Central Banks

[ThatRobGuy]

I recently have become very interested in how our money system works here in the US. (Forgive me if this is in the wrong forum, but I definitely felt that there was a huge moral problem with this)

I've familiarized myself with how the federal reserve operated and am astounded that our country could let this happen...until I found out how this got pushed through.

The federal reserve act was voted through congress on Thanksgiving with only 3 members present (to satisfy the two-thirds requirement).

Every dollar that's printed now comes with .02c debt attached to it which means that the currency is constantly devalued and the only way to cover the current debt is to print new money, which in turn creates more debt for the future and devalues the current money in existence even further...


Do you guys feel it's ethical to control a society with debt this way? Or do you feel like me in thinking that this is a serious liability of having a 100% capitalistic country where money is power and the means of accruing wealth are not regulated?

 

[Chesterton]

Do you guys feel it's ethical to control a society with debt this way? Or do you feel like me in thinking that this is a serious liability of having a 100% capitalistic country where money is power and the means of accruing wealth are not regulated?

He he, it's a trick question!

 

[ThatRobGuy]

He he, it's a trick question!

Trick question???

 

[b&wpac4]

The federal reserve act was voted through congress on Thanksgiving with only 3 members present (to satisfy the two-thirds requirement).

Only three members of Congress present? Which were part of the Senate and which were part of the House? It has to go through both houses, you know?

 

[ThatRobGuy]

Only three members of Congress present? Which were part of the Senate and which were part of the House? It has to go through both houses, you know?

Sorry, I mispoke, it made it through the senate with only 3 members present, the rest were home with their families due to the holidays.

Nelson Aldrich (senator) was the main architect of the plan.

Nelson W. Aldrich - Wikipedia, the free encyclopedia

He was connected to the Rockefeller family through marriage and many people (myself included) feel that the the Rockefellers had a lot of influence on the plan he drafted up and presented.

 

[b&wpac4]

The voting record shows that 43 voted yes in the Senate.

 

[marlowe007]

Obviously, if the government created its own money, interest and debt free and spent it into circulation there would be no National Debt and most taxation could disappear. There would be no need to borrow and it wouldn't be forever short of money. Is there any shortage of bricklayers and carpenters and bricks and timber to build new houses and schools? Any shortage of engineers and laborers to construct new bridges, ships and sea defences? No. But there is a desperate shortage of little bits of paper with pretty pictures on.

 

[ThatRobGuy]

Obviously, if the government created its own money, interest and debt free and spent it into circulation there would be no National Debt and most taxation could disappear. There would be no need to borrow and it wouldn't be forever short of money. Is there any shortage of bricklayers and carpenters and bricks and timber to build new houses and schools? Any shortage of engineers and laborers to construct new bridges, ships and sea defences? No. But there is a desperate shortage of little bits of paper with pretty pictures on.

Actually, that's why the founding fathers warned us against central banks. They realized that the threat was great enough that Ben Franklin had this to say about it.

]The Citizen Online | HAVE YOUR SAY[/url]
“The refusal of King George III to allow the Colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the Revolution.”

The man who ran the central bank of England also realized what a central banking institution meant as well...

Let me issue and control a nation's money supply, and I care not who makes its laws.