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The FED is overall of great value to the US economy and stability as the go to currency - I honestly can't believe that there are people that think we would be better off without the FED.
Perhaps they also think they saw Elvis at the local 7-11.
HEY, If you have a better idea on how to stabilize financial system, we are all ears, but to just get rid of it without replacing it, is a bad idea. We only have to look at history how the banking system was before the fed existed to know the dangers of having no central bank or monetary policy are.
Transitioning from asset management to liability management over the last 125 years and more has paved the way for more growth, wealth building and life style improvements than anyone could have dreamed of 125 years ago.
Maybe the easiest lens into my point would be to examine the financial state of the citizenry and banking/business in ~1900 London vs. today.
_________
Debt is only a dirty word to those who do not understand that it is really a tool.
That's more believable than believing the FED is a force for good lmao.
With no Fed, where does liquidity come from? The Fed is the reason uou can withdraw all your money from a bank at any time, as opposed to having to wait for others to pa off their loans first.
Who would provide central bank functions? Those don't just disappear.
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
Agree completely. I watched a video last night where Robert Reich explained the rigged system and how it can be fixed. Explains how the banking system and the Fed are rigged against those who are not rich and have control over society. Heading toward an American oligarchy, if it doesn't exist already. He's more optimistic than I am. The "Free Market" is not free.
"Robert Reich is at the forefront of the progressive fight for higher worker wages, expanded health care and stronger unions. He argues that years of stagnant wages and volatile job markets show that the financial system is fixed and serving only a select few with enough money to control it.
Reich shows how wealth and power have eviscerated the middle class and undermined democracy to its core. He exposes how people at the top propagate myths about meritocracy, corporate social responsibility and the “free market” to accumulate extraordinary capital and influence.
How can we restore confidence back in our political and economic system? Join us for a conversation with Robert Reich as he calls upon Americans to instill fundamental change and demand that democracy works for the majority once again."
Over the decades, I've come to form a very, very low opinion, if not complete contempt of the Federal Reserve who seems to be similar to our Senate in D.C.: completely out of touch with the majority of American people and their economy which does NOT have a chance of accumulating wealth in the economy designed by the Feds.
As a boomer from the working class, I was told that the stock market was for the rich. For us, we were better off saving what money we could in an FDIC account, protected since the Great Depression. We never dreamed of buying a home until we reached middle age. Now, thanks to the Fed, there are no safe savings vehicles, and the only chance Americans have of accumulating assets is the stock market or housing, which most cannot afford even before their shenanigans.
It is a farce to think that the Federal Reserve is anything more than a handmaiden for the banking industry and I personally think our Legislature should disband it and enact laws that make saving liquid funds possible for working people.
You say there are no safe means of saving: actually there is one- silver. The more you acquire silver, the less you care about the central wankers and their shenanigans.
Agree completely. I watched a video last night where Robert Reich explained the rigged system and how it can be fixed. Explains how the banking system and the Fed are rigged against those who are not rich and have control over society. Heading toward an American oligarchy, if it doesn't exist already. He's more optimistic than I am. The "Free Market" is not free.
"Robert Reich is at the forefront of the progressive fight for higher worker wages, expanded health care and stronger unions. He argues that years of stagnant wages and volatile job markets show that the financial system is fixed and serving only a select few with enough money to control it.
Reich shows how wealth and power have eviscerated the middle class and undermined democracy to its core. He exposes how people at the top propagate myths about meritocracy, corporate social responsibility and the “free market” to accumulate extraordinary capital and influence.
How can we restore confidence back in our political and economic system? Join us for a conversation with Robert Reich as he calls upon Americans to instill fundamental change and demand that democracy works for the majority once again."
He's pandering to losers and malcontents and he's lying. The all time high real wage was set in early 2020, real wages increased generally beginning around 1996.
We have the richest very large middle class in the history of the world. More people have left the middle class for the upper classes than the lower classes over the last several decades.
ETA - It's also important to point out the person you agree with has very little idea how any of this works. Go back and read from earlier in this thread for proof.
Agree completely. I watched a video last night where Robert Reich explained the rigged system and how it can be fixed. Explains how the banking system and the Fed are rigged against those who are not rich and have control over society. Heading toward an American oligarchy, if it doesn't exist already. He's more optimistic than I am. The "Free Market" is not free....
Thanks for sharing that, PR.
Quote:
Originally Posted by EDS_
He's pandering to losers and malcontents and he's lying. The all time high real wage was set in early 2020, real wages increased generally beginning around 1996.
We have the richest very large middle class in the history of the world. More people have left the middle class for the upper classes than the lower classes over the last several decades.
....
ETA - It's also important to point out the person you agree with has very little idea how any of this works. Go back and read from earlier in this thread for proof.
An opposing view is not proof, my dear.
Have you ever noticed how often people who have their paradigms poked at get offensive and insulting? I have.
I suspect you are not in the middle class. I suspect also that you have some need to feel superior to those that do not share your views. I hope you have an opportunity to experience life more fully in your future. While it is true that age doesn't bring wisdom, it is often true that even the closed mind sees a bit more daylight over time.
Quote:
Originally Posted by Taggerung
You say there are no safe means of saving: actually there is one- silver. The more you acquire silver, the less you care about the central wankers and their shenanigans.
Yeah, about that. Tough to carry around, doesn't work well at the grocery store. Hard to borrow against.
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