Should the Federal Reserve be abolished?

[bendog]

JMO, but before validating an OP by commenting, beyond satiric comments, I think you need to consider whether the definition of what the Fed even is has some remote connection to reality.

 

[eagle1462010]

Should the Federal Reserve be abolished?

And replaced with what?

2. Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy.

Foreign powers do not have "ownership" of the Fed you blubbering idiot.

4. Abolishing the FED will lead to lower inflation.

Then why the FUCK would we want to abolish it? Inflation has been crawling along the past several years, sorry but I don't want to live under my mortgage forever.

I'm guessing you have no debts because you have no credit - either that or you're a total moron that doesn't understand how money works.

I could buy a car on one of my credit cards, and understand how money works.

Sorry, you can't tell me Fractional banking is a good thing for everyone.

Replace with what? The treasury can print notes for free without paying a 6% fee by the Constitution.

 

[Contumacious]

Should the Federal Reserve be abolished?

And replaced with what?

.

US Constitution Article 1, Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

 

[Toddsterpatriot]

Should the Federal Reserve be abolished?

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

WHY THE FED SHOULD BE ABOLISHED

1. The US Congress has the option to buy back the FED at $450 millions (per Congressional Records). When the Congress does this, it will own back the billions of US Government Bonds held by the FED. The US Government will actually PROFIT by buying back the FED! Also, the US government no longer has to pay interests to the FED owners on those bonds.

2. Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy. By controlling our interest rates and money supply, they can actually create economic disaster in the US , should the US disagree with them.

3. Although the FED directors must be confirmed by the Senate, the awesome lobbying power of the FED owners makes this process meaningless. The owners of the FED can and will put whoever they wish in the position.

4. Abolishing the FED will lead to lower inflation. At this moment, the FED prints as much money as needed to buy the US Government Bonds. Since the FED prints this MONEY out of THIN AIR, this leads to an INCREASE of MONEY SUPPLY, WITHOUT increase in GOODS/SERVICES. This, as all of us know it, leads to INFLATION.

If the general public buy those bonds with money that they EARNED by providing GOODS/SERVICES, the money supply level is contant in relation to the goods/services level. Thus, there is no inflationary pressure from selling these bonds. 5. Abolishing the FED will reduce the national debt level. By buying back the FED at $450 millions, the US Government will buy back the billions of dollars of bonds held by the FED. Thus, the net effect is a reduction in national debt. After buying back the FED, the US Government does not have to pay interest on those bonds it buys back, further reducing the national debt.

6. Abolishing the FED will lead to eventual balance budget. Today, even if the US Economy only grows by a meager 2% per year, the US Government should be able to put 2% of US-GDP dollars into circulation WITHOUT INFLATION.

Consider, if the goods/services grow by 2% and the money supply grows by 2%, the ratio of goods/services vs. money supply remains constant. Thus, no inflation is created.

The government can use this extra money supply to fund its project without raising taxes.
As long as the government does not print money more than the goods and services available in the US , there will be no inflationary pressures.
This had in fact been done with Executive Order 11110 of President Kennedy. Kennedy ordered the Treasury Dept. to print a US GOVERNMENT NOTES (vs. FEDERAL RESERVE NOTES). In effect, Kennedy bypassed the FED by making the Treasury Department printed REAL US MONEY, instead of selling bonds to the FED for almost free.

The sad fact is, the US Government does not do this anymore. Instead, the US Government sell bonds to the FED, which buys those bonds using money they don't earn. Thus, the US Government must now pay interest on those money that it "borrows" from the FED.

7. By point (6) above, the US Government can actually reduce taxes on everybody since it has more interest free money to spent in the amount equal to the growth of the US GDP. KEEP IN MIND, THIS MONEY WILL NOT CAUSE INFLATION, since the money is printed along with the growth of the goods and services.

What you can do to save the United States of AmericaThe FED should either be AUDITTED every year, or be abolished. I have done my part providing this information. It is up to you to decide the future of the US economy. Please do the followings:

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

It is neither.

The US Congress has the option to buy back the FED at $450 millions

Congress never sold the Fed. Who would they buy it back from?

When the Congress does this, it will own back the billions of US Government Bonds held by the FED.

The US Treasury already gets about 98% of the Fed profit.

Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy.

There is no foreign ownership.

By controlling our interest rates and money supply

The Fed doesn't control our interest rates or money supply, so imaginary foreign owners can't control them either.

Abolishing the FED will lead to lower inflation.

Maybe....maybe not.

Since the FED prints this MONEY out of THIN AIR,

Yes, Central Banks can do this.

This, as all of us know it, leads to INFLATION.

Sometimes. Depends on what the rest of the economy does with this new money.

Abolishing the FED will reduce the national debt level.

No it won't. And eliminating the Fed's "earnings gift" to the Treasury each year will increase the Treasury need to sell bonds.

After buying back the FED, the US Government does not have to pay interest on those bonds it buys back

Fed earnings returned to the Treasury already covers the interest on those bonds (and more).

Abolishing the FED will lead to eventual balance budget.

I'm afraid to ask how.

The government can use this extra money supply to fund its project without raising taxes.

Yes, the government could print money to pay bills.
I thought you were trying to make things better?

In effect, Kennedy bypassed the FED by making the Treasury Department printed REAL US MONEY

A tiny amount and so what? IIRC, it had to do with phasing out monetary silver.

 

[Toddsterpatriot]

The Money Masters

The Austrian School Got it Right
The monetarist school, of which Dr. Milton Friedman was the acknowledged head, has been rightly criticized by the Austrian school of economics for failing to recognize and deal with the fact that no fiat money system has ever lasted long before the government instituting it succumbed to the temptation to inflate the money supply as an indirect tax on the people, proportionately decreasing the value of their savings and wages, and transferring their wealth into the hands of the government. This is certainly a valid critique. The so-called “Great Recession” beginning in 2007, TARP, QE1, QE2 etc. and the staggering increase in the national debt has proven the validity of that critique – the Austrian school was right.

To be fair to Dr. Friedman, he did write that “we do need a commitment to sound money. The best arrangement currently would be to require the monetary authorities to keep the percentage rate of growth of the monetary base within a fixed range. This is a particularly difficult amendment to draft because it is so closely linked to the particular institutional structure. One version would be: Congress shall have the power to authorize non-interest-bearing obligations of the government in the form of currency or book entries, provided that the total dollar amount outstanding increases by no more than 5 percent per year and no less than 3 percent.”

However, given the near-impossibility of passing such a Constitutional Amendment, it can fairly be argued that Dr. Friedman really had no practical means (only the theoretical one, above) to offer to restraint the government from debasing the currency and inflating away the wealth of the people. That being so, we part company with Dr. Friedman’s conclusion that “It is neither feasible nor desirable to restore a gold-or-silver coin standard.” Again, to be fair to him, Dr. Friedman later softened his stance against gold and stated that it would be preferable to what we have, a fractional reserve banking system. To that shift in thought, we say, Amen. The Money Masters website will be updating information and the Monetary Reform Act to explain the Austrian school’s solution to the current economic crisis in the light of events the last 5 years. One thing both schools of economic thought agree upon, as does Dr. Ron Paul: End the Fed!

no fiat money system has ever lasted long before the government instituting it succumbed to the temptation to inflate the money supply as an indirect tax on the people, proportionately decreasing the value of their savings and wages, and transferring their wealth into the hands of the government.

no gold or silver standard has ever lasted long before the government instituting it succumbed to the temptation to inflate the money supply as an indirect tax on the people, proportionately decreasing the value of their savings and wages, and transferring their wealth into the hands of the government.

 

[Toddsterpatriot]

Should the Federal Reserve be abolished?

And replaced with what?

.

US Constitution Article 1, Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

That doesn't prevent the Federal government from issuing fiat money, only states.

 

[eagle1462010]

None of this will matter soon anyway Todd.

A Global reset is on it's way. Exactly when, who knows. But when it occurs the world will reject the dollar as the reserve currency anyway. Those steps are underway right now. And the Federal Reserve will fall like the Dollar.

It happened To the pound, and it's about to happen to the Dollar.

 

[Toddsterpatriot]

None of this will matter soon anyway Todd.

A Global reset is on it's way. Exactly when, who knows. But when it occurs the world will reject the dollar as the reserve currency anyway. Those steps are underway right now. And the Federal Reserve will fall like the Dollar.

It happened To the pound, and it's about to happen to the Dollar.

I guess that is easier than understanding all the silly errors in the OP.

 

[eagle1462010]

None of this will matter soon anyway Todd.

A Global reset is on it's way. Exactly when, who knows. But when it occurs the world will reject the dollar as the reserve currency anyway. Those steps are underway right now. And the Federal Reserve will fall like the Dollar.

It happened To the pound, and it's about to happen to the Dollar.

I guess that is easier than understanding all the silly errors in the OP.

LOL

I understand the Federal Reserve and it's utter BS. I understand the Trillions it poured into the markets so people like you could make a buck. I understand it's the only thing standing between another Market Collapse...........

The Market Collapse will not originate here. It will originate in Europe. They have a role to play in this.

 

[Toddsterpatriot]

None of this will matter soon anyway Todd.

A Global reset is on it's way. Exactly when, who knows. But when it occurs the world will reject the dollar as the reserve currency anyway. Those steps are underway right now. And the Federal Reserve will fall like the Dollar.

It happened To the pound, and it's about to happen to the Dollar.

I guess that is easier than understanding all the silly errors in the OP.

LOL

I understand the Federal Reserve and it's utter BS. I understand the Trillions it poured into the markets so people like you could make a buck. I understand it's the only thing standing between another Market Collapse...........

The Market Collapse will not originate here. It will originate in Europe. They have a role to play in this.

I understand the Federal Reserve and it's utter BS.

If that were the case, you wouldn't have posted such a long list of errors.

so people like you could make a buck.

People who can spot silly errors?

 

[eagle1462010]

I guess that is easier than understanding all the silly errors in the OP.

LOL

I understand the Federal Reserve and it's utter BS. I understand the Trillions it poured into the markets so people like you could make a buck. I understand it's the only thing standing between another Market Collapse...........

The Market Collapse will not originate here. It will originate in Europe. They have a role to play in this.

I understand the Federal Reserve and it's utter BS.

If that were the case, you wouldn't have posted such a long list of errors.

so people like you could make a buck.

People who can spot silly errors?

When will the current grand illusion evaporate Todd.............Since your the expert.............

 

[eagle1462010]

[ame=http://www.youtube.com/watch?v=nO62scTZ7Qk]Styx - Grand Illusion - YouTube[/ame]

 

[Toddsterpatriot]

LOL

I understand the Federal Reserve and it's utter BS. I understand the Trillions it poured into the markets so people like you could make a buck. I understand it's the only thing standing between another Market Collapse...........

The Market Collapse will not originate here. It will originate in Europe. They have a role to play in this.

I understand the Federal Reserve and it's utter BS.

If that were the case, you wouldn't have posted such a long list of errors.

so people like you could make a buck.

People who can spot silly errors?

When will the current grand illusion evaporate Todd.............Since your the expert.............

The grand illusion leaves office in about 2 1/2 years.

Unless he gets frustrated and quits sooner.

 

[eagle1462010]

I understand the Federal Reserve and it's utter BS.

If that were the case, you wouldn't have posted such a long list of errors.

so people like you could make a buck.

People who can spot silly errors?

When will the current grand illusion evaporate Todd.............Since your the expert.............

The grand illusion leaves office in about 2 1/2 years.

Unless he gets frustrated and quits sooner.

Well we can agree on that. But not the Federal Reserve..............

We've done this in the past. We will disagree again. As in the past, I'd have them Tared and Feathered on their way out.

The Markets are a Grand Illusion and you know it.

 

[JakeStarkey]

Only someone woefully ignorant, mentally feeble, malignantly motivated or a combination of two or all three conditions would ask Should the Federal Reserve be abolished?

Absolutely not.

 

[eagle1462010]

Only someone woefully ignorant, mentally feeble, malignantly motivated or a combination of two or all three conditions would ask Should the Federal Reserve be abolished?

Absolutely not.

Coming from you I'll take that as a compliment.

 

[OohPooPahDoo]

Should the Federal Reserve be abolished?

And replaced with what?


Foreign powers do not have "ownership" of the Fed you blubbering idiot.

4. Abolishing the FED will lead to lower inflation.

Then why the FUCK would we want to abolish it? Inflation has been crawling along the past several years, sorry but I don't want to live under my mortgage forever.

I'm guessing you have no debts because you have no credit - either that or you're a total moron that doesn't understand how money works.

I could buy a car on one of my credit cards, and understand how money works.

Sorry, you can't tell me Fractional banking is a good thing for everyone.

Right, banks making loans - that's horrible for everyone. Clearly.

Replace with what? The treasury can print notes for free without paying a 6% fee by the Constitution.

WTF? So you want the government to just literally print money directly?

 

[OohPooPahDoo]

Should the Federal Reserve be abolished?

And replaced with what?

.

US Constitution Article 1, Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

I didn't ask you to quote the Constitution and highlight the states' inability to legally issue any form of money other than gold and silver -

I asked you to tell me what'd we replace the Fed with.

At this point - I have to ask - do you even know what the fuck is going on?

 

[OohPooPahDoo]

A Global reset is on it's way.

If the teabaggers get their way.

Their goal is to crash the dollar and destroy the economy.

 

[OohPooPahDoo]

And replaced with what?

.

US Constitution Article 1, Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

That doesn't prevent the Federal government from issuing fiat money, only states.

The ToddsterPatriot isn't a Federal Reserve conspiracy nutter.

I'm a little surprised.


Nice to see you smack down Eagle.