Is there anyone here who supports fiat curreny/the Federal Reserve?

I really don't know enough to challenge what they do. But I think they are doing well enough.

So 90% of economists are economic illiterates?

Up is down

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I know Obama drones, Krugman lackeys and liberals will think its a good thing but we already know they are economic illiterates

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I don't think it's possible to casty this enough.

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I am wondering if anyone here thinks that fiat currency is a good thing

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Not me.

Constitutional Money

I'm against the "hidden tax" and inflation that a monetary system based on fiat money creates. It's a scam.

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Is there anyone here who supports fiat curreny/the Federal Reserve?

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Me.

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I think that a lot of the economic problems we are facing are directly related to fiat currency and the federal resevere

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The latter is arguable, the former is just not true.

I can't believe Wiki hasn't showed up in this thread yet.

I would prefer the gold standard under Bretton Wood to what we have today BUT like Ron Paul and Milton Freidman I would prefer the dollar stand as a free trading commodity on it's on.

I don't think we have to have or necessarily need the Fed.

Without the Fed essentially fixing the price of dollars by setting discount rates that deposits trade for between banks we are not allowing the dollar to trade freely. If deposits were traded in unregulated auctions we would not need to peg the dollar to gold. It would be a commodity itself and it's value easy to understand relative to other commodities.

Fed proponents will say the Fed is necessary to pump money when the economy slow and to reduce money supplies when inflation threatens. That would not be necessary if the dollar traded freely. The markets can react much faster than Yellen.

Just like other commodities periods of scarcity and periods of over abundance would correct themselves through markets.

In a free market I doubt we would have even had the banking crises of 07-08. First off those banks would not have been so leveraged. Secondly liquidity would not have been an issue as money could have been had if one was willing to pay for it.

Think about the oil embargoes under Carter and Nixon. It was not the embargo that created shortages. It was the price fixing of the federal government. Both Presidents capped gas prices and nobody wanted to bring it to market. Reagan ended this stupid policy and OPEC has never been able to create a US shortage since. If money was freely priced we would never have a shortage.