Does anyone think we need the Fed?

[Kevin_Kennedy]

And GDP through that time has grown from $39B to $14.73T.
So even accounting for inflation we are much better off.

Your point again?

Which is not surprising. Since by tanking the value of the dollar the Fed has allowed the federal government to spend astronomically, which has greatly contributed to the GDP.

Kevin, as best I can tell, in the past two years the average price for the Euro in American coin has been 145 pennies. Now, I know the chart of the Eur/Dol has been all over the place during that time, but the average is close to where we are right now. I do not see that the Dollar has tanked. Where do you see it?

I'm saying since 1913 and the inception of the Federal Reserve. The value of the dollar has declined by around 95%.

The Record of the Federal Reserve by Erik Voorhees

 

[rubberhead]

And GDP through that time has grown from $39B to $14.73T.
So even accounting for inflation we are much better off.

Your point again?

Which is not surprising. Since by tanking the value of the dollar the Fed has allowed the federal government to spend astronomically, which has greatly contributed to the GDP.

Not to mention all of the irresponsible spending and borrowing that they've encouraged in the private sector through low interest rates. Do the GDP numbers account for how many of the dollars contributing to are borrowed? I doubt it.

 

[rubberhead]

Which is not surprising. Since by tanking the value of the dollar the Fed has allowed the federal government to spend astronomically, which has greatly contributed to the GDP.

You're losing coherence here.

In other words you can't respond intelligently so you try to demean what I said in an attempt to maintain credibility.

Don't worry, Rabbi Hitler-Keynes has no credibility.

 

[rubberhead]

And GDP through that time has grown from $39B to $14.73T.
So even accounting for inflation we are much better off.

Your point again?

Which is not surprising. Since by tanking the value of the dollar the Fed has allowed the federal government to spend astronomically, which has greatly contributed to the GDP.

Kevin, as best I can tell, in the past two years the average price for the Euro in American coin has been 145 pennies. Now, I know the chart of the Eur/Dol has been all over the place during that time, but the average is close to where we are right now. I do not see that the Dollar has tanked. Where do you see it?

1 dollar in 1913 = 21 dollars in 2009

Any more questions?

 

[The Rabbi]

You're losing coherence here.

In other words you can't respond intelligently so you try to demean what I said in an attempt to maintain credibility.

Don't worry, Rabbi Hitler-Keynes has no credibility.

Are you a masochist or something? DO you post these things so I can then beat your tuchas and show that you are an ill-informed fool?

 

[Mike Mitrosky]

And GDP through that time has grown from $39B to $14.73T.
So even accounting for inflation we are much better off.

Your point again?

Which is not surprising. Since by tanking the value of the dollar the Fed has allowed the federal government to spend astronomically, which has greatly contributed to the GDP.

You're losing coherence here.

The GDP is a misnomer.. It has no credibility or importance. Its only important for the government because they can focus on GDP as GNP tanks.

 

[Mike Mitrosky]

Okay. So I was right. You are actually delusional.
Thanks.

Are you telling me the Federal Reserve doesn't pay the BEP to print federal reserve notes?

 

[The Rabbi]

Okay. So I was right. You are actually delusional.
Thanks.

Are you telling me the Federal Reserve doesn't pay the BEP to print federal reserve notes?

Are you telling me that they are not two agencies of the same entity?

 

[rubberhead]

In other words you can't respond intelligently so you try to demean what I said in an attempt to maintain credibility.

Don't worry, Rabbi Hitler-Keynes has no credibility.

Are you a masochist or something? DO you post these things so I can then beat your tuchas and show that you are an ill-informed fool?

How, pray tell, can someone with no credibility do such a thing?

 

[pinqy]

Okay. So I was right. You are actually delusional.
Thanks.

Are you telling me the Federal Reserve doesn't pay the BEP to print federal reserve notes?

Are you telling me that they are not two agencies of the same entity?

They're not. The BEP is part of the Treasury Dept and the Fed is an independent entity within the government.

 

[Mike Mitrosky]

Okay. So I was right. You are actually delusional.
Thanks.

Are you telling me the Federal Reserve doesn't pay the BEP to print federal reserve notes?

Are you telling me that they are not two agencies of the same entity?

Of course they aren't. The BEP is part of the Treasury.. The Federal Reserve banks have nothing to do with the treasury.

The only money this country actually makes itself is coins. The US govt makes no paper money.

You can't honestly believe that the federal reserve is part of the government.. Theyre about as federal as federal express.

 

[The Rabbi]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

 

[Mike Mitrosky]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

 

[The Rabbi]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

Source?

 

[pinqy]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

What I find odd is that on your own website The Silver Bear Cafe you state the opposite and claim that the Fed produces the bills and then sells them to the government.

 

[The Rabbi]

Are you telling me the Federal Reserve doesn't pay the BEP to print federal reserve notes?

Are you telling me that they are not two agencies of the same entity?

Of course they aren't. The BEP is part of the Treasury.. The Federal Reserve banks have nothing to do with the treasury.

The only money this country actually makes itself is coins. The US govt makes no paper money.

You can't honestly believe that the federal reserve is part of the government.. Theyre about as federal as federal express.

That's why the President gets to appoint the CEO of Federal Express, right? And he appoints the heads of all the divisions, right? And the CEO of Fed Ex is required to give testimony before Congress on a regular basis, right? And Fed Ex never has shareholder meetings where they vote, right?
Please. Your credibility is approaching that of Sunniman.

 

[Mike Mitrosky]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

What I find odd is that on your own website The Silver Bear Cafe you state the opposite and claim that the Fed produces the bills and then sells them to the government.

well one, thats not my webite.. and two I have to dumb it down somewhat. In effect, the fed sells our own money to us. We go into debt to buy it, and then we get taxed to finance it.

 

[The Rabbi]

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

What I find odd is that on your own website The Silver Bear Cafe you state the opposite and claim that the Fed produces the bills and then sells them to the government.

well one, thats not my webite.. and two I have to dumb it down somewhat. In effect, the fed sells our own money to us. We go into debt to buy it, and then we get taxed to finance it.

And amazingly you'er the only one smart enough to figure this one out.
Are you sure you're not really a Sunni?

 

[Mike Mitrosky]

Now, whom will I believe here? A poster with a dubious history on some website or the Fed Reserve's own website?
Toughie. I need help here.

You only seem to read the information you want.. I mean the Federal Reserve's own annual reports state that they purchase notes from the BEP and pay the BEP a printing fee for each bill. But somehow you ignore this.

Source?

http://www.federalreserve.gov/boarddocs/rptcongress/br99.pdf

Go to page 57. Look right underneath Chart A.1

The average price charged to the Board by the BEP for producing all 3 types of notes will increase 8.6% in 1999, from $40.26 per thousand notes printed to $43.73...

The Fed is paying the Bureau of Engraving and Printing (BEP):
$40 per thousand notes, which comes out to 4 cents per note. Now this data is a little older and prices are now around 6 cents per note, but you get the idea.

 

[Toro]

Moving the economy away from a fractional banking system would collapse the economy because credit would implode and make last fall's financial collapse look like a picnic.

Whether or not the Federal Reserve system is the best system, central banks with an "elastic currency" (how very 1920s of you) generally are more adaptive and have less volatility in the economy.