Does anyone think we need the Fed?

[rubberhead]

I was wrong about the silver exchange part. The bimetallic standard (gold and silver) ended in 1900. Between 1900 and 1913 we were on a complete gold standard. We had a crash in 1907 and the reaction, in 1913, was to give banks a safety net called the Fed. Then in 1933, I think, US citizens gold (private property) was unlawfully confiscated by FDR (who is somehow now regarded as a hero). Now, in 2009 are politicians are again trying to provide safety nets to irresponsible and inviable corporations in the interest of looking like they are doing something on the voters' behalf. How do we justfy this? They were too big to fail? Then why did they fail? Maybe they were too big to succeed!

 

[The Rabbi]

I was wrong !

Pretty much says it all right there. No need to post more.

 

[rubberhead]

When I say it was redeemable, I mean that you could give a treasury note to a bank and they would give you the gold that the note represented. Commodity currency is what I believe it's called.

Geez are you completely out of your depth here.
fwiw, the us went off the gold standard under Nixon, I think in 1972. The Fed began in 1913. Chew on that. Go read a book by James Grant on monetary history and come back with a book report so you don't sound like you're talking out of your ass.

And no, I don't consider spending 90 seconds on a Wikipedia article being informed.

Out of my depth Rabbi Hitler? That's funny, if we were still on the gold standard then why did FDR make it illegal for Americans to own gold (except numismatic coins) in 1933? Commodity money ended under FDR in the US. Notice how many needless wars we have been in and how many different 'safety nets' have been devised for all levels of society to become dependent on. How can you agree with all this Rabbi Hitler?

After the Second World War, a system similar to a Gold Standard was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar. The U.S. promised to fix the price of gold at $35 per ounce. Implicitly, then, all currencies pegged to the dollar also had a fixed value in terms of gold.

This is not a gold standard. You and whatever Keynesian garbage you are citing are mistaken. This is fiat money trying to disguise itself as commodity money. Nixon merely ended the price fixing that Bretton Woods put in place. I agree with ending price controls on gold because it forces us to be honest about how worthless our currency is becoming.

 

[The Rabbi]

<fart fart fart>
Still talking out of your ass I see.
FDR closed to gold window for US Citizens in 1933. The Fed was started in 1913.
You got some splainin' to do.

 

[rubberhead]

Here's some more help for you Rabbi Hitler, just in case you want to spend 30 seconds thinking about what nonsense you are about to spew:

Executive Order 6102 - Wikipedia, the free encyclopedia

 

[The Rabbi]

Here's some more help for you Rabbi Hitler, just in case you want to spend 30 seconds thinking about what nonsense you are about to spew:

Executive Order 6102 - Wikipedia, the free encyclopedia

Pffuuiiiii.
Phew, that was a smelly one, Rubberdickhead. You really need to stop talking out of your ass and pretending you can understand a subject by spending 30 seconds with Wikipedia.

 

[rubberhead]

Here's some more help for you Rabbi Hitler, just in case you want to spend 30 seconds thinking about what nonsense you are about to spew:

Executive Order 6102 - Wikipedia, the free encyclopedia

Pffuuiiiii.
Phew, that was a smelly one, Rubberdickhead. You really need to stop talking out of your ass and pretending you can understand a subject by spending 30 seconds with Wikipedia.

Why don't you try actually telling me why the Fed is important Rabbi Hitler? Maybe you don't have a reason. Why do we need a "lender of last resort" to bail out banks, fund needless wars and make poor people dependent on the state? Are you going to actually make the case for the Fed Rabbi Hitler? Or are you just going to make it more obvious that you don't have one by attacking me some more?

 

[The Rabbi]

Here's some more help for you Rabbi Hitler, just in case you want to spend 30 seconds thinking about what nonsense you are about to spew:

Executive Order 6102 - Wikipedia, the free encyclopedia

Pffuuiiiii.
Phew, that was a smelly one, Rubberdickhead. You really need to stop talking out of your ass and pretending you can understand a subject by spending 30 seconds with Wikipedia.

Why don't you try actually telling me why the Fed is important Rabbi Hitler? Maybe you don't have a reason. Why do we need a "lender of last resort" to bail out banks, fund needless wars and make poor people dependent on the state? Are you going to actually make the case for the Fed Rabbi Hitler? Or are you just going to make it more obvious that you don't have one by attacking me some more?

Gaag! Light a match! The air here is unbreathable. I cant take it anymore. I'm breaking a window!

 

[rubberhead]

<fart fart fart>
Still talking out of your ass I see.
FDR closed to gold window for US Citizens in 1933. The Fed was started in 1913.
You got some splainin' to do.

OK, so the gold standard didn't end in 1913. It ended in 1933. Central banking was the first step to complete currency control. Why don't you offer a real refutation instead of quibbling over details.

Tell me why fiat currency is better than commodity currency Rabbi Hitler.

 

[rubberhead]

Pffuuiiiii.
Phew, that was a smelly one, Rubberdickhead. You really need to stop talking out of your ass and pretending you can understand a subject by spending 30 seconds with Wikipedia.

Why don't you try actually telling me why the Fed is important Rabbi Hitler? Maybe you don't have a reason. Why do we need a "lender of last resort" to bail out banks, fund needless wars and make poor people dependent on the state? Are you going to actually make the case for the Fed Rabbi Hitler? Or are you just going to make it more obvious that you don't have one by attacking me some more?

Gaag! Light a match! The air here is unbreathable. I cant take it anymore. I'm breaking a window!

Very clever Rabbi Hitler. I agree that fiat currency stinks. Thanks for your concession.

 

[The Rabbi]

<fart fart fart>
Still talking out of your ass I see.
FDR closed to gold window for US Citizens in 1933. The Fed was started in 1913.
You got some splainin' to do.

OK, so the gold standard didn't end in 1913. It ended in 1933. Central banking was the first step to complete currency control. Why don't you offer a real refutation instead of quibbling over details.

Tell me why fiat currency is better than commodity currency Rabbi Hitler.

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

 

[rubberhead]

<fart fart fart>
Still talking out of your ass I see.
FDR closed to gold window for US Citizens in 1933. The Fed was started in 1913.
You got some splainin' to do.

OK, so the gold standard didn't end in 1913. It ended in 1933. Central banking was the first step to complete currency control. Why don't you offer a real refutation instead of quibbling over details.

Tell me why fiat currency is better than commodity currency Rabbi Hitler.

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

How could we have had a gold standard if people couldn't own gold Rabbi Hitler? Brilliant reasoning, I'm sure. Maybe my mind is just too puny to grasp all of your high minded concepts.

 

[The Rabbi]

OK, so the gold standard didn't end in 1913. It ended in 1933. Central banking was the first step to complete currency control. Why don't you offer a real refutation instead of quibbling over details.

Tell me why fiat currency is better than commodity currency Rabbi Hitler.

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

How do we have a gold standard if people can't own gold Rabbi Hitler?

cough cough hack hack. no, no more. I can't take any more. I cant breeeeeettthhhhhh.
So what did Nixon do in 1972?

 

[rubberhead]

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

How do we have a gold standard if people can't own gold Rabbi Hitler?

cough cough hack hack. no, no more. I can't take any more. I cant breeeeeettthhhhhh.
So what did Nixon do in 1972?

He made it so that foreign banks could no longer redeem their US dollars for gold at $35/oz. This is not the equivalent of removing a gold standard. At least not a pure gold standard. If we had a gold standard, that would mean that anyone holding a treasury note could redeem it for gold. Not just foreign banks at a fixed price. That's a planned economy Rabbi Keynes, not a gold standard:

The gold standard is a monetary system in which a region's common medium of exchange are paper notes that are normally freely convertible into pre-set, fixed quantities of gold.

Bretton Woods was not a gold standard. It was a transition to fiat currency.

 

[rubberhead]

That is, the foreign banks would have to buy their gold on the open market at the market price. Which I think is actually better than the Bretton Woods system, because it forces everyone to be honest about the actual value of the currency.

 

[rubberhead]

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

How do we have a gold standard if people can't own gold Rabbi Hitler?

cough cough hack hack. no, no more. I can't take any more. I cant breeeeeettthhhhhh.
So what did Nixon do in 1972?

Oh, and it was 1971 when Nixon withdrew from Bretton Woods. Stop talking out of your ass! It stinks, etc, etc.

 

[Kevin_Kennedy]

AACKKK!!!. The Smell! THE SMELL!!!
Quit talking out of your ass, we can't take it here anymore. Call the EPA!
And I said it didnt end in 1933.

How do we have a gold standard if people can't own gold Rabbi Hitler?

cough cough hack hack. no, no more. I can't take any more. I cant breeeeeettthhhhhh.
So what did Nixon do in 1972?

Nixon ended the gold exchange standard, which meant that only foreign governments cold redeem their dollars in gold. The reason he ended it is because the foreign governments saw the inflation that the Fed was doing with the dollar and decided to dump the dollar for gold. Under a true gold standard the Fed couldn't have inflated the currency in that way because it would have had to have been backed by gold.

 

[The Rabbi]

I would truly enjoy seeing Rubberdickhead study some economic history so he can pluck his head out of his ass and figure out why the Fed is important--crucial in fact to the American economy.

Oh, are you still crying Rabbi Hitler? Come on, give me one good reason to have a secretive organization manipulating the value of our currency? I mean other than defrauding the economy. Ready?! Go!

How do they manipulate the value of our currency? How was value determined before the Fed?

Wow three pages and he still hasn't answered the basic question. Mere ass-talking by one of the great ass-talkers of our times.
And looking things up in Wiki isn't doing research.
Go check John Steele Gordon Empire of Wealth or James Grant History of Banking in the US for real answers. And no, you cannot Wiki them.
And don't post here until you've done so so we can avoid stinking up the thread again with more of your ignorant ass-talking.

 

[rubberhead]

How do we have a gold standard if people can't own gold Rabbi Hitler?

cough cough hack hack. no, no more. I can't take any more. I cant breeeeeettthhhhhh.
So what did Nixon do in 1972?

Nixon ended the gold exchange standard, which meant that only foreign governments cold redeem their dollars in gold. The reason he ended it is because the foreign governments saw the inflation that the Fed was doing with the dollar and decided to dump the dollar for gold. Under a true gold standard the Fed couldn't have inflated the currency in that way because it would have had to have been backed by gold.

That's exactly what I was trying to say to Rabbi Keynes!

 

[rubberhead]

Oh, are you still crying Rabbi Hitler? Come on, give me one good reason to have a secretive organization manipulating the value of our currency? I mean other than defrauding the economy. Ready?! Go!

How do they manipulate the value of our currency? How was value determined before the Fed?

Wow three pages and he still hasn't answered the basic question. Mere ass-talking by one of the great ass-talkers of our times.
And looking things up in Wiki isn't doing research.
Go check John Steele Gordon Empire of Wealth or James Grant History of Banking in the US for real answers. And no, you cannot Wiki them.
And don't post here until you've done so so we can avoid stinking up the thread again with more of your ignorant ass-talking.

Ok, Rabbi Keynes, it's obvious you have nothing to say. Thanks for the reading list, but I'll wait until you actually contribute something to the discussion to take you seriously.