can someone defend the federal reserve!

I'm sure a banker could !

 

I can if you want me to. I don't believe central banks should exist, but I can play devil's advocate if you want.

 

Poor people aren't fit to rule themselves. A goverment for the people, by the people is bullshit.

You need a higher educated elite to control the masses.

They were smart enough to do it behind the scenes and to allow the masses to BELIEVE they choose their fates.

 

But without the federal reserve who would reserve the federal?

 

Im wanting to know the same thing. And i mean in the context federal reserve has been and still/will be used right now.

Bigger question is once this is plainly realized why is there no public outrage?

 

I don't agree with the Federal Reserve, but I could make a case for it. Plenty of people do.

From what I've seen though, most people on here on either side of that debate have a really limited amount of knowledge about monetary policy anyway.

 

I don't think anything more than a limited amount of knowledge is required to have a basic sound understanding of monetary policies. Take inflation, I think it's a very simple concept to understand, and it's fairly obvious even with a little knowledge (as long as some of that knowledge is of the Austrian variety) that monetary inflation doesn't have any overall social benefits.

 

This guy tried:

[ame=http://www.youtube.com/watch?v=U4vnPtSPpmA]Don't ask Frank Roche (NC Treasurer Candidate) about the Federal Reserve - YouTube[/ame]

 

I guess this is true. All you really need to know is that no value is created by printing. Just transferred.

 

This jackass pissed me off so much. His argument was ridiculously fallacious, and he straight up lied. I would have wiped the floor with that pompous asshole. He purposefully used misdirection with his strawman of Adam's argument. The Fed creates money, everyone knows that, but since he didn't want to address that question he started talking about the Treasury's ability to coin currency, a blatant strawman that Adam unfortunately didn't catch and so he got sidetracked. When he said the Fed doesn't create money that was another blatant fallacy, equivocation. The Fed absolutely creates money, but he was referring specifically to hard currency, i.e., actual notes and metal coins, but that's just a small subsection of the money supply. It's mostly just digital balances on computers, and that's what the Fed creates. Then when Adam finally asked the correct question, which was "where does the Fed get the money to buy treasuries", he immediately changed the subject. He had no choice because there's only one answer to that question, they create it. All this was just to confuse the actual topic and make it seem like Adam didn't know what he was talking about. Then at the end he actually told Adam he was twisting his words, when it was him doing all of the twisting. What a douche.

 

Yup. That's pretty much it.

 

Well the fed was put there to reduce speculation on the markets causing problems

 

But isn't inflation nessesary fir a growing economy?

We can't use real money in such a complicated and huge system

 

Yeah that's pretty much the argument.

 

Well they were put in place because of a few banking panics

 

They put themselves in place in 1913. How has that worked out for everyone?

A private banking cartel in charge of our money supply. Sounds lucrative (for them)!

 

Not that well, didn't really help at all. I think the problem is all the people betting on the market, speculation and making money off it is pretty bad.

 

Fiat currency FTL?