Aww crap - the down side of ending the fed.

S

stmadeveloper

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Aug 30, 2007
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So I'm in bed peacefully drifting off to sleep... and then it hits me.

If the "END THE FED" movement succeeds control of the money passes back to congress.

CONGRESS.

The same guys who spent the social security money, and can't balance the budget... and the only time they seem to use their brains is to apologize with out admitting wrongdoing in a scandal.

So I know a few of you are RP fans as well - some more than others. I've heard him say end the fed, give the control of money back to congress -- the same guys he doesn't agree with on much.

How's he (or you) plan on that actually working out?
 


Yeah, funny how it's all 'the free market is jesus and everything should be private', yet they want someone (the government?) to end the privately owned fed.
 
Well it's not like there is a limit on how much money we can have right now. If we need it, the Fed just prints more. So if Congress took over it, not much would change, except the fact that their would be people to hold accountable. Since the Fed doesn't have to answer the people, they can pretty much do as they please with little to no consequences.

Yeah, funny how it's all 'the free market is jesus and everything should be private', yet they want someone (the government?) to end the privately owned fed.
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Free market huh? The Fed has no competition, how is that free market anyways?
 
Ending the Fed would mean that we could print money without paying interest on it. Congress being in control of the money supply is definitely the lesser of two evils.
 
Rage9 said:
Since the Fed doesn't have to answer the people, they can pretty much do as they please with little to no consequences.
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Wouldn't that be the case with all private entities, given a purely free market? For example companies can pollute without consequence because there's no government EPA looming over them.

Rage9 said:
Free market huh? The Fed has no competition, how is that free market anyways?
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How can it have competition? just like a railway network, how can that have competition? it can't! Some services are just impractical or completely unfeasible to have competition. So what happens in that situation in a completely free market with no government intervention?
 
johnmatrix said:
Yeah, funny how it's all 'the free market is jesus and everything should be private', yet they want someone (the government?) to end the privately owned fed.
Click to expand...

The government created and granted powers to the Federal Reserve. No truly private entity would have the powers the Fed possesses. What about that do you not understand?
 
johnmatrix said:
How can it have competition? just like a railway network, how can that have competition? it can't! Some services are just impractical or completely unfeasible to have competition. So what happens in that situation in a completely free market with no government intervention?
Click to expand...

The Myth of Natural Monopoly - Thomas J. DiLorenzo - Mises Daily

The Truth About the "Robber Barons" - Thomas J. DiLorenzo - Mises Daily (read the parts under "How to Build a Railroad" and "James J. Hill versus the Real Robber Barons")
 
johnmatrix said:
How can it have competition? just like a railway network, how can that have competition? it can't! Some services are just impractical or completely unfeasible to have competition. So what happens in that situation in a completely free market with no government intervention?
Click to expand...

Easy, some local areas are printing their own money now.. It is only good locally, but it avoids the Fed entirely..

There was a time when states printed their own currency and there was an exchange rate between states.. This would go a long way toward forcing state level politicians to behave responsibly with their budgets and the tax payer's money.. A California dollar would be worth almost nothing when compared to a Texas dollar..
 
By ending the Fed, i interpret it as the market setting the interest rate, not set artificially.
 
One of the reasons for setting up the Fed as a private-public hybrid was so politicians couldn't f-up the money supply for short term gain. The Fed has a mandate to keep the currency stable and maximize employment. The wikipedia article has a lot more information on the purpose of the Fed.
 
well, we can't solve the problem until the public is at least half way educated about it, so thats the stage we are in now. we aren't going to have a perfect system, but this one is ridiculous.
 
johnmatrix said:
Yeah, funny how it's all 'the free market is jesus and everything should be private', yet they want someone (the government?) to end the privately owned fed.
Click to expand...

Just the government granted monopoly, you dirty, dirty, commie.

JK I love you BBG.
 
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