Senator Mike Lee: Introducing the Federal Reserve Modernization Act

[GeorgiaAvenger]

http://www.lee.senate.gov/public/index.cfm/blog?ID=a0c5a473-d052-462d-9fa9-019ad422cd3c

Some good first steps to reign in the Federal Reserve.

[eduardo89]

Doesn't really change anything...

[GeorgiaAvenger]

Doesn't really change anything...

I believe the first part, removing the mandate for full employment, is one of the key steps that has to be taken to control the Fed's destructive policies.

Having only single mandate of maintaining price stability, the second mandate cannot be used as an excuse for not following the first.

The Fed will either follow the first mandate, or it will not and it will become further less credible with the public. Either outcome is good.

[eduardo89]

I guess that is a positive. Also I like the fact that he calls for all Fed Bank presidents to be on the open market committee, instead of just the guys from DC and New York and 4/11 other bank presidents.

[GeorgiaAvenger]

I guess that is a positive. Also I like the fact that he calls for all Fed Bank presidents to be on the open market committee, instead of just the guys from DC and New York and 4/11 other bank presidents.

Some other Fed chairs are more conservative, such as the Dallas Fed.

[eduardo89]

Some other Fed chairs are more conservative, such as the Dallas Fed.

That's exactly who I was thinking of ;)

[The Goat]

still dedicated to central power. I guess you just can't expect them to believe in a free market economy. I would like to be able to keep my wealth in a sound money without having to pay taxes when they kill the value of the state mandated currency.

[GeorgiaAvenger]

still dedicated to central power. I guess you just can't expect them to believe in a free market economy. I would like to be able to keep my wealth in a sound money without having to pay taxes when they kill the value of the state issued currency.

Have to start disabling the system somewhere. The Fed can't be done away with tomorrow.

[Matthew5]

It's a step in the right direction. Stuff like this would have been unheard of before Ron Paul.

Wait, I thought we weren't supposed to say anything positive about Sen. Lee? :p

[eduardo89]

It's a step in the right direction. Stuff like this would have been unheard of before Ron Paul.

Wait, I thought we weren't supposed to say anything positive about Sen. Lee? :p

Or Rand. They're both traitors and we have to vote them out next chance we get!!!!

[No Free Beer]

baby steps...

[WilliamC]

As long as it is understood that the eventual goal is to eliminate the Federal Reserve the exact path by which we get there is negotiable.

But if the premise is to keep the FED then I don't support that, no matter what bone they may try to throw me.

The goal is free-market, sound money not controlled by a central bank but rather by a court system that enforces laws against fraud and theft, including laws against what can be claimed as money based on weights and measures (you can't call a 28.34 gram gold coin a troy ounce, and you can't pass off a 89.000% silver coin as 90% silver, ect) but never by fiat, at least not in a fiat currency that isn't explicitly agreed to by the parties involved and can't be used to force a transaction upon another person. No legal tender laws. This cannot be done with either a central bank nor an income tax, both must be abolished and anyone arguing for them is either ignorant or out to take other peoples money for redistribution according to their favorite plan.

I assume most politicians fall into the second category, but some may just be ignorant and still teachable.

If the person I'm negotiating with doesn't agree to these premises, they are not my friend, although they may be an ally in some situations.

Just like anyone who doesn't agree that I should have the same right to keep and bear weapons isn't my friend either.

Or who says they have the authority to use encryption but I don't.

It really isn't hard to separate us good guys from everyone else, we just need to be a bit more careful in who we call friends and dissociate ourselves from the psychopaths and parasites more and more.