Federal Reserve

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Re: Federal Reserve

Post by Post Gold Standard on Fri Oct 28, 2011 4:02 am

Here's a good video about the fed and financial reform from an ex-regulator and current UKMC economics professor.

http://neweconomicperspectives.blogspot.com/2011/10/bill-black.html

Post Gold Standard

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Re: Federal Reserve

Post by Post Gold Standard on Fri Oct 28, 2011 4:10 am

For those who want to dig deep and get all the information:

The Sanders Report on the GAO Audit on Major Conflicts of Interest at the Federal Reserve

http://sanders.senate.gov/imo/media/doc/101911%20-%20THE%20SANDERS%20REPORT%20ON%20THE%20GAO%20AUDIT%20ON%20MAJOR%20CONFLICTS%20OF%20INTEREST%20AT%20THE%20FEDERAL%20RESERVE.pdf

United States Government Accountability Office
GAO
Report to Congressional Addressees
FEDERAL RESERVE BANK GOVERNANCE
Opportunities Exist to Broaden Director Recruitment Efforts and Increase Transparency
http://sanders.senate.gov/imo/media/doc/d1218%20%282%29.pdf

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Re: Hear Hear!

Post by JCB on Fri Oct 28, 2011 11:53 am

I recommend reading Jamie Walton's review of state banking, if you are considering state banks as a solution to our financial system.

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Re: Federal Reserve

Post by JCB on Fri Oct 28, 2011 11:58 am

randallburns wrote:There are two basic proposals to deal with the Federal Reserve:

Ron Paul wants to abolish the fed and return to a gold standard. I suspect this would send the price of gold sharply upward benefiting those that hold gold and mining stocks. A deflationary monetary policy can be rather problematic(this caused demise of the British liberal party).

Steven Zarlenga of the American Monetary Institute(www.monetary.org) wants to formally nationalize the fed and place it under political control.

i personally favor the second approach-but I think it needs some up front safeguards and we need to make congress more democratic and less corrupt so it can actually handle this.


Randall,

That is an excellent review of the current proposals to end the Fed and take back control of our currency. We should support Dennis Kucinich's HR 2990, which mirrors Stephen Zarlenga's solution!

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Re: Federal Reserve

Post by deezthugs on Fri Oct 28, 2011 12:07 pm

JCB wrote:
randallburns wrote:There are two basic proposals to deal with the Federal Reserve:

Ron Paul wants to abolish the fed and return to a gold standard.

Randall,

That is an excellent review of the current proposals to end the Fed and take back control of our currency. We should support Dennis Kucinich's HR 2990, which mirrors Stephen Zarlenga's solution!

I'm pretty sure RP is more interested in sound money - whatever it may be backed by - and to remove the monopoly around money creation. We should think about the possibilities of competing currencies.

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Re: Federal Reserve

Post by JCB on Fri Oct 28, 2011 6:15 pm

deezthugs wrote:
JCB wrote:
randallburns wrote:There are two basic proposals to deal with the Federal Reserve:

Ron Paul wants to abolish the fed and return to a gold standard.

Randall,

That is an excellent review of the current proposals to end the Fed and take back control of our currency. We should support Dennis Kucinich's HR 2990, which mirrors Stephen Zarlenga's solution!

I'm pretty sure RP is more interested in sound money - whatever it may be backed by - and to remove the monopoly around money creation. We should think about the possibilities of competing currencies.

Aristotle: "Money exists not by nature but by law."

My questions for you are:

Can we trust the market to provide us with stable, sound currencies that meet the needs of the people and our economy?

Can we trust the market to invest our savings and privatize social security?

Can we trust the market to build our national highway system?

Can we trust the market to prevent the accumulation of monopolistic, hereditary wealth?

Can we trust the market to prevent and clean up man-made disasters, like the Deepwater Horizon spill?

If can't trust the market, then who can we trust?

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Re: Federal Reserve

Post by Post Gold Standard on Sat Oct 29, 2011 12:50 am

I think the key is we can't trust anyone. That is why informed citizens, media, government, regulation, over-site and prosecution are a must.

I find these comments very curious because they usually mean gold: "interested in sound money - whatever it may be backed by".

Let's say we go back to the gold standard. Now imagine a world with known quantities of gold = 1,000 tons. Now imagine a new mine that is discovered and they easily extract 1,000 tons of gold in one year. What happens to the value of gold if the mine just holds it? Now what happens if they circulate / sell it?

The real way to achieve a stable value currency is to have the Government be the Employer of Last resort (ELR). Offer everyone willing and able to work an $8 an hour job (doing whatever, cleaning roads, maint., etc). This will set the floor for wages, but it will also hold the value of the money as well. Since you then would know that $8 is equal to one hour of unskilled labor. Plus it puts the value of the money right where it should be. You trade your labor for money and later spend your money for products and services. Just setting the price of this one thing, unskilled labor, will help hold all other prices in line and at full employment I might add.

During recessions more people work for the government and during boom times very few if any would, but this would also reduce or almost remove boom and bust cycles (this also would eliminate the need for unemployment benefits).

The ELR concept is explained completely here: http://moslereconomics.com/mandatory-readings/full-employment-and-price-stability/

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Re: Federal Reserve

Post by deezthugs on Sat Oct 29, 2011 1:12 am

Post Gold Standard wrote:
The real way to achieve a stable value currency is to have the Government be the Employer of Last resort (ELR). Offer everyone willing and able to work an $8 an hour job (doing whatever, cleaning roads, maint., etc). This will set the floor for wages, but it will also hold the value of the money as well. Since you then would know that $8 is equal to one hour of unskilled labor. Plus it puts the value of the money right where it should be. You trade your labor for money and later spend your money for products and services. Just setting the price of this one thing, unskilled labor, will help hold all other prices in line and at full employment I might add.

You are talking about currency, not money. At least Gold is money and has been so for more than 5000 years. Your above description sounds like an extreme form of Socialism, with fiat currency backed by sweat. I do not seeing that working out. I don't see your scenario keeping a central bank from printing at will.

We need a Federal Government that is much much smaller to prevent the kind of wholesale kleptocracy that has been going on for decades - one that does not have a large checkbook and cannot hand out no-bid multi-billion dollar contracts to pay for things that benefit only the contractor.

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Re: Federal Reserve

Post by Post Gold Standard on Sat Nov 05, 2011 1:28 am

Basing the value of money/currency on a commodity mined and hoarded vs. the value of human labor.

If you would call ELR an extreme form of socialism, what do you call unemployment benefits (paying people while they are not working)? The difference between the two is one involves real output. work and societal benefit and the other does not.

http://moslereconomics.com/mandatory-readings/



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Re: Federal Reserve

Post by Post Gold Standard on Sat Nov 05, 2011 1:38 am

"I don't see your scenario keeping a central bank from printing at will."
Correct me if I am wrong, but I think you might be thinking that QE1 & QE2 involved the Fed printing a bunch of money and debasing our currency.

The Fed does not print money - The facts do matter: http://pragcap.com/read-fed-print-money

http://moslereconomics.com/2008/12/17/quantitative-easing-for-dummies/

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