Originally posted by no1marauderJust out of curiousity, are you in favor of the fed being "privatized" as it is now?
You're not merely playing the idiot; you really are one.
Simply admitting you haven't a clue about the structure of the Fed would be a more honest move and thus one you will never do.
Originally posted by whodeyI think what No1 is saying is that the president has no more power over the Fed than he does over the Supreme Court. The president makes a nomination, the Congress approves it, and that's the limit of the govt's power over what these people then decide to do.
Yep, I'm just like the Fed. In fact, the President appointed me a poster on this forum and I continually give speeches to Congress about the state of the economy as they just smile and nod as I give them dire warning after dire warming about their spend thrift ways. Then at the end of the day they take pretty much any excess salary out of my bank account an ...[text shortened]... the dollar just to get even with them all.
God help me, I am just like Ben Bernanke!!! 😲
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Originally posted by MelanerpesSo the federal government can create the Fed and then can hire and fire them and then take any of their profits but they are not a government entity?
I think what No1 is saying is that the president has no more power over the Fed than he does over the Supreme Court. The president makes a nomination, the Congress approves it, and that's the limit of the govt's power over what these people then decide to do.
It makes peeeerfect sense to me now. My bad.
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Originally posted by whodeyThe federal government can't fire the Board of Governors of the Fed.
So the federal government can create the Fed and then can hire and fire them and then take any of their profits but they are not a government entity?
It makes peeeerfect sense to me now. My bad.
They can't take the profits from the members of the Federal Reserve System except by taxation which applies to everyone.
You really need to actually acquire some basic knowledge before shooting your ignorant mouth off about things that you don't have a clue about.
EDIT: You could start here: http://www.house.gov/jec/fed/fed/fed-impt.htm
Originally posted by no1marauderWhat I meant was that profits from the Federal Reserve to to the Treasury, not the profits of individual members.
The federal government can't fire the Board of Governors of the Fed.
They can't take the profits from the members of the Federal Reserve System except by taxation which applies to everyone.
You really need to actually acquire some basic knowledge before shooting your ignorant mouth off about things that you don't have a clue about.
EDIT: You could start here: http://www.house.gov/jec/fed/fed/fed-impt.htm
You are correct on one thing, once these guys are appointed they are permanent fixtures until thier terms are up. It must be nice jobs to have.
Originally posted by whodeyCan't you read?
Why should this central bank remain "private" verses government owned?
Also, how is it economic democracy when these individuals are not elected?
You asked me what form I thought a Central Bank should have and I told you. That is not the form the Fed currently has.
For all those unbelievers out there, wasnt the US banking system a mess before the FED arrived, with competing currencies and myriad market activities hell bent in trying to corner the market in one or another banks currency, with the result that runs on banks were quite a common thing?
Can anyone explain how that situation was better or more healthy for the country?
Originally posted by no1marauderI would have to agree that it would be better than what we have now. These quasi government entities are a joke. No more Fannie's and Freddies!! ðŸ˜
Can't you read?
You asked me what form I thought a Central Bank should have and I told you. That is not the form the Fed currently has.
Of course, you do realize it is this way to avoid accountability don't you? When they screw up the economy just smile and say, "But they are "private" entities." 😵
As centralized planning, however, I am not a fan. Historically, it seems that the more centralized an economy is the less productive it becomes.
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Originally posted by kmax87Are there any other examples?
....tell that to the Chinese...
What you have there in China is a haevily centralized system that has been kept down for close to half a decade. Then when you give it some freedom by turning to capitalism it begins to blossom. However, had they been a free system all along and then introduce centralized planning I think you would have the reverse effect. The last scenerio is essentially what marauder wishes to do to the US.