Federal Reserve Should Become A Public Institution

[TakeAStepBack]

What? The longest they list in here is 3 years. I could drone on endlessly about each of these case in point, but Im not gonna. We've been in one recession after another since 1913.

Not nearly as frequently as before 1913. Facts are facts.


Gold also limits the money supply with the amount of gold you dig up. It does not keep up with a growing economy, is way too rigid, and is highly susceptible to speculators.

Not nearly as frequently?

I think you need to re-evaluate your own source. And I would go from a much broader understandingt of the ill consequences unheard of in standard, or real money, not just currency.

Debt, deficit, debasement, inflation. Mass inflation.

 

[Mustang]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

It has both private and public components, and was designed to serve the interests of both the general public and private bankers and is subject to congressional oversight. Not sure whether I agree with you or not, however having monetary policy controlled by politicians doesn't seem practical.

Or wise.

 

[Kevin_Kennedy]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

It's not a private institution. It's a hybrid, private-public, institution. It's neither one or the other.

As for making it only public, or private, that's simply rearranging the deck chairs on the Titanic.

 

[Kevin_Kennedy]

Are you joking? Would you really want a politician's hands anywhere near the currency printing press in an election year?

No fiat money never works no matter who is at the print press. We need an anchor to our currency. Gold is the best one to date in history and it needs to be restored.

We had more frequent and longer financial panics on the gold standard than we do now.

Whether they were more frequent is debatable, but they most certainly were not longer. Also, they can be attributed to government interventions and not to the gold standard itself.

 

[Flopper]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

It has both private and public components, and was designed to serve the interests of both the general public and private bankers and is subject to congressional oversight. Not sure whether I agree with you or not.

Flopper- Good points, and I understand that...

But, my issue is that although the Fed is subject to "congressional oversight", the truth is that neither the executive branch or the legislative branch have ANY say on the ultimate decision-making. The Fed is essentially running the show when it comes to our economy (and does so in relative secrecy), and is granted insane and extraordinary powers. Don't you think we ought to have some more checks and balances in place?

Our system was designed out of a compromise between the competing philosophies of privatization and government regulation. Although one can make a good argument for either philosophy, I feel our hybrid system works best. A totally private system would tend to ignore public interest and primarily serve the banking system. A fully government regulated system would lead to political control of the monetary policy. Prior to elections the government would increase the money supply to stimulate the economy and reduce the money supply after elections to satisfy lobbying groups which would totally defeat the primary purpose of the fed which is growth, low unemployment with low inflation.

Some of the functions of the fed such as bank audits and regulations could be passed off to a federal agency, but it would take tools away from the fed and put them in the hands of the administration.

 

[eflatminor]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

Central price controls are a stupid idea whether that control lies with elected officials, private businessmen, Kings or dictators. End the Fed, let the market set interest rates.

 

[SniperFire]

Imagine a Nancy Pelosi in charge of the Federal Reserve.


Nooooooooooooooo thanks.

 

[OohPooPahDoo]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

http://www.federalreserve.gov/

Moron

 

[OohPooPahDoo]

Federal Reserve is a scam and should be abolished. It was created by Progressives the same time the 16th and 17th Amendments were foisted upon us.

So we'll go back to the National Bank System? That wasn't a scam, right?

 

[OohPooPahDoo]

It needs to be audited, dismantled slowly, abolished and then a gold standard re-instated.

Yes, if you want an economy to recover and grow, you need to kill the money supply. GENIUS!

 

[OohPooPahDoo]

Federal Reserve is a scam and should be abolished. It was created by Progressives the same time the 16th and 17th Amendments were foisted upon us.

I’m totally fine with abolishing it; what I’m saying is that if it has to exist, shouldn’t it at least be under control of a public office? Or at least audited every few years?

The Federal Reserve Board of Governors is appointed by the President and approved by the Senate.

What more do you want? You want the politicians to have direct control over when the money is printed? Awesome! That's worked out real well in the past.

 

[OohPooPahDoo]

Agreed. I wonder how we (all) can go about making such a change?

The first thing I would do if I were you is to withdraw all my money and stuff it in a mattress.

 

[SniperFire]

Central price controls are a stupid idea.

Is that why every nation on earth except maybe Monaco uses a central bank?

 

[OohPooPahDoo]

Federal Reserve is a scam and should be abolished. It was created by Progressives the same time the 16th and 17th Amendments were foisted upon us.

I’m totally fine with abolishing it; what I’m saying is that if it has to exist, shouldn’t it at least be under control of a public office? Or at least audited every few years?

We're working on the audit. You can thank Ron Paul for that. Should we get a full audit and the publicity matches the facts, it should show how bad it really is and move public opinion in the way of dismantling or at least severely limiting its powers. A it stands, we can thank almost every negative economic consequence since 1913 directly onto the shoulders of the fed. It is the moral hazard of our economics..

FRB: Does the Federal Reserve ever get audited?

 

[OohPooPahDoo]

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials?

Are you joking? Would you really want a politician's hands anywhere near the currency printing press in an election year?

No fiat money never works no matter who is at the print press. We need an anchor to our currency. Gold is the best one to date in history and it needs to be restored.

U.S. Currency has never been exclusively backed by gold. So whose history are you even talking about? Why do you ignore the past 100 years of economic progress in this nation?

 

[OohPooPahDoo]

What? The longest they list in here is 3 years. I could drone on endlessly about each of these case in point, but Im not gonna. We've been in one recession after another since 1913.

Not nearly as frequently as before 1913. Facts are facts.


Gold also limits the money supply with the amount of gold you dig up. It does not keep up with a growing economy, is way too rigid, and is highly susceptible to speculators.

Not nearly as frequently?

I think you need to re-evaluate your own source. And I would go from a much broader understandingt of the ill consequences unheard of in standard, or real money, not just currency.

Debt, deficit, debasement, inflation. Mass inflation.

It is objectively true that deflation was a far bigger problem pre-1913.

 

[Two Thumbs]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

This is a free country, the government taking over anything is just wrong.

that said

Those fuckers need an anal invasion of an audit and a deep thrusting investigation done by the FBI

 

[OohPooPahDoo]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

This is a free country, the government taking over anything is just wrong.

that said

Those fuckers need an anal invasion of an audit and a deep thrusting investigation done by the FBI

I agree that the interstate highway system should have never been built.

 

[Two Thumbs]

Why does the Federal Reserve – the body in charge of controlling the United States money supply – remain a private institution?

Wouldn’t it make common sense to have the Federal Reserve absorbed by the Treasury Department (perhaps), and become a public institution that is run (openly) by mostly elected officials? It just doesn’t make any sense to me why a private institution should be allowed to wield such extraordinary power without any solid checks and balances.

Thoughts?

This is a free country, the government taking over anything is just wrong.

that said

Those fuckers need an anal invasion of an audit and a deep thrusting investigation done by the FBI

I agree that the interstate highway system should have never been built.

Are you one of those idiots that think we would all be speaking German if we hadn't entered WW2?

 

[OohPooPahDoo]

This is a free country, the government taking over anything is just wrong.

that said

Those fuckers need an anal invasion of an audit and a deep thrusting investigation done by the FBI

I agree that the interstate highway system should have never been built.

Are you one of those idiots that think we would all be speaking German if we hadn't entered WW2?

Are you just a plain idiot?