Abolish the Fed

Ron Paul News ^ | 2008-11-28 | Paul-Martin Foss

[rabscuttle385]

[rabscuttle385]

The Money, Banking, and Financial Markets Ping List. "Money, not morality, is the principle commerce of civilized nations." —Thomas Jefferson FR Keywords: moneylist, bankinglist, financelist Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. Ping list jointly pinged by rabscuttle385 and TigerLikesRooster. To join the ping list: FReepmail rabscuttle385 with the subject line add  moneylist. (Stop getting pings by sending the subject line drop moneylist.)

[rabscuttle385]

*Ping!*

[rabscuttle385]

Libertarian ping!

[screaminsunshine]

I second the motion. But you can not print up gold or silver. How will they bail out the world?

[Dawnsblood]

The gold standard only works if you are willing to give control of our currency to the gold mine owners. If they mine a lot the value goes down. If they mine a bit the value goes up. I am not willing to give that kinda power to them. It leaves me to wonder however, who we should give it to? Bernake? Paulson? The gold miners? I don't like any of the above choices.

[syl799]

here are the videos:

http://uk.youtube.com/watch?v=3qsJjTaekA8

http://uk.youtube.com/watch?v=BWYRaiq4aTs&feature=related

http://uk.youtube.com/watch?v=i0wlekeM5lw&feature=related

http://uk.youtube.com/watch?v=OJm_70FYiMo&feature=related

[syl799]

End The Fed Rally Updates from Around the Country:

http://www.dailypaul.com/node/67323

[syl799]

End The Fed Rally Updates from Around the Country:

http://www.dailypaul.com/node/67323

[wastedyears]

Except not everybody wants to carry gold.

[SeeSharp]

The gold standard only works if you are willing to give control of our currency to the gold mine owners. If they mine a lot the value goes down.

Nope. The price of gold regulates mining activity. Mining for gold is expensive and the price has to be high to make it worthwhile for all but the most efficient producers. There is never more than a minute increase in the total gold supply each year. Why would using gold as money make any difference in gold mining? Gold is very valuable now and every bit of mining that can profitable be done is already being done.

[Khepri]

Agree completely.....the details can be argued about later.

I have to say though, I can’t think of a worse time to call for this (while the Congress and Administration are busy plundering the wealth of the people of the United States). Recalls the saying “too little, too late”. I wonder how many “Ron Pauls” in the House it would have taken to stop this nonsense (bailouts)? Further, how many in the House and Senate to over-ride a Presidential veto of a bill abolishing the Fed? Is it even possible without a coup?

[dennisw]

There was no Federal Reserve during the panic of 1873. 
Abolishing the Fed is not a perfect solution but I would get rid of these useless over paid shits tomorrow if I could

Four months ago our Federal debt was 10 trillion
Since then under Paulson's direction we have piled on another 8 trillion.
This is beyond comprehension
The sub prime mess is worth one trillion so is relatively containable
Blame Wall St and their derivatives and credit default swaps for the other 7 trillion in bailouts
Blame the Fed for not clamping down on derivatives
Quite the contrary, Allen Greenspan loved derivatives.
He loved their ability to hedge against risks
So what use is the Fed?
They stood by while this derivatives mess mounted>
Fire their asses and let them flip hamburgers, they are beyond useless, they are malignant

[Dawnsblood]

I guess I do not understand. It seems to me that if the miners find a lot of gold then the worth of a currency pegged to it would go down. Supply and demand right? The same would happen in the other direction yes? I have been studying a bit on my off time lately and that is the process explained by Ms Fawcett in a book named “Political Economy For Beginners”. It seems to make sense to me. As Gold finds in Australia and the US (in the late 1800’s) picked up, the worth of the Pound went down. At the same time the value of currency in India and in China (based on silver) fluctuated according to the amount of silver the UK provided in trade. It seems to make a lot of sense to me. BTW it was so interesting to me to read a book that referred to Gov outlays in the millions rather than the trillions:) I am in the middle of Mr Hazlitts’s “Economics in One Lesson”. FA Hayek and HL Mencken wrote well of it, so maybe I'll figure it out :)

[SeeSharp]

Here is an essay by Hayak on the subject: A Free-Market Monetary System. The problem of what to do if there s a big gold or silver strike has been dealt with before. It turns out the only thing that needs to be done is to stop minting coins for a while. Then the existing coins will begin to trade at values above their metal content. When the specie price stabilizes minting can begin again. That may not seem intuitive until you consider that base metal coins (tokens) trade at values above their metal content. When necessary silver coins can do so as well. Specie coins only trade at the specie price as long as minting is going on.

[SeeSharp]

Except not everybody wants to carry gold.

They wouldn't have to. A gold standard simply means that whatever currency you have is fully redeemable in gold (or silver). You'd still carry paper bank notes and credit cards.

[stockpirate]

I agree, and while we’re at it abolish the Department of Education, early voting in national elections, all forms of gun control, funding to ACORN, PBS, NPR, the arts.

[Dawnsblood]

Thank you for the link. I have bookmarked it and will read it later. This is a subject I am just introducing myself to. I am looking forward to learning a bit. Hayak is a favorite of mine :)

[Jimmy Valentine]

"How will they bail out the world?"

Especially since we no longer have J.P. Morgan (the big man) to pull everyone together to resolve a fiscal crisis.

It is time and long past time to CUT Federal spending. The influence of the governments spending and tinkering with the economy disturbs the natural economic cycle.

[traviskicks]

interesting read.