What do you think of the federal reserve?
Do you think the Federal reserve [a private banking institution] should be able to loan the U.S Government, at interest it's own money? Or should we get rid of the reserve and print our own money without interest.
Not much.----------------------------------------------------------------------------- period.
The Fed is not a true private banking institution. It has some features of private banking and others that are that of a gov't agency. Private banks do allow shareholders to control and vote on the actions of the company. The Fed does not. The board of governors of the Fed system is a Federal agency, with each member having to be appointed by the President and confirmed by the US Senate. That is not reflective of how a private bank operates. To call them a private banking system is the same thing as calling Fannie Mae or Freddie Mac private mortgage companies. While they are private, they are also under the control of the congress. (I am by no means advocating the existence of Fannie and Freddie)
With respect to the need for the Fed...it makes no sense to abolish the Fed, as we would have to replace the Fed with another agency to regulate the banking system. The Fed serves many purposes beyond creating currency. I see no need to create a separate agency to perform this function. Unless ofcourse you feel there should be no rules at all in the banking system. I think to criticize the Fed and many of it's policies around monetary expansion are quite fair. But abolishing the Fed is not a viable solution. I personally would prefer to see the Fed restricted in it's ability to create currency with a monetary standard. Since Gold is to inflexible in it's ability to create a currency standard, I'd prefer a broad basket of a commodity based standard to link the dollar to. There should be some form of monetary limits imposed for fiscal discipline. But we are not going to abolish the Fed altogether.
The only thing is from what I have read, these governor's are picked from a list that the FED gives them..it is just not someone selected by the president or the congress...but simply chosen from a list that comes from the FED themselves..still the f
That is still not consistent with the operations of a private bank. There are numerous other differences. I only cited a couple.
I don't think there should be a central bank at all. It is only 'private' in the sense that it is not subject to congressional approval, but otherwise exhibits all the qualities of any other government program: not subject to free-market forces, no reigns on the spending of other peoples' money, etc.
We should get rid of the Fed, and legalise the competing currency. This way, the most appropriate and economic currency will be chosen by the market. We don't need a monopolistic issuer of currency to operate a stable economy.
I think the Federal Reserve System is the biggest scam in history. The dollar of 1913 (creation year of the Fed) is now worth about 4 cents. Guess who got the other 96 cents.
It doesn’t really lend money - it creates it from nothing at the time of the “loan”. It isn’t “federal” any more than Federal Mogul or Federal Express - it’s a private corporation with its own privately held stock.
It has no “reserves” other than what it created from nothing. It’s not a “system”, but operates out of the New York District - it now openly admits that it IS a Central Bank.
We don’t really need to “End the Fed” per se - if we could just get alternative currencies legalized, they would grow and the Federal Reserve would fade away. But in any case, encrypted digital currencies such as Bitcoin could take over since the Fed can’t get at it with a SWAT team.
For a thorough discussion with references, see my hub “Biggest Scam in History - The Federal Reserve System”.
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