Federal Reserve

[Enraged Mongol]

I understand that there are many problems with the Fed Reserve, and I am pissed that we as citizens were decieved for so long.

My question is what will Doctor Paul do when he gets rid of the Fed Reserve? Where will our money come from? And wont it cause an inflation if the money goes into the state governments(Like it did during Andrew Jackson?)


Thank you, and support the rEVOLution!

[kylejack]

Are there stairs in your house?

[Enraged Mongol]

Why?

[kylejack]

I was just curious. Anyway, Ron Paul wants to legalize alternative currencies, not abolish the Federal Reserve right away. This allows a gradual reform of our monetary system.

[Enraged Mongol]

I was just curious. Anyway, Ron Paul wants to legalize alternative currencies, not abolish the Federal Reserve right away. This allows a gradual reform of our monetary system.

Could you point me in the direction of some links and whatnot?

I am just curious. When I mention that he wants to get rid of the IRS and is opposed to the Federal Reserve, I always get that question. I know that having such institutions is negative for our country, but I do not know what the alternate option would be.

When Jackson was against the reinstitution of the 2nd B.US, he took the money from it and placed it into the state banks, leading to inflation. Isnt that what the good Dr. was telling us to worry about?

[buddha15]

What do you mean by where will our money come from? I don't understand your question.

[Original_Intent]

I suspect he will do a lot like what Lincoln did when trying to get rid of Central bank #2. (Didja know the Fed is the 3rd attempt at central banking in the U.S.?)

Lincoln created "greenbacks" with my understanding was a competing currency and was legal tender for debts. I don't know all the details and I could be wrong, it is not something I have researched a ton. I do find it interesting that every president who has gotten rid of the national central bank or attempted to has had an attempt taken on their life (Jackson, Lincoln and JFK are the ones I am thinking about)

[Fox McCloud]

If you simply legalize competing currencies, it would cause the Fed to virtually implode; people would work for the cheap Federal Reserve notes, then invest them in hard currency...eventually, it'll be the bankers holding their fistful of dollars that are worth nothing.....while the hard-asset currencies continue to climb.

I'm for competing currencies, but I'm not sure how practical it would be...but then again, I'm an extremist for the Free Market, so, it'd probably work out well...

[Battlecruiser]

I understand that there are many problems with the Fed Reserve, and I am pissed that we as citizens were decieved for so long.

My question is what will Doctor Paul do when he gets rid of the Fed Reserve? Where will our money come from? And wont it cause an inflation if the money goes into the state governments(Like it did during Andrew Jackson?)


Thank you, and support the rEVOLution!

Gold and silver would be legal tender as it says in the constitution, and perhaps the market itself can provide currencies, as Freidrich Hayek, a Nobel Prize Winning economist proposed.

[dvictr]

it is a very complicated transition but very possible and has been researched academically as a viable option.

[Bradley in DC]

I suspect he will do a lot like what Lincoln did when trying to get rid of Central bank #2. (Didja know the Fed is the 3rd attempt at central banking in the U.S.?)

Lincoln created "greenbacks" with my understanding was a competing currency and was legal tender for debts. I don't know all the details and I could be wrong, it is not something I have researched a ton. I do find it interesting that every president who has gotten rid of the national central bank or attempted to has had an attempt taken on their life (Jackson, Lincoln and JFK are the ones I am thinking about)

You've got a lot of your history mixed up there. Lincoln did not try to get rid of the Second Bank of the US (Jackson had taken care of that). Lincoln ended the "free banking" period of competing private currencies--we are trying to undo the dictator's mistake and end the federal government's tyranny over our money.

[WV Freedom Fighter]

we are trying to undo the dictator's mistake and end the federal government's tyranny over our money.

The Federal Reserve is not owned by our Government.

[Unspun]

The Federal Reserve is not owned by our Government.

No, they don't. Bradley didn't say they did. Just because they don't 'own' the Federal Reserve doesn't mean they don't have a hand in being part of the problem.

[Bradley in DC]

The Federal Reserve is not owned by our Government.

Not sure is that was supposed to be in response to my comment, but the Federal Reserve SYSTEM is a hybrid private and government system. The Federal Reserve BOARD, yes, is governmental.

[Bradley in DC]

it is a very complicated transition but very possible and has been researched academically as a viable option.

http://www.ronpaulforums.com/showthread.php?t=52814

[xao]

Good point