The Instigator
ThePraetorian
Pro (for)
The Contender
EagleRyder
Con (against)

The Federal Reserve

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Voting Style: Open Point System: 7 Point
Started: 7/7/2016 Category: Economics
Updated: 5 months ago Status: Debating Period
Viewed: 176 times Debate No: 93442
Debate Rounds (5)
Comments (0)
Votes (0)

 

ThePraetorian

Pro

I argue that the Fed is needed to counter deflation and maintain a healthy and balanced economy.
EagleRyder

Con

The Federal Reserve is a method of enslaving the United States by putting the country in perpetual debt.The Fed is a deception and is responsible for the biggest robbery in the history of the United States. Even its very name serves to deceive the people into thinking that it is a federally owned bank when in actuality the Fed is owned by private billionaire bankers. The United States government does NOT print its own money, rather it borrows money from the Federal Reserve. The Federal Reserve then issues more money to be printed and given to the US government, literally printing this money out of thin air! This in turn devalues the US dollar more and more, putting the country further and further into debt. It's an endless and vicious cycle of infinite debt. It is the reason why gasoline used to cost 20 cents per liter now costs over $1.40 a liter in some places. By printing more money, the currency is devalued, causing inflation. The Fed also has virtually unlimited power, as it has never undergone an audit since its creation in 1913. The CIA, FBI, and even the US government itself is not allowed to enter the Fed, that is how powerful the Fed really is. Nobody dares to challenge the Fed, because the last person who did was assassinated. President John F. Kennedy wanted to end the Fed and he issued Executive Order 11110 in order to do so, but before he could go through with his plan, he was assassinated. Also, in order for the government to pay off the money that it borrows from the Fed, the government taxes you an collects money from you through the IRS, so every American is being robbed by the Fed right now. The Federal Reserve is truly the biggest scam in the history of humanity. It was formed through and continues to run on deception by making people believe that it's actually a federally owned bank. "Give me control of a nation's money and I care not who makes it's laws" " Mayer Amschel Bauer Rothschild.
Debate Round No. 1
ThePraetorian

Pro

I will respond to your arguments one at a time in chronological order. First of all only roughly about 2.1 Trillion dollars is owed to the federal reserve in terms of pure debt. More is owed to social security (2.6 trillion) and foreign nations (5 trillion) so the federal reserve isn't putting us in perpetual debt, it barely has any stake in it at all. Next, yes the fed increases the money supply typically via open operations, and yes it is technically created "out of thin air" but this really doesn't matter. Actually, to return to your debt point, by devaluing the dollar, the federal reserve actually DECREASES the real value of debt, so it actually helps to relieve the burden. Yes printing money typically causes inflation, but prices are typically nominally rigid (they are slow to change) and the fed has the tools necessary to keep inflation low and sustained, which is actually good, as it eases price rigidities and makes the labor market more responsive to downturns. It also acts as a buffer to deflation, low inflation at say 2% isn't bad, but DEFLATION at 2% is catastrophic, its the reason Japan is in so much trouble, it induces recessions and downturns, and it increases the REAL value of debt that you care so much about. The fed hasn't been audited and is given relative autonomy because it has to be separated from government because government ultimately brings things like lobbyists, and the fed is far too important to be messed with by lobbyists. Whats more, the JFK executive order 11110 is a myth. The executive order didn't effect the distribution of the silver certificates themsleves, just who could order them to be put into use. There was no danger to the Fed. Basically, you haven given the standard economically uninformed argument and conspiracy theory jargon that falls apart under serious scrutiny.
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Debate Round No. 2
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Debate Round No. 3
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Debate Round No. 4
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Debate Round No. 5
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