Quote:
Originally posted by Fletch XXX@Nov 20 2003, 12:25 PM
Ask yourself why the Federal Reserve is not owned by any Americans.
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It is with great wisdom that monetary policy is kept separate from the executive office. It is no secret that the Federal Reserve system is not truly "federal". Nor is it truly private. This is quite a matter of public record and anyone versed in even a modicum of government structure knows it. I roll my eyes at yer conspiracy.
Would you like to give Mr. Bush control of monetary policy?
Sorry, fellas. Fiat money is here to stay. Au, hell. All money is fiat money because basing reserves on today's price of some gold colored metal being held in a vault somewhere is not one iota better. There were great problems with that. Remember?
Today's monetary policy is much better than that prior to the great war. Compare the latter half of the twentieth century with the economic shocks of the first half or even worse the latter half of the 19th century. What a miserable mess. During hard economic times, there wasn't enough liquidity to provide business owners with loans to get going again. The financial machinations of our generation are specifically designed against the problems that were experienced in the past.
Will we have new problems on our hands? Of course we will. We must move forward though and not backward. The not too distant past was much worse - with systematic shock after shock after shock - than anything my generation has ever seen. For if one were to shed the institutions of the day in some naive hope that today's most pressing problems would be solved one would only walk the path back to whence one came.