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Message
re: Is there anyone here who supports fiat curreny/the Federal Reserve?
Posted on 2/13/14 at 8:35 am to RCDfan1950
Posted on 2/13/14 at 8:35 am to RCDfan1950
quote:More importantly, it's backed by the full strength of the U.S. military.
Well, they are backed by something K...'the full faith and credit of the government'.
2
Posted on 2/13/14 at 8:48 am to goldennugget
I was going to chime in but see that Russian and Benny already have this covered. 
OP, any time you decide you want to get rid of your worthless dollars just send me what you have.
OP, any time you decide you want to get rid of your worthless dollars just send me what you have.
Posted on 2/13/14 at 8:56 am to goldennugget
quote:
I am wondering if anyone here thinks that fiat currency is a good thing
Not me.
Constitutional Money
Posted on 2/13/14 at 8:59 am to goldennugget
quote:
I think that a lot of the economic problems we are facing are directly related to fiat currency and the federal resevere but I am wondering if anyone here thinks that fiat currency is a good thing
I know where you are coming from, but I agree with Russian and Benny: There's no real alternative that works in a practical setting.
If you re-phrased your question to read something to the effect of: "Has the Federal Reserve Bank become way too connected to Washington and have they strayed from their original goals?" I would agree, but the US economy can't function without a fiat currency.
Posted on 2/13/14 at 9:04 am to goldennugget
quote:
Is there anyone here who supports fiat curreny/the Federal Reserve?
Obama will QE us into recovery!
Forward!
Posted on 2/13/14 at 9:04 am to BennyAndTheInkJets
quote:Who appoints the chairman?
The Federal Reserve =/= The US Government
quote:Because it puts finite limits on the money supply.
You would rather your currency be backed by a piece of metal with very little utility value compared to the relative strength of a a country's economy (taking supply into account)? Why?
If fiat money is so superior and you're opposed to commodity based currency for technical reasons why not just allow both? Then the market can decide which is more secure and which it prefers.
Posted on 2/13/14 at 9:07 am to constant cough
quote:
Obama will QE us into recovery!
Forward!
QE is tapering. It's over.
Posted on 2/13/14 at 9:08 am to LSUnKaty
quote:
If fiat money is so superior and you're opposed to commodity based currency for technical reasons why not just allow both? Then the market can decide which is more secure and which it prefers
Posted on 2/13/14 at 9:10 am to Mr. Misanthrope
quote:
I am wondering if anyone here thinks that fiat currency is a good thing
Is a credit card/credit a good thing? Is a gun a good thing? Is any power a good thing?
Posted on 2/13/14 at 9:14 am to constant cough
quote:Obama doesn't get a vote on QE.
Obama will QE us into recovery!
Posted on 2/13/14 at 9:21 am to LSURussian
quote:
Obama doesn't get a vote on QE.
Posted on 2/13/14 at 9:25 am to goldennugget
I'm against the "hidden tax" and inflation that a monetary system based on fiat money creates. It's a scam.
Posted on 2/13/14 at 9:26 am to LSURussian
There ain't a politician sucking air that will shut down the press. Hell, they'd cause WWIII and God only knows what. Will-not-happen! This thing is on auto-pilot. It's a beast, risen up out of the seas (of people/their interaction)...with ten heads probably. We all will take the 'number' and worship it...or not be able to 'buy and sell'. It feeds us. The Thumpers will understand this tidbit of theological insanity. 
Posted on 2/13/14 at 9:26 am to LSURussian
quote:
More importantly, it's backed by the full strength of the U.S. military.
So we borrow money from other countries, and then when they demand payment, we get our military out and say "What are you going to do about it?"
Borrowing money without the intent of paying it back is stealing
It's not a good idea to build a nation on unethical prinicples like that
Posted on 2/13/14 at 9:27 am to goldennugget
This isn't a left/right issue. Asking if I'm for the Federal Reserve is like asking if I'm for bridges, highways, and rails. The Fed is a necessary component of the global economic infrastructure. And even if you ask if we never should have started the Fed in the first place, that's an entirely different question than asking if we should unilaterally shut down our central bank today.
Posted on 2/13/14 at 9:29 am to RedStickBR
quote:
The Fed is a necessary component of the global economic infrastructure.
That's a scam as well.
Posted on 2/13/14 at 9:35 am to RedStickBR
quote:
And even if you ask if we never should have started the Fed in the first place, that's an entirely different question than asking if we should unilaterally shut down our central bank today.
It should be nationalized if nothing else.
Posted on 2/13/14 at 9:35 am to LSUnKaty
quote:
Who appoints the chairman?
Outside of the moral hazard argument for deficits, name one instance where you can make a case that the Federal Reserve has been politically motivated since George Miller stepped down in '89. Even the moral hazard argument doesn't mean the Fed is politically motivated via directly, more so that they do their job well so politicians can get away with not doing their's. And that goes for liberals and conservatives.
quote:
Because it puts finite limits on the money supply.
In theory yes, but the gold figures were constantly manipulated to the point you can say they were just "made up". Additionally, countries used to go on and off the gold standard as a way to manipulate their currency value, so at the end of the day from a real world application standpoint, how was the gold standard any different than fiat? However, say that there actually was fully honesty gold backing supply for currency. Do you think getting a small business loan would be easier or harder? Do you think the wealth gap would be wider or tighter than it is now?
quote:
If fiat money is so superior and you're opposed to commodity based currency for technical reasons why not just allow both? Then the market can decide which is more secure and which it prefers
You're more than welcome to go buy commodities in the market place. Go buy gold, copper, silver, wheat, whatever the hell you want. The market has decided which ones they prefer, everyone on this board will tell you the dollar is in the tank from "printing money" yet the dollar index is stronger now than it was before QE started. Gold fell 28% last year, name a year the dollar index has ever fallen more than 18% in a year? I'll sit back and wait. Just a heads up, it's only happened once and that was under a president this board for some reason adores.
Posted on 2/13/14 at 9:37 am to Porky
quote:
I'm against the "hidden tax" and inflation that a monetary system based on fiat money creates. It's a scam.
The annualized depreciation for the dollar index over the past 50 years is under 1%. If you're going to call it a tax than it is the smallest tax I have ever seen enacted in history.
Posted on 2/13/14 at 9:40 am to BennyAndTheInkJets
Fiat Empire
Watch this video and learn.
Watch this video and learn.
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