over market price. This was done for the expressed purpose of making the government buy up even more garbage at taxpayer expense.

    You: So, you're no longer claiming that TARP spending is secret? Well, that's progress

    Me: No, it is not secret, everybody knows about it. What they don't know is who got the money and how much they got.

    --------------------------------------------------------------------------------
    badaboom badabing
     
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    Last edited: Sep 9, 2010
  2. 007
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    To answer your question, yes, we should abolish the FED, which is no more "federal" in nature than "Federal Express" shipping is.
     
  3. KissMy
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    KissMy Free Breast Exam

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    I say keep the fed because it makes my gold investment climb like crazy. It is easier & provides more piece of mind than watching stock market all day. Let the slaves be slaves so I can reap the rewards.
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    The last President that tried it got assassinated. I don't see anyone willing to risk his/her life for it other than Ron Paul.
     
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  5. Paul2012
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    You have to admit this was a funny exchange of words. I think the ME got the better of YOU.
     
  6. Sunni Man
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    The Federal Reserve is just a tightly controlled Jewish cabal that does nothing but bleed the Goyum (non jews) out of their money.
     
  7. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    The central bank scheme should be done away with... FOR GOOD. Like yesterday.
     
  8. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Oh, it's a Jew thing.

    Thanks Hermann.
     
  9. 8537
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    very mild inflation is very much in the interest of most Americans who carry debt, and it's a very efficient manner of keeping capital flows from pooling in unproductive areas by penalizing those who place it there.

    We're not concerned about individual purchasing power for each dollar. What matters is the purchasing power of the person possessing those dollars, and that has cleary multiplied many times in the intervening century.


    T-bills are NOT monetization of debt. That's a fundamental misunderstanding on your part. If the T-bill is bought by an American, or A chinese, or anyone else with dollars it's a simple debt exchange.

    LOl! Yes, the tinfoil hat brigade. The Fed Publishes it's gold reserves, and the fed is audited -twice! - every year. One audit is by a private firm and the other is by the GAO. The only thing that is not subject to audit is holdings for open market operations.


    Banks don't control the M3.


    And that's why they don't report your credit limit.


    hmmm...how'd we get a depression during the golden Age of commodity currency, the Gold Standard age?


    no, that's not a secret. In fact, the NYT lists every firm that got TARP money and how much they got. You can even google it! Here, have a look:

    bailout.uslaw.com/?page_id=353
     
  10. Bill O'Olberman
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    Bill O'Olberman Active Member

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    Inflation is very much in my interest and desirable. I wouldnt want to pay back my student loans with interest over a ten year period(2009 to 2019) in 2005(when I took out my first loan) dollars. If such was the case very very few people would borrow money. Of course high inflation is bad. Nobody wants to see their purchasing power diminish.
     

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