End the Fed!

[Oddball]

EXACTLY!!!!!! And they ended on average in 18 months!

You needed the Fed and FDR to extent to nearly a whole decade and only ended when Hitler conquered France

Needed to bomb every economic competitor back to the 1880s to end FDR's foolhardiness.

 

[Toddsterpatriot]

Yeah you said something about lender of last resort and it had me scratching my head. You mean the USA needs a lender of last resort?

The economy does.

 

[CrusaderFrank]

The economy does.

Are you serious or is this sarcasm?

 

[Toddsterpatriot]

EXACTLY!!!!!! And they ended on average in 18 months!

You needed the Fed and FDR to extent to nearly a whole decade and only ended when Hitler conquered France

EXACTLY!!!!!! And they ended on average in 18 months!

Show me.

You needed the Fed and FDR to extent to nearly a whole decade

The Fed should have added liquidity and backed up the banks. Like Bernanke did.

 

[Toddsterpatriot]

Are you serious or is this sarcasm?

Have you ever heard the term before? Seriously?

 

[BackAgain]

Do you understand "lender of last resort"?

I’m not an economist nor well versed in monetary policies and the Fed, etc.

So pardon my learning curve.

Nonetheless, I study and I eventually get a handle on such matters (to a limited extent, I acknowledge).

Since you asked the question, let me offer you one very interesting analysis.

I also invite CrusaderFrank and Oddball to review and chime in, as well as others who have a good handle on this topic.

https://www.levyinstitute.org/pubs/rpr_4_13.pdf

 

[Toddsterpatriot]

End the Fed... and replace it with what?​

Thanks for that video. It was pretty funny.

 

[Leo123]

The economy does.

But the Fed controls the economy. Why should the economy need a lender of last resort? Sounds like a racket.

 

[Toddsterpatriot]

I’m not an economist nor well versed in monetary policies and the Fed, etc.

So pardon my learning curve.

Nonetheless, I study and I eventually get a handle on such matters (to a limited extent, I acknowledge).

Since you asked the question, let me offer you one very interesting analysis.

I also invite CrusaderFrank and Oddball to review and chime in, as well as others who have a good handle on this topic.

https://www.levyinstitute.org/pubs/rpr_4_13.pdf

Is there a particular portion of that paper you want to discuss?
Or all 101 pages?

 

[Oddball]

I’m not an economist nor well versed in monetary policies and the Fed, etc.

So pardon my learning curve.

Nonetheless, I study and I eventually get a handle on such matters (to a limited extent, I acknowledge).

Since you asked the question, let me offer you one very interesting analysis.

I also invite CrusaderFrank and Oddball to review and chime in, as well as others who have a good handle on this topic.

https://www.levyinstitute.org/pubs/rpr_4_13.pdf

The FED is the lender of FIRST resort.

Every single "dollar" in circulation since 1913 was first "borrowed" into circulation from them.....Problem being that they don't have anything but a big checkbook, with no account from which to draw.

Fiat currency is the greatest scam ever devised by mankind.

 

[BackAgain]

Thanks for that video. It was pretty funny.

In other words, you can’t refute it?

 

[BackAgain]

Is there a particular portion of that paper you want to discuss?
Or all101 pages?

Why don’t you read it and see what you think — if you can do that. Think, I mean.

 

[Toddsterpatriot]

But the Fed controls the economy. Why should the economy need a lender of last resort? Sounds like a racket.

The Fed doesn't control the economy.
During a panic, everyone hoards cash, everyone is afraid to lend.
Otherwise good businesses can fail without access to loans.
Up until 1907, Rockefeller acted as lender of last resort.
During panics he had enough liquidity to support otherwise healthy banks
which helped reduce the severity of panics and depressions.

 

[Leo123]

The FED is the lender of FIRST resort.

Every single "dollar" in circulation since 1913 was first "borrowed" into circulation from them.....Problem being that they don't have anything but a big checkbook, with no account from which to draw.

Fiat currency is the greatest scam ever devised by mankind.

Exactly, the FED has its fingers everywhere. Fannie, Freddy, minting new money, etc. The FED creates inflation and then says we have to raise interest rates to stop the inflation that they created.

 

[BackAgain]

Since this enormous power was given by Congress to some unaccountable Fed Board members, probably in derogation of congressional responsibility and in violation of what the Constitution commands, it seems only reasonable that Congress retains the authority to itself correct this mistake.

 

[Toddsterpatriot]

The FED is the lender of FIRST resort.

Every single "dollar" in circulation since 1913 was first "borrowed" into circulation from them.....Problem being that they don't have anything but a big checkbook, with no account from which to draw.

Fiat currency is the greatest scam ever devised by mankind.

Every single "dollar" in circulation since 1913 was first "borrowed" into circulation from them...

Then why is the money supply so much larger than the Fed's balance sheet?

Problem being that they don't have anything but a big checkbook, with no account from which to draw.

Why is that a problem?

 

[Toddsterpatriot]

In other words, you can’t refute it?

If I waste...err...watch it again, how many errors do I need to list until I can stop?

 

[Oddball]

Exactly, the FED has its fingers everywhere. Fannie, Freddy, minting new money, etc. The FED creates inflation and then says we have to raise interest rates to stop the inflation that they created.

They've been in the business of buying up the mortgage-backed securities that caused the '08 crash, in order to maintain the illusion of a healthy stock market...When the impending crash comes from their mis and malfeasance, they'll hold an insane amount of real estate.

Jefferson was never more prescient than when he talked about central banksters....

 

[Toddsterpatriot]

Why don’t you read it and see what you think — if you can do that. Think, I mean.

I already understand "lender of last resort".
I don't need to read 101 pages on the topic.
Why don't you read it and decide if a lender of last resort is needed?
I'll be happy to discuss it with someone who understands it.

 

[Toddsterpatriot]

Since this enormous power was given by Congress to some unaccountable Fed Board members, probably in derogation of congressional responsibility and in violation of what the Constitution commands, it seems only reasonable that Congress retains the authority to itself correct this mistake.

Congress can eliminate the Fed if they want to, or change its mandates.