Please share this article and provide COMMENTS and IDEAS below to move this discussion forward. E. increase income taxes But this could soon change. They are also typically owned by the depositors themselves. Credit unions may be structured differently depending on the institution; however, they all seem to loan only to depositors for local projects or businesses. With that in mind, the Public Bank of Los Angeles movement is picking up steam. So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? The Federal Reserve Board is the most gigantic financial power in all the world. Creepiest Tech Guide of 2020 — Activity Trackers, Wireless Headphones, Smart Speakers, OMG! Because money is completely eliminated from the equation, barter naturally replaces money as the method of exchange in times of monetary crisis. . 3. Credit Unions and State Banks:  Under the current fractional reserve system banks create over 90% of the money in the economy through loans. Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. ( Log Out /  This would seem to be the best national strategy so long as other local competing currencies are still allowed to exist. Many local food cooperatives are starting to implement this type of quasi-underground economy based on credits, sometimes tied to currency for easy valuation. Previous question Next question Get more help from Chegg. 4. Now they have been brought in line with the cartel at the barrel of a gun, and next comes the wonderful IMF we-own-your-ass loans. Speaking to the United States Congress, the Chairman of the Federal Reserve, Jerome Powell, described Bitcoin as a store of value, “like digital gold.” He also acknowledged that it could replace the need for a currency reserve. Both of these entities offer an immediate alternative to the private banking cartel, and could conceivably print an alternative currency, if needed, that would likely be trusted by depositors. So are all … Tentatively called Fedcoin, this Federal Reserve cryptocurrency could replace the dollar as we know it. The job of slicing up the economic pie in the U.S. has traditionally fallen to Congress, with the Federal Reserve tasked with making sure there is enough to go around. The Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. President Donald Trump's nominee to the Federal Reserve, Judy Shelton, pictured in Feb. 2020, has said she supports the gold standard and questions the mission of the powerful central bank. Otherwise we are just trading one monopoly for another. NASDAQ + 87.04 0.70%. What has to be done? Simply put, barter is the voluntary exchange of goods and services for other goods and services without the need for currency. Paul claims that it will provide a smooth transition away from the Fed, pointing out that ‘if nobody wanted to use them (competing currencies), they wouldn’t have to, and everybody could be happy with the Federal Reserve. Under Paul’s competing currency act, these local currencies could now be considered “legal” tender, which could conceivably remove their peg to the dollar. Actually you could, but if you saw one it was fake, as there is no such thing as a "Federal Reserve Bond". And because of this – according to the Kansas City Federal Reserve Bank ... (And this is on top of the $20 billion in Treasuries the Fed’s buying since August needed to replace maturing mortgage securities and the $100-plus billion in repurchase agreements. However, it is unclear whether they will share the same tax-free benefits as gold and silver under Paul’s plan. President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … The fed is a bad system, but what could replace it? Originally answered: What could replace the Federal reserve if it was abolished? The Federal Reserve impact the money supply by the monetary policy in which they use Expantionary monetary policy and contractionary monetary policy . Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. . Barter: Barter is the oldest form of trade. C. increase the discount rate. So, they decided to pool their resources and create a state-run Bank that is more about cooperation and community than about competition and corruption. The Federal Reserve System, created with the enactment of the Federal Reserve Act on December 23, 1913, is the central banking system of the United States. Mullins and Kah further argued that by controlling the New York Fed the international banking elite could command the entire Federal Reserve System, and thus direct U.S. monetary policy for their own profit. He also indicated that he could replace Yellen as chair of Federal Reserve. Inherent in the fractional system is increased inflation and taxation which squeezes every worker and small businessman, resulting in a steadily decreasing standard of living for the vast majority of the population. Therefore, the Federal Reserve-led central banking cartel is not only a severe detriment to the US and global economies, it is the fuel for conflict around the world — not religious beliefs, style of government, or other manufactured differences. Now that Ron Paul is officially testing the 2012 presidential waters, a hot topic will surely be “Ending the Fed.”  What used to be seen as a fringe issue may now result in intelligent discussions about how do we end the Fed. To increase the money supply, what could the Federal Reserve do? The federal reserve should stay as far away from the private sector as possible. I agree with Ron Paul that our central banking system is terrible, but I don't know what it could be replaced with. B. make an open market purchase. The government needs to keep an eye on the federal reserve. “For all practical purposes,” Kah stressed, “the Federal Reserve Bank of New York is the Federal Reserve” (Ibid). The Federal Reserve Board decided to take steps to arrest the speculative bubble that appeared to have been forming: it raised the cost banks had to pay to borrow from the Federal Reserve and it increased speculators’ margin requirements. Q - Can you see Federal Reserve bond 1934 series US 500000000. Rather than have designation to what the Fed is doing we believe to a great extent the term quantitative easing will fade from the major media and Fed announcements, probably to be replaced by a term such as accommodation. Currently the system in place puts more money into Wall Street which is basically a way for rich people to put a point system to their Godhood. Replace the Federal Reserve Altogether A Good Idea. 2 Answers. Just as the Patriot Act followed the terrorist attacks on 9/11, economic crisis led to the passing of the Federal Reserve Act of 1913.The Panic of 1907, also The Federal Reserve Board of Governors in Washington DC. Report Post. Ron Paul has been right about this for over 30 years. The euro could replace the U.S. dollar as the world's primary reserve currency, a German magazine quoted former Federal Reserve Chairman Alan Greenspan as saying on Monday. NO. Ron Paul could introduce a bill to end the Federal Reserve System. One way to utilize this power of the banks for the good of the local community is to support credit unions, or by creating state banks modeled after North Dakota. Interest-Free Treasury Dollars:  Interest-free money issued directly by the Treasury, reminiscent of Lincoln’s Greenback, would basically remove the for-profit middleman — the Federal Reserve. And if it is, Ron Paul has a good chance of victory. Popularly known as the Federal Reserve or simply the Fed, the Federal Reserve System was created in the belief that centralized, regulated control of the nation’s monetary system would help alleviate or prevent financial crises like … It lured the nation into the lobster trap of debt — debt undergirded by Federal Reserve fiat money and congressional deficits — and the country cannot see a way to get out on a pain-free basis. Choose one or more: A. decrease the discount rate. She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … The Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger unless Congress approves more dollars to support those still getting slammed by the coronavirus pandemic. Many of these currencies have been set up in defiance of the debt-based money system and resemble a barter system. Relevance. These local tender will obviously face challenges of interstate trade and are, depending on their structure, still somewhat at the mercy of a devaluing U.S. dollars. Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020. Many pragmatic voters will view ending the Fed as unrealistic. [FFON 227] — Radical Indian Stand Up Comedian, Writer & Social Vigilante, Krish Mohan. NO. 2 Answers. D. make an open market sale. The Federal Reserve could make a huge difference in the working lives of African Americans by targeting the black unemployment rate. Public Banking Can Replace the Federal Reserve Posted on November 2, 2020 So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? 1 decade ago. Ben Franklin referred to it as “honest money” and wrote “In the Colonies we issue our own money. Change ), You are commenting using your Google account. Regardless of whether the Federal Reserve does it, or some other agencies, the functions provided by a public central bank are fairly vital to a robust economy. The Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger unless Congress approves more … The statement comes after multiple small and midsize banks earlier this year told the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency that the regulators’ preferred Libor replacement — the secured overnight financing rate — was ill-suited to them since they don't have many ties to the repo market.
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