Poll: The Fed has raised interest rates; who is responsible for creating the Fed?
CalGold
Posts: 2,608 ✭✭
The Fed Board of Governors has finally decided to raise interest rates not because inflation is on the rise but mostly just because they can. What group is most responsible for the creation of the Federal Reserve?
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Some of you guys are so stuck in 1979.
Knowledge is the enemy of fear
Although, the two are closely connected. Cheers, RickO
Besides, the banks don't make nearly enough money unless their spreads are a lot wider. It's not enough to be bailed out by taxpayers and have their toxic assets redefined as good, they simply gotta have more and more tribute from real businesses too.
I knew it would happen.
Natural forces of supply and demand are the best regulators on earth.
The question is best answered by looking at who attended the secret meeting to establish the FED
After reading the article, I'm changing my vote to: "SOME OF THE ABOVE LISTED" A, B, D & E
Knowledge is the enemy of fear
Was the Fed created because the gold standard didn't work too well?
I suspect the FED was created in part to facilitate the eventual removal of the gold standard. Without the restraints of a gold standard someone had to be in charge of unlimited money creation. As designed this allowed the bankers to be in charge.
Natural forces of supply and demand are the best regulators on earth.
RR
Was the Fed created because the gold standard didn't work too well?
I suspect the FED was created in part to facilitate the eventual removal of the gold standard. Without the restraints of a gold standard someone had to be in charge of unlimited money creation. As designed this allowed the bankers to be in charge.
Bankers were always in charge. JP Morgan bailed out the USA before the Fed was created.
Should one just ignore the extreme boom and bust cycles while we on the gold standard? Imagine going through a 2008 type crisis (and worse) every decade.
Knowledge is the enemy of fear
You mean "Moneylenders"? Yeah, just for a couple thousand years, eh? Some people act like they were the ones who noticed it
Liberty: Parent of Science & Industry
Bankers were always in charge
You mean "Moneylenders"? Yeah, just for a couple thousand years, eh? Some people act like they were the ones who noticed it
The Federal Reserve Act gave them official control of the nations currency. Prior to that banks had to fight each other for table scraps.
Natural forces of supply and demand are the best regulators on earth.
Natural forces of supply and demand are the best regulators on earth.
Was the Fed created because the gold standard didn't work too well?
The extreme boom and bust cycles occurred because the bankers were cheating on the gold standard with paper money and paper money entries from 1812 to 1933. Blaming gold is like blaming the "messenger." The first big event were southern banks cheating on the gold standard from 1812-1823 and causing rampant inflation in the South. The govt had to step in to restore order to the southern banking system. No such inflation occurred in the northern banks who didn't lend out what they didn't have. Boom and bust cycles are caused by cheating bankers, regardless of what standard may be in play.
The FED was created because a real gold standard worked too well...if adhered to. Bankers didn't want that. It's easier to cheat with no standard in effect. And topping things off with unregulated otc derivatives in 2000 was the icing on the cake (the banker's very own debt-money system without controls). The classic gold real bills provision ensured that the amount of circulating gold was a tiny fraction of the actual commerce being conducted.
The FED was created by the strongest banks in the world. It passed the Senate in Dec 1913 while a significant percentage of Senators were on Christmas vacation. Wilson signed it shortly thereafter. Ironically, the newly minted FED + gold standard was shelved at the outbreak of WW1...and never was returned to the same level of monetary rigor that was in play from 1900-1913. Consider the true gold standard to be dead sometime in 1914. The critical real bills provision never came back to the gold standard after WW1. You don't have a working gold standard w/o it.
From what I read Morgan was happy to rescue the banking system in the panic of 1907 to get his clutches on more of the financial system...and eventually get a Federal Reserve type agency in play (ie return control to a combination of US and European bankers). No good deed goes unrewarded in the banking sector. The boom and bust cycles have continued since the FED was created. The 1922-1937 boom/bust cycle was one of the worst two in US history. Only the 1894 depression was potentially comparable.
I don't we've seen anything yet. Since 1999, the bankers have been cheating in every arena with direct conflicts of interest, leveraged derivatives, phony accounting and regs that were tweaked to allow it all.
I don't know that I believe the theories which abound that suggest that each war the US finds itself in the middle of - is about stealing gold from the treasuries of foreign countries to compensate for gold being transferred to the Far East from the US Treasury - but there does seem to be an inordinate amount of crap being promulgated in congress, the agencies, the executive branch, the courts - and no accountability whatsoever.
Gold, or no gold - this absolute lack of accountability seems to be the lynchpin of just about everything our government is doing.
Besides creating the Fed, congress is still responsible for allowing the Fed to operate without transparency or accountability. Most in congress can't follow the Fed's explanations anyhow, and much of it is BS anyway, even if the Fed were to become more transparent.
I knew it would happen.
The much less pain should have been taken in 2009.
Natural forces of supply and demand are the best regulators on earth.
Exactly what else is there to ask for? Every move is watched like a hawk from the sidelines, to the point that the exact changing of statements word by word is examined, parsed and then fed into computers for buying and selling algorithms by the banks. What am I missing?
Knowledge is the enemy of fear
Was the Fed created because the gold standard didn't work too well?
I suspect the FED was created in part to facilitate the eventual removal of the gold standard. Without the restraints of a gold standard someone had to be in charge of unlimited money creation. As designed this allowed the bankers to be in charge.
Bankers were always in charge. JP Morgan bailed out the USA before the Fed was created.
Should one just ignore the extreme boom and bust cycles while we on the gold standard? Imagine going through a 2008 type crisis (and worse) every decade.
What are these mysterious extreme boom and bust cycles of which you speak? You do realize that we were busily exterminating a continent of indigenous people stealing their land and quadrupling the area of the country . Are you suggesting if there had been a Fed in the 1800's they would have the country on an even keel through all that?
The industrial revolution was happening. We started out the century with dirt roads , horsedrawn wagons and sailing ships. We finished with railroads and steam powered ocean transport. Cars and almost we had airplanes due to internal combustion engines , and the assembly line . Central heating , telegraph , electric power ,radio all these things and many more happened without the Fed in charge of the economy.
The booms and busts of the post-Fed era dwarf the ones that came before it.
Direct proof that the FED is nothing short of a bunch of academics who operate based on classroom theory. Thank goodness my doctor makes his decisions by including hands on experience in his thought process.
Natural forces of supply and demand are the best regulators on earth.
Was the Fed created because the gold standard didn't work too well?
I suspect the FED was created in part to facilitate the eventual removal of the gold standard. Without the restraints of a gold standard someone had to be in charge of unlimited money creation. As designed this allowed the bankers to be in charge.
Bankers were always in charge. JP Morgan bailed out the USA before the Fed was created.
Should one just ignore the extreme boom and bust cycles while we on the gold standard? Imagine going through a 2008 type crisis (and worse) every decade.
What are these mysterious extreme boom and bust cycles of which you speak? You do realize that we were busily exterminating a continent of indigenous people stealing their land and quadrupling the area of the country . Are you suggesting if there had been a Fed in the 1800's they would have the country on an even keel through all that?
The industrial revolution was happening. We started out the century with dirt roads , horsedrawn wagons and sailing ships. We finished with railroads and steam powered ocean transport. Cars and almost we had airplanes due to internal combustion engines , and the assembly line . Central heating , telegraph , electric power ,radio all these things and many more happened without the Fed in charge of the economy.
The booms and busts of the post-Fed era dwarf the ones that came before it.
I suggest you get a history book. You make an incorrect assessment of what I think. Similarly, I could summize that you think all those wonderful creations are due to the gold standard. Is that what you think?
Knowledge is the enemy of fear
I have plenty of history books. The century from 1800 to 1900 was an incredible time in this country where a lot of things got done with no one in sole charge of our money , if there were ups and downs in that environment why would that surprise anyone? Since the Fed was put in charge of the US economy its only blown a hundred year bubble and by the way it hasn't exactly stopped booms or busts from happening so what was the point?.
The gold standard was brilliant because it accepted the obvious , that when men were in charge they would bend the system to their own ends until it broke.
The gold standard was brilliant because it accepted the obvious , that when men were in charge they would bend the system to their own ends until it broke.
what work better than a gold standard would be this: For every percent the federal budget goes up congressional pay goes down one percent.
Natural forces of supply and demand are the best regulators on earth.
The gold standard was brilliant because it accepted the obvious , that when men were in charge they would bend the system to their own ends until it broke.
what work better than a gold standard would be this: For every percent the federal budget goes up congressional pay goes down one percent.
I agree with derryb. Happy New Year.
Knowledge is the enemy of fear