Milton Friedman at one time advocated abolishing the Fed... and replacing it with a computer which grew the money supply by about 2% per year, commensurate with our population growth. But of course we could never have that... the Powers wouldn't be able to steal so easily.
CNBC Poll: Should the Fed be Abolished? NBC should be abolished. What a bunch of IDIOTS. Replace Jay Leno with the biggest Dork in broadcast television, Conan O'Brien. Put a guy who was only MEDIOCRE on late night television, on five nights a week in prime time. Think a cable news network with a bitchy queen such as Keith Olberman, a dyke cow such as Rachel Maddow, and fat assed middle aged grouch who calls his product the ED show as viable? Pair Mark Haines whose bulb burned out five years ago with an airhead such as Erin Burnett whose only redeeming quality is that the an incessant loud mouth like Chwissy Mathews thinks she is attractive which means nothing coming from a guy who cannot control his slobbering man love for President Barry. The Fed looks good compared to a mass media who got their bailout when BUNDLING became the third rail of American politics in which CORRUPT ASSHOLE politicians of both parties deemed to HOT to touch.
Abolishing the Fed would be good for the country, because boom and bust economic cycles would be smoothed out, since the Fed artificially creates these cycles. A free market for interest rates would not of created such ridiculous bubbles that we've seen. But, what's good for the country isn't necessarily good for traders. It's the manipulation of interest rates by the Fed that creates the bubbles, which creates the volatility that traders need to make the cheese.
I'm appaled at this whole thread, as well as the vote. It just shows how much politics should be kept out of economics, and how economic naievete has control. The Fed is not a political party, they are economists.
Alan Greenspan was a MASTER POLITICIAN and a MEDIOCRE ECONMIST at best. Appalled has two l's by the way just as Hell.
that would be fine if the fed were not controlled by outside banking interests. That is the whole point.........they are a compromised entity that has morhped into a dollar-destroying money printing monstrosity. Time to rein these suckers in.
Exactly the problem with the whole thread. You get uneducated mobs that think they can vote out the one redeeming component of our banking system, and discredit people that know way more about it than nearly 99.99% of everyone on this site. I've done much more homework than you'll ever know in economics, maybe that's the reason I have a BS in Financial Economics, a degree only offered by 10 schools in the country.