The Instigator
Quirinus
Pro (for)
Tied
0 Points
The Contender
Mr.Lincoln
Con (against)
Tied
0 Points

The Federal Reserve Bank should be Abolished

Do you like this debate?NoYes+0
Add this debate to Google Add this debate to Delicious Add this debate to FaceBook Add this debate to Digg  
Post Voting Period
The voting period for this debate has ended.
after 0 votes the winner is...
It's a Tie!
Voting Style: Open Point System: 7 Point
Started: 11/13/2014 Category: Politics
Updated: 2 years ago Status: Post Voting Period
Viewed: 556 times Debate No: 65097
Debate Rounds (5)
Comments (2)
Votes (0)

 

Quirinus

Pro

I am a strong opponent to the Federal Reserve Bank, and would like to see it abolished for good. Founding fathers such as Jefferson and Madison knew the hazards of having a national bank, and strongly opposed the creating of one. Countries such as England which have large banking industries also have a history of corruption within such banks, and evidence of this will be shown within the voting rounds. This is my first debate on this website, so I'm looking forward to starting, and I will always back up opinions with multiple facts (obviously). Whoever decides to accept this challenge, good luck.
Mr.Lincoln

Con

Thanks for the luck

The Federal Reserve is a bank that keeps this nations money. It's basically America's safe house for money. I really do not see anything wrong with the Federal Reserve.
Debate Round No. 1
Quirinus

Pro

You not being able to find anything "wrong" with the Federal Reserve does not warrant it's existence. Rather, you should be asking yourself what is right with it, or what it provides that is a positive. On top of that, I can find plenty of things wrong with the Federal Reserve, and will be providing some of these wrongdoings in the following article.
Our founding fathers, the ones largely responsible for the creation of our Constitutional Republic, the United States of America, were men far ahead of their time. It's as if they could see what would happen to our country before it even happened. This holds true to banking.
Thomas Jefferson said
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." (Can be found at http://www.monticello.org...)

The fact that Jefferson said this in 1802, over 200 years ago, should be testimony to this man's genius. Before it even happened he knew banks would eventually take over the countries monetary system, just like they did in England and in result, destroy our personal liberties. If you don't believe that this has already happened, then let's take a step back and analyze our current financial standings as a country. Let's start with "If the American people ever allow private banks to control the issue of their currency..." One of the most common misconceptions about the Federal Reserve is that it is a federal institution. It's in the name right? Wrong, and anyone doing research would be able to see that it is privately owned. I won't go into the breakdown of how the Fed works just yet, but I will provide a helpful quote.

"Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."

" The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s
(Quote found at http://www.globalresearch.ca...)

Moving onto "first by inflation, then by deflation..." One must understand exactly what inflation is. It is not the rising of prices, rather, the devaluation of currency. Inflation in the United States is made possible by a number of things, two of which being fractional reserve banking (to learn more on FRB visit http://www.investopedia.com...), and the Federal Reserve. Because the U.S runs on a Fiat Standard, meaning our money is no longer backed by gold, currency does not have to be bound by a set value representation anymore. The Fed decides how much the dollar is worth by printing unlimited amounts of it. This not only destroys the middle class, but devastates the poor as well. (To learn about the Fiat Standard go to http://www.investopedia.com...). The rest of Jefferson's quote is self explanatory, and I will end the second round of debate here.
Mr.Lincoln

Con

Mr.Lincoln forfeited this round.
Debate Round No. 2
Quirinus

Pro

Upon review I've noticed that my challenger's account is inactive. Does this mean I automatically win?
Mr.Lincoln

Con

Mr.Lincoln forfeited this round.
Debate Round No. 3
Quirinus

Pro

Quirinus forfeited this round.
Mr.Lincoln

Con

Mr.Lincoln forfeited this round.
Debate Round No. 4
Quirinus

Pro

Quirinus forfeited this round.
Mr.Lincoln

Con

Mr.Lincoln forfeited this round.
Debate Round No. 5
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by SebUK 2 years ago
SebUK
If only I remembered about this debate ... I would have voted and given you some points for conduct for not forfeiting. :(
Posted by SebUK 2 years ago
SebUK
What does Pro propose instead of the Federal Reserve?
No votes have been placed for this debate.