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Originally posted by Chovy
I'm Canadian and I think the fed should dismantled and burned to the ground.
Are Americans finally waking up?
Originally posted by Beefcake
Hardly a scientific poll but relevant none the less as it is on a mainstream site.
Originally posted by badmedia
reply to post by walman
Excuse me, but I do know about the fed. I voted yes and for a reason. I think many other people understand it as well, because it's not really hard to understand.
Answer the following questions:
1. Why is the money by the fed issued as a loan? Who is it in this world that has all this money to loan out? If the US is the richest nation in the world, then who is so rich to loan out so much money?
China? Russia? Nope. The total debts to these countries is less than 5% of the debt.
So, who is it that we owe this money too?
2. Why is this money created/loaned at interest? How is it possible to pay back this interest money when the interest money itself is never created, and the money which is created is given away as a loan and has to be paid back.
That is really all you need to know in order to know if the fed should be gotten rid of.
The "money" they create comes out of thin air. It gets it's value based on the existing currency, of which it takes value from(IE: the money in your pocket). As such, why is it loaned out to the very same people who it gets it's value from? And at interest.
There is absolutely no reason why those who control our currency should be allowed to create money out of thin air, and then loan it at interest.
At the very least, we could have a system that didn't issue money as a loan and at interest, and guess what would happen if we did that - no more income taxes would need to be paid.
Originally posted by walman
What a disingenuous poll.
You are asking people, who don't know exactly what the Fed is doing (or what its agenda is) outside of mostly speculative theory, whether we should abolish the Fed? How about first asking whether we should audit it, that way we can actually know what it is doing (and what its agenda is)?
Anyone of a sound mind should disregard the results of this poll.
I voted 'Not Sure'. But if the question was whether or not we should audit the Fed, I would likely have voted 'Yes', and reserved my response to the question of abolishing it until I had all of the facts that an audit would reveal.
There are aspects of the Fed that are easy to understand, but the reasoning for implementation and the philosophy of intervention are not very easy. You clearly subscribe to a different philosophy than some people who support the Fed (and who probably understand it more than you do), so the decision to audit/abolish is easier for you to come to on less information than it is for them. I will go out on a limb and say that most of the people who voted in that poll have no understanding of the contrast between interventionist (more regulation) and non-interventionist (less regulation) philosophies, and therefore go into it ill-equipped and are not making a truly informed decision.
Quit saying the money comes out of thin air unless you're prepared to say that the plants that it is printed on come out of thin air, or that the confidence that backs it manifests out of thin air. It is no more out of thin air than anything you make or any agreement that you come into. Gold itself - though there is more logic behind its valuation - by similar reasoning comes out of thin air.
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Originally posted by walman
Originally posted by badmedia
reply to post by walman
Quit saying the money comes out of thin air unless you're prepared to say that the plants that it is printed on come out of thin air, or that the confidence that backs it manifests out of thin air. It is no more out of thin air than anything you make or any agreement that you come into. Gold itself - though there is more logic behind its valuation - by similar reasoning comes out of thin air.
Plants do (partially) come out of thin air. They take in CO2 and spit out O2. Since they are Carbon based, they (in a sense) DO come out of thin air.
That is no reason to state that money comes out of thin air, only its value. Fiat money's value is backed by the government, but only since the bankers falsely brought the FED into being many moons ago and since then we have suffered for it. By defaulting on the BS loans that where taken out and our real property with real value has been taken.
Life was easier in the 50's, why? The value of the dollar went farther. Now, both parents have to work JUST to raise a family. I'm a single parent with one child and still struggling. Hmmm, pay the notes or eat? Tough choice.
And now, the banks get my money from taxes because they "are too big to fail." I smell BS. The FED is illegal as is income taxes.