Federal Reserve.

[makaiookami]

I don't know of any reasons to be PRO Federal Reserve that could not be replaced easily through legislation. What does the Federal Reserve do that it would not be done correctly if taken out of the hands of the banking industry?

Don't come here blaring why we need to get rid of the fed reserve, I'm against the federal reserve. However... I want to hear opposition argument. I do not see any real balances of power with the fed reserve. As far as I'm aware they do what they want, when they want to, and without oversight or audits.

Is anyone FOR keeping the federal reserve private business instead of a public government run organization, or anyone that's FOR it remaining cloaked, as opposed to having oversight and visible to all?

[tokenuser]

Ummm.

1. The Federal Reserve IS a government body. It has banking representatives, but is a government run organisation.
2. That legislation you talk of? It has been done already. Almost 100 years ago. Its called The Federal Reserve Act.

[makaiookami]

Ummm.

1. The Federal Reserve IS a government body. It has banking representatives, but is a government run organisation.
2. That legislation you talk of? It has been done already. Almost 100 years ago. Its called The Federal Reserve Act.

Maybe I just don't understand the federal reserve. Then again I've never heard anyone really supporting the federal reserve and almost everyone that talks about the federal reserve.

However I"m questioning any position I hold that coincides with the Tea-Party or Ron Paul specifically since they keep becoming more and more conspiracy theory laden and seem to have less and less of an attachment to reality the more I listen to their positions.

[tokenuser]

Maybe I just don't understand the federal reserve.And neither do the people who repeat the random Ron Paul and Tea Bag conspiracy theories.

Suggest before you try to formulate a pro/con argument about the fed that you actually learn what it is, how it works, and whats is role is in the US (and global) currency system.

[bobv13]

I think may clear up any questions about what the Fed actually is.

"The Federal Reserve is considered an independent central bank. It is independent since its decisions do not have to be ratified by the President or Congress. The Federal Reserve System was created by Congress in 1913 "to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes."

While the Federal Reserve is an independent institution, it is still accountable to Congress. The Constitution gives Congress the power to coin money and set its value. Congress delegated this power to the Federal Reserve in the 1913 Federal Reserve Act, but still maintains oversight authority. Under the Humphrey-Hawkins Act of 1978, the Federal Reserve must submit a report on the economy to Congress by February 20 and July 20 of each year. Alan Greenspan, the current Chairman of the Federal Reserve Board of Governors, is called to testify on the report before Senate and House Committees. "

http://www.thisnation.com/question/033.html

[bobv13]

I don't know of any reasons to be PRO Federal Reserve that could not be replaced easily through legislation. What does the Federal Reserve do that it would not be done correctly if taken out of the hands of the banking industry?


Silly boy, would you want to drive over a bridge designed by an engineer or congressmen? I may not agree with all that they do but please don't tell me your are serious.

[tokenuser]

Ben Bernanke is the current fed chairman. Has been since 2006 (he is in his second term).

This is a government appointed position with the same level of oversight as the nomination/confirmation process the Supreme Court justices receive.

[makaiookami]

Silly boy, would you want to drive over a bridge designed by an engineer or congressmen? I may not agree with all that they do but please don't tell me your are serious.

The federal reserve is something I"ve been putting off looking into, cause the only time I've really heard about it, is when a group of some sort is railing against it. I've seen anti-fed resentments only. I've never heard arguments for the Fed. Not on mainstream, not on offstream sources, and I never got around to looking into it, cause frankly there's a lot of crap to look into, and it just wasn't a high priority.

I kinda just assumed an Anti-Fed Reserve position so that I could just not even deal with those arguments when discussing other matters. It's much easier to go "I agree with you about the fed, but these are the issues I want to tackle" rather than sit there and learn their positions then check the acts, watch documentaries for and against it, read writings for and against it... etc...

No one can be knowledgable about every political subject and person in just a couple of years, especially when there's so much going on and they dont' know anyone at all that keeps up on the subjects, surrounded by a bunch of tea baggers and is just unable to have any political discourse.

So sorry I took a convenient position in order to deflect an argument for a position I'm not able to argue against, when I almost never hear any opposition or even know what the opposition arguments were, and thus didn't even have an inkling.

The fed is fairly inconsequential compared to all the other legislation going on right now and the only POSSIBLE thing I could hope to do for aruing FOR the fed against those kinds of people is merely to have a bunch of book names thrown into my face and them telling me that I'm an ignorant moron until I read the "Jekyll's Island" book or what ever.

But now I'm more interested in some of these outlier issues that I never had a reason to research before, so that I can build up my overall knowledge of our government. So I'm trying to figure out what the arguments for the fed reserve are what you guys will think, would happen if the fed reserve was abandoned, if it was fully privatized or fully public... etc... while I start looking for starting material to learn about it.

[tokenuser]

You were the one who brought up the Fed.
Can't see anyone else arguing about it in the forums.

[alaskalonewolf]

everytime someone brings this up, all I can think about is the diplomacy of social economics and this picture

http://verydemotivational.files.wordpress.com/2010/03/129127436751217481.jpg