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If you are really interested in knowing about the Federal Reserve, instead of automatically rejecting the idea of eliminating it only because Paul supports it, then watch this.
After you watch it, then I'll be glad to discuss or answer any questions that you may have. If you would rather read a book, I can give some recommendations too.
So let's summarize your video:
1) Video is paid for by the Ludwig Von Mises Institute, a libertarian think tank. Obviously the opinion will be neither impartial nor contain any opposing viewpoints.
2) The first three minutes of the video are libertarian talking points supported by no evidence
3) I skipped minutes 4-10 because I don't need to hear another lecture on the history of bartering and gold
4) They completely skip over the bank panics of the 1870's-1890's that are regarded as a major reason we moved away from the gold standard. No specifics are given whatsoever on the history of these panics and what led to them.
5) No specifics are given on what actually led up to the 1907 panic.
6) No mention whatsoever of the Pujo Committee. The video talks about "secret bankers" meeting "behind the scenes," but there is no discussion about the public discontent when JP Morgan used personal funds to help stabilize the economy in 1907 and how popular opinion began to shift in favor of reformed monetary policy through a regulated central government bank. No mention whatsoever that many Americans were against the Aldrich Plan (especially Western states), but that they were in favor of the Federal Reserve Act as a way to prevent the Rockefellers, JP Morgan, and other "Money Trust" individuals from having too much control over the nation's monetary policy.
7) 19:40 - 20:02 - 22 seconds of non-biased, factual information about the Federal Reserve. No explanation of the different levels of the Federal Reserve, advisory councils, board rotations, and member banks. No detailed information on who is appointed or elected.
8) 20:18-20:49 - 31 seconds of information on the Federal Open Market Committee. Heavy emphasis on inflation, but no explanation that the Federal Reserve acts equally in both inflationary and deflationary environments, nor any mention of the Federal Reserve's two main missions:
1-Maintain stable prices
2-Ensure maximum employment and production output
9) Now here is where we start getting heavy into opinion and ideology. This video ignored the numerous bank panics prior that were largely caused by a lack of liquidity in the markets and gold backing. It waxes poetic about gold as a foundational basis for monetary policy, but fails to mention the effects the wild economic swings that were tied to basing our currency on a limited resource such as gold. It doesn't mention the runs on gold or the mining disruptions that led to panics. It doesn't mention We had 26 recessions and three depressions prior to the Federal Reserve Act, and 16 recessions and one depression after the Federal Reserve Act. Or depending how you define depression, we had up to six prior to the Federal Reserve Act. It doesn't mention that recessions and depressions prior to the Federal Reserve Act were largely deeper and lasted longer. It doesn't mention that the Federal Reserve was created to standardize money policy after having hundreds of different US currencies backed by gold, silver, or even bonds.
10) There are two widely held viewpoints on the cause of the Great Depression and this video only mentions one of those viewpoints.
11) Quite the rhetoric against the TVA, which ended up being an overall economic success for the region. TVA customers today typically have some of the lowest electrical rates in the country. How does the Mises Institute feel about the Hoover Dam? Southern California, Nevada, and Arizona would not exist today as we know them without that major piece of infrastructure investment.
12) No mention that when Great Britian left the gold standard in 1931, it recovered much more quickly from the Great Depression than countries that remained on a gold standard.
13) Video implies that the Federal Reserve prints money, which is not true
14) Once again, Ron Paul speaks in absolutes without any supporting evidence for his opinions on the Federal Reserve.
So in conclusion, this video was a giant waste of time. Only one argument is presented and plenty of information is conveniently left off. It presents a dumbed down picture of what the Federal Reserve does and is clearly targeted toward a libertarian agenda.
I know, now his twin brother has arrived who does exact same. Opening salvo = I support big government too often while not respecting property rights. I'll be sure to remember all these fine points next time I'm in a job interview:
Interviewer: So, do you you have any weaknesses?
Slackjaw: Well, since I've been using mainly C# for the past few years my java skills are pretty rusty. Oh and since I don't worship Ron Paul I would have scorned George Washington, am against the founding of this country, support prison rape for drug users, and love big government
But hey at least I'm not "the enemy" like you are.
So true.
Yes you are, you just have not recieved your merit badge yet, I wear mine proudly any time I am on the Elections section of this board
Why waste the time refuting point-by-point when it is going to return to the same tired circular arguments?
Your comment could also be applied to Paul supporters, who make wild accusations or generalizations yet never have any supporting evidence to back up those claims. I would love to see a Paul supporter write a list of reasons why they felt the Federal Reserve should be dismantled, in detail, indicating that they understood the breadth and scope of the Federal Reserve and how we would handle the complex logistics of a transition to a new entity that would handle our monetary policy both domestically and internationally. I would love to see them list the pros and cons. It would be a heck of a lot more constructive and interesting of a conversation than the stupid talking points that get repeated over and over ad nauseam.
If I did make sure a list on reasons to dismantle the FED and the complex logistics would you then see Paul and others of monetary policy would have a plan and then vote accordingly.
See the problem is nobody understands the FED, but Paul is not just about the FED or the gold standard. In fact in his last speech on national TV in MN after finishing 2nd talked about many alts to the FED and or modern verison of the goldstandard. We dont have to go back to the same model!!!
First Paul wants a FULL AUDIT of the FED this will find any corruption and banking ties to bailouts and or other political corruption in our system. Then use the department of justice to put these criminals in jail if need be and clean house.
Second Paul would like to PHASE out the FED, legalize silver and gold has legal tender which will give competition to the FED which would have to keep a stable dollar and investiment on where people trusted to put their money. Then we can see if a balance of PAPER money and gold etc will help boost our dollar value. These are free market princples no some crazy overnight decision.
Since the world currency is still tied to the dollar and stronger dollar will lower prices for the AMERICAN people and over spending and printing would be shutdown and balance budget would be required as revenue vs actual money the government can spend. The FED prints endless money supply because its just paper which has political and economic benefits to the few in washington and in banking and corporate interests. Many countries would seek to invest in America dollars due to its worth and continued physical and stable spending habits. Even linking some gold to the currency would boost your personal savings when 1 dollar will buy you more then before. Most importantly we dont want to devalue the dollar which the FED continues to do.
The FED can continue make its interest rates with banks and international banks but using them as the united states Banker will no longer be the role of the department of treasury. We will form a new system based on the general role that the department of treasury currently does but it will not believe its goal is to provide economic stimulus, or so called prevent economic crisis by printing more money. IT needs to create a sound currency, create coin and whatever else the US constitution allows via congresses action under article I section 8. If you really want to know why you want to look at the FED read Ron Paul's book end the fed.
1) Video is paid for by the Ludwig Von Mises Institute, a libertarian think tank. Obviously the opinion will be neither impartial nor contain any opposing viewpoints.
2) The first three minutes of the video are libertarian talking points supported by no evidence
3) I skipped minutes 4-10 because I don't need to hear another lecture on the history of bartering and gold
4) They completely skip over the bank panics of the 1870's-1890's that are regarded as a major reason we moved away from the gold standard. No specifics are given whatsoever on the history of these panics and what led to them.
5) No specifics are given on what actually led up to the 1907 panic.
6) No mention whatsoever of the Pujo Committee. The video talks about "secret bankers" meeting "behind the scenes," but there is no discussion about the public discontent when JP Morgan used personal funds to help stabilize the economy in 1907 and how popular opinion began to shift in favor of reformed monetary policy through a regulated central government bank. No mention whatsoever that many Americans were against the Aldrich Plan (especially Western states), but that they were in favor of the Federal Reserve Act as a way to prevent the Rockefellers, JP Morgan, and other "Money Trust" individuals from having too much control over the nation's monetary policy.
7) 19:40 - 20:02 - 22 seconds of non-biased, factual information about the Federal Reserve. No explanation of the different levels of the Federal Reserve, advisory councils, board rotations, and member banks. No detailed information on who is appointed or elected.
8) 20:18-20:49 - 31 seconds of information on the Federal Open Market Committee. Heavy emphasis on inflation, but no explanation that the Federal Reserve acts equally in both inflationary and deflationary environments, nor any mention of the Federal Reserve's two main missions:
1-Maintain stable prices
2-Ensure maximum employment and production output
9) Now here is where we start getting heavy into opinion and ideology. This video ignored the numerous bank panics prior that were largely caused by a lack of liquidity in the markets and gold backing. It waxes poetic about gold as a foundational basis for monetary policy, but fails to mention the effects the wild economic swings that were tied to basing our currency on a limited resource such as gold. It doesn't mention the runs on gold or the mining disruptions that led to panics. It doesn't mention We had 26 recessions and three depressions prior to the Federal Reserve Act, and 16 recessions and one depression after the Federal Reserve Act. Or depending how you define depression, we had up to six prior to the Federal Reserve Act. It doesn't mention that recessions and depressions prior to the Federal Reserve Act were largely deeper and lasted longer. It doesn't mention that the Federal Reserve was created to standardize money policy after having hundreds of different US currencies backed by gold, silver, or even bonds.
10) There are two widely held viewpoints on the cause of the Great Depression and this video only mentions one of those viewpoints.
11) Quite the rhetoric against the TVA, which ended up being an overall economic success for the region. TVA customers today typically have some of the lowest electrical rates in the country. How does the Mises Institute feel about the Hoover Dam? Southern California, Nevada, and Arizona would not exist today as we know them without that major piece of infrastructure investment.
12) No mention that when Great Britian left the gold standard in 1931, it recovered much more quickly from the Great Depression than countries that remained on a gold standard.
13) Video implies that the Federal Reserve prints money, which is not true
14) Once again, Ron Paul speaks in absolutes without any supporting evidence for his opinions on the Federal Reserve.
So in conclusion, this video was a giant waste of time. Only one argument is presented and plenty of information is conveniently left off. It presents a dumbed down picture of what the Federal Reserve does and is clearly targeted toward a libertarian agenda.
I didn't watch the video, so I do not know what it's advocating, but I'm not sure what dissatisfies you about Ron Paul's monetary policy. He's admitted several times that he would not actually end the Federal Reserve, but he would definitely audit the Fed to make it accountable to taxpayers. Right now, the Fed is accountable to no one.
Secondly, Paul would not have us return to a gold standard, so your fear of this crazy transition period is unfounded. Paul has stated several times that while he believes a gold standard ensures the value of the currency, it would be nearly impossible to go back to such a system. However, he would like stabilize the system and at least tie it to economic indicators.
I noticed that while you levied a healthy attack on the video, you spent very little time actually defending the Fed in its current state. Paul is the only candidate who would actually address the Fed, which has run afoul of its original duties. Personally, I am not sure I agree with Paul that the Federal Reserve is unconstitutional per se, but it is definitely out of control.
It is no surprise that the Fed is a disaster. It has zero oversight. It reports to no one. It has no constraints. It operates on the honor system in controlling the world's reserve currency. It has absolute discretion over trillions of dollars and does not even open its books. The situation is indefensible.
Although I am not an expert, I understand enough to know that the Fed is being used a money well for the US government, among many other entities. Typically, governments must tax producers to obtain money, but they can only go so far without causing a mutiny among the citizenry.
When taxes become too oppressive, the government must turn to the private market, where it can borrow money by selling debt. However, even the private market can lose its appetite for buying debt, in which case, the value of US Treasury bonds begins to fall, thereby creating instability in the international banking community as the US is the world's reserve currency.
When all else fails, the government has no choice but to lend money to itself. It calls this transaction "quantitative easing." A government lending money to itself is the equivalent of printing money. It would be like me writing a check to myself and then creating the funds where none actually exist.
Normally, this type of behavior would result in skyrocketing interest rates as the marketplace is adverse to accepting tender that is benchmarked to no value other than the word of a government lending money to itself. (This is why Germans are so afraid of US monetary policy.) Consequently, other national banks and investors are becoming paranoid of putting their money into the US Treasury and have been purchasing gold bullion in record numbers as a substitute safe harbor against the dollar.
It is at this point where the Federal Reserve begins to lose control of the situation, which is exactly why the Chairman of the Fed routinely disavows gold as a currency. The only thing that maintains the dollar's status as a store of value is confidence in the system. When that confidence is undermined, the dollar becomes worthless and it's buying power is destroyed, along with all of the wealth you thought you had in your savings account or your wall-safe at home.
In an inflationary period where the dollar is debased, the US can no longer import necessary products because our purchasing power is gone. This will cause panic, a run on the banks, and wildly skyrocketing prices on goods along with shortages. Even FDIC cannot protect you from such a situation because the dollars you would receive will not be worth that same as they are today.
It is this reason why I believe private banks, including those that were "bailed out", are hoarding cash reserves and not lending. The fact of the matter is, they need to keep the funds liquid in case it becomes necessary to exchange the dollars for some other store of value, like gold or silver. If they lent the money to borrowers today and high inflation occurs, they will be getting back less than they loaned out in terms of purchasing power.
Right now, the Fed is keeping the interest rate artificially low. The Fed says that this is to wet the appetites of borrowers in order to stimulate the economy, but, as I said, lenders aren't lending, they are hoarding their cash reserves. Thus, the monetary stimulus isn't working very well.
Regardless, with all of the money that the US government has borrowed, the conspiracy is that it actually wants the dollar to dramatically fall in value. This is logical due to its enormous and growing debt obligations. If the dollar is worth substantially less in the future than it was worth in the past, it will be substantially easier for the government to pay off the massive debt it has taken on. The government will be paying its creditors off in worthless dollars and they will probably be really mad. The real rub of it is that all of us with money in the bank will one day wake up poor!
I believe Ron Paul understands these issues even better than I do, which why I am voting to elect him President of the United States.
Yes, the above post is very Pathetic, and in the process you Prove what so many have said, disagree with Paul or some list of BS talking points and the next thing ya know one of his Fans makes more BS remarks towards that person. Sad thing is you do not seem to realize that Fans such as yourself actually drive people away from the Paul camp and not towards it. You would do more good for Paul by simply keeping your opinions to yourself instead of playing his attack dog, but hey we know that is not gonna happen so keep up the good work, the GOP and the DNC thanks you
Quote:
Originally Posted by imbobbbb
Yes,a point i've tried to make repeatedly but to no avail.
Ron Paul's numbers continue to go up despite continuous election fraud. And Ron Paul is poised to win the Maine Caucus and Primary.
He's admitted several times that he would not actually end the Federal Reserve, but he would definitely audit the Fed to make it accountable to taxpayers.
The transition would be pretty tough, not written and talked a lot about this and you’d have to device a system where there would be a transition where maybe you could have a gold standard competing with a paper standard and then obviously gold would win out.
(...)
Actually, all we need to do is obey the Constitution because it’s still very clear it hasn’t been repealed that only gold and silver can be legal tender. Believe it or not, they don’t even obey the Constitution anymore.
That's what they did after the Civil War and it was accepted and we went right back to the gold standard. I would like to have a transition period. Just legalize gold money, and allow us to use gold and silver as legal tender. And we can work our way back.
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