Ok, buddy...you asked for it! Or maybe that Bureaucrat, that they appointed? All because they want that "Guaranteed SAFETY, from....UNCERTAINTY..." Otherwise, ANY ISSUE of CURRENCY Congress could just "create and spend" into circulation...would run the risk of being viewed as "running the printing press," just like you're accusing the FED of DOING... Plus they're also requests from BANKS to have "MORE CASH" on hand, to prevent RUNS on the BANKS.... ("December 21, 2012" or what many think the Mayans said was the "END OF THE WORLD" is probably a GOOD WORRY customers have, for, needing "cash in a mattress, somehow" Nah, didn't think so... 4th ammendment problems there, too! 5. Washington, DC 20002. The Fed is led by seven presidential appointees called the Board of Governors. This bill would simply eliminate the provision of the recently-passed Coronavirus Aid, Relief, and Economic Security (CARES) Act that allows the Federal Reserve to hold closed-door meetings about its newly-created $450 billion bailout fund, which is more vital now than ever as we continue to observe the alarming lack of transparency that has come along with the Federal Reserve’s new authorities. Maybe one can direct me to a previous post if this question gets asked ad naseum. If today's economy was without the Federal Reserve, debt would be liquidated much faster, but most people would probably very uncomfortable with the sudden and unpredictable busts and the immediate loss of jobs that follow. The Pros and Cons of Greed. If we have a central bank, it should be by unelected and unaccountable bureaucrats. However some cons would be that the electoral college was set in place by our founding fathers for a reason. He advocates for competing currencies, rather than a straight up abolishment of the Fed. (http://economistsview.typepad.com/economistsview/2005/11/central_bank_in...) It’s the banks that are controlled by the treasury or ministry of finance that should have you more worried. WASHINGTON, D.C. -- FreedomWorks today announces its support for Judy Shelton for the Federal Reserve Board of Governors. It has become a never-ending cycle of spending and printing more money. Some pros are that everyone gets a say. The documents exposed that one of the largest recipients of the Federal Reserve’s money was foreign banks during the 2008 economic meltdown. The Federal Reserve is largely responsible for the out-of-control spending by Congress. [Click here to see a PDF version of this report. Can you provide credible sources for this stuff? Although it certainly seems interest rates were too low in the mid 2000s. The Internet boom and bust, which was small by comparison but still significant was probably not an Austrian business cycle. The interest rate charged on such credit will be the same as the primary credit rate, or discount rate, at the Federal Reserve Bank of New York. Inflation does not hurt the poor most. Watch and subscribe today! I do not believe that inflation should be used to achieve these distributional ends, but these are the facts. The economy has been less stable since the introduction of the Fed, not to mention we've had a currency devaluation of around 98%. 7. WASHINGTON, D.C. -- Ahead of an expected vote in the Senate on amendments to reform expired FISA surveillance authorities, a coalition of over 30 groups from across the political spectrum, led by FreedomWorks, Demand Progress, and the ACLU, joined together on a letter to the Senate demanding strong reforms to protect their constituents’ civil liberties. The Constitution makes no mention of a central bank. My case for why the Federal Reserve should be abolished. Here's a discussion of something similar a few days ago. It is an issue that I don't know too much about I've done some research and by my understanding it seems that the main pro is receiving low interest rates on loans, but the major con is devaluing the USD. However, the boom (with jobs coming back) would follow much sooner. You see all those people at RP rallies chanting 'End the Fed!' The most famous role of a central bank is monetary policy. The Federal Reserve is Far Too Secretive. Pros and cons really depend on a personal preference on what type of monetary policy the U.S. is looking for. You forgot the most important item, which is both the Federal Reserve and it's collection agency are not part of the Government, but are in fact private corporation, with their corporate charters in Hatai, and not in the US. FreedomWorks Originals provides you entertainment and education to help you better understand economics, the workings of government, and our insight into the most important debates facing our nation today. We discussed this problem with my colleagues (we work in SEO company https://www.linksmanagement.com) last week. Risk-averse people would prefer an arrangement where the people who pull out in year 1 receive a bit more than their initial investment, in exchange for people who stay in for the full two years getting back a bit less than (1+R) for every dollar. ", And here you're scratching your head, saying "WHAT?". Responding to some of your reasons. Our hard-earned money is essentially stolen through a hidden inflation tax. 24, if he or she hasn’t already done so. The way CONGRESS defines "foreign" also includes financial instruments that are DOMESTICALLY MADE, like YOU WRITING A CHECK, or using that PIECE OF PLASTIC (that the MINT didn't, *necessarily*, make for the bank to distribute to you) to purchase that new dress, or food at the store! Well....beyond how many grains of silver or gold had to be in each COIN, (which was, or maybe STILL IS, 273.25 grains of SILVER, or ~18.22 grains of GOLD,) and beyond the fact that People came with their gold to process it into coins to spend... (pay attention here, Julie, because THIS IS IMPORTANT.). As the title states what are some pros and cons to the Federal Reserve Bank? It is incapable of accomplishing its stated objectives as to maintain stability of the financial system. Become a member today! This is a bad equilibrium where enough people think others will try to withdraw early. None of this is setting the stage for a rapid recovery, or for robust growth thereafter. A credit bubble rightfully received some of the blame for the financial crisis in 2007. The more dollars we have in the circulation, the less the currency is worth. So where did you shovel up you're Instantbull from? Topics: Federal Reserve ... Federal taxes should not be abolished due to the fact that other taxes will soar in order to correlate income for the federal government that is absent from the removal of federal taxes. Basically, people who don't like the Fed can get out, and people who like it can stick with it. Interest rates were low and speculators took on huge amounts of debt. The debate is hardly new. All we need is a congress and a president with guts to enforce the Constitution. 2. The Chase Manhattan Bank is a member which is owned by the Rockefellers who are Rothschild Agents. I'm considering a more important, fundamental reason why the "banishment" of the Federal Reserve doesn't really matter in the least. "...and then, there's another instruction to "Fill in this box, HERE?". The Federal Reserve has never been fully audited by any outside source. The federal reserve has the word “reserve” in there. I don’t think every business cycle or economic bubble post-1913 has been caused by the Fed. Special interests receive access to money and credit before the harmful inflationary effects impact the entire economy. John Tamny, FreedomWorks Director of the Center for Economic Freedom (CEF), commented: Want more freedom? It is truly surprising how few people really know what the Federal Reserve actually does. True, but so what. The fed is the banker to the bankers. (unless of course, Congress wanted to take over the CARD-making industry, to chisel out the guys that are making that money from the banks, and they figure they go work for the GOVERNMENT and do the same thing they were doing before...I'll bet you complain about GOVERNMENT getting too large! Suppose people can invest their money into a 2-year project that pays back (1+R) for every dollar invested. It benefits the privileged few at the expense of the rest of us. It's very important for the lender of last resort or deposit insurer to have deep pockets. Zinc mining has a negative environmental impact. The House of Representatives this afternoon voted on a bipartisan basis for Rep. Ron Paul’s “Audit the Fed” bill, designed to increase the transparency of the Federal Reserve’s monetary policy operations. It is a way to provide justice for victims while keeping the general population safe. You want the possibility of a Nancy Pelosi, or a Newt Gingrich, or maybe a Rick Santorum, having access to your home mortgage note? But without the Fed, the banking sector would run lose. Throughout its 100-year history, it has always operated under a veil of secrecy. Select Page. The material is endless, and any question you may have can be easily found from any number of them. It gives every state, no matter how small, a say. Hopefully, anyone reading the comments can see the erratic and uniformed nature of the posts that are attempting to refute the facts in your article. The Federal Reserve Hurts the Poor and Middle Class the Most. In 2019, the U.S. Mint made 7.04 billion pennies, costing taxpayers $145 million. Just because I personally am ignorant of how exactly the fed works doesn't mean everyone is but something tells me it's more complicated than Paultards would have you believe, please take no offense. Thanks! On behalf of FreedomWorks’ activist community, I urge you to contact your senators and ask them to vote YES on the nomination of Judy Shelton to join the Board of Governors of the Federal Reserve. So lets’ start there. Have you sought out what the mainstream answer actually is? This means that those who run the Federal Reserve are unaccountable to the people. Or maybe inspecting the fluctuations of your bank accounts? The Pros And Cons Of The Federal Reserve System. 9. The central bank completely controls and determines the money supply. The Federal Reserve Has Made Our Economy Less Stable Nothing is going to be immune to a bank run, but the point of insurance is to reduce the odds. One of the BEST THINGS that happened with the FED RESERVE, is the fact that OUR BANKS HERE have a UNIFORM CURRENCY...(in other words, they don't have to issue their OWN currency sets to circulate around, risking one local bank's currencies and another region's bank's currencies, to have INEQUAL values...and they BOTH SAY "DOLLAR..." WHY? The policies of the Federal Reserve hurt the average … The federal government can only obtain money through taxation, printing or borrowing money. The Federal Reserve headquarters in Washington, DC. On behalf of FreedomWorks’ activist community, I urge you to contact your representative and ask him or her to cosponsor the Federal Reserve Sunshine Act, H.R. Well, hope you boned up on learning foreign languagues...because just like you complaining about "Foreign Competition"...SO ARE THEY...and they'll make sure their call centers are staffed with THEIR PEOPLE...who speak THEIR LANGUAGES... (2) You might not HAVE an AMERICAN DOLLAR to play around with anymore. VOTERS that keep VOTING for the PEOPLE THAT CONTINUE IT? Whatever your opinion might be of the current economic climate, it is no where near as bad as what it use to be and much of current economic woes is adopting too much of a free market ideology in financial instituions in particular. Inflation is the increase in the supply of money and credit. The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. Our elected representatives in Congress have very little oversight over the central bank. Austrian Business Cycle Theory explains how central banks exacerbate the natural boom and bust cycle of the credit markets, by masking price signals for money, allowing bubbles to grow bigger than they otherwise would. That means patient people have no reason to withdraw their money in Year 1. These bailouts happened without a single vote taking place in any chamber of Congress. More lending. There may be something to the ABCT, but Austrian methodology is problematic though. Consumers with low disposable incomes will be negatively impacted by higher prices for food and clothing. Want to see how your legislators voted on key FreedomWorks issues? The Federal Reserve Has Significantly Devalued Our Currency However, the boom (with jobs coming back) would follow much sooner. In 1973, at the end of the Vietnam War, Congress abolished the draft in favor of an all-volunteer Army (AVA). 95% in value over a long period of time is not cause for concern, 95% in one year could cause chaos. FreedomWorks Foundation, American Legislative Exchange Council, Tea Party Patriots and Committee to Unleash Prosperity in partnership with a coalition of conservative organizations and prominent individuals, launched the Save Our Country Task Force. Their responsibility is to control and supervise the money supply and the banking of the United States. They don't seem to have a good understanding for how market frictions can affect outcomes. That would severely hamper the ability of FOMC members to speak their mind and have frank, honest conversation during their meetings. Some countries use the death penalty for repetitive violent crime, such as rape and sexual assault, or for specific drug offenses. Banning fractional reserve banking (if it's even possible) won't solve the problem, plus it means we can't reach the optimal outcome. This includes governments and most firms. Today’s dollar is worth less than a nickel compared to the pre-1913 dollar. It is considered as invasive and unconstitutional. Introduced by Rep. Thomas Massie (R-Ky.), the Federal Reserve Transparency Act would require a full audit of the Federal Reserve by the Government Accountability Office. Blasto, Have you ever been to Turkey, because you seem to know you're way around Instantbull. The National Popular Vote Interstate Compact (NPVIC) is an agreement among a group of U.S. states and the District of Columbia to award all their electoral votes to whichever presidential candidate wins the overall popular vote in the 50 states and the District of Columbia. Why should I take Austrian economists seriously? Pros and cons really depend on a personal preference on what type of monetary policy the U.S. is looking for. Kapt.Blasto, which part of Unconstitutional did you not understand? 24, Key Vote YES on the Nomination of Judy Shelton to the Federal Reserve Board of Governors, FreedomWorks' Member of the Month for September 2020: Sen. Rand Paul (R-Ky.), Support the Federal Reserve Sunshine Act, H.R. The Federal Reserve erodes most Americans’ standard of living while enriching well-connected elites. While there have been historical debates on the constitutionality of a central bank, I see no justification for the argument that the Federal Reserve is constitutional. 8007, introduced by Reps. Mark Green (R-T.N.) 1) because I don't think anywhere I work or worked at, HAS a "Dick Armey" on thier roster....and 2) I don't work in DC... and 3) last time I checked....the last time Dick Armey Worked for the Government, he wasn't getting paid by the Rockefellers or the Rothschilds as a paid TEMP on assignment in Washington.....he was getting paid DIRECTLY BY THE GOV'T, through the TREASURY, which I supposedly FUND with my HARD EARNED MONEY...that I fear CONGRESS has redirected to a BONDHOLDER that hasn't got the sense in their head that the more they BUY BONDS, the more they're TAXING THEMSELVES (and everyone around them) TO Stupidity, and BEYOND......just to get paid TAX-FREE. This starts with a truth about seigniorage or the profit that a government (or central bank) makes from printing money. Wow...you are a complete idiot...or simply paid to post such utter BS. This prevents the bad equilibrium from happening. [] While countries such as Australia, Canada, and New Zealand have phased out their one-cent pieces, Harris Poll found that 55% of Americans are in favor of keeping the penny and 29% want to abolish it. Artificially low credit cost sends out misleading economic signals to producers. Ron Paul has stated that his preference (if we were to start over) would be that there is no Fed, but he understands that we are somewhat dependent on it at this point, so stressing transparency and accountability is the best way to limit the power to what makes sense. The Federal Reserve is Run By Unelected and Unaccountable Bureaucrats 1) Why would you want to go after an institution, that some could figure is being SET The Austrian arguments I've encountered have been pretty poor. "...the ultimate issue that any smart politician would choose to lead and speak on is ensuring that these dollars hold their value over time. BTW, your boss, Dick Armey, is a slime bag. President Clinton vetoed the bill, the federal government shut down and the rest is history. The question is “can you survive for long without the Fed”. What it MORE IMPORTANTLY SET UP is that CONGRESS NEEDED AN "OTHER" to interact with, AND THAT "OTHER" to DISTRIBUTE, whatever product, the interaction between them creates, so that any THIRD PARTY, operating within the JURISDICTION that was not involved in the process, can recieve them as payment for GOODS and SERVICES, and CONTINUE the CIRCULATION of that product... All that the Framers did in US CONST ART.1 Sec.8 Clause 5, was set things up so that the OTHER could come and interact with CONGRESS, and be the DISTRIBUTOR of any PRODUCT. You see, the ONLY WAY that CONGRESS can declare ANY financial instrument "DOMESTIC," where it can be measured with the CONSTITUTIONAL MEASURE "DOLLAR" is through the processess set up in the 1793 COINAGE ACT. Most of those examples are very old (Canada didn't have a central bank until 1934... 80 years ago during the Great Depression?). A bank is any institution that funds long-term assets with short-term liabilities. List of the Pros of the Death Penalty. The US Congress can even bring the dead back to life. Great article Julie. The duped people of the United States are paying about $400 billion dollars per year to the IRS which is the collection agency for the Federal Reserve. It is harder to say that the interest rate was too low since we have no idea what the market rate of interest would have been. 2. Overall, the reasons I'm giving might make you want to think of things from a different angle. When the Congress does this, it will own back the billions of U.S. Government Bonds held by the FED. http://economistsview.typepad.com/economistsview/2005/11/central_bank_in... Support the Federal Reserve Transparency Act, H.R. The Federal Reserve Encourages Deficit Spending This is a big problem if you kept cash under a mattress. No matter WHAT YOU THINK it says, (or think it ought to mean)...CONGRESS CANNOT be COINER of COIN and DISTRIBUTOR of that COIN, SIMULTANEOUSLY...(there's a Check-and-Balance violation against the PEOPLE, there.). The Federal Reserve Benefits Special Interests. I know that a lot of folks reading these comment pages here, want a return to the COINAGE ACT...where a DOLLAR was REALLY A DOLLAR! 6. (and we'll probably have to send you the BILL for the UNPAID TAXES now....so you shouldn't have complained to us, anyway!)". 1. The Federal Reserve acts as the lender of last resort. If inflation is at 10% and you receive 12% interest you’re outpacing inflation, except that you pay taxes on the 12% gain not the real gain. Since the Federal Reserve came into existence in 1913, the dollar has lost over 95 percent of its value. Consider the Diamond-Dybvig model. 2. Pro 1 Raising the minimum wage would increase economic activity and spur job growth. http://www.freedomworks.org/content/top-10-reasons-end-federal-reserve, 111 K Street NE Further, there is a serious risk that real-time auditing of the Fed's financial contracts would weaken the financial system during times of crisis: that's why the Fed's lending window has always been anonymous. The same holds true with the FEDERAL RESERVE, just like it was with the processes in the COINAGE ACT. Ron Paul actually stresses for audits of the Fed, not to abolish the Fed, which is perfectly reasonable. Do you read papers or attend research presentations? You must have JavaScript enabled to use this form. Inflation affects people who hold onto cash, and the poor tend to spend money that they earn in short order. Suite 600 Let me explain: Just because you use the word "foreign" and think of a "foreign country," "foreign" can ALSO mean "foreign object" like a "FOREIGN OBJECT in your eye. 1. They don’t do econometrics to estimate which factors are actually significant. Now...with all this talk about ENDING THE FED, or maybe even AUDITING the FED? The Federal Reserve System is often regarded as anti-capitalism, as finances will be controlled by a huge government organization, instead of a group of private businesses. Did you ever bother to READ THE FINE PRINT?! In 1913, the Federal Reserve Board was created with the task of making a safer, more flexible, reliable and stable monetary and financial system in the US. 8. Abolishing The Little Pieces of Green Paper 1154 Words | … With the Federal Reserve, the booms and busts are much more stable. Some people won't even get back their initial investment. Well, you gave your reasons to end the Federal Reserve, so, allow me to put up a few reasons WHY YOU SHOULDN'T END the FEDERAL RESERVE... Now, these reasons are not in any particular order, and perhaps, they could stand as equally important. I would say that lender of last resort and deposit insurance need not be provided by a Congressionally sanctioned monopoly, and can exist in the free market. So it's only natural that politicians are considering taking some of that power for themselves. This first ever audit of the Federal Reserve revealed $16 trillion in secret bailouts to corporations and banks around the world in less than three years. Some one said here...We need a President and Congress with GUTS to ENFORCE THE CONSTITUTION.....Ok...you want them to lock up all the ENTITLEMENT CHEATERS? CONGRESS ALSO regards them as "FOREIGN! Here are the pros and cons of the death penalty to review as we head into 2021 and beyond. )....the announcers call it, what? They can guarantee that the bank will have enough money to pay everyone back. The power to create a central bank is not explicitly granted to the federal government in our founding document. Those who support Ron Paul for the sound and honest principals that he has stood by for decades, will never support Gingrich, Romney or Santorum...or whomever Mr. Armey is pandering for. It isn't *necessarily* authorized to prevent INFLATION, per se...but BANK PANICS...DEFININTELY....), (plus, if you'll remember past reports regarding 90% of the physical PAPER currency, having ILLICIT DRUG RESIDUE upon them? The U.S. Government will actually PROFIT by buying back the FED! The theory states that a false boom occurs when the Federal Reserve lowers interest rates below the market rate which increases the supply of money. It is permitted to create as much money as it wants out of thin air with no restrictions. I will explain further if challenged, but prices convey vital information to producers, consumers, workers, … The market then decides what's better (if one is). as for any foreign entity stepping in, that also would be Unconstitutional in a sovereign government and measure are already in place to keep it from happening. During that time, he has consistently been a source and fearless champion of some of the best, limited-government legislation across a wide spectrum of issues. more Central Bank Definition Federal Reserve Chairman Ben Bernanke has the power to dramatically impact our economy at a drop of the hat. And Ben Bernanke surely doesn’t want that to happen. whatever replaces it would grow the same tentacles again; there is an equivalent institution in every nation or place with multiple people on the planet; and there always will be. Banks can provide this better outcome with liquidity transformation. This is the antithetical to the principles that America was founded on. But what are the pros and cons of ending the federal reserve. 8007, Sound Money Caucus Looks to Bring Needed Attention to Monetary Policy, FreedomWorks and Allied Groups Deliver Nonpartisan Letter to Senate Demanding FISA Reform, FreedomWorks Foundation CEF Statement in Response to Fed Decision to Cut Interest Rates, Top Five Reasons to Support “Audit the Fed” Now, FreedomWorks Statement of Support for Judy Shelton for the Federal Reserve Board of Governors. ...and if they can't pull out the money, because it AIN'T THERE...well, guess what? With record rates of deficit spending and a record-shattering Federal Reserve balance sheet, it should be no surprise that the dollar’s value is at an all time low when compared to the value of gold. Well, heh-heh....sorry kiddo! The Federal Reserve Hurts the Poor and Middle Class the Most Printing money has become the federal government’s preferred method. The seven members appointed by the president and confirmed by the U.S. Senate who serve for one nonrenewable 14-year term. Pros and Cons of the Federal Reserve. In July 2011, due to a provision under the misguided Dodd-Frank financial overhaul law, the Government Accountability Office (GAO) conducted a one-time, watered-down audit of the Federal Reserve. “Petitioners, sentenced to die for the crimes they committed (including, in the case … The Federal Reserve's Survey of Consumer Finances for 2019 indicated that the top 1% of families own a higher percentage of the nation’s total wealth (nearly 40%) than the bottom 90% (not quite 23%). Ultimately greed is bad for society as a whole and “infectious greed”, to which Federal Reserve Chairman Alan Greenspan attributes the current business crises (James), can do a great deal of damage to an economy. ", Like, the way Wrestlers on TV, want to bring in an AMERICAN MADE FOLDING CHAIR into the AMERICAN MADE RING, in the AMERICAN ARENA to bash the other guy, when the REF ain't looking (and the fans eat it all up, knowing the REF is blinder than Stevie Wonder, while the Gorgeous George beats on Killer Kowalski like a government mule, with it! @kapt.blasto: Did you get paid well by your bosses for your insanely incorrect rant? ], 1. However, while man… Voters can put pressure on their representatives to halt politically unpopular tax hikes and lenders could stop loaning money to the U.S. government. An era synonymous with corruption, poverty, and unstable economic growth. I think we should do away with the Federal Reserve bank. ), AND...should I also mention...it goes right down to the PAPER DOLLARS, and the COINS that you use today! If you are truly unbiased and truly seeking truth, you will seek out the Austrian economists argument and listen to them from their own mouths. Fortunately, there is significant support in Congress for a bill -- the Federal Reserve Transparency Act -- that would require a Government Accountability Office (GAO) audit of the Fed. Oh, so, you're saying my Boss is Dick Armey... Well, last time I checked, Ken, I didn't see hide nor hair of him anywhere NEAR my workplace, or ANY of my workplaces in the last 34 weeks and 1 day since you left this comment. 3. Exchange rates for the native currency will have nobody to control or monitor it. The Federal Reserve Has Made Our Economy Less Stable. The top foreign banks that received money were the Brussells and Paris based Dexia SA, the Dublin based Depfa Bank Plc, the Bank of China and Arab Banking Corp., according to Campaign for Liberty. The Pros and Cons of Federal Reserve Transparency. Economic arguments remind me of philosophy ones... but with some math thrown in. pros and cons of federal system. 4. Seigniorage the US government makes from printing money is a couple percent of the federal budget. Do you understand the way economists build models? The temptation once you have a reasonable sounding business cycle theory is to see it anywhere and everywhere. Inflation hurts the poor most since they have less disposable income. The Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. And there was GOLD or SILVER in it! This is why high power lobbyists protect and defend the existence of the Federal Reserve. This limits the independence of the Fed and makes it more susceptible to political pressure, which economists generally agree is a bad thing. The Federal Reserve Has Far Too Much Power to Control Our Economy. I started typing a response but then thought screw it, i'll link you to this site instead. That's where you, finding or possessing a certain amount of ORE, that has a certain amount of GOLD or SILVER in it...takes that ORE to the MINT, and you let the MINT process it into ALLOYED COINS for you to then TAKE FROM THE MINT, and YOU YOURSELF, spend those ALLOYED COINS into circulation. Critics of the Federal Reserve point to the fact that the US Constitution solely … Due to my strict interpretation of the Constitution, I find the Federal Reserve to clearly violate the Constitution. The video thinks Hong Kong doesn't have a central bank today. Malinvestments will lead to wasted capital and economic losses.
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