Should we get rid of the Federal Reserve? Why or why not? If so, what would you want to happen as a result and how should we go about doing it? Discuss below.
I really do not like regulatory agencies with so much power. These decisions should be made by elected officials.DaBrainz
The whole point of the structure of the fed's power and decision making process is to make it impartial to any one particular political group's interests or pressure, at least in theory. Many are of the opinion that it doesn't work out so cleanly in practice, but if you look at the current state of elected federal government officials, it could very well be worse.
Yes. It allows irresponsible spending which creates a deficit that the people have to pay off therefore creating a massive gap between the wealthy and the poor.
Yes. It allows irresponsible spending which creates a deficit that the people have to pay off therefore creating a massive gap between the wealthy and the poor.ChampionoChumps
[QUOTE="ChampionoChumps"]Yes. It allows irresponsible spending which creates a deficit that the people have to pay off therefore creating a massive gap between the wealthy and the poor.Abbeten
[QUOTE="Abbeten"][QUOTE="ChampionoChumps"]Yes. It allows irresponsible spending which creates a deficit that the people have to pay off therefore creating a massive gap between the wealthy and the poor.ChampionoChumps
lol No counterargument besides ridicule? The government retains the power to borrow regardless of the existence of the Fed also i don't get the argument that the debt is the primary driver behind income inequality.
It lowers the value of our currencey and it creates a massive deficit. Nothing good comes from it. Banks also borrow money from the federal reserve as well, now the real question is where does the federal reserve get it's money? Printing it doesn't really count, it just lowers the value.
There isnt a single country in the world that doesn't have the equivalent of a Federal Reserve. There are no modern countries that rely on just the gold standard (the only other monetary system known than fiat currency of the Federal Reserve).
Eliminating it would likely not be a very good idea.
Additional oversight, or guaranteeing a certain amount of money as backed by gold, will likely be much better. The idea of "lets get rid of the Fed because of those greedy bankers" is one based on emotion and not logic.
I've never heard of anyone (or agency) loosing/misplacing trillions and no one has been jailed or fired, only had their crimes swept under the rug. Too much power breeds corruption.
I've never heard of anyone (or agency) loosing/misplacing trillions and no one has been jailed or fired, only had their crimes swept under the rug. Too much power breeds corruption. bnarmz
DOD (Rumsfeld) lost 2.3 trillion on September 10, 2001. Was hilarious because the place in the Pentagon that the records were kept in was hit by a PLANE the day after.
It lowers the value of our currencey and it creates a massive deficit. Nothing good comes from it. Banks also borrow money from the federal reserve as well, now the real question is where does the federal reserve get it's money? Printing it doesn't really count, it just lowers the value.
Inflation is currently very low, probably lower than we'd want at this particular moment in time. And inflation does not create deficits. And yes, the Federal Reserve DOES get its money from printing presses. That's the point. Well, from printing and from selling t-bills
It lowers the value of our currency and it creates a massive deficit. Nothing good comes from it. Banks also borrow money from the federal reserve as well, now the real question is where does the federal reserve get it's money? Printing it doesn't really count, it just lowers the value.
Just thought I'd point out that lowering the value of your currency also strengthens the competitiveness of your exports and makes imports more expensive, both of which are arguably good for you.
Whether you believe that overall it is a good thing is a matter of debate, but it is factually incorrect to say there is nothing good from it.
sure lets toss away retirement force everyone to work their entire life , while we are at it lets toss out medicare medicaid health insurance so if you get hurt you die on the spot ,
The Federal Reserve isn't a perfect agency but it's hardly to blame. Our economic system and spending habits are to blame in part thanks to Congress and the President.
Hec even if we had the Gold Standard, we'd still have problems if we were in the same situation.
Just repeal legal tender laws and the Fed will die on its own. If the free market is allowed to determine the currency gold will naturally emerge.famicommander
Just repeal legal tender laws and the Fed will die on its own. If the free market is allowed to determine the currency gold will naturally emerge.famicommander
That would be a gigantic mistake. There's a reason nobody used the gold standard anymore.
Log in to comment