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End the Fed: Left vs Right solutions

FREEDO
Posts: 21,057
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4/23/2012 5:47:03 PM
Posted: 4 years ago
I see a lot of leftists supporting Ron Paul. But it seems odd that no one is paying any attention to the question over what it would be replaced with.

Do you support a more deverse system where different currencies compete on a free-market from many different banks, as was the period directly proceeding the creation of the Federal Reserve?

Or do you support a central bank which is run by the government rather than any for-profit institution, as made explicit in the Constitution by the founding fathers?

Why do you support your choice? What is the difference in outcome between the two? Can we all agree they are both better than a central private bank?
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fnord
FREEDO
Posts: 21,057
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4/24/2012 12:10:53 AM
Posted: 4 years ago
Will you let the economics forum starve?
Please. Donate today. Give a post and bring a brighter future for this poor forum.
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fnord
lewis20
Posts: 5,093
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4/24/2012 12:20:16 AM
Posted: 4 years ago
At 4/24/2012 12:16:42 AM, darkkermit wrote:
Friedman k-percentage rule.

Did he make an actual equation or just the idea?
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
darkkermit
Posts: 11,204
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4/24/2012 12:23:02 AM
Posted: 4 years ago
At 4/24/2012 12:20:16 AM, lewis20 wrote:
At 4/24/2012 12:16:42 AM, darkkermit wrote:
Friedman k-percentage rule.

Did he make an actual equation or just the idea?

just the idea. If you want an equation for the targeted level of inflation, that would be taylor's rule:

http://en.wikipedia.org...
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FREEDO
Posts: 21,057
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4/24/2012 12:34:09 AM
Posted: 4 years ago
At 4/24/2012 12:16:42 AM, darkkermit wrote:
Friedman k-percentage rule.

Well, I wasn't asking for different ways to run a central bank. But I assume you support one, based on your post.
So you advocate a Central bank so we can decide on how to run it?
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fnord
Wnope
Posts: 6,924
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4/24/2012 12:58:02 AM
Posted: 4 years ago
You don't have to get rid of the Fed. They just have to emphasize a counter-cyclical monetary policy where pro-cyclical policy is used only in financial emergencies.

The problem is in the short term counter-cyclical policy looks like you're hurting the economy, so it's extremely unpopular.
Wnope
Posts: 6,924
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4/24/2012 1:00:53 AM
Posted: 4 years ago
At 4/24/2012 12:34:09 AM, FREEDO wrote:
At 4/24/2012 12:16:42 AM, darkkermit wrote:
Friedman k-percentage rule.

Well, I wasn't asking for different ways to run a central bank. But I assume you support one, based on your post.
So you advocate a Central bank so we can decide on how to run it?

The thing is, if we don't have a central bank, the other countries still will. China will still be able to undervalue their currency. We will have no means to counter currency attacks and similar phenomena.
Contra
Posts: 3,941
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4/25/2012 3:52:43 PM
Posted: 4 years ago
I think we should keep the Federal Reserve, just make sure that they don't inflate the currency by much and audit the Fed.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
lewis20
Posts: 5,093
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4/25/2012 5:00:39 PM
Posted: 4 years ago
At 4/24/2012 1:00:53 AM, Wnope wrote:
At 4/24/2012 12:34:09 AM, FREEDO wrote:
At 4/24/2012 12:16:42 AM, darkkermit wrote:
Friedman k-percentage rule.

Well, I wasn't asking for different ways to run a central bank. But I assume you support one, based on your post.
So you advocate a Central bank so we can decide on how to run it?

The thing is, if we don't have a central bank, the other countries still will. China will still be able to undervalue their currency. We will have no means to counter currency attacks and similar phenomena.

I never understood what it mattered that china sold us stuff for cheap, if we want quality goods we can still buy American, but the consumer has spoken and they want the cheap Chinese goods.
China's currency manipulation is definitely not cut and dry like some would have you believe.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
PARADIGM_L0ST
Posts: 6,958
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4/25/2012 5:12:37 PM
Posted: 4 years ago
At 4/23/2012 5:47:03 PM, FREEDO wrote:
I see a lot of leftists supporting Ron Paul. But it seems odd that no one is paying any attention to the question over what it would be replaced with.:

"When somebody removes cancer, what would you replace it with? Nothing." -- Thomas Sowell
"Have you ever considered suicide? If not, please do." -- Mouthwash (to Inferno)