The same holds true with the FEDERAL RESERVE, just like it was with the processes in the COINAGE ACT. Why should I take Austrian economists seriously? The Federal Reserve Encourages Deficit Spending. The Pros and Cons of Greed. Those who support Ron Paul for the sound and honest principals that he has stood by for decades, will never support Gingrich, Romney or Santorum...or whomever Mr. Armey is pandering for. http://en.wikipedia.org/wiki/Hong_Kong_Monetary_Authority. Here's a discussion of something similar a few days ago. The National Popular Vote Interstate Compact (NPVIC) is an agreement among a group of U.S. states and the District of Columbia to award all their electoral votes to whichever presidential candidate wins the overall popular vote in the 50 states and the District of Columbia. Well, maybe it's better you don't call the caterers yet. The Board of Governors at the Federal Reserve are not directly elected by the American people. Austrian Business Cycle Theory explains how central banks exacerbate the natural boom and bust cycle of the credit markets, by masking price signals for money, allowing bubbles to grow bigger than they otherwise would. With the Federal Reserve, the booms and busts are much more stable. In … But what are the pros and cons of ending the federal reserve. BTW, your boss, Dick Armey, is a slime bag. With the Federal Reserve, the booms and busts are much more stable. Many states wanted to outlaw slavery while others adamantly defended it because it was the main institution with a high and consistent revenue. 8007, introduced by Reps. Mark Green (R-T.N.) But without the Fed, the banking sector would run lose. The Pros And Cons Of The Federal Reserve System. Throughout its 100-year history, it has always operated under a veil of secrecy. None of this is setting the stage for a rapid recovery, or for robust growth thereafter. The Federal Reserve Has Significantly Devalued Our Currency. and Tulsi Gabbard (D-Hawaii). IT CAN'T BE DEBAUCHED! Some countries with high rates of inflation have indexed their tax systems to inflation, so this need not be an ill effect of inflation. 1) because I don't think anywhere I work or worked at, HAS a "Dick Armey" on thier roster....and 2) I don't work in DC... and 3) last time I checked....the last time Dick Armey Worked for the Government, he wasn't getting paid by the Rockefellers or the Rothschilds as a paid TEMP on assignment in Washington.....he was getting paid DIRECTLY BY THE GOV'T, through the TREASURY, which I supposedly FUND with my HARD EARNED MONEY...that I fear CONGRESS has redirected to a BONDHOLDER that hasn't got the sense in their head that the more they BUY BONDS, the more they're TAXING THEMSELVES (and everyone around them) TO Stupidity, and BEYOND......just to get paid TAX-FREE. Otherwise, ANY ISSUE of CURRENCY Congress could just "create and spend" into circulation...would run the risk of being viewed as "running the printing press," just like you're accusing the FED of DOING... Plus they're also requests from BANKS to have "MORE CASH" on hand, to prevent RUNS on the BANKS.... ("December 21, 2012" or what many think the Mayans said was the "END OF THE WORLD" is probably a GOOD WORRY customers have, for, needing "cash in a mattress, somehow" However, the boom (with jobs coming back) would follow much sooner. (http://economistsview.typepad.com/economistsview/2005/11/central_bank_in...) It’s the banks that are controlled by the treasury or ministry of finance that should have you more worried. Do you read papers or attend research presentations? Now...with all this talk about ENDING THE FED, or maybe even AUDITING the FED? Let's say you could press a button, and POOF! An unexpected increase for inflation for a great many poor or middle class people would probably be beneficial.   Pennies are made of zinc and copper. The Chase Manhattan Bank is a member which is owned by the Rockefellers who are Rothschild Agents. and then "Fill in this box, HERE! The Federal Reserve's Survey of Consumer Finances for 2019 indicated that the top 1% of families own a higher percentage of the nation’s total wealth (nearly 40%) than the bottom 90% (not quite 23%). This is why high power lobbyists protect and defend the existence of the Federal Reserve. Smarty pants'. Can you provide credible sources for this stuff? The way CONGRESS defines "foreign" also includes financial instruments that are DOMESTICALLY MADE, like YOU WRITING A CHECK, or using that PIECE OF PLASTIC (that the MINT didn't, *necessarily*, make for the bank to distribute to you) to purchase that new dress, or food at the store! You see, the ONLY WAY that CONGRESS can declare ANY financial instrument "DOMESTIC," where it can be measured with the CONSTITUTIONAL MEASURE "DOLLAR" is through the processess set up in the 1793 COINAGE ACT. By the way, the Federal Reserve is a privately owned bank with 10 private members. Well, hope you boned up on learning foreign languagues...because just like you complaining about "Foreign Competition"...SO ARE THEY...and they'll make sure their call centers are staffed with THEIR PEOPLE...who speak THEIR LANGUAGES... (2) You might not HAVE an AMERICAN DOLLAR to play around with anymore. We CAN'T HELP YOU....even if we WANTED TO! The Federal Reserve System is the central bank of the United States and provides the nation with a safe, flexible, and stable monetary and financial system. Since the Federal Reserve came into existence in 1913, the dollar has lost over 95 percent of its value. The Fed is led by seven presidential appointees called the Board of Governors. Money - A Brief History Of The American Dollar: http://vimeo.com/31413624, Money In A Free Society (How Sound Money Functions in an Economy): http://vimeo.com/22824400. This means that those who run the Federal Reserve are unaccountable to the people. Pros/Cons to the Federal Reserve? You forgot the most important item, which is both the Federal Reserve and it's collection agency are not part of the Government, but are in fact private corporation, with their corporate charters in Hatai, and not in the US. FreedomWorks Foundation, American Legislative Exchange Council, Tea Party Patriots and Committee to Unleash Prosperity in partnership with a coalition of conservative organizations and prominent individuals, launched the Save Our Country Task Force. The People who chose credit cards with APR's, Tim, are doing so without really realizing they are conducting an INTERSTATE business arrangement with who they think is their LOCAL BANK. As the title states what are some pros and cons to the Federal Reserve Bank? William Cashwell Kapt. 24, if he or she hasn’t already done so. Fortunately, there is significant support in Congress for a bill -- the Federal Reserve Transparency Act -- that would require a Government Accountability Office (GAO) audit of the Fed. Judging by the constant insta-polls the MEDIA does...at around, oh.... 9%. Pros and cons really depend on a personal preference on what type of monetary policy the U.S. is looking for. Blasto, Have you ever been to Turkey, because you seem to know you're way around Instantbull. Nothing is going to be immune to a bank run, but the point of insurance is to reduce the odds. This bill would simply eliminate the provision of the recently-passed Coronavirus Aid, Relief, and Economic Security (CARES) Act that allows the Federal Reserve to hold closed-door meetings about its newly-created $450 billion bailout fund, which is more vital now than ever as we continue to observe the alarming lack of transparency that has come along with the Federal Reserve’s new authorities. Want to see how your legislators voted on key FreedomWorks issues? While there have been historical debates on the constitutionality of a central bank, I see no justification for the argument that the Federal Reserve is constitutional. Gee, I Don't know, Kenny...how much your masters pay you for your one-liners, here? The Federal Reserve was created by an Act of Congress on December 23, 1913. 2. The fed is the banker to the bankers. We discussed this problem with my colleagues (we work in SEO company https://www.linksmanagement.com) last week. The Federal Reserve is just a name given to this particular manifestation of it. Historically, this is actually false. FreedomWorks makes it easy to hold your elected officials accountable in our fully interactive Action Center. It bears significant responsibility for every financial crisis over the past century including the Great Depression, the stagflation of the 1970s and recent economic meltdown. The Federal Reserve Hurts the Poor and Middle Class the Most The central bank completely controls and determines the money supply. The price of labor (wages) tend to rise with everything else so inflation doesn’t erode the earning power of wages. ", And here you're scratching your head, saying "WHAT?". Although it certainly seems interest rates were too low in the mid 2000s. Nah, didn't think so... 4th ammendment problems there, too! The Federal Reserve System consists of twelve Federal Reserve Banks located throughout the United States. The Federal Reserve Routinely Bails Out Big Banks. Wow...you are a complete idiot...or simply paid to post such utter BS. If they do, suppose they will receive back just their initial investment. The documents exposed that one of the largest recipients of the Federal Reserve’s money was foreign banks during the 2008 economic meltdown. However some cons would be that the electoral college was set in place by our founding fathers for a reason. The policies of the Federal Reserve hurt the average American. great convo, guys. Tensions rose across the country from those in support support of slavery and those opposed. However, the very act of carrying out this function leaves banks open to bank runs. So where did you shovel up you're Instantbull from? The most famous role of a central bank is monetary policy. Ultimately greed is bad for society as a whole and “infectious greed”, to which Federal Reserve Chairman Alan Greenspan attributes the current business crises (James), can do a great deal of damage to an economy. It is an issue that I don't know too much about I've done some research and by my understanding it seems that the main pro is receiving low interest rates on loans, but the major con is devaluing the USD. The video states there are examples of countries without central banks. Interest rates were low and speculators took on huge amounts of debt. I'll take a shot at this. In July 2011, due to a provision under the misguided Dodd-Frank financial overhaul law, the Government Accountability Office (GAO) conducted a one-time, watered-down audit of the Federal Reserve. A nonpartisan organization called Citizens to Retire the U.S. Penny has attracted the support of economists from Harvard and Wake Forest University. In retrospect, these investment decisions called malinvestments are seen as a bad allocation of resources. Pennies are so close to worthless that many people argue its time to do away with them altogether. Select Page. Some one said here...We need a President and Congress with GUTS to ENFORCE THE CONSTITUTION.....Ok...you want them to lock up all the ENTITLEMENT CHEATERS? Kapt.Blasto, which part of Unconstitutional did you not understand? (unless of course, Congress wanted to take over the CARD-making industry, to chisel out the guys that are making that money from the banks, and they figure they go work for the GOVERNMENT and do the same thing they were doing before...I'll bet you complain about GOVERNMENT getting too large! I have 2 main contentions against the proposition that the Federal Reserve should be abolished 1: The Federal Reserve bank is necessary to maintaining price stability. The GAO investigators were not allowed to view most of the Federal Reserve’s monetary policy decisions including discount window lending, open-market operations and details on its transactions with foreign governments and banks. This is a bad equilibrium where enough people think others will try to withdraw early. They seem to believe that businessmen have rational expectations on just about everything except for how governments set interest rates. But abolishing the Fed only raises the bigger issue: What would—or should—be in its place? Consider the Diamond-Dybvig model. The debate is hardly new. If you are truly unbiased and truly seeking truth, you will seek out the Austrian economists argument and listen to them from their own mouths. Simply not true. The closest the US, or the Western world, has gotten to an "Austrian Economics" system was the 1800's to early 1900's. @kapt.blasto: Did you get paid well by your bosses for your insanely incorrect rant? I don't really understand it well enough to consider myself an expert, so I'll send you to Wikipedia which should give you a general idea of the theory behind it. Inflation as I said does have distributional effects and it does hurt some. It is incapable of accomplishing its stated objectives as to maintain stability of the financial system. 2. The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. All we need is a congress and a president with guts to enforce the Constitution. Pros and cons really depend on a personal preference on what type of monetary policy the U.S. is looking for. Wealth distribution in the U.S. is increasingly lopsided – and getting worse. Banks can provide this better outcome with liquidity transformation. The Federal Reserve is Unconstitutional. Further, there is a serious risk that real-time auditing of the Fed's financial contracts would weaken the financial system during times of crisis: that's why the Fed's lending window has always been anonymous. By Joseph Lawler July 24, 2012. FreedomWorks Originals provides you entertainment and education to help you better understand economics, the workings of government, and our insight into the most important debates facing our nation today. On behalf of FreedomWorks’ activist community, I urge you to contact your representative and urge them to cosponsor the Federal Reserve Transparency Act, H.R. But higher prices are actually a direct consequence of inflation since increasing the supply of money decreases the purchasing power of the dollar. The US Congress can even bring the dead back to life. Due to my strict interpretation of the Constitution, I find the Federal Reserve to clearly violate the Constitution. Take the example of a person with a fixed rate mortgage or student loans. http://www.freedomworks.org/content/top-10-reasons-end-federal-reserve, 111 K Street NE The Federal Reserve was ordered through a Freedom of Information Act request to release 28,000 pages of documents in March 2011. The central bank severely lacks transparency. It benefits the privileged few at the expense of the rest of us. The federal reserve has the word “reserve” in there. Don't let the quaint gifs put you off; this site is a brilliant and lucid explanation of how the monetary system works (that includes the Fed). There is a high correlation between the independence of central banks and a low, stable level of inflation over time. WASHINGTON, D.C. -- FreedomWorks today announces its support for Judy Shelton for the Federal Reserve Board of Governors. Most people would probably rather have immediate stability above everything. as for any foreign entity stepping in, that also would be Unconstitutional in a sovereign government and measure are already in place to keep it from happening. So lets’ start there. Abolishing The Little Pieces of Green Paper 1154 Words | … And they like the idea of THE PEOPLE being the distributors of that MONEY! It isn't *necessarily* authorized to prevent INFLATION, per se...but BANK PANICS...DEFININTELY....), (plus, if you'll remember past reports regarding 90% of the physical PAPER currency, having ILLICIT DRUG RESIDUE upon them? You must have JavaScript enabled to use this form. "...the ultimate issue that any smart politician would choose to lead and speak on is ensuring that these dollars hold their value over time. I would say that lender of last resort and deposit insurance need not be provided by a Congressionally sanctioned monopoly, and can exist in the free market. Thanks! It is unconstitutional. (and we'll probably have to send you the BILL for the UNPAID TAXES now....so you shouldn't have complained to us, anyway!)". The interest rate charged on such credit will be the same as the primary credit rate, or discount rate, at the Federal Reserve Bank of New York. Well, heh-heh....sorry kiddo! If you will watch the Stock Market when the Director of the Federal Reserve comes before Congress and talks about the Prime Interest Rate the people that run Wall Street are paying close attention to what the Director has to say. ...and if they can't pull out the money, because it AIN'T THERE...well, guess what? CONGRESS ALSO regards them as "FOREIGN! The entity with the least political power, but the most economic influence is the Federal Reserve. Seigniorage the US government makes from printing money is a couple percent of the federal budget. I'm considering a more important, fundamental reason why the "banishment" of the Federal Reserve doesn't really matter in the least. This includes governments and most firms. 2. WASHINGTON, D.C. -- In response to the Federal Reserve Board’s decision to cut interest rates close to zero, John Tamny, FreedomWorks Foundation's Director of the Center for Economic Freedom (CEF), commented: It is no secret that limited-government proponents dislike the Federal Reserve, or “the Fed,” and the influence that this central bank wields. However, some people will suffer a liquidity shock in year 1 and will want to withdraw their money early. The central bank serves big spending politicians, big bankers and their friends. The Federal Reserve Has Made Our Economy Less Stable  The U.S. economy was much more stable before the Federal Reserve came into existence. Second, the Federal Reserve Board unanimously approved a request by the Federal Reserve Bank of New York to decrease the primary credit rate from 3-1/2 percent to 3-1/4 percent, effective immediately. In the current economy, the bust is stabilized as debt is slowly liquidated, but this is at the cost of a banks receiving money through quantitative easing, more debt being created, and the risk of a pending hyperinflation. Ron Paul has stated that his preference (if we were to start over) would be that there is no Fed, but he understands that we are somewhat dependent on it at this point, so stressing transparency and accountability is the best way to limit the power to what makes sense. Today’s dollar is worth less than a nickel compared to the pre-1913 dollar. All because they want that "Guaranteed SAFETY, from....UNCERTAINTY..." If you like inflation, just wait until Congress controls the money supply. As long as the number of people withdrawing their money early is small, then they can fund the investment and pay early withdrawers more than just their initial investment. WASHINGTON, D.C. -- Ahead of an expected vote in the Senate on amendments to reform expired FISA surveillance authorities, a coalition of over 30 groups from across the political spectrum, led by FreedomWorks, Demand Progress, and the ACLU, joined together on a letter to the Senate demanding strong reforms to protect their constituents’ civil liberties. 1. The more dollars we have in the circulation, the less the currency is worth. “Petitioners, sentenced to die for the crimes they committed (including, in the case … and i get a real sense that they really don't know what they are demanding. Zinc mining has a negative environmental impact. whatever replaces it would grow the same tentacles again; there is an equivalent institution in every nation or place with multiple people on the planet; and there always will be. However, the boom (with jobs coming back) would follow much sooner. The video thinks Hong Kong doesn't have a central bank today. This makes the government uniquely suited to providing these functions since they can print money. It is often wrongly defined as the general rise in the price of goods and services. I know that a lot of folks reading these comment pages here, want a return to the COINAGE ACT...where a DOLLAR was REALLY A DOLLAR!

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