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No!! Socialism is as far from capitalism as you can get. Central Socialist economic planning determines what gets made, where, what quality, by whom, price, color, quantity, etc etc.Central economic planning by a central bank is about as far from free-market capitalism as one can get.
Do you know why the market is failing?.
What we're seeing is a clear indicator that the Fed has lost the ability to control the cost of money.
For 3rd time, tell is exactly what you prefer for monetary policy. Are you afraid to tell us?
That it lasted fifty years before finally destroying the dollar is surprising, but we're witnessing the end of it.
.
Your beloved central economic planners can't keep distorting reality. The market itself will be the ultimate decider. Not the Fed. And not the government.
I'm a proponent of free-markets and sound money. Pretty much everyone on this board knows that as much as I pop off about it.
If destroyed will you give me yours given that destroyed things are usually worthless???
Are you saying that there were no distortions before the Fed?? Or, that you have a new way altogether that will avoid distortions?? Don't forget that Milton Friedman supported the Fed and there was no greater market champion in human history!! His theory was that any system needs management; thus the question is, are the managers inclined toward capitalism or socialist. Ours are more inclined toward capitalism but often forced off course by socialist liberals in other parts of the government. If the Fed was strictly capitalist it would simply be replaced by the liberals. Your argument should be against libsocialism not the Fed.
I'm a proponent of free-markets and sound money. Pretty much everyone on this board knows that as much as I pop off about it.
does that mean a gold standard of some kind??? What Kind??
And if they could control it rates would be higher and that would make us all richer??? How????
Are you saying that there were no distortions before the Fed?? Or, that you have a new way altogether that will avoid distortions?? Don't forget that Milton Friedman supported the Fed and there was no greater market champion in human history!! His theory was that any system needs management; thus the question is, are the managers inclined toward capitalism or socialist. Ours are more inclined toward capitalism but often forced off course by socialist liberals in other parts of the government. If the Fed was strictly capitalist it would simply be replaced by the liberals. Your argument should be against libsocialism not the Fed.
I'm a Mises guy. I'm not really all that interested in Friedman. But you;re free to to be. Knock yourself out.
To your question, before the Fed the income tax was 0%.
The Fed turns a profit, why do they need an income tax?
The Fed turns a profit, why do they need an income tax?
As was said, several times over by now, the IRS steals and turns over the fruits of our labor to the Treasury so that the Treasury can pay the principal plus interest on that bond that the Federal Reserve bought from a bank with a check which was drawn on an account that had nothing in it.
Without the income tax, the whole charade is impossible. It's no irony that we got the 16th Amendment, the Federal Reserve and its collection wing, the IRS, all in the same year.
We need to repeal the whole 1913 year. lol.
Ok, so the Treasury pays $60 billion in interest, for example, to the Fed and the Fed turns around and pays the Treasury $40 billion in net profits. Why do you feel that couldn't be done without the IRS?
Ok, so the Treasury pays $60 billion in interest, for example, to the Fed and the Fed turns around and pays the Treasury $40 billion in net profits. Why do you feel that couldn't be done without the IRS?
No, the Banks show up and compete to buy our national debt. They turn around and sell it to the Fed. The Fed buys the debt with hot checks. Then the IRS comes in and steals the fruits of ou labor to pay the principal plus interest on those Treasury bonds.
Moral of the story is end the Fed. It's comitting fraud.
If the Fed costs the Treasury a net $20 billion, from my example, why does that matter when the government is spending over $4 trillion a year?
Why is the $20 billion net worse than the $60 billion net the Treasury would have paid the banks if they had
held the bonds instead?
The IRS does that to service all the bonds, not just the $2.5 trillion held by the Fed.
Why is that $2.5 trillion worse in any way than the $17.5 trillion held by the public?
Be as specific as you can.
If the Fed costs the Treasury a net $20 billion, from my example, why does that matter when the government is spending over $4 trillion a year?
Why is the $20 billion net worse than the $60 billion net the Treasury would have paid the banks if they had
held the bonds instead?
The IRS does that to service all the bonds, not just the $2.5 trillion held by the Fed.
Why is that $2.5 trillion worse in any way than the $17.5 trillion held by the public?
Be as specific as you can.
To repeat: It's theft. The system funnels wealth from the working population to the government and the banking sector. It is the cause of all of the artificial booms and busts of modern economies and it causes great disparity of wealth between the rich and the poor, middle class, and seniors. The working class. We're debt slaves. Whenever a government issues a bond, it is a promise to make us pay tax in the future.
Now, Toddster. I answered a lot of Edwards silly gnat-like questions before I put him on my ignore list. I donlt think he was really interested in functional debate at all. So. Answer my question, please. While I've always answered your questions, you've never answered mine. And I've only asked one question of you.
Why do you hate free-markets?
To repeat, it reduces the net interest cost of Treasury borrowing. It actually saves money.
What causes "natural" booms and busts?
As soon as you admit that the reduced interest cost, thanks to the Fed, means
the IRS needs to steal less of our labor. Please.
To repeat, again stealing a quote from the Boston Federal Reserve's ''Putting it Simply", they say that ''When you or I write a check, there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check, there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating ''money.”
