https://www.federalreserve.gov/newsevents/speech/files/powell20170328a.pdf http://www.economyandmarkets.com/economy/central-banks/abolish-the-fed/
This man is absolutely full of shit. The founding fathers fought long and hard to prevent a central bank and the last man to fight it was JFK - and we see how he turned out. Jefferson: Washington Since the great depression the everyman has wanted the fed abolished. It exists as a power structure for the aristocracy. The puppeteers (Rothschilds, Bilderbergs, Morgans, Rockefellers) control it behind a veil of the term "federal". The fed is about as federal as federal express. All of these people were a part of the plan to overthrow American control of their currency. The beauty of his paper is he implies that monetary supply is controlled by people just like us. Its funny how the fed is completely unaccountable and unauditable. The very implication he is making that the government, our elected officials, possess even an iota of control over the fed's action is a bold face lie. He knows it. We know it. He also knows there's dick we can do about it. The founding fathers are spinning in their patriot graves. Here's a fun thing to think about: what countries do we hate the most? What do they have in common? Yep, that's right, no central bank.
FED poses as a government institution but is in reality privately owned. It's ridiculous how much power they have and a wake up call to think about who really runs the show.
I think one president at one point managed to get Rid of Them not sure when around 1850 i believe before lincoln
Andrew Jackson. Withdrew Federal funds in 1833. The weakened 2nd Bank of the U.S. lasted until 1841. https://en.wikipedia.org/wiki/Bank_War
I honestly hate the Fed. They create huge distortions in the market. Yes, the S&P would not be this high without the Fed and yes, we would see more bear markets. But on average, the market would be more stable because prices would stay closer to fair value and we would actually see GDP growth > 2% because capital would be more efficiently allocated when failing companies are allowed to fail instead of perpetually bailed out. Not perpetual bubble-land that the Fed forces. Although it's too late now. If the Fed does not fund the US government, now who will? Our debt has reached the point of no-return. Small limited government + no Fed = a lot of short term pain, long term better off, higher economic growth.
The benefits to having a central bank/fiat money system far outweigh the negatives. Especially if you know how to play the game which most if not all of you on this board should know. Without the fed, 30 year mortgages would be gone. 15 and 10 year also gone. We'd only have 5 year mortgages like we did before the fed and we'd be putting 50% down. There would also be less money in the system that could go to investments in new technologies. Companies can only raise billions of dollars because there are billions of dollars that the fed has created out of thin air and put in the system.
1. Powell’s paper on the Fed - that’s fine. It’s fair to argue if the Fed’s structure is relevant and ideal. We haven’t had serious inflation for 45 years so that’s a nonissue at present. If anything, deflationary pressures are an issue but that’s another discussion. The US has the largest economy in the World and it trades with every other Country in the World so of course it absolutely requires a Central Bank and a coordinated centralized monetary policy. Absolutely. It’s fair to question if the Fed is the right structure - but to suggest it’s not required is ignorant stupidity. 2. So, I read this other dipshit’s linked article in the OP and I had to google him - I needed to know what kind of person would posit such an irrational and ill informed screed. This is this jackass’s CV: “Lance Gaitan graduated from Franklin University in Columbus, OH with a degree in Finance. After graduating and working as an auditor for an insurance administrator as a number of years, attained his securities license and then went to work as a broker for a small firm.“
Found Powell's ET account. I guess Milton Friedman and Anna Schwartz have no idea what they're talking about then.