We need to abolish the federal reserve., page 1

reply to post by anachryon

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I've just finished reading a book called What the Government has Done with our Money. It's about economic theory. It said something about how hyper inflationary was the cause of the feds being able to print unlimited money because we are now off a gold standard. A gold standard curbed inflation rates because it had value. Now money doesn't have any value. There is nothing preventing the inflation and the cost of things from rising. I also understand that banks are essentially bankrupt and they depend on the federal reserve for more money. But the federal reserve is off the gold standard as is the rest of the world, so, they just counterfeit money. All of our money right now is counterfeit. We may not be able to go back to the classic gold standard but I do think we should at least try to go to another metal. I don't think going to another metal would devalue our national currency. I think they could use some kind of other metal in the use of trades with other nations so at least that our dollar could have some value, because right now, it has none. How could a system like the one I described work?

reply to post by Swatman

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The Fed prints money. Money used to be worth something when we were on a gold standard. Now it's worth nothing as we are technically off the gold standard. The Fed now is printing worthless money and it's devaluing the dollar. The fed also takes part in a fractal system (I believe) where it lends money to banks so they never fail. All banks must be members of the federal reserve or members of other banks that are members of the federal reserve. They tell the federal reserve everything that goes on, what checks are deposited, etc, how the money is flowing. The Fed basically is a corrupt political machine that needs to be abolished so we can have a real economy and not one that is a complete fraud. Right now all banks are bankrupt. They're borrowing money from the central bank. If we got rid of the federal reserve we could establish a new bank in its place that would actually work. Right now we don't have a real economy. Our economy is fake.

That's my understanding of the federal reserve. Could anyone care to correct me? We;ve been off the gold standard for quite some time. My understanding is that basically we just put faith into the value of money and if we lost faith then the value of money would go away. If we had a new metal standard though the money might regain some value but right now our money is worthless.

video.google.ca...

Here is a nice video on the Fed, and how it has shaped our country and government since the turn of the twentieth century.

reply to post by Frankidealist35

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I'm still not clear as to what would change if the FED were to be abolished and what exactly they have done wrong. Besides of course, the "fractal system" (lol).

I'd also like justamomma to enlighten me, and presumably others, on what exactly the Federal Reserve does, since I pose these questions (all my schooling apparently being for naught). A good place to start would be the FOMC and whether or not the target rate leads or follows market conditions. Maybe the FED's true usefulness will be apparent then? Oh what do I know... Please share!



[edit on 12/12/08 by aava]

A better question is who owns the Fed and where is all that money going something to the tune of 800 to 900 billion every year just in interest alone.

I want my country back

reply to post by SLAYER69

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I can tell you that debt servicing costs for FY 2007 were about $250 billion. Granted, with the recent bailouts, that is likely to raise substantially. Paying interest on debt owed, a novel concept?

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