Quotealex

50 for the fedsl

fl_prn_str

Richard M. Nixon took the U.S. off the Gold Standard.

woj

first conspiracy thread of 2006

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RayBonga

Here's an interesting view on the subject:

I Want The Earth Plus 5%
How The Federal Reserve Board System Works
http://electronicgold.blogspot.com/2...th-plus-5.html

warlock5

http://research.stlouisfed.org/fred2/series/CURRCIR/45

EDIT: actually I think this chart is more up to date:
http://research.stlouisfed.org/fred2...RCIR/342/10yrs

inthedark

kennedy tried but never got to complete it ... Johnson didn't seem to like the idea and withdrew the bills from circulation

One day there probably be such a form of money, when what the US owes the Federal Reserve become unpayable our government can just outlaw the Fed and the debt is erased... kinda cool if you think about it

warlock5

Yeah, and say hello to insane taxes on income and everything else. The money the government spends has to come from somewhere.

inthedark

the govt (treasury department) will then print the bills the govt needs to operate instead of the govt getting bills by printing bonds and selling them to the fed

as long as they dont overdo the printing inflation could be controlled and no need to raise taxes, worked fine in the US for a long time

warlock5

overdo? So it would be better to have elected politicians who are notorious for overspending to control the money supply?

And you are wrong about it working fine for the US before, look up the Continental Dollar. In six years the bill went to zero value due to over printing. The US is still here, but it was not an easy lesson (and aparently one few learned from.)

Monk

inthedark

-that is true, the best argument for having a central bank is that you have a team of trained economists running the money show rather than politicians

-the continental dollar was a mess, colonial scrip worked much better except it pissed off the bank of england and led to the war

personally I would hope to see economists get together and create a computer algorithm for controlling the money supply and take it totally out of the sphere of political influence

inthedark

it will always be that way with a fed, they aren't producing anything but are due interest on everything ... increasing prices is how the interest can be paid ... not bad if your income keeps up

warlock5

I'm not convinced that an algorithm could do an even satisfactory job at something even some of the smartest economists struggle with.

Quotealex

If the bankers can create money from nothing with the fractional system currently in place, why can't the government do likewise or something similar.