Who should control it?
The same forces that feed, clothe and shelter us. The market.
Great. How do I print myself ten million dollars under your system.
sorry?
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
Who should control it?
The same forces that feed, clothe and shelter us. The market.
Great. How do I print myself ten million dollars under your system.
The same forces that feed, clothe and shelter us. The market.
Great. How do I print myself ten million dollars under your system.
sorry?
since you're so smart, tell me - what do we need these fucking shareholders for ?
the question was not who they are or how much they make. the question was WHY DO WE NEED THEM ?
i'm listening ?
No, the question was whether the Fed was a private corporation.
Since 1913, the US has become the unquestioned world economic power, with an overal growth record and standard of living most every one else envies.
So if that is the Fed's fault, we should all say thank you Fed very much and thank you Congres for creating it.
the question was not who they are or how much they make. the question was WHY DO WE NEED THEM ?
i'm listening ?
No, the question was whether the Fed was a private corporation.
i know what my question was silly ...
YOU'RE USELESS !
Since 1913, the US has become the unquestioned world economic power, with an overal growth record and standard of living most every one else envies.
So if that is the Fed's fault, we should all say thank you Fed very much and thank you Congres for creating it.
in fact yes we should thank the Fed for starting both world wars that FED ( and US ) profiteered from.
FED was created in 1913
WW1 started in 1914
You even claimed that Bernanke owned the Fed
LOL -- the Fed started the world war in 1914 a year after it was established in 1913. And it wasn't Hitler who started WWII, it was the Fed! The Fed is responsible for every downturn but not for the unparalleled growth this country has had since it was established. The Fed is owned by bankers including Bernanke who use it to keep the rest of us improverished.
Great. How do I print myself ten million dollars under your system.
sorry?
Sorry, I was being cute.
Please explain your proposed system where the money supply is not controlled by the Govt or central bank. How does the market control the amount of dollars in currency.
sorry?
Sorry, I was being cute.
Please explain your proposed system where the money supply is not controlled by the Govt or central bank. How does the market control the amount of dollars in currency.
What's to explain? Free market competition leads to the best, most honest currency. The equilibrium of supply and demand gives you the quantity in supply. People would have the freedom to use any or multiple currencies, just like some Europeans countries did when the Euro was introduced. Of course, with the internet, currency competition could be global. Ultimately, the result would be that the bankers lose their monopoly control over currency and the people would win gaining a stable currency. No more credit expansions that have to collapse that we all have to suffer through, because we'd all have a choice.
What you asked is analogous to someone in the Politburo asking, "Please explain how your proposed system intends to feed people that isn't controlled by us. How does the market control the amount of food in the stores?"
Sorry, I was being cute.
Please explain your proposed system where the money supply is not controlled by the Govt or central bank. How does the market control the amount of dollars in currency.
What's to explain? Free market competition leads to the best, most honest currency. The equilibrium of supply and demand gives you the quantity in supply. People would have the freedom to use any or multiple currencies, just like some Europeans countries did when the Euro was introduced. Of course, with the internet, currency competition could be global. Ultimately, the result would be that the bankers lose their monopoly control over currency and the people would win gaining a stable currency. No more credit expansions that have to collapse that we all have to suffer through, because we'd all have a choice.
What you asked is analogous to someone in the Politburo asking, "Please explain how your proposed system intends to feed people that isn't controlled by us. How does the market control the amount of food in the stores?"
The first question I'd have is: who produces the food?
So the first quesiton I have for your proposed system is: Who produces the dollar?
If we are going to use that as the standard, before 1913 the US still had sever economic cycles, that is nothing new.
Since 1913, the US has become the unquestioned world economic power, with an overal growth record and standard of living most every one else envies.
So if that is the Fed's fault, we should all say thank you Fed very much and thank you Congres for creating it.
Why then anyone would want to screw up what has been a tremendous success is beyond me.
We still had the business cycle before the Fed was established because of the two Banks of America, and because the federal government couldn't stop themselves from intervening in the market.
So its not the Fed's fault, it's the Govt's fault.
If we eliminate the Fed, we'll still have the Govt.
The only difference is that rather than the money supply being in the hands of an independent body, the same idiots that could not manage a balanced budget more than once over the past 40 years and have borrowed us $11 trillion into debt will have the power of creating money.
I don't share your apparent confidence that that would somehow lead to an improvement.
I could not disagree more. The Fed is absolutely necessary.You guys are literally making each others' points now.
One says, "The economy grew in spite of (or because of) the Fed, and another says, "There were downturns before and after the creation of the Fed.
That just shows that the Fed is unnecessary.
What are we going to all lay down and die without a Federal Reserve?
Nope.
The value of out currency needs to be based upon its relation to other currencies, not to 1913.
Or to the Middle Ages.
The entire OP and argument is pointless, purely academic.
The Fed is not going to be closed down, its authority will increase dramatically.
Regulations are not going to be rescinded or ignored.
We are in a More Regulation, "Uncle Sam, SAVE us !" phase in the markets,
across the board, and will be for some time.
You know that.
What's to explain? Free market competition leads to the best, most honest currency. The equilibrium of supply and demand gives you the quantity in supply. People would have the freedom to use any or multiple currencies, just like some Europeans countries did when the Euro was introduced. Of course, with the internet, currency competition could be global. Ultimately, the result would be that the bankers lose their monopoly control over currency and the people would win gaining a stable currency. No more credit expansions that have to collapse that we all have to suffer through, because we'd all have a choice.
What you asked is analogous to someone in the Politburo asking, "Please explain how your proposed system intends to feed people that isn't controlled by us. How does the market control the amount of food in the stores?"
The first question I'd have is: who produces the food?
So the first quesiton I have for your proposed system is: Who produces the dollar?
The farmers.
The banks.
Nothing changes except who controls the production, and how much competition there is.
I could not disagree more. The Fed is absolutely necessary.You guys are literally making each others' points now.
One says, "The economy grew in spite of (or because of) the Fed, and another says, "There were downturns before and after the creation of the Fed.
That just shows that the Fed is unnecessary.
What are we going to all lay down and die without a Federal Reserve?
Nope.
The value of out currency needs to be based upon its relation to other currencies, not to 1913.
Or to the Middle Ages.
The entire OP and argument is pointless, purely academic.
The Fed is not going to be closed down, its authority will increase dramatically.
Regulations are not going to be rescinded or ignored.
We are in a More Regulation, "Uncle Sam, SAVE us !" phase in the markets,
across the board, and will be for some time.
You know that.
The Fed is only necessary if you're interested in continuing the business cycle and debasing the currency, otherwise it's time to get rid of the Fed and return to sound money.
We still had the business cycle before the Fed was established because of the two Banks of America, and because the federal government couldn't stop themselves from intervening in the market.
So its not the Fed's fault, it's the Govt's fault.
If we eliminate the Fed, we'll still have the Govt.
The only difference is that rather than the money supply being in the hands of an independent body, the same idiots that could not manage a balanced budget more than once over the past 40 years and have borrowed us $11 trillion into debt will have the power of creating money.
I don't share your apparent confidence that that would somehow lead to an improvement.
Then the people who made the economic decisions would be held accountable to the taxpayers instead of a bunch of un-elected bankers.
I could not disagree more. The Fed is absolutely necessary.
The value of out currency needs to be based upon its relation to other currencies, not to 1913.
Or to the Middle Ages.
The entire OP and argument is pointless, purely academic.
The Fed is not going to be closed down, its authority will increase dramatically.
Regulations are not going to be rescinded or ignored.
We are in a More Regulation, "Uncle Sam, SAVE us !" phase in the markets,
across the board, and will be for some time.
You know that.
The Fed is only necessary if you're interested in continuing the business cycle and debasing the currency, otherwise it's time to get rid of the Fed and return to sound money.
I think we already have your opinon on the Fed, thanks. What's your proposal for an alternative.
So its not the Fed's fault, it's the Govt's fault.
If we eliminate the Fed, we'll still have the Govt.
The only difference is that rather than the money supply being in the hands of an independent body, the same idiots that could not manage a balanced budget more than once over the past 40 years and have borrowed us $11 trillion into debt will have the power of creating money.
I don't share your apparent confidence that that would somehow lead to an improvement.
Then the people who made the economic decisions would be held accountable to the taxpayers instead of a bunch of un-elected bankers.
Ha! That has sure stopped them from running up trillions in debt!
The Fed is only necessary if you're interested in continuing the business cycle and debasing the currency, otherwise it's time to get rid of the Fed and return to sound money.
I think we already have your opinon on the Fed, thanks. What's your proposal for an alternative.
It's not an opinion that the Fed debases the currency and creates the business cycle, those would be facts. My proposal would be to return to the gold standard and allow the free market to operate.