The Instigator
variance3
Con (against)
Losing
0 Points
The Contender
Wallstreetatheist
Pro (for)
Winning
4 Points

Federal Reserve

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Post Voting Period
The voting period for this debate has ended.
after 1 vote the winner is...
Wallstreetatheist
Voting Style: Open Point System: 7 Point
Started: 7/19/2012 Category: Economics
Updated: 4 years ago Status: Post Voting Period
Viewed: 997 times Debate No: 24776
Debate Rounds (3)
Comments (2)
Votes (1)

 

variance3

Con

The United States government should be able to print currency without a central bank or gold standard, and should not have to pay interest on the money the government issues.
Wallstreetatheist

Pro

"The United States government should be able to print currency without a central bank or gold standard, and should not have to pay interest on the money the government issues."

My opponent states several things that the government should and should not have the privilege and obligation to do; however, these are just normative assertions without warrants or implications for justification. I remain thoroughly unconvinced from this statement that this is what should be done. [1]

Furthermore, the Federal Reserve acts in practice like a wing of the treasury, and it was created by Congress and signed into law with the signature of Woodrow Wilson. The Fed functions as a fourth branch of government, and has as much power as the executive branch.

If the US Government ended the Fed and chose to make the Treasury the source of monetary policy responsibilities, then the process would end up even more corrupt than it exists today. [2]

The Gold Standard is the optimal way for monocentric banking to function. It prevents government from spending too much, and it prevents monetary policy from creating recessions and depressions as portrayed in the Austrian Business Cycle Theory. [3]

Further, interest is a necessary part of lending money (which is what I think my opponent meant). The interest rate should be set by the market, and government should have to follow this economic law just as its citizens.

I will assume my opponent has a full burden of proof, as he has not specified if it to be shared. So far he has not upheld his burden of proof.

Thank you.


Sources:
[1] http://debate-central.ncpa.org...
[2] http://mises.org...;
[3] Ludwig von Mises, Theory of Money and Credit, 1912
Debate Round No. 1
variance3

Con

variance3 forfeited this round.
Wallstreetatheist

Pro

Extend the argument which I wrote in four minutes.
Debate Round No. 2
variance3

Con

variance3 forfeited this round.
Wallstreetatheist

Pro

Vote for the godless investment banker! HUZZAH!!!
Debate Round No. 3
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by Wallstreetatheist 4 years ago
Wallstreetatheist
I should use that in my first round!!! Thanks, bossy!!!!!
Posted by bossyburrito 4 years ago
bossyburrito
Dem Wingdingalings.

""The United States government should be able to print currency without a central bank or gold standard, and should not have to pay interest on the money the government issues."

My opponent states several things that the government should and should not have the privilege and obligation to do; however, these are just normative assertions without warrants or implications for justification. I remain thoroughly unconvinced from this statement that this is what should be done. [1]

Furthermore, the Federal Reserve acts in practice like a wing of the treasury, and it was created by Congress and signed into law with the signature of Woodrow Wilson. The Fed functions as a fourth branch of government, and has as much power as the executive branch.

If the US Government ended the Fed and chose to make the Treasury the source of monetary policy responsibilities, then the process would end up even more corrupt than it exists today. [2]

The Gold Standard is the optimal way for monocentric banking to function. It prevents government from spending too much, and it prevents monetary policy from creating recessions and depressions as portrayed in the Austrian Business Cycle Theory. [3]

Further, interest is a necessary part of lending money (which is what I think my opponent meant). The interest rate should be set by the market, and government should have to follow this economic law just as its citizens.

I will assume my opponent has a full burden of proof, as he has not specified if it to be shared. So far he has not upheld his burden of proof.

Thank you.
"
1 votes has been placed for this debate.
Vote Placed by airmax1227 4 years ago
airmax1227
variance3WallstreetatheistTied
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Total points awarded:04 
Reasons for voting decision: Con never replied to Pros argument. Conduct for FF.