Federal Reserve nominee suggests abolishing paper money

Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.--Ben Franklin

Comments

  • SaorAlbaSaorAlba Posts: 5,367 ✭✭✭

    The person in the Executive office seems to prefer to appoint people willing to undo the mission of the departments they are appointed to. Think Betsy Devos as the Secretary of Education.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016
  • Timbuk3Timbuk3 Posts: 4,581 ✭✭✭

    :( !!!

    Timbuk3
  • gnatgnat Posts: 508 ✭✭✭

    More of the same thinking from the same people who brought you supply side (trickle down, job creator, and other "tax reform") economics.

    Don't let people actually save money (whether in a bank account or cash), but force more money into the investment markets.

  • boimre1972boimre1972 Posts: 721 ✭✭✭

    What will happen to strippers if this goes into effect?

    Mike
    Collecting small-size star notes.
    Mishawaka, IN
  • @gnat - you do realize that he is opposed by the Austrian School think tank, right?

    Check out my world paper money collection at papermoney.x10.mx
  • sellitstoresellitstore Posts: 785 ✭✭✭

    This nominee's views are still very much in the minority. I expect that he will be questioned on this subject during the confirmation process. He will have to get confirmed first and then convince many others before this would even be considered. We'll see.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip. Ebay listings
  • coinkatcoinkat Posts: 18,525 ✭✭✭✭

    Unconstitutional

    Experience the World through Numismatics...it's more than you can imagine.

  • uzuiwekuzuiwek Posts: 79 ✭✭✭

    @coinkat said:
    Unconstitutional

    The general feeling for the first 80+ years of the US was that federal currency was, indeed, unconstitutional. Not sure if that's what you're getting at, but it's why we predominantly had individual bank-issued currency until the Civil War (War of 1812 and small issuances in the 1830's and 1850's aside).

    SPMC LM #405 - Collector of Ohio obsoletes. And other stuff, that I'm not going to tell you, so you don't buy it before I do.
  • coinkatcoinkat Posts: 18,525 ✭✭✭✭

    No that was not the direction I was going. The Federal Government has a Constitutional obligation to provide coinage and a currency in a form that is considered legal tender by which commerce can be undertaken. The federal government cannot rely on a currency that it does not control or authorize.

    Experience the World through Numismatics...it's more than you can imagine.

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