What happens if we got rid of the Federal Reserve? (Congress, cost)

[MongooseHugger]

Saw that, come January 1st, 2018, the Federal Reserve was shut down, what would happen to our economy?

[BentBow]

We come out of bondage to a runaway government.

[MongooseHugger]

Originally Posted by BentBow

We come out of bondage to a runaway government.

Then let's do it! Just end it via Congress. Or via Article V amendments convention if Congress is too cowardly to do it.

[Freak80]

The complete collapse of our entire economic system, which depends on free money for (big) banks to loan out at interest.

[pknopp]

The world would become a safer place.

[mountainrose]

We couldn't monetize the debt anymore -- printing money up the yazoo (quantitative easing).

[cuebald]

No one would have any more bills to pay. Good thing, because they wouldn't have any incomes to pay them with. The entire economy would collapse in a heap on itself, and we would become a third world country.

Other than that, sounds like a great idea. You should write your congressman.

[man4857]

Originally Posted by MongooseHugger

Saw that, come January 1st, 2018, the Federal Reserve was shut down, what would happen to our economy?

The economy (and society) wouldn't function period.

[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)

[hbdwihdh378y9]

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