- Thread starter
- #21
What was before the Fed?
"Free" Banks: 1837-1863
yes and each one had its own currency. At one point there were 2200 different curriencies in the USA. Imagine how inefficient that would be today? Europe just switched to one currency from 27 and you want to go back to 3-4000 curriencies?
1. The essence of the thread is the shady origins of the Federal Reserve.
Consider why it was done in such a manner.
2. I'm almost certain that you know the reason for the government's desire for one stop-shopping for loan.
The Civil War.
Not particularly to make certain only one currency was available.
you would prefer 3-4000??
I would prefer that you provide a comment on the origin of the Federal Reserve.
As far as I recall it originated in the Panic of 1907. Wall Street and govt decided it was better to have a big central bank system in place to act as the lender of last resort in a panic rather than risk a depression as private bankers and govt frantically organized each time it was necessary to get up the money needed to
liquefy the system.
To this day most economists from all points on the spectrum want to keep the Fed on grounds it is less dangerous than a gold standard. I think both are dangerous and either can be managed successfully with the economic knowledge we now have.
So.....you didn't bother to read the posts......
I see.