Why we Need The Federal Reserve (Obama, Jesus, dollars, rating)
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Ain't that the truth. We will end up with fractional paper gold.
The choices are a full reserve chartalist system or free banking where any commodity producer can issue notes as we saw with Scottish free banking.
Its also rather funny how the Wiemar republic is supposed to have had its problems with its currency as if it did not lose WWI and have a huge war indemnity put on it. Yeah, blow my head of and tell me that the problem was I bought a band aid with fiat currency.
And so what would a gold standard have done for them ? Good question since Germany had NO GOLD.
Also conveniently forgotten is that Germany nearly conquered Europe with the Rentenmark.
Ain't that the truth. We will end up with fractional paper gold.
The choices are a full reserve chartalist system or free banking where any commodity producer can issue notes as we saw with Scottish free banking.
Its also rather funny how the Wiemar republic is supposed to have had its problems with its currency as if it did not lose WWI and have a huge war indemnity put on it. Yeah, blow my head of and tell me that the problem was I bought a band aid with fiat currency.
And so what would a gold standard have done for them ? Good question since Germany had NO GOLD.
Also conveniently forgotten is that Germany nearly conquered Europe with the Rentenmark.
This is the problem I have with Ron Paul and most Austrian economists. Great Britain (and England before it) never had a gold standard for CENTURIES. The British Empire was built on FIAT money that was controlled by the government, not the private for-profit Bank of England. They sued Tally Sticks, instead of gold, to keep runaway spending in check, and thus had a stable, valuable currency for hundreds of years. I think we need to go back to that sort of system, even if it's very old school. Great Britain (and England before the Acts of Union) is the perfect example of a prosperous nation using a debt-free fiat currency as its money
No way was the Gold Standard responsible for our Depression back then!
We don't need the Fed, we need to delete the Fed from our nation. They are parasites!
Lemme see, soemthing vague like this....they are NOT "Federal" but private bankers, they print money and loan it to us, and Charge US Interest?! Is this true?
Then, in arrogance that only tyrants could have, with overconfidence like crazy they appear before Congress and TELL US what the rate is going to be, and how they will be handling our economy instead of ASKING we, the people per our elected officials!!
Nuts....and we all have felt powerless to change this for far, too long.
No way was the Gold Standard responsible for our Depression back then!
We don't need the Fed, we need to delete the Fed from our nation. They are parasites!
Lemme see, soemthing vague like this....they are NOT "Federal" but private bankers, they print money and loan it to us, and Charge US Interest?! Is this true?
Then, in arrogance that only tyrants could have, with overconfidence like crazy they appear before Congress and TELL US what the rate is going to be, and how they will be handling our economy instead of ASKING we, the people per our elected officials!!
Nuts....and we all have felt powerless to change this for far, too long.
And the income tax is the bill that comes due every year. Income tax does not fund our government, it indirectly funds it because the federal government borrows money from the Federal Reserve to fund itself, and every April the bill comes due, with interest. The IRS did not exist before the Federal Reserve was created. Oh, the depression happened even on the gold standard. Having a gold standard in and of itself doesn't mean the boom and bust cycle goes away
I feel very sorry for the misguided few that think we need a privatized Central Bank, run by International bankers with international interests, to control our economy and dictate currency levels.
America is one of a few countries where it explicitly says in our Constitution that the states have a right to issue and control currency, not a private bank with unlimited amounts of power.
Congress approved $700 Billion in Bailout Money, The "Federal" "Reserve" issued $16 Trillion, many to International companies with no influence on America.
There has never been an audit on The "Federal" "Reserve" but upon a preliminary look into the "Fed's" activities, 18 current and former Chairman were found to have strong connections to companies and banks that received Bailout money.
The secrecy and lies of the "Federal" "Reserve" are a disgrace to democracy and it must be abolished.
This is the longest period in American history that the people have let a private Central Bank control the country.
Bank of North America 1782-1785 First Bank of The United States 1791-1811 Second Bank of The United States 1816-1836 The Federal Reserve 1913-When will Americans wake the F up?
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford
"As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed." Abraham Lincoln
Finally, someone with a clue.
The Fed does nothing good for us and it's time to go.
And the income tax is the bill that comes due every year. Income tax does not fund our government, it indirectly funds it because the federal government borrows money from the Federal Reserve to fund itself, and every April the bill comes due, with interest. The IRS did not exist before the Federal Reserve was created. Oh, the depression happened even on the gold standard. Having a gold standard in and of itself doesn't mean the boom and bust cycle goes away
The Depression happened for one thing and one thing only. Government manipulation of the free market. Same thing that caused the housing crisis, the dot com bubble, the sky rocketing price of colleges.
Free money, give the economic drunks the car keys. Lowering the interest rates below market value has always caused economic ruin since it encourages mal investment.
FDR played with Gold and took us off the free market gold standard by manipulating the price. That was his style during the entire prolonged depression. Control wages, control prices, and prolong the inevitable.
This is the problem I have with Ron Paul and most Austrian economists. Great Britain (and England before it) never had a gold standard for CENTURIES. The British Empire was built on FIAT money that was controlled by the government, not the private for-profit Bank of England. They sued Tally Sticks, instead of gold, to keep runaway spending in check, and thus had a stable, valuable currency for hundreds of years. I think we need to go back to that sort of system, even if it's very old school. Great Britain (and England before the Acts of Union) is the perfect example of a prosperous nation using a debt-free fiat currency as its money
Then you should stop having problems with both, because who ever taught you this boatload of crap, lied to you.
The British Empire was built on "Imperialism", and confiscating-controlling the wealth of everyone their army and navy could reach ... which covered a vast territory for hundreds of years.
Furthermore, just off the top of my head, England used silver as money going back at least to the Medieval period (700's). Sometime in the 1700's Sir Issac Newton's revaluing the Silver-Gold ratio effectively established the Gold standard for England ... by the mid 1800's, legislation established the law for a Gold Standard, pegging the currency to Gold. And by 1944, under the Bretton Woods agreement which fixed all currencies of the participating nations (which included Britain) to the US Dollar, effectively established the gold standard for all of them since the US Dollar was backed by gold. And by this mechanism, the US Dollar became the world reserve currency.
It wasn't until 1971, when Nixon killed the gold standard did the Dollar become fiat, and thereby, the rest of the world's currencies did too. And this set the stage for what we see today with the worldwide economic collapse, because by nature, fiat currency will eventually fail ... it is an inescapable conclusion to the creation of worthless money out of thin air which is nothing more than an IOU issued by criminal gangsters who force us to use it at gunpoint.
What you need to understand is that the big banks settle their debts between themselves using gold. There is a good reason for that! They know that the money they create out of thin air is worthless, so they aren't going to accept that crap as legitimate payment of debt.
Why gold? Why not a platinum-backed dollar? Why not an oil-backed dollar? Maybe people wouldn't drive as much realizing they are burning their money away.
The commodity-based monetary system was a hindrance to the economic goals the West was wanting to reach for in the middle of the Cold War. With all of the faults of the fiat system it is probably not feasible to be a reactionary now.
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