Should The Federal Reserve be removed and The US Treasury retake responsibility for control of the US currency?

Asked by: Altectz
  • Yes. Without question.

    The problem with the Federal Reserve is that it is a private corporation and not a government agency, despite its deceptive name, and the main goal of any corporation is to maximise profits. The Federal Reserve can essentially do what it likes. To quote Alan Greenspan “The Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take”. The Federal Reserve creates money out of thin-air that is not backed by anything, otherwise known as counterfeiting, and then loans it to the government which they require to be paid back with interest. That, of course, is mathematically impossible, and ensures that the government and its citizens spiral deeper and deeper into debt. Why does the Federal Reserve and other private Western central banks have to charge interest on their loans to governments? Answer: They don’t have to; they do it simply because the governments agree to the arrangement, even though it is explicitly in the nation’s Constitution as it is in the case of the USA. The last president that attempted to take away the Federal Reserve’s power to create money was Kennedy with his executive order 11110, but we all know he was assassinated. The fact that money is created out of thin-air by private central banks and loaned with interest to governments is why there is now a global sovereign debt crisis. This crisis has of course been deliberately engineered into existence. Their purpose, is to bankrupt all the nations on Earth, devalue their currencies to the point they are essentially worthless and then come in as our saviours and replace them with a one-world currency that they control. To educate yourself more on this matter watch ‘Zeitgeist Addendum’ and the ‘End of the Road: How Money Became Worthless’.

  • Too Much Unchecked Power

    There are far too many reasons for this to happen for me to list.

    Leaving this much power in private hands with no accountability to the American people is foolish beyond words.

    I'm typically all about providing information, but if you won't do your own unbiased research on this subject then you likely don't care enough to do anything about it.

    If you have done your homework, and you disagree with me, a bunch of links won't change your opinion either. This is an important subject and I urge you to look into it if you haven't already.

  • What a terrible idea.

    The Treasury is under the control of the executive branch, which potentially changes staff at least every decade. This means that monetary policy now becomes a political tool instead of an economic one. Depending on which party wins the election, the entire makeup and money supply available to the country (and to a greater extent the world since it is a reserve currency) could change every four years. This is extremely bad due to lags in the economy. For any economic policy to work, you need consistency. Especially when you're dealing with issues of foreign investment, the dollar would become the joke currency of the world because investors would never be able to rely on the value/supply of the dollar because it could change in 4 years (which in terms of currency investment is a very very short time, ever heard of a "ten year-yield"?)

    Want China to ask for its money back?
    Abolish the Fed.
    Want to flood the currency market with dollars and crash our economy with hyper-inflation?
    Abolish the Fed.
    Want politicians and not economists running the economy?
    Abolish the Fed.
    Want the United States to loose all influence in foreign currency policy?
    Abolish the Fed.

    Any way you spin it, this is a terrible idea.

  • No, it must stay independent.

    Yes, it definitely is the most powerful central bank in the world. But placing the power to control the money supply and thereby heavily influencing the world's largest economy in the hand of politicians / party puppets is a bad idea.

    By e.g. steering interest rates the gov could create growth, so the politicians can report an (artificial) great economic performance of the gov and is likely to win the next elections. However, such expansionary monetary policy can also result in financial crisis.

    Overall placing this enormous power in the hands of politicians who already rule the most powerful country and mainly think about their career and re-election is a very bad idea.

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