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View Poll Results: What to do with the FED?
Shut Down the Federal Reserve 8 80.00%
Nationalize the Federal Reserve 1 10.00%
Make a full Audit before making a decision 1 10.00%
Keep it secret and semi-private 0 0%
Voters: 10. You may not vote on this poll

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Old June 26th, 2010, 02:14 PM   #1
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Shut Down the Federal Reserve?

Are the fraud allegations from the article urging to Shut Down the Federal Reserve accurate? Why is there so little education about the Federal Reserve in the media, schools and universities?

Why is the Government Accountability Office not allowed a full audit of the Federal Reserve? The position that something is very wrong with the Federal Reserve is even supported by some courageous Congressmen from both parties. If their accusations are unfounded, then why aren't the democratically elected Congressmen allowed to audit the Federal Reserve's alleged fraudulent activities and private ownership? The US Constitution in Article I, Section 8, Paragraph 5, states that Congress has the authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;".

Why is the Federal Reserve so secretive?


http://thomaspainereturns.net/posts/sdfr.html
"The band aids will not help the economic crisis. There is a systemic problem. The Federal Reserve and all the central banks in the world that are designed on its model are defrauding the people of the world.

There is no rational reason why the U.S. Congress cannot print its own currency. The Congress was intimidated, bribed and blackmailed into creating and maintaining the Federal Reserve Bank. The Federal Reserve was awarded a contract to manage the currency in America. The cost of that contract to the U.S. has been $10 trillion in national debt.

To try to cover for the Federal Reserve's greedy fraud, many countries are being forced to pay into the Federal Reserve coffers to keep the world economy afloat. One of the ways they are being forced to pay is through devaluation of their currencies with respect to the U.S. dollar, which is a way of building up America at the expense of others in the world.

All of the band-aid measures will fail. The problem is the Federal Reserve, which concept is founded upon debt-based currency and fraud. It must be closed down or it will continue to suck the resources of the U.S. with its currency management contract. The American government could do the Federal Reserve's job for virtually nothing, and save the U.S. taxpayers between $200 and $900 billion each year in interest off a debt that will never be paid off."


http://en.wikipedia.org/wiki/Louis_McFadden
"McFadden is also remembered for his criticism of the Federal Reserve, which he claimed was created and operated by European banking interests who conspired to economically control the United States. On June 10, 1932, McFadden made a 25-minute speech before the House of Representatives[2] , in which he accused the Federal Reserve of deliberately causing the Great Depression."

http://en.wikipedia.org/wiki/Huey_Long
"Long was a staunch opponent of the Federal Reserve Bank. Together with a group of Congressmen and Senators, Long believed the Federal Reserve's policies to be the true cause of the Great Depression. Long made speeches denouncing the large banking houses of Morgan and Rockefeller centered in New York which owned stock in the Federal Reserve System. He believed that they controlled the monetary system to their own benefit, instead of the general public's benefit."

http://en.wikipedia.org/wiki/Rand_Paul
"Paul opposes the Federal Reserve Act of 1913 and the Federal Reserve's control of the nations money supply and interest rates. He wants to allow the free market to regulate interest rates, and supports congresses constitutional role of controlling the money supply. Paul endorses H.R. 1207, the Federal Reserve Transparency Act, a bill introduced by Congressman Ron Paul mandating an audit of the Federal Reserve. Although Paul would abolish the Federal Reserve, he supports transparency and accountability of the semi-private institution. Additionally, Paul opposes inflation and supports "restoring the value of the dollar that has devalued by approximately 95% since the Federal Reserve's inception in 1913"."

http://en.wikipedia.org/wiki/Alan_Grayson
"Grayson is a co-sponsor of the Federal Reserve Transparency Act of 2009, which would provide addition provisions to audit the Federal Reserve, including removing several key exemptions."
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Old July 26th, 2010, 01:41 AM   #2
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I agree there with you brother. The government is accountable to the people for each and every penny, we all know our rights better than anything. But, still we are afraid to stand up. The federal reserve also needs to be auditted!
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Old July 31st, 2010, 01:11 PM   #3
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There is a lot of secrecy with regards to the Federal Reserve as far as education goes. I recommend reading the Creature from Jekyll Island (I believe that is correct) for some more information regarding this entity.
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Old July 31st, 2010, 08:34 PM   #4
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Quote:
Originally Posted by jdsingle View Post
There is a lot of secrecy with regards to the Federal Reserve as far as education goes. I recommend reading the Creature from Jekyll Island (I believe that is correct) for some more information regarding this entity.
A private bank led by robber barons and independent of Federal oversight enjoys Congressionally backed existence, sets the value of the Dollar and controls the money supply. If this was well known, there'd be a civil war every time they screwed up the economy. As it is, it is becoming well known with the result of libertarians, liberals, conservatives, moderates, capitalists, socialists, communists and nazis all actually agreeing and jointly protesting the Fed. If the Libertarian Party ever comes to prominence... Well lets just say I'd hate to be a Fed employee.
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Old August 1st, 2010, 09:18 AM   #5
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That monstrosity needs to be removed as soon as possible. It's worse than the ECB. So long as it exists, it WILL be corrupted by special interests and it WILL be run for the sole benefit of further benefiting a greedy bourgeois capitalist ?lite, that work to line their own pockets. This is simply the symptom of a larger problem - a plutocratic state, run for the interests of the few, the movers and controllers of substantial areas of capital.

GET. RID. OF. IT.
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Old August 4th, 2010, 06:24 PM   #6
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problem is... the FED was created with specific intent to be outside the direct control of government to avoid becoming captive and a policy tool of our government. The FED does what the FED does. Sometimes with and sometimes without the approval of the government.
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Old September 3rd, 2010, 05:27 AM   #7
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I agree that there are many failings of the Federal Reserve system.

However, one only has to look at US history before the advent of the reserve system to see that the only thing that is worse than having the Federal Reserve system is not having a federal reserve system at all.

As far as I'm concerned, the only thing really obnoxious about the Federal Reserve is its private ownership. I voted for nationalization in the poll.
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Old September 7th, 2010, 06:05 PM   #8
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Quote:
Originally Posted by White Rabbit View Post
I agree that there are many failings of the Federal Reserve system.

However, one only has to look at US history before the advent of the reserve system to see that the only thing that is worse than having the Federal Reserve system is not having a federal reserve system at all.

As far as I'm concerned, the only thing really obnoxious about the Federal Reserve is its private ownership. I voted for nationalization in the poll.
I'd definitely disagree with you on the historical context. For starters, the USD has devalued by about 95% since the fed was instituted. Just looking empirically and objectively, that's a pretty glaring problem...
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Old September 9th, 2010, 04:18 PM   #9
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Originally Posted by TortoiseDream View Post
I'd definitely disagree with you on the historical context. For starters, the USD has devalued by about 95% since the fed was instituted. Just looking empirically and objectively, that's a pretty glaring problem...
Like I said, the only thing worse than having the Federal Reserve, is NOT having a central bank.

Check the history books on bank runs, bank failures the roller-coaster ride of the employment cycle in the pre-1911 period. No matter what you want to say about the relative value of the dollar, the economy and society is a whole lot more stable and peaceful without a major financial crash coming every few years as was very common prior to 1911.

As for the relative value of a dollar, I really don't care what the relative currency comparison figures show, because there is no doubt at all that the life of the average person/worker/family is a whole lot better, safer, healthier and longer now than it was pre-1911. Stable economies are better than roller-coaster rides, regardless of theoretical efficiencies or relative values of numbers on paper.

Btw, I learned a very interesting thing about the 'value' of an ounce of gold a long time ago. For all intents and purposes, that one 'once of gold' is relatively equal in common currency value to the price of clothing for a man of business and some social standing. This was true in ancient Greece and Rome, and it was true in the Middle Ages Europe and it is still true today. Gold is roughly $2000 an ounce these days. That's about the price of a good suit, shoes, shirt, underwear and tie at a first class men's store.
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Old September 12th, 2010, 08:52 PM   #10
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Quote:
Originally Posted by White Rabbit View Post
Like I said, the only thing worse than having the Federal Reserve, is NOT having a central bank.

Check the history books on bank runs, bank failures the roller-coaster ride of the employment cycle in the pre-1911 period. No matter what you want to say about the relative value of the dollar, the economy and society is a whole lot more stable and peaceful without a major financial crash coming every few years as was very common prior to 1911.
I have two points to make in response to that:

1. What's important is not so much the existence of the Federal Reserve, per se, but the economical principles upon which it operates. The pre-1913 period in American economics was not void of the same principles which characterize the federal reserve, i.e. fractional reserve banking. The Federal Reserve is a simple continuation of that principle, but centralized and monopolized. This, as well as other government distortions and protections and interventions in the economy, were largely the causes of the panics that occurred in the 19th century - not the free market, which was certainly dead after the Civil War.

2. If the Federal Reserve was instituted to prevent panics and bank runs, then just empirically and objectively it has failed. Period. We had the Great Depression, then we had the stagflation of the 70s, the Nasdaq crash recently, and the current financial collapse. These are all due to the fed, as Hayek has beautifully explained and won the Nobel Prize in Economics for. The only change the Federal Reserve makes is not that it eliminates panics (although they are less numerous), but it lengthens the time for bubbles to grow, and the panics are worse and more damaging to the economy than 5 mini panics.

To illustrate my point, read about the "Depression of 1921" which, statistically, was actual worse than the Great Depression in many ways. Why do we never read about it? - because it lasted for one year. Why was it so short? The answer is that the fed did not begin monetary operations until some time after, and they weren't able to intervene and prolong the problem. In addition the president also kept his hands off. It lasted one year, and it was painful for sure, but then everyone went back to work and everything was fine. compare that with the Great Depression which lasted over a decade, the stagflation of the 70s, and the current mess. Markets correct themselves naturally and peacefully, government intervetion and central banks prevent this process and prolong the pain.

Quote:
Originally Posted by White Rabbit View Post
As for the relative value of a dollar, I really don't care what the relative currency comparison figures show, because there is no doubt at all that the life of the average person/worker/family is a whole lot better, safer, healthier and longer now than it was pre-1911. Stable economies are better than roller-coaster rides, regardless of theoretical efficiencies or relative values of numbers on paper.

Btw, I learned a very interesting thing about the 'value' of an ounce of gold a long time ago. For all intents and purposes, that one 'once of gold' is relatively equal in common currency value to the price of clothing for a man of business and some social standing. This was true in ancient Greece and Rome, and it was true in the Middle Ages Europe and it is still true today. Gold is roughly $2000 an ounce these days. That's about the price of a good suit, shoes, shirt, underwear and tie at a first class men's store.
I take a very different view. I think it's amazing that, despite all of the economic blockades put in front of us, we are still that well off. I can only wonder how much improved our technology would be without these blockades.
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Old October 6th, 2010, 02:47 PM   #11
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It's good to hear that many want to shut down the FED or at least audit/nationalize it! Rock on, friends!

To address White Rabbit:

You (and many others) are confusing central banks with federal deposit insurance. Central banks are there to protect the (big!) banks. Federal Deposit Insurance is there to protect the normal people like you and me. Those two things are independent of each other. Shut down the FED(or at least nationalize it/audit it)! But keep the FDIC.

http://en.wikipedia.org/wiki/Federal_deposit_insurance
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC insures deposits at 7,895 institutions.[2] The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks).
Insured institutions are required to place signs at their place of business stating that "deposits are backed by the full faith and credit of the United States Government."[3] Since the start of FDIC insurance on January 1, 1934, no depositor has lost any insured funds as a result of a failure.[4]



To me it is unbelievable how ignorant people are. They do not even realize the difference between the FED and the FDIC. Of course, that's exactly what the bankers want you to believe. That's why the banker controlled(and financed!) media wants you to believe, as well as the banker-influenced "education" system.
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Old October 6th, 2010, 03:00 PM   #12
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TortoiseDream:

Unfortunately you are right about the prolonged mess caused by the central banks/fiat money/fractional reserve system. Sadly, because of these factors the current crisis will be MUCH WORSE than the Great Depression, let alone the insignificant little Panics like the Panic of 1907. The dollar will hyperinflate, America and freedom will be dead, WW3 will be coming. Then, when it is too late, some of the Central Banks supporters will see the errors of their way. It will be too late then.

But maybe, maybe, maybe enough people will see the light before it is too late. That's why I am trying to educate people.
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Old October 11th, 2010, 06:01 AM   #13
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LOL

Quote:
Originally Posted by David View Post
A private bank led by robber barons and independent of Federal oversight enjoys Congressionally backed existence, sets the value of the Dollar and controls the money supply. If this was well known, there'd be a civil war every time they screwed up the economy. As it is, it is becoming well known with the result of libertarians, liberals, conservatives, moderates, capitalists, socialists, communists and nazis all actually agreeing and jointly protesting the Fed. If the Libertarian Party ever comes to prominence... Well lets just say I'd hate to be a Fed employee.
Right on the money. What are the chance, though, of the Libertarians actually coming to prominence? I think that Fed employees can feel safe for now
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Old October 11th, 2010, 08:05 PM   #14
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The FED is not a private bank DS. It is a quasi governmental body. Nebulous to be certain.

It is free from direct governmental oversight for a very specific and important reason. It was intended that it remain apart from partisan policy squabbles such that effecting policy that helped the party would become more important than the goal of helping to smooth economic bumps.

How effective the FED is is always debateable. Whether is should be apart from oversight is as well. But, few would disagree that greater transparency is desireable.

As far as a libertarian party comming to prominence a la David... not gonna happen this side of the apololypse. Their numbers have declined every year for decades. Third parties (excepting the day of show voting students who elected Jesse the Body - reat choice huh?) are good at accomplishing one thing: getting the least favored choice elected. (See Jesse in MN and Ross Perot's gift to Bill Clinotn - the giant sucking sound was disaffected GOP votes going to Perot which allowed Clinton to win)
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Old August 1st, 2011, 03:35 PM   #15
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Veering from the Gold standard into paper money with no intrinsic value is a bad idea. As a dentist, I provide a service and employ people. I pay a lot of taxes and take risks. That's what it is all about in small business. I wish more people in Washington could see that. Now with the rampant printing of money, we're all in for our money becoming worthless. At that point, society will break down, and we're in a heap of trouble.
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Old August 1st, 2011, 03:45 PM   #16
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^I fear that the people who hold the real power do see that (not necessarily the politicians, but more the central bankers and wall st.) but they keep going with it because it makes them money. The best currency would be one which is subject to the least fluctuations- what we are quickly getting at is just a money system that allows government to spend tons without having to pass tax hikes (the citizens still pay for it though since inflation is a tax).
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Old August 7th, 2011, 04:41 AM   #17
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I agree with the topic starter...
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Old August 15th, 2011, 04:30 PM   #18
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I was about to click Shut It Down, but then I said, wait wait wait a second.....

I firmly believe that a FULL AUDIT should be performed first. If we shut it down without even looking at the numbers, it is entirely possible that we let people get away with unprecedented malfeasance.
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Old August 15th, 2011, 06:59 PM   #19
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Quote:
Originally Posted by UnityEarth View Post
I was about to click Shut It Down, but then I said, wait wait wait a second.....

I firmly believe that a FULL AUDIT should be performed first. If we shut it down without even looking at the numbers, it is entirely possible that we let people get away with unprecedented malfeasance.
We can shut it down and still go after the crooks after the audit.
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Old August 22nd, 2011, 09:59 PM   #20
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We can shut it down and still go after the crooks after the audit.
Absolutely. I'm just pretty sure most people would be utterly shocked to see how much the banks have 'profited' from having a monopoly on printing our money, and manipulating our economy.
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