What happens if we got rid of the Federal Reserve? (minimum wage, death)

[Elliott_CA]

Originally Posted by hbdwihdh378y9

There would short-term dislocations, but we'd be much better off in the long run without the Fed.

You'll change your mind when you can't get a mortgage, you can't get a car loan and the bank revokes all of your credit cards.

[Drewjdeg]

Originally Posted by BentBow

The rich would no longer have a monopoly on getting richer at the cost of the poor and impoverished.
The fed, keeps the little guy from growing to be as big as the big guy.


The fed is the reason a loaf of bread is not still 10 cents.

They have cut that original dollar up so much and the smart business guy, still needs the value and purchasing power of the original dollar that got cut in half over and over. The gold standard also kept the fed in check somewhat, until Nixon dropped that and put it onto the backs of the American worker(bondage complete)

And monetary policy is also the reason a loaf of bread isn't $1000. Small rates of inflation are not inherently bad - and thankfully we haven't really had to worry about it since the 1970's.

[BigCityDreamer]

Without the Fed, who would set the interest rate?

[hbdwihdh378y9]

Originally Posted by Elliott_CA

You'll change your mind when you can't get a mortgage, you can't get a car loan and the bank revokes all of your credit cards.

I stated facts. You can't "change your mind" about facts.

[hbdwihdh378y9]

Originally Posted by BigCityDreamer

Without the Fed, who would set the interest rate?

The free market. LOL.

[pknopp]

Originally Posted by Elliott_CA

You'll change your mind when you can't get a mortgage, you can't get a car loan and the bank revokes all of your credit cards.

All of that happened (not a car loan but loans all the same) before the Fed.

[pknopp]

Originally Posted by Drewjdeg

And monetary policy is also the reason a loaf of bread isn't $1000. Small rates of inflation are not inherently bad - and thankfully we haven't really had to worry about it since the 1970's.

Prices remained far more stable before the Fed.

[pknopp]

Originally Posted by BigCityDreamer

Without the Fed, who would set the interest rate?

The amount of money available to loan out. People would have to invest in the creation of things, as opposed to paper.

[.sparrow.]

Originally Posted by bentbow

we come out of bondage to a runaway government.

yes.

[JustMike77]

Most likely those politicians who proposed getting rid of the Fed would not survive it. Just sayin'.