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Question for those that really understand the issue of keeping or ending the FED: since this is one area I really don't understand all the pros and cons could some of you tell those of us here that are not sure on the issue why it would be bast to keep the FED or end it? Please no U-Tube videos, put in your Own words.
Everyone has their own opinions on the Fed. There is much secrecy in the Fed so it's hard to get all the facts even from the data they publish because they do have accounts that are not published which is what Ron Paul tried to do with his Audit the Fed push.
Example..we don't know what's in the Maiden Lane accounts. We're told what's in them but it hasn't been published by any Fed data in detail.
Question for those that really understand the issue of keeping or ending the FED: since this is one area I really don't understand all the pros and cons could some of you tell those of us here that are not sure on the issue why it would be bast to keep the FED or end it? Please no U-Tube videos, put in your Own words.
Basically the FED (a private corporation with no Congressional accountability) has silenced the voice of the people (and their elected representatives) in their own government. By controlling the source of money and monetary policy (sans transparency) they also shape economic, domestic, foreign, and tax policy (note appearence of the Federal Income Tax with the founding of The FED).
The entire appearance and cycle of economic "bubbles" begins and ends with the policies (credit/liquidity) of THE FED (see housing boom/bust).
When a nation does not control its own currency it cannot control its own path or its future, rather the central bank (a.k.a The FED) controls the destiny of the nation.
I'd ask the OP to pull out a paper dollar from his wallet. It is a "Federal Reserve Note". The Federal Reserve sets the policy upon how many of those are printed and to what banks (domestic and foreign) they are issued. Yet, they are backed by "the full faith and credit of the United States" which, in and of itself, has no say in the valuation of its own dollar. Tell me how that can work in reality?
It cannot, thus the currency is "fiat". There is good reason our founders warned us of the evils of a central bank and why there was such opposition to Hamilton's support of the creation of the first one.
Those who do not learn from history are doomed to repeat it. And yes, our currency and economy are doomed by design. If you are not outraged you are not paying attention.
Last edited by lifelongMOgal; 01-14-2012 at 12:27 PM..
01-14-2012, 12:27 PM
2K5Gx2km
n/a posts
It was supposedly to bring ecomomic stability and prevent crises - yeh right hows that working out.
It was supposedly to guard the dollar yet it's purchasing power has diminished ever since 1913.
It was supposed to be a friend of capitalism and the free market - yet it is the sole centralized power that controls (manipulates) the money supply and interest rates - contributing to bubbles and misallocations of wealth, because it sends false signals to entrepreneurs, and reduces my purchasing power to boot .
It gives our government incentive to grow beyond our ability to control and makes disporportionate salaries and retirements off the backs of it's citizens and their children.
The result of most of this process is the transfer of wealth when the gamers end up failing in their speculations and the overseers of the game bail out their bed buddies under the false criticism that the free market failed us - we need more control and regulation.
Plus other BS. Whatever good the FED does it does not outweigh the bad.
Question for those that really understand the issue of keeping or ending the FED: since this is one area I really don't understand all the pros and cons could some of you tell those of us here that are not sure on the issue why it would be bast to keep the FED or end it? Please no U-Tube videos, put in your Own words.
The fed is suppose to make sure the economy has an adequate supply of money and intact.
The Fed operates as intended. It could use a bit more auditing, but the Congressional oversight power is in place. It may not be being used, but it could be.
Here is what the fed has done. Looted the US basically.
While the world waits with baited breath on the Contrived Drama of the Debt Ceiling (http://dont-tread-on.me/the-contrived-drama-of-the-debt-ceiling/ - broken link), the real show has already been played out,secretly and behind the scenes. The first audit of the privately owned and foreign owned Federal Reserve by the GAO,has turned up $16 Trillion dollars of loans all over the world to prop up the global fiat empire. This massive money creation is over and above Hank Paulson’s $700 billion dollar heist of the American public. It is also in addition to QE1 and QE2 that resulted in an illusionary recovery of the economy. All of this money printing has done nothing to create any economic growth and it never will. The scary part is that this was done with no oversight or accountability .[LEFT]
Read more: Fed?s $16 Trillion Dollar Secret Slush Fund Props Up Our Way Of Life - Business Insider
I won't even mention the solicitor general of the fed not being able to account for the US physical gold holdings while under questioning by Ron Paul in senate committee. Probably all looted years ago. No youtube's allowed according to the OP.
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