brandymac27 Posted October 24, 2008 Share Posted October 24, 2008 I'm wondering, I know what the federal reserve does, but my question is why do we still need it? The people in control of the FR are basically held unaccountable for their actions, and at the same time, they are unelected, yet they play such a big part in the US economy. "The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." -- Rothschild Brothers of London, 1863 "Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States." -- Sen. Barry Goldwater (Rep. AR) "Whoever controls the volume of money in any country is absolute master of all industry and commerce." -- James A. Garfield, President of the United States "Every Congressman, every Senator knows precisely what causes inflation...but can't, [won't] support the drastic reforms to stop it [repeal of the Federal Reserve Act] because it could cost him his job." -- Robert A. Heinlein, Expanded Universe "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford I guess my main problem is their lack of accountability while being able to have so much power. Isn't there some way we could get rid of this or at least have these people held accountable? Link to comment Share on other sites More sharing options...
JimmyConway Posted October 24, 2008 Share Posted October 24, 2008 You're on the right track "my friend." Here is a sweet ol' school video titled "Money, Banking and the Fed Reserve" that everybody should see. It's a good start. Link to comment Share on other sites More sharing options...
mistertim Posted October 24, 2008 Share Posted October 24, 2008 A very good question and one probably best answered by an economic expert, which I'm not. However, I think it certainly serves a purpose in a very large capital economy. The fact of the matter is that unsupervised, unregulated capital markets would just be too much of a roller coaster to have much financial stability and in a country of this size that would be bad news. The Fed can, as best they are able, attempt to temper or "even things out" in regards to capital when there is an imminent threat such as very high inflation, etc. The system of capital is very complex and fluid and relies, in many respects, as much on faith as anything else. But having an entity like the Fed in a country as influential as ours which can at least attempt to keep things on a somewhat even keel helps the markets, IMO. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted October 24, 2008 Share Posted October 24, 2008 I am soooooo glad to here you ask that. IMO, a resounding...NO we never needed it and we certainly dont now. http://www.endthefed.us/ Link to comment Share on other sites More sharing options...
mistertim Posted October 24, 2008 Share Posted October 24, 2008 I am soooooo glad to here you ask that. IMO, a resounding...NO we never needed it and we certainly dont now.http://www.endthefed.us/ Hey we all have our opinions. Link to comment Share on other sites More sharing options...
PokerPacker Posted October 24, 2008 Share Posted October 24, 2008 at least they kept us out of our current money crisis. Link to comment Share on other sites More sharing options...
Zguy28 Posted October 24, 2008 Share Posted October 24, 2008 Brandy, aren't you an Obama supporter? Stop speaking such nonsense and drink the kool-aid. Next thing you know you'll be saying how much you like Ron Paul. And Mr. Obama won't like that. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted October 24, 2008 Share Posted October 24, 2008 at least they kept us out of our current money crisis. LMAO!!!! :laugh: (Gosh I hate that stupid new smiley) Link to comment Share on other sites More sharing options...
brandymac27 Posted October 24, 2008 Author Share Posted October 24, 2008 Brandy, aren't you an Obama supporter? Stop speaking such nonsense and drink the kool-aid.Next thing you know you'll be saying how much you like Ron Paul. And Mr. Obama won't like that. Actually, this is something that has been on my mind for quite a while now. I really wonder why in the hell we need it. The US hasn't always relied on the Fed's or a central banking system. I mean the economy is getting worse and we're losing a lot of our individual freedom while the people who are in charge are gaining power and getting rich, and slowly but surely driving all the rest of us into the poor house. BTW, can somebody tells me how the Fed's answer to Congress? Who audits them? Link to comment Share on other sites More sharing options...
mistertim Posted October 24, 2008 Share Posted October 24, 2008 It seems I am the odd man out in this discussion. But to make myself clear: I believe in the markets, but I also believe in some sort of sensible regulation. The capital market is such a major influence on every person's life that if we had absolutely no way to try and at least staunch a wound we would be in a very bad way. Sensible regulation, yes. Protectionism, no. Link to comment Share on other sites More sharing options...
brandymac27 Posted October 24, 2008 Author Share Posted October 24, 2008 I am soooooo glad to here you ask that. IMO, a resounding...NO we never needed it and we certainly dont now.http://www.endthefed.us/ It was put into place in the early twentieth century, but my question is why? Why did we need it then? Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted October 24, 2008 Share Posted October 24, 2008 It was put into place in the early twentieth century, but my question is why? Why did we need it then? It was originally designed to control inflation. That was the primary objective of the Fed It has clearly gone well beyond that now Link to comment Share on other sites More sharing options...
Zguy28 Posted October 24, 2008 Share Posted October 24, 2008 Actually, this is something that has been on my mind for quite a while now. I really wonder why in the hell we need it. The US hasn't always relied on the Fed's or a central banking system. I mean the economy is getting worse and we're losing a lot of our individual freedom while the people who are in charge are gaining power and getting rich, and slowly but surely driving all the rest of us into the poor house.BTW, can somebody tells me how the Fed's answer to Congress? Who audits them? I hope you know I was just joking with you. Its good to ask these sorts of questions. Link to comment Share on other sites More sharing options...
PeterMP Posted October 24, 2008 Share Posted October 24, 2008 It was put into place in the early twentieth century, but my question is why? Why did we need it then? Even before the Fed, there were different iterations of a "national bank" that could control the flow of money. By any measure, there is less economic up heaval w/ less frequency post-Fed (especially post-GD) than before it. If your really interested, wikipedia is always a good place to start: http://en.wikipedia.org/wiki/History_of_the_Federal_Reserve_System It's a nicely referenced page. I don't really see the problem w/ the Fed. The problem is goverment spending (which is enabled by the Fed, but I don't see a reason to blame them for our lack of control (it us that puts the people that spend the money into office)). Link to comment Share on other sites More sharing options...
brandymac27 Posted October 24, 2008 Author Share Posted October 24, 2008 I hope you know I was just joking with you. Its good to ask these sorts of questions. I know you were joking. Thank God my joke/sarcasm meter hasn't broken yet. I think if I stay in the tailgate too much longer, it just might explode though. Link to comment Share on other sites More sharing options...
Zguy28 Posted October 24, 2008 Share Posted October 24, 2008 I know you were joking. Thank God my joke/sarcasm meter hasn't broken yet. I think if I stay in the tailgate too much longer, it just might explode though.Hang in there, the storm is almost passed. Link to comment Share on other sites More sharing options...
luckydevil Posted October 24, 2008 Share Posted October 24, 2008 No I say it's time to listen to Hayek Link to comment Share on other sites More sharing options...
Hubbs Posted October 24, 2008 Share Posted October 24, 2008 If it's not, wouldn't there be a single advanced economy in the entire world that didn't have its equivalent? Link to comment Share on other sites More sharing options...
PeterMP Posted October 24, 2008 Share Posted October 24, 2008 I'm curious as to what the opposite of the Fed is. SOMEBODY most control distribution of the currency. Link to comment Share on other sites More sharing options...
luckydevil Posted October 24, 2008 Share Posted October 24, 2008 I'm curious as to what the opposite of the Fed is. SOMEBODY most control distribution of the currency. The lack of imagination is troubling. Link to comment Share on other sites More sharing options...
PeterMP Posted October 24, 2008 Share Posted October 24, 2008 The lack of imagination is troubling. The lack of significant content is troubling. Link to comment Share on other sites More sharing options...
luckydevil Posted October 24, 2008 Share Posted October 24, 2008 The lack of significant content is troubling. Two words: free market Link to comment Share on other sites More sharing options...
PeterMP Posted October 24, 2008 Share Posted October 24, 2008 Two words: free market The market doesn't have the authority to produce currency. Link to comment Share on other sites More sharing options...
luckydevil Posted October 24, 2008 Share Posted October 24, 2008 The market doesn't have the authority to produce currency. Right, private currency is illegal. Many would like to legalize it. Link to comment Share on other sites More sharing options...
brandymac27 Posted October 24, 2008 Author Share Posted October 24, 2008 The market doesn't have the authority to produce currency. Only Congress has the authority right? And even still they're not supposed to print paper money right? Doesn't it say in the Constitution we're only supposed to have coin money or currency? I'm not 100%, but I think is says something like this. Anyway, who holds the fed's accountable b/c Congress doesn't really do crap? Link to comment Share on other sites More sharing options...
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