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What is your opinion of the Federal Reserve System?
Posted on 6/16/15 at 5:16 pm
Posted on 6/16/15 at 5:16 pm
I heard someone the other night at the bar bitching about the Fed being an evil, shadowy organization set to destroy America, etc. On the other hand, many folks like the idea of economists controlling the supply of money and acting independently dictating the monetary policy on behalf of the Pres and Congress.
From my cursory understanding of how this country's economy works, I am mostly ok with having and independent centralized banking system.
What say you?
Bonus: Do you think they should take the blame for things like the recession that recently happened?
From my cursory understanding of how this country's economy works, I am mostly ok with having and independent centralized banking system.
What say you?
Bonus: Do you think they should take the blame for things like the recession that recently happened?
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Posted on 6/16/15 at 5:17 pm to Robert Goulet
Posted on 6/16/15 at 5:30 pm to Robert Goulet
Why anyone thinks that gov't control and influence over the currency is good is beyond me. 1913 started the Fed Reserve, the Fed Income Tax, and America's endless cycle of conflicts.
Posted on 6/16/15 at 5:57 pm to Robert Goulet
House
of
Cards
of
Cards
Posted on 6/16/15 at 6:26 pm to Robert Goulet
The fed basically has no exit strategy right now. Their policies helped to push the economy over the edge when the housing market crashed. If you look at what they have done with the money supply you would understand why oil spiked so much and remains where is is now.
Posted on 6/16/15 at 6:30 pm to Robert Goulet
The fed sucks, being off the gold standard sucks, printing money just because you can sucks
Posted on 6/16/15 at 6:33 pm to Aubie Spr96
Ok, I take it you're agaisnt the fed.
Do you think the economy would be as stable without the fed? Obviously it was created to combat run on banks, etc. I'm asking because our economy has been relatively stable since its creation.
Who would you want In control of our money supply?
The fed doesn't print money.
Edit: and just so I'm clear, I'm genuinely interested in responses here. There is no agenda, just looking for interesting discussion.
Do you think the economy would be as stable without the fed? Obviously it was created to combat run on banks, etc. I'm asking because our economy has been relatively stable since its creation.
Who would you want In control of our money supply?
quote:
printing money just because you can sucks
The fed doesn't print money.
Edit: and just so I'm clear, I'm genuinely interested in responses here. There is no agenda, just looking for interesting discussion.
This post was edited on 6/16/15 at 6:35 pm
Posted on 6/16/15 at 6:34 pm to Robert Goulet
They're a pretty shady organization. At best.
I mean I like the idea of power being out of the governments hands in some things, but they're no better.
Go read Hidden Order by Brad Thor for an interesting fictionalized view of them.
I mean I like the idea of power being out of the governments hands in some things, but they're no better.
Go read Hidden Order by Brad Thor for an interesting fictionalized view of them.
This post was edited on 6/16/15 at 6:35 pm
Posted on 6/16/15 at 6:36 pm to 3nOut
quote:
Go read Hidden Order by Brad Thor for an interesting fictionalized view of them.
Thanks, I'll check it out.
There is another economy type book I need to read as well, but the name escapes me at the moment
Posted on 6/16/15 at 6:41 pm to Robert Goulet
quote:
The fed doesn't print money.
I know but I was on a roll
I really don't like the fed but I honestly don't know what would be better. I do know, we'll I think, they have caused many problems.
Posted on 6/16/15 at 6:53 pm to Agforlife
quote:
I know but I was on a roll I really don't like the fed but I honestly don't know what would be better. I do know, we'll I think, they have caused many problems.
Fair enough. Trust me, I despise authority figures in general. That is why I asked the question, I don't necessarily think there is some magical better option out there. We always bitch about politicians making decisions about stuff they have no clue about, but in the fed we have economists that have graduated from our best learning institutions making financial decisions. I think we automatically assume govt=bad and that isn't always the case.
I think a really easy argument could be made that the fed is a lot of the reason we've had such a stable and strong economy for so long. And I'm sure we could throw a lot of blame their way too--the energy crisis of the 70s immediately comes to mind.
Posted on 6/16/15 at 6:55 pm to Robert Goulet
quote:
Thanks, I'll check it out. There is another economy type book I need to read as well, but the name escapes me at the moment
Well it's an work of fiction about a guy in espionage. So don't go in thinking it will be factual. More a spy story that has some interesting facts about the fed you may not have known.
Posted on 6/16/15 at 9:35 pm to Aubie Spr96
The bankers at the Fed killed JFK and his brother.
Maybe.
Maybe.
Posted on 6/16/15 at 9:54 pm to 3nOut
quote:
Well it's an work of fiction about a guy in espionage. So don't go in thinking it will be factual. More a spy story that has some interesting facts about the fed you may not have known.
Does the author make it clear when he is dealing with fact or fiction?
Posted on 6/16/15 at 9:54 pm to 3nOut
quote:
More a spy story that has some interesting facts about the fed you may not have known.
Well, most facts about the Fed will be new to me. That's another reason I asked this question because of how ignorant, we as Americans, are about how our economy works. I know there are some pretty smart folks on here at could explain it all better.
Thanks for the rec, though. I like a good fiction work if it's done right.
Posted on 6/16/15 at 10:42 pm to Stonehog
quote:
Does the author make it clear when he is dealing with fact or fiction?
I would say yes. The whole thing is a spy and most of the time he's stopping terrorist or other spies. His books are always about 4-5 years in the future. Most of his books have some places in 1 or 2 chapters that lays out a very real historical or current events that don't move the plot along but are very informational and spurs the rest of the book.
Posted on 6/17/15 at 7:03 am to Robert Goulet
The day is coming when the rest of the world will finally get tired of our bullshite and form a new reserve currency. Then, we will lose our ability to print our way out of things and our deficits will actually mean something.
I'd prefer a market based currency. Would it have volatility? Of course. However, I'd take free market volatility over gov't manipulation every day of the week.
I'd prefer a market based currency. Would it have volatility? Of course. However, I'd take free market volatility over gov't manipulation every day of the week.
Posted on 6/17/15 at 8:19 am to Aubie Spr96
quote:
The day is coming when the rest of the world will finally get tired of our bullshite and form a new reserve currency. Then, we will lose our ability to print our way out of things and our deficits will actually mean something.
Most of those same countries owe money all over the world too, I doubt this will happen anytime soon. I don't recall us printing our way out of anything, do you have an example?
quote:
I'd prefer a market based currency. Would it have volatility? Of course. However, I'd take free market volatility over gov't manipulation every day of the week.
I don't know much about that, but it seems like a lot of people could manipulate the market rather than one organization doing it and I woild think that would cause a lot of anarchy. Is it supposed to be a stable model?
Posted on 6/17/15 at 8:21 am to bbvdd
quote:
The fed basically has no exit strategy right now. Their policies helped to push the economy over the edge when the housing market crashed. If you look at what they have done with the money supply you would understand why oil spiked so much and remains where is is now.
What are they trying to exit? I agree with you about the housing crash since they set most policies. Are you saying the fed (or America) controls OPEC or are you referring to something else?
Posted on 6/17/15 at 8:24 am to Robert Goulet
quote:
On the other hand, many folks like the idea of economists controlling the supply of money and acting independently dictating the monetary policy on behalf of the Pres and Congress.
Don't assume the guys running the Fed know what they're doing; just look at our economy since the Fed's inception.
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