I think its problematic aswell, Fiat money is the worst part. I read a book a while ago called human action that had good information on the problems that it causes. Money in our society today get its value from speculation, its an artificial value, and it is a very unstable way of backing our currency. It only hold value when other countries have a demand for it. I think this can be improved. The fed may be cuasing more problems than it is fixing.
That will never happen. The main purpose of the fed is to bail out banks when the economy hits the shitter. And guess what? The economy's fake.
I don't think we need to end it, we just need to allow competing currencies. That way the "private company" that is the Federal Reserve will fail because of the terrible business practices it utilizes. The control of the currency can not be in the hands of the public sector, or the government, or centralized in any way. It always, and I mean always gets taken advantage of in that situation.
Well, I think that's why it's been implemented in the first place. For corporate companies to dip their hands in, banks that need bailing out, and the military. The government will never allow anything else to happen! Maybe far down the future they'll create something 'new and efficient' which will be more or less the same bullshit. Or argue how it doesn't work and go back to the old system.
Competing currencies? LOL. So we can have 200 exchange rates and make it even easier for people to print their own BS money not backed by SHIT?! Seriously that would never fly. We need to bring back the gold standard and start burning money literally to get rid of the flood of bills depreciating the dollar making it not worth shit. Then as a country we need to buck up thru hard times and pay back china. You peeps have no idea how hard shit is about to get, and all were doing is putting it off on the next generation of peeps to pay the piper.
People won't invest in money not backed by shit. You have never thought of what kind of system would be in place without the government? Ever? Counterfeiting would be harder, currencies would be more tailored for their customers, investments could be more diversified... What would be bad about private organizations printing money? I don't see a damn thing wrong with it.
Knowledge of economics does not appear in this thread. Posting should be restricted to those that have taken economics 101.
Well then by all means what is stopping us? I am hoping the majority of us (in this thread) have a college education and have taken some macroeconomics, otherwise your ideas may not be up to par. I'm not trying to slam and I apologize if it seemed that way. But any econ prof would lol at the idea of that. It just won't happen, mainly because of confusion and complication by the masses of ignorants in the USA. And I strongly disagree that a private company can make currency anymore counterfeit proof than any other bill. I trust the minds making our dollar now, over a private company, btw private company = profit company and no thanks to that. Besides, you wouldn't have ANY more say in how they ran their biz than the current system. In fact with it being private and all you would have less say unless you were a heavy investor with the company able to sway it's operations in company stockholder votes. Either way you can see how ridiculous it becomes. Not going to happen. And for the record... The people ARE indeed investing into a system not backed by shit lol.
Only because it is the only investment option and the only viable option for any company that wants to run legally. I would have much more say because I could choose the currency I wish to carry in my pocket. Perhaps even many currencies, because not every store might accept every currency. Because the US currency is a for profit currency this point is invalid. In order for any organization to run they need to make at least as much money as it takes to operate. Currencies with large customer bases and lots of resources to work with could make currency that is hundreds of times better than the USD as far as security is concerned. Counterfeiting will always happen, but it would be much harder with many different currencies with many different security features on many different kinds of bills, electronic transfers, and other forms of currency. Just because the monopoly on education in this country has taught you that economics is based off of the government doesn't mean that you are right, and it is ignorant of yourself to assume I'm wrong.
May I also add that you don't need "imagine" what it would be like without our current system. Just read a history book and you will see why things are the way they are instead of every state having it's own bank and currency and debts. the fed reserve is probably the only reason we are the US and not a bunch of different states. lol. Of course you could also take the time to learn currencies of the world and other systems if you are so interested on the topic.
I mean, I guess you are right... I would rather see entire countries thrown into debt because of the practices of our central bank than see our country turn into a loose connection of states. I would like to see countries invaded, nations built, and people killed by the influence of our central bank instead of our country being more like a confederacy. You need to start thinking a little more outside the box, bud. What if being a loose collection of states is better than one massive federal government? Competition is great, even in currencies. Especially in currencies. Any economist worth his weight would tell you that, but you won't find those in Universities or politics. You can't steal money from your own citizens if your own citizens had an open mind to competing currencies.
Way to be vague. "Just read a history book". I presume that if you had any specific histories in mind to illustrate your point you would have simply cited them. Since you did not, I'll assume you have no such support. The US is a bunch of different states... hence the United States of America. You should get used to the idea, since it is pretty much inevitable at this point that the American dollar is going to crash if we continue operating monetary policy as we have been, which seems likely. Foreign nations are already beginning to migrate away from the US dollar as the foreign exchange standard because it's becoming so weak due to our monetary policies. We continue like we have been and we'll suffer hyperinflation, and then 10,000 dollars will buy one bottle of pepsi, then maybe you'll be more interested in competing currencies.
First of all, not everything a professor says is 100% correct. Have you ever heard of the free market or is that another concept that "any econ prof would lol at"?