Shut Down the Federal Reserve?

What to do with the Federal Reserve?

  • Shut Down the Federal Reserve

  • Nationalize the Federal Reserve

  • Make a full Audit before making a decision

  • Keep the Federal Reserve secret and semi-private


Results are only viewable after voting.

Uthilos

Junior Member
Jun 11, 2010
3
0
0
Is the quotation from the article urging to Shut Down the Federal Reserve accurate? Why is there so little education about the Federal Reserve in the media, schools and universities?
Why is the Government Accountability Office not allowed a full audit of the Federal Reserve? The position that something is very wrong with the Federal Reserve is even supported by some courageous Congressmen from both parties. If their accusations are unfounded, then why aren't the democratically elected Congressmen allowed to audit the Federal Reserve's alleged private ownership and selfish activities? The US Constitution in Article I, Section 8, Paragraph 5, states that Congress has the authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;".
Why is the Federal Reserve so secretive?


http://thomaspainereturns.net/posts/sdfr.html
"The band aids will not help the economic crisis. There is a systemic problem. The Federal Reserve and all the central banks in the world that are designed on its model are defrauding the people of the world.

There is no rational reason why the U.S. Congress cannot print its own currency. The Congress was intimidated, bribed and blackmailed into creating and maintaining the Federal Reserve Bank. The Federal Reserve was awarded a contract to manage the currency in America. The cost of that contract to the U.S. has been $10 trillion in national debt.

To try to cover for the Federal Reserve's greedy fraud, many countries are being forced to pay into the Federal Reserve coffers to keep the world economy afloat. One of the ways they are being forced to pay is through devaluation of their currencies with respect to the U.S. dollar, which is a way of building up America at the expense of others in the world.

All of the band-aid measures will fail. The problem is the Federal Reserve, which concept is founded upon debt-based currency and fraud. It must be closed down or it will continue to suck the resources of the U.S. with its currency management contract. The American government could do the Federal Reserve's job for virtually nothing, and save the U.S. taxpayers between $200 and $900 billion each year in interest off a debt that will never be paid off."



http://en.wikipedia.org/wiki/Louis_McFadden
"McFadden is also remembered for his criticism of the Federal Reserve, which he claimed was created and operated by European banking interests who conspired to economically control the United States. On June 10, 1932, McFadden made a 25-minute speech before the House of Representatives[2] , in which he accused the Federal Reserve of deliberately causing the Great Depression."

http://en.wikipedia.org/wiki/Huey_Long
"Long was a staunch opponent of the Federal Reserve Bank. Together with a group of Congressmen and Senators, Long believed the Federal Reserve's policies to be the true cause of the Great Depression. Long made speeches denouncing the large banking houses of Morgan and Rockefeller centered in New York which owned stock in the Federal Reserve System. He believed that they controlled the monetary system to their own benefit, instead of the general public's benefit."

http://en.wikipedia.org/wiki/Rand_Paul
"Paul opposes the Federal Reserve Act of 1913 and the Federal Reserve's control of the nations money supply and interest rates. He wants to allow the free market to regulate interest rates, and supports congresses constitutional role of controlling the money supply. Paul endorses H.R. 1207, the Federal Reserve Transparency Act, a bill introduced by Congressman Ron Paul mandating an audit of the Federal Reserve. Although Paul would abolish the Federal Reserve, he supports transparency and accountability of the semi-private institution. Additionally, Paul opposes inflation and supports "restoring the value of the dollar that has devalued by approximately 95% since the Federal Reserve's inception in 1913"."

http://en.wikipedia.org/wiki/Alan_Grayson
"Grayson is a co-sponsor of the Federal Reserve Transparency Act of 2009, which would provide addition provisions to audit the Federal Reserve, including removing several key exemptions."
 

totalnoob

Golden Member
Jul 17, 2009
1,389
1
81
Keep the Federal Reserve secret and semi-private - 1

Looks like Legendkiller is online.
 

Babbles

Diamond Member
Jan 4, 2001
8,253
14
81
Anybody who would seriously recommend shutting down the Fed must be devoid of any sort of intellect. It seems as if the OPs choice quotes are representative of people who do not understand the Fed.

I like how it operates and while it certainly has had some not-so-bright points here and there I think overall it is a great institution. The last thing I want to see is pork-barreling elected members of congress dictating how to mange the nations money supply.
 

DaveSimmons

Elite Member
Aug 12, 2001
40,730
670
126
The stonecutters seem to be doing an adequate job of running it, let them continue.

Rand Paul does have a good idea about setting up a board to certify the fed members. We should support him on this.
 

peonyu

Platinum Member
Mar 12, 2003
2,038
23
81
A public audit of the federal reserve would be interesting. I dont see any reason to shut it down, but I bet there is plenty of shadyness going on there, and plenty of mis-use of funds.
 

wiretap

Senior member
Sep 28, 2006
642
0
71
Can't audit. The people in charge of the audit would be just as corrupt. Don't need to nationalize it. All we have is a circle jerk of debt buying and fiat counterfeiting. It needs to be kicked in the balls. We should get back to printing and coining our own money, not federal reserve notes, going back to solid asset backed currency. Fixing America's problems starts with ending the FED. And after that, it still has a hell of a long road to go.
 

sandorski

No Lifer
Oct 10, 1999
70,858
6,393
126
You want Politicians who will Pander for Votes regardless of the consequences to directly Control the Money Supply?

Fail.
 

FaaR

Golden Member
Dec 28, 2007
1,056
412
136
We should get back to printing and coining our own money
Without a central bank controlling the national currency, the legitimacy and stability of said currency would be questionable to say the least in the eyes of foreign interests in particular.

going back to solid asset backed currency.
Lunacy. I say again: lunacy.

What the hell would you back your currency with??? And before you say gold, or any shit like that, remember that the value of gold - or any other highly valuable commodity you care to mention - fluctuates, and sometimes violently so. Fixing a currency to the value of any physical property in this day and age would be monumentally stupid.

Second, the population increases faster than we can dig gold out of the ground.

Third: the amount of gold is quite finite. It also has lots of other, more important uses than sitting as bars in a vault, to be backing for the a currency.

Fixing America's problems starts with ending the FED.
Hmmmm...you don't think stopping to live above your means would be a better start?
 

Anarchist420

Diamond Member
Feb 13, 2010
8,645
0
76
www.facebook.com
Without a central bank controlling the national currency, the legitimacy and stability of said currency would be questionable to say the least in the eyes of foreign interests in particular.


Lunacy. I say again: lunacy.

What the hell would you back your currency with??? And before you say gold, or any shit like that, remember that the value of gold - or any other highly valuable commodity you care to mention - fluctuates, and sometimes violently so. Fixing a currency to the value of any physical property in this day and age would be monumentally stupid.

Second, the population increases faster than we can dig gold out of the ground.

Third: the amount of gold is quite finite. It also has lots of other, more important uses than sitting as bars in a vault, to be backing for the a currency.


Hmmmm...you don't think stopping to live above your means would be a better start?
Um, no if you had a gold coin standard, then the currency would be the most valuable to foreign nations.

Without a central bank, Congress would control the weights.

Without a central bank there would be less inflation.

Without a central bank there would be no banking cartel.

Fiat currency sucks, and was only invented to make the bankers richer.

Nothing beats free-banking. It worked fine until Lincoln replaced with a national banking Act and would've worked even better if the states hadn't made dumb regulations.
 

ConstipatedVigilante

Diamond Member
Feb 22, 2006
7,670
1
0
Give congress the power to print money? HAVE YOU SEEN OUR CONGRESS? It's a hall of fuckmonkeys and turd-burglars. Giving them absolute power over the economy would be insane.
 

Craig234

Lifer
May 1, 2006
38,548
350
126
The Fed was born out of the finance problems - there were regular huge crashes - of 'big money' needing to keep the system afloat.

The Fed prevents some big problems over not having it, but it could be much improved if designed more for the public than the big bankers' benefit.

The thing is, how do we get a redesign to do what's good for the public, and not the big bankers? It's not clear - the power is way out of wack.

So, as I've said repeatedly, until we can get the basic politics working better - and the move from Republicans to Democrats was an improvement - it's not clear how to do reform.

Just getting rid of the Fed would likely be disastrous. Letting people who represent the public interest do it would be great.

Joseph Stiglitz, Elizabeth Warren, Paul Krugman, Paul Simon, and so on are the sort of people who better understand the public interest.
 

Babbles

Diamond Member
Jan 4, 2001
8,253
14
81
Um, no if you had a gold coin standard, then the currency would be the most valuable to foreign nations.

Without a central bank, Congress would control the weights.

Without a central bank there would be less inflation.

Without a central bank there would be no banking cartel.

Fiat currency sucks, and was only invented to make the bankers richer.

Nothing beats free-banking. It worked fine until Lincoln replaced with a national banking Act and would've worked even better if the states hadn't made dumb regulations.

You may want to stop displaying your ignorance of macroeconomics.

A gold standard backed currency would only be as valuable to foreign nations until they exchanged every dollar for gold bullion then our currency would be nothing more than expensive asswipe.

The creation of wealth in our economics - or the global economic - system is not a zero-sum situation, e.g. I can gain more wealth without you or anybody else losing wealth. However if we had a gold, or other precious commodity, backed currency then we would essentially create a zero-sum macroeconomic situation.
 

wiretap

Senior member
Sep 28, 2006
642
0
71
And that "creation" is artificial. What we're seeing right now is the collapse of the artificial inflation of the economy because nothing is backing it up. The end result of unlimited borrowing is financial collapse. The fractional reserve banking model taught to you in school is a setup for failure. It only works until you reach a certain point of borrowing. What we're seeing now is borrowing in the trillions.. there's no way to pay it back.. especially with interest owed and derivatives owed. Our dollar is only worth 5% of what it was upon it's inception, and it is still getting worse. So please, educate us on what your college professor improperly taught you about our financial system.. grow up to be a banker and fleece some more countries of all their wealth in exchange for a fiat counterfeiting bank system.

We don't need a world bank.. or unelected officials controlling our money. We need people we can actually hold accountable if they fuck up.
 

manimal

Lifer
Mar 30, 2007
13,559
8
0
You may want to stop displaying your ignorance of macroeconomics.

A gold standard backed currency would only be as valuable to foreign nations until they exchanged every dollar for gold bullion then our currency would be nothing more than expensive asswipe.

The creation of wealth in our economics - or the global economic - system is not a zero-sum situation, e.g. I can gain more wealth without you or anybody else losing wealth. However if we had a gold, or other precious commodity, backed currency then we would essentially create a zero-sum macroeconomic situation.

Spot on, ideas like this and removing the dept of education are overly simplified and have no basis in reality. Sure we can get rid of it but what replaces it? Vacuums of power and responsibility dont work out so well....

I am all for reform but throwing out the groundwork and framework would only make matters worse. Lets see if my kids act up and do something bad do I throw them out of the house or hold them accountable to their actions..
 
Dec 30, 2004
12,553
2
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auditing the Federal Reserve would completely undermine the entire point of the Federal Reserve.

Good to see that a solid majority understand this.
 

yllus

Elite Member & Lifer
Aug 20, 2000
20,577
432
126
Shutting down your central bank would be idiotic. An audit if properly/professionally conducted would be fine.