|
Post by slappy on Nov 18, 2009 3:49:10 GMT -5
Should the Federal Reserve be abolished? Should a 100% gold standard be implemented? Should we stop fractional reserve banking?
|
|
|
Post by kotdm09 on Nov 18, 2009 4:33:21 GMT -5
I think people should continue doing pic/text feds.
|
|
|
Post by Kliquid on Nov 18, 2009 4:48:14 GMT -5
The Federal Reserve was illegally created in the first place and it is a private organization.
Yes, it should be ended.
|
|
|
Post by Grumpyoldman on Nov 18, 2009 9:29:29 GMT -5
I wonder how many people (me included) read that & said; "Huh?"
|
|
|
Post by White Trash Lucha on Nov 18, 2009 11:02:19 GMT -5
|
|
|
Post by slappy on Nov 18, 2009 16:32:52 GMT -5
Let the adults talk.
*waits for Hulk's answer*
|
|
|
Post by Hulkamaniac on Nov 18, 2009 16:55:27 GMT -5
I have no real opinion on the issue. The system is jacked up. I'll give you that. It's corrupt. I'll give you that too. Do I have a solution to fix it that does not involve making me king of the world? No, I don't. Personally, I just want all the ers in Washington to leave me the alone. Just go away and leave me alone.
|
|
|
Post by BulletV1 on Nov 18, 2009 17:03:19 GMT -5
The only problem with using a gold backed or silver note is the fact that there is more money in circulation then we have gold or silver. So who would decide who's money is suddenly worthless? If they just abolished the Federal Reserve tomorrow? It would be a better if our money was backed, by something other then the government saying ohh this piece of paper is worth x amount. At this time there is just no good way to go about back to backing it, in my opinion. If they got rid of promissory notes, they need to figure out something other then gold and silver to back it with. I think people should continue doing pic/text feds. Fail.
|
|
|
Post by Hulkamaniac on Nov 18, 2009 17:13:08 GMT -5
Well, it's currently backed by the full faith and credit of the United States. That's worth something.
Ok, I tried to type that with a straight face. I failed. The dollar is practically worthless because of things like the gi-normous national debt and our big trade deficit. Going to a gold standard won't fix anything. (Although I would enjoy seeing all the "buy gold now" people piss themselves as their gold plummets in value.)
|
|
|
Post by BulletV1 on Nov 18, 2009 17:17:57 GMT -5
Well, it's currently backed by the full faith and credit of the United States. That's worth something. Ok, I tried to type that with a straight face. I failed. The dollar is practically worthless because of things like the gi-normous national debt and our big trade deficit. Going to a gold standard won't fix anything. (Although I would enjoy seeing all the "buy gold now" people piss themselves as their gold plummets in value.) Well to be fair the US Government is suppose to have the best credit rating in the world(for a government). They've never missed a payment apparently. I wouldn't say US money is practically worthless. Since that paper it's printed on is worth quite a bit. Not to mention US Money is good almost anywhere in the world, and is the standard for international dealings.
|
|
|
Post by S on Nov 18, 2009 17:31:48 GMT -5
Let the American adults talk. *waits for Hulk's answer* Fixed
|
|
|
Post by slappy on Nov 18, 2009 17:37:38 GMT -5
Paper money could be unconstitutional. It says in the constitution that we have to use gold or silver coin and I believe the phrase is bill of currency is forbidden.
|
|
|
Post by Hulkamaniac on Nov 18, 2009 17:39:48 GMT -5
Well, it's currently backed by the full faith and credit of the United States. That's worth something. Ok, I tried to type that with a straight face. I failed. The dollar is practically worthless because of things like the gi-normous national debt and our big trade deficit. Going to a gold standard won't fix anything. (Although I would enjoy seeing all the "buy gold now" people piss themselves as their gold plummets in value.) Well to be fair the US Government is suppose to have the best credit rating in the world(for a government). They've never missed a payment apparently. I wouldn't say US money is practically worthless. Since that paper it's printed on is worth quite a bit. Not to mention US Money is good almost anywhere in the world, and is the standard for international dealings. It is for now anyway. It's moving toward the yen though. Paper money could be unconstitutional. It says in the constitution that we have to use gold or silver coin and I believe the phrase is bill of currency is forbidden. I can't remember anything about this in the constitution. Link please? (not to the constitution, to the article referencing this)
|
|
|
Post by kotdm09 on Nov 18, 2009 17:45:06 GMT -5
The only problem with using a gold backed or silver note is the fact that there is more money in circulation then we have gold or silver. So who would decide who's money is suddenly worthless? If they just abolished the Federal Reserve tomorrow? It would be a better if our money was backed, by something other then the government saying ohh this piece of paper is worth x amount. At this time there is just no good way to go about back to backing it, in my opinion. If they got rid of promissory notes, they need to figure out something other then gold and silver to back it with. I think people should continue doing pic/text feds. Fail. Thanks for missing my obvious joke.
|
|
|
Post by slappy on Nov 18, 2009 17:56:24 GMT -5
Well to be fair the US Government is suppose to have the best credit rating in the world(for a government). They've never missed a payment apparently. I wouldn't say US money is practically worthless. Since that paper it's printed on is worth quite a bit. Not to mention US Money is good almost anywhere in the world, and is the standard for international dealings. It is for now anyway. It's moving toward the yen though. Paper money could be unconstitutional. It says in the constitution that we have to use gold or silver coin and I believe the phrase is bill of currency is forbidden. I can't remember anything about this in the constitution. Link please? (not to the constitution, to the article referencing this) "In Article I, Section 8, Clause 2 and Article I, Section 10, Clause 1, the Constitution prohibits explicitly or implicitly the emission of any form of what was called in those days "bills of credit". Today we would call that paper money." www.conservativeusa.org/vieir100.htm
|
|
|
Post by Grumpyoldman on Nov 18, 2009 18:32:28 GMT -5
I keep all my earnings in a coffee can buried in my back yard.
Don't trust no banks since the scare in '29.
|
|
|
Post by Hulkamaniac on Nov 18, 2009 18:33:23 GMT -5
Article 1, Section 8, Clause 2 - (Congress shall have power to) To borrow Money on the credit of the United States;
Acticle 1 Section 10, Clause 1 - No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
The first one basically says that Congress can borrow money (which they are shockingly good at). The second seems to say that States can't coin their own money/currency. I don't see anything about Congress not being able to do so.
|
|
|
Post by slappy on Nov 18, 2009 18:38:47 GMT -5
I'm not saying Congress shouldn't be able to make money or have money made.
I'm saying a private entity shouldn't have the power to do so.
There is currently a bill in the House to audit the fed. I think it's a good idea.
|
|
|
Post by carly1988 on Nov 18, 2009 20:09:58 GMT -5
Its been too damn long since I was in Gov/Econ but wasnt the original idea (which is far beyond gone now) to have 1oz of gold for every dollar produced?
|
|
|
Post by BulletV1 on Nov 18, 2009 20:16:39 GMT -5
Its been too damn long since I was in Gov/Econ but wasnt the original idea (which is far beyond gone now) to have 1oz of gold for every dollar produced? That wouldn't work since an oz of gold is worth roughly $764. 00 as of the time of the stock market closing today. When did it switch from being gold/silver back to promissory?
|
|