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End The Fed?..And then what

Discussion in 'Economics' started by lrm21, Sep 20, 2009.

morganist Guest

Quote from lrm21:

please post a link or PM if you want to keep it private

the problem I see is that fiscal policy is the purview of congress

not really a FED responsibility part of the problem of the FED is they have been to accomadating to deficits run by the government. In some ways maybe the fed has done good a job at cleaning up the governments fiscal policies.

Also we have really abused the benfits being a reserve currency. I don believe there is. Modern econmic model that takes account the uniqueness of the US position. This is the main flaw I have with Austrian economics.

I believe taxation is a grave problem in this country I assuming your tax model may promote more stable savings and investment

going back on your point of having fiscal policy control the value of the currency. I am concerned that such a mechanism would eventually be exploited by th politicians no matter. How many safeguards laws get changed.

Sorry for the typos iPhone is not ideal for long posts.
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i would use the current pension rebate or liquidity efficiency to control aggregate demand not fiscal policy it is tied up and so is monetary policy.

#31 Sep 20, 2009

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Eight
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Quote from the1:

I agree the Fed should be abolished for a number of reasons but delegating the power to coin money back to Congress would have catastrophic consequences. They issued George Freaking Bush a blank check to invade the middle east, they have raped the Social Security fund, and Medicare is on the verge of imploding. What would Congress do with the ability to coin an unlimited amount of money given their history? Giving that power back to Congress would be a disaster but the Fed needs to go nonetheless. They are a leech on society.
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The Fed and the Left are all coming from the same place.. they are elites bent on economically destroying everything and enslaving the non-elites... I guess the moral of the story is "don't be a peasant" or something... man, who really ever looks out for the little guy besides God?

#32 Sep 21, 2009

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saliva
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Quote from Eight:

The Fed and the Left are all coming from the same place.. they are elites bent on economically destroying everything and enslaving the non-elites... I guess the moral of the story is "don't be a peasant" or something... man, who really ever looks out for the little guy besides God?
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What the friggin' hell are you talking about? Left has ALWAYS been for the small guys and the minorities. The Right, on the other hand, has been the saving grace for the big companies and the wealthy. Get the fucking record straight, ya moron!

Having said that, I along with many Left-wing liberals are much against this government propping up the Wall Street fatcats and their cronies. We want the bailout money to rather go towards the unemployment benefits and whatnots.

#33 Sep 21, 2009

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achilles28
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Quote from clacy:

I agree that right now the "anti-FED" sentiment is the flavor of the month.

Everyone is an amature economist after viewing a few Celente videos, a couple of Coast to Coast AM episodes and going to shadowstats a few times.

Do I think the FED is the perfect system??? No. But what are the alternatives.

Anyone that thinks the Congress wouldn't sieze control of monetary policy if the FED was abolished, hasn't paid much attention to politics in the past 30 years.
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And the world didn't turn before Central Banking!

Legalize Competing Currencies.

Let the Free Market decide what form of money is best.

Not the fractional-reserve bankers. Not the conspiracy theorists. Not the closeted establishment lackeys who preach One Way.

#34 Sep 21, 2009

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moarla
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austrian economic school. Go there and study

#35 Sep 21, 2009

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achilles28
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Quote from Random.Capital:

I personally believe we need to move towards that. But it is going to be painful - housing values will get absolutely destroyed.
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And the alternative, is what?

The goal is a viable economy 50 years down the road.

Not endless credit pumps to save the Boomers IRA.

The next bubble will look more like Japan. And then, we'll really be fucked.

#36 Sep 21, 2009

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achilles28
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Quote from bwolinsky:

There aren't alternatives to the Fed. An autonomous agency trained specifically for regulating both monetary and fiscal policy is required for both of these things to be effective. What the Fed learned in the last 70 years since the first depression was that you had to have policies that enforced the other. That is, you can control fiscal policy with monetary incentives and means, and you can control monetary policy through fiscal measures. Both of these have to be controlled by one entity independent of government bureaucracy. You can say it is a bureaucracy, but one devoid of politics. The main excuse I have for myself, is that I'm an economist, not a republican or democrat, and that would the very problem with anything other than having the Federal Reserve dictate interest rates and the money supply. What is and what should be are conflicting in most cases, and the debate would stagnate into total non-productive measures. Anyway, politics has to be left out, which is why the Fed should not be abolished, ever, and I doubt I'll see it in my lifetime.
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You're totally misinformed. Banks OWN the FED. They control interest rates. Its a financial cartel that only appears bureaucratic to the dummies.

No alternative to the FED? Ever hear of colonial script? Debt-free Money issued by the Founders to circumvent oppressive usury charged by King George?

Gold. Silver. Commodities. Script. Whatever.

Legalize competing currencies and let the free market decide whats best.

The broken-record sycophants who preach endless FED domination are the ones to be afraid of.

They take us to the cleaners, and you ask for seconds.

#37 Sep 21, 2009

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Daal
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Monetary policy run by congress will almost surely be worse and politically oriented. The Fed needs to change how their chairman and voters are set, it needs to be a one fixed term like the ECB with no reapointment. If you think Barney Frank will do a better job with the printing press, think again

#38 Sep 21, 2009

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moarla
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interest rates must be fixed thrue market. No need for FED or policy for doing that.

#39 Sep 21, 2009

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Daal
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Quote from moarla:

interest rates must be fixed thrue market. No need for FED or policy for doing that.
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If the money supply is not rising, deflation will take over. With everyone with debt up to their eyeballs you are arguing for a 1930's repeat

#40 Sep 21, 2009

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