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What's the alternative to the fed?

thett3
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8/4/2012 10:53:42 PM
Posted: 4 years ago
I see a lot of people ripping on the federal reserve, and while my big issues position is against it, that's just a general reaction. I really don't know much.

So will someone tell me what the alternative is? A probable alternative, under the state (since its highly unlikely that the government will be abolished anytime soon).
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: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
ConservativePolitico
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8/4/2012 10:59:34 PM
Posted: 4 years ago
Tie the money back to a commodity (like gold but not necessarily gold) have a static amount and then just let it flow between private banks.

No rogue printing.
No currency manipulation.
Free market finance.

Everyone always wants a perfect system of all ups and no downs but the truth is there will always be ups and downs in an economy.
MrBrooks
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8/4/2012 11:03:26 PM
Posted: 4 years ago
At 8/4/2012 10:53:42 PM, thett3 wrote:
I see a lot of people ripping on the federal reserve, and while my big issues position is against it, that's just a general reaction. I really don't know much.

So will someone tell me what the alternative is? A probable alternative, under the state (since its highly unlikely that the government will be abolished anytime soon).

The alternative to the FED is no FED. Without the Federal Reserve, Congress would resume the responsibility of authorizing the printing of money. There could still be a national currency, whether it be at a gold standard or paper back. The Federal Reserve is really a private institute that has a series of government monopolies, so by disbanding it we'd be deregulating the banking industry and returning constitutional powers to the U.S Congress.
thett3
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8/4/2012 11:05:13 PM
Posted: 4 years ago
At 8/4/2012 11:03:26 PM, MrBrooks wrote:
At 8/4/2012 10:53:42 PM, thett3 wrote:
I see a lot of people ripping on the federal reserve, and while my big issues position is against it, that's just a general reaction. I really don't know much.

So will someone tell me what the alternative is? A probable alternative, under the state (since its highly unlikely that the government will be abolished anytime soon).

The alternative to the FED is no FED. Without the Federal Reserve, Congress would resume the responsibility of authorizing the printing of money. There could still be a national currency, whether it be at a gold standard or paper back. The Federal Reserve is really a private institute that has a series of government monopolies, so by disbanding it we'd be deregulating the banking industry and returning constitutional powers to the U.S Congress.

But man the government is so incredibly fiscally inept, I'm afraid it would be worse. Of course, it's possible that giving responsibility to the fed lets the government be less responsible but idk...
DDO Vice President

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"Don't quote me, ever." -Max

"My name is max. I'm not a big fan of slacks"- Max rapping

"Walmart should have the opportunity to bribe a politician to it's agenda" -Max

"Thett, you're really good at convincing people you're a decent person"-tulle

"You fit the character of Regina George quite nicely"- Sam

: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
ConservativePolitico
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8/4/2012 11:08:50 PM
Posted: 4 years ago
The federal reserve is unconstitutional and the two worst economic downturns in our history, The Great Depression and Present Day have both come on the Federal Reserve's watch.

I'm for abolishing it.
MrBrooks
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8/4/2012 11:09:28 PM
Posted: 4 years ago
But man the government is so incredibly fiscally inept, I'm afraid it would be worse. Of course, it's possible that giving responsibility to the fed lets the government be less responsible but idk...

Any central planning authority makes poor decisions, whether or not it is public or private; just look at IBM in the 90's. If the powers are given back to the Congress we can at least have more transparency, and ideally we wouldn't give all of the Federal Reserves power to Congress when we disband it. We wouldn't give Congress the power to raise and lower interest rates, we wouldn't federally insure banks, and we certainly wouldn't subsidize and bail out banks in secrecy.
thett3
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8/4/2012 11:10:37 PM
Posted: 4 years ago
At 8/4/2012 11:08:50 PM, ConservativePolitico wrote:
The federal reserve is unconstitutional and the two worst economic downturns in our history, The Great Depression and Present Day have both come on the Federal Reserve's watch.

I'm for abolishing it.

True, and the realization that my money can *literally* just be printed is terrifying. I dont have much money, but you can bet I'm spending literally all of it on Gold and Silver (mostly silver by far). Right now is the perfect time since I have no expenses at all
DDO Vice President

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#UnbanTheMadman

#BetOnThett

"Don't quote me, ever." -Max

"My name is max. I'm not a big fan of slacks"- Max rapping

"Walmart should have the opportunity to bribe a politician to it's agenda" -Max

"Thett, you're really good at convincing people you're a decent person"-tulle

"You fit the character of Regina George quite nicely"- Sam

: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
thett3
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8/4/2012 11:11:30 PM
Posted: 4 years ago
At 8/4/2012 11:09:28 PM, MrBrooks wrote:
But man the government is so incredibly fiscally inept, I'm afraid it would be worse. Of course, it's possible that giving responsibility to the fed lets the government be less responsible but idk...

Any central planning authority makes poor decisions, whether or not it is public or private; just look at IBM in the 90's. If the powers are given back to the Congress we can at least have more transparency, and ideally we wouldn't give all of the Federal Reserves power to Congress when we disband it. We wouldn't give Congress the power to raise and lower interest rates, we wouldn't federally insure banks, and we certainly wouldn't subsidize and bail out banks in secrecy.

That's a good point.
DDO Vice President

#StandwithBossy

#UnbanTheMadman

#BetOnThett

"Don't quote me, ever." -Max

"My name is max. I'm not a big fan of slacks"- Max rapping

"Walmart should have the opportunity to bribe a politician to it's agenda" -Max

"Thett, you're really good at convincing people you're a decent person"-tulle

"You fit the character of Regina George quite nicely"- Sam

: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
thett3
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8/4/2012 11:12:27 PM
Posted: 4 years ago
At 8/4/2012 11:10:35 PM, mongeese wrote:
The best alternative I've heard is abolishing legal tender laws and allowing for the use of privately backed currency.

Not a bad idea at all. The only issue I see is the confusion between using multiple currencies in the same area, but people have adapted to greater changes before
DDO Vice President

#StandwithBossy

#UnbanTheMadman

#BetOnThett

"Don't quote me, ever." -Max

"My name is max. I'm not a big fan of slacks"- Max rapping

"Walmart should have the opportunity to bribe a politician to it's agenda" -Max

"Thett, you're really good at convincing people you're a decent person"-tulle

"You fit the character of Regina George quite nicely"- Sam

: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
ConservativePolitico
Posts: 8,210
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8/4/2012 11:14:35 PM
Posted: 4 years ago
Article One, Section 8 - US Constitution

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow Money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Why do I feel like Congress have given up or pawned off these powers on other institutions?

The Fed does a lot of these money related items which according to this is Congress's job.
MrBrooks
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8/4/2012 11:14:54 PM
Posted: 4 years ago
At 8/4/2012 11:10:35 PM, mongeese wrote:
The best alternative I've heard is abolishing legal tender laws and allowing for the use of privately backed currency.

I'm not familiar with the arguments against legal tender laws, but I think it's best to have a single currency. Although if we returned to a gold standard I wouldn't see any problem with abolishing the laws and letting the market decide if a single currency or private currency is more desirable.
imabench
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8/4/2012 11:17:36 PM
Posted: 4 years ago
The Fed controls the monetary policy of the United States of America, and Monetary policy is 100x more complex then just about anything else in politics. In my opinion if we abolish the Fed then the power that controls monetary policy would most likely be determined by Congress, the same body of government that declared Pizza a vegetable a few months back.

The Fed is far from perfect, but on DDO the Fed's approval ratings are still much higher than that of Congresses, so why eliminate an evil and having to deal with a much more problematic evil?

- Opinion of Imabench :)
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MrBrooks
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8/4/2012 11:21:02 PM
Posted: 4 years ago
At 8/4/2012 11:17:36 PM, imabench wrote:
The Fed controls the monetary policy of the United States of America, and Monetary policy is 100x more complex then just about anything else in politics. In my opinion if we abolish the Fed then the power that controls monetary policy would most likely be determined by Congress, the same body of government that declared Pizza a vegetable a few months back.

The Fed is far from perfect, but on DDO the Fed's approval ratings are still much higher than that of Congresses, so why eliminate an evil and having to deal with a much more problematic evil?

- Opinion of Imabench :)

W/o the FED certain powers would default to the U.S Congress, because those powers were granted to them in the constitution. That doesn't mean that all of the extra, unconstitutional powers granted to them by the government are also going to default to Congress; it just means that those powers will go away.
1Historygenius
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8/4/2012 11:46:55 PM
Posted: 4 years ago
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!
"The chief business of the American people is business." - Calvin Coolidge

Latest debate - Reagan was a better President than Obama: http://www.debate.org...
ConservativePolitico
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8/4/2012 11:47:27 PM
Posted: 4 years ago
At 8/4/2012 11:46:55 PM, 1Historygenius wrote:
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!

Gold and Silver?
thett3
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8/4/2012 11:50:07 PM
Posted: 4 years ago
At 8/4/2012 11:46:55 PM, 1Historygenius wrote:
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!

I have no problem with it so long as there isnt a forced/fixed Gold silver ratio
DDO Vice President

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"Don't quote me, ever." -Max

"My name is max. I'm not a big fan of slacks"- Max rapping

"Walmart should have the opportunity to bribe a politician to it's agenda" -Max

"Thett, you're really good at convincing people you're a decent person"-tulle

"You fit the character of Regina George quite nicely"- Sam

: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
JaxsonRaine
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8/4/2012 11:52:21 PM
Posted: 4 years ago
At 8/4/2012 11:46:55 PM, 1Historygenius wrote:
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!

LGBT Rights!

Legalized Gold-Backed Tender

Lead/Gold Bullion Trading
twocupcakes: 15 = 13
MrBrooks
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8/4/2012 11:56:14 PM
Posted: 4 years ago
At 8/4/2012 11:52:21 PM, JaxsonRaine wrote:
At 8/4/2012 11:46:55 PM, 1Historygenius wrote:
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!

LGBT Rights!

Legalized Gold-Backed Tender

Lead/Gold Bullion Trading

I am pro barebacking.
ConservativePolitico
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8/4/2012 11:58:07 PM
Posted: 4 years ago
At 8/4/2012 11:56:14 PM, MrBrooks wrote:
At 8/4/2012 11:52:21 PM, JaxsonRaine wrote:
At 8/4/2012 11:46:55 PM, 1Historygenius wrote:
I used to support the gold standard, but a recent event made me change my mind, now I support bimetallism!

LGBT Rights!

Legalized Gold-Backed Tender

Lead/Gold Bullion Trading

I am pro barebacking.

Don't derail this thread...

Every thread on this damned site gets derailed now days.
bossyburrito
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8/5/2012 1:33:58 AM
Posted: 4 years ago
End currency.
#UnbanTheMadman

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16kadams
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8/5/2012 10:49:19 AM
Posted: 4 years ago
First you must decide if you support it.

Here are two links:
http://www.federalreserve.gov...
http://mises.org...
https://www.youtube.com...
https://rekonomics.wordpress.com...
"A trend is a trend, but the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?" -- Alec Cairncross
DanT
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8/5/2012 11:35:03 AM
Posted: 4 years ago
I like commodity money; we should use money with an intrinsic value, rather than a face value.

The face value of a $100,000 bill is $100,000
The intrinsic value of a $100,000 is estimated to be worth approximately $1.6 million

I also would not be opposed to a global currency, for a better international trade.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
imabench
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8/5/2012 4:52:35 PM
Posted: 4 years ago
At 8/5/2012 11:35:03 AM, DanT wrote:
I like commodity money; we should use money with an intrinsic value, rather than a face value.

The face value of a $100,000 bill is $100,000
The intrinsic value of a $100,000 is estimated to be worth approximately $1.6 million

I also would not be opposed to a global currency, for a better international trade.

a global currency in my opinion wouldnt be good at all, the reason why the Euro is doing so sh*tty right now is because the weaker economies of the Euro (Italy, Greece, Spain) are dragging down its value faster than stronger economies like France and Germany can keep it afloat. If we have a global currency then it only takes a few nations' fiscal irresponsibility to limit the progress of the rest of the world.
Kevin24018 : "He's just so mean it makes me want to ball up my fists and stamp on the ground"

7/14/16 = The Presidency Dies

DDO: THE MOVIE = http://www.debate.org...
http://www.debate.org...

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imabench
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8/5/2012 4:52:57 PM
Posted: 4 years ago
At 8/4/2012 11:34:51 PM, ConservativePolitico wrote:
"The combination of economic and political power in the same hands is a sure recipe for tyranny." - Milton Friedman

^ wiser words have never been quoted
Kevin24018 : "He's just so mean it makes me want to ball up my fists and stamp on the ground"

7/14/16 = The Presidency Dies

DDO: THE MOVIE = http://www.debate.org...
http://www.debate.org...

VP of DDO from Dec 14th 2014 to Jan 1st 2015
DanT
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8/5/2012 7:19:56 PM
Posted: 4 years ago
At 8/5/2012 4:52:35 PM, imabench wrote:
At 8/5/2012 11:35:03 AM, DanT wrote:
I like commodity money; we should use money with an intrinsic value, rather than a face value.

The face value of a $100,000 bill is $100,000
The intrinsic value of a $100,000 is estimated to be worth approximately $1.6 million

I also would not be opposed to a global currency, for a better international trade.

a global currency in my opinion wouldnt be good at all, the reason why the Euro is doing so sh*tty right now is because the weaker economies of the Euro (Italy, Greece, Spain) are dragging down its value faster than stronger economies like France and Germany can keep it afloat. If we have a global currency then it only takes a few nations' fiscal irresponsibility to limit the progress of the rest of the world.

Same goes for a Federal Currency. Why do we have a Federal currency? Because when each state had their own currency which caused problems for interstate trade, just as national currency causes problems for international trade. Although most issues should be decentralized, currency is one of those things that is better when centralized.

I think we should set up an international currency, because it would create a freer market. I don't think there should be some international fed inflating the money; I think the money should be a natural currency.

Also if we have an international currency we can digitize it. Most cash in modern Banks are already digital; this would simply eliminate the bank notes and coins, leaving only the digital accounts with a uniform numerical balance. Think of it as every bank being a paypal account. Debit cards can be used in stores, and one could check their balance via the WWW.
We would not add to the digital currency in circulation nor subtract. The only role governments would play is oversight of the banks, to make sure they don't counterfeit the data.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
DanT
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8/5/2012 7:20:33 PM
Posted: 4 years ago
At 8/5/2012 4:52:57 PM, imabench wrote:
At 8/4/2012 11:34:51 PM, ConservativePolitico wrote:
"The combination of economic and political power in the same hands is a sure recipe for tyranny." - Milton Friedman

^ wiser words have never been quoted

I agree the government should stay out of economics.
"Chemical weapons are no different than any other types of weapons."~Lordknukle