WalMart Warns Truckers It Will No Longer Work With Them If They Move Goods For Amazon

[Zippyjuan]

The talking point has changed. We were always taught that the Fed was created to prevent recessions.

Nothing can prevent recessions.

[angelatc]

It was specifically sold as a way to prevent further "panics" and their resulting recessions.

Nothing can prevent recessions.

[Zippyjuan]

Originally Posted by Zippyjuan View Post
It was specifically sold as a way to prevent further "panics" and their resulting recessions.

That is not what I said. Follow the link to your "quote" (click on the double arrow thing) and it says:

"Panics" (runs on banks) significantly declined following the creation of the Fed and the FDIC.

It says nothing about preventing recessions or panics. Madison did make that claim:

Right after the Federal Reserve was created to stop recessions.

To which I replied:

Nothing can prevent recessions. Not gold money, not a central bank. (though you are admitting that recessions did occur prior to the Federal Reserve as well). The Federal Reserve Act did not promise to prevent them either.

https://en.wikipedia.org/wiki/List_o..._United_States

[r3volution 3.0]

Great Depression happened on a Gold Standard.

The Fed dramatically increased the money supply during the 20s (hence the "roaring"), which bubble then burst in 1929. In other words, while the US government was officially on the gold standard, and did indeed maintain redemption of dollars for gold, it engaged in the behavior (inflation) which the gold standard was intended to prevent (this was possible only due to the unique circumstances of the time, where the USD was the cleanest dirty shirt, as they say). You might use the 20s as an indictment of the gold standard in the sense that it doesn't always restrain money printing as it's supposed to; but the 20s are simultaneously evidence of the problems which result from such money printing.

Nothing can prevent recessions.

Strictly true, since recessions can be caused by inevitable natural or human disasters, such as plague or war.

But most recessions (at least in the last ~200 years) have been caused by bank credit expansion facilitated by state protection of banking.

"Panics" (runs on banks) significantly declined following the creation of the Fed and the FDIC.

State sponsored bank inflation long precedes the Fed or FDIC.

The US had 4 central banking systems prior to the Fed, not to mention what the states were doing.

[acptulsa]

The talking point has changed. We were always taught that the Fed was created to prevent recessions.

Nothing can prevent recessions.

So if the talking point we were all raised on from birth is a big, fat lie, by your own admission as a semi-official Fed spokesman, then why are we putting up with having our savings and our wages devalued every single day again? I'm unclear on the concept.

Is it just so the world's biggest banks can make money the old fashioned way--by printing it? Is it just so the allegedly republic form of federal government can get away with doing things we don't care to bleed tax dollars for--like taking down every nation (stable or not) which does not have a related central bank? How is that robber baronetcy which is the Federal Reserve in our best interests again?

Great Depression happened on a Gold Standard.

The Federal Reserve was established in 1913, while the Great Depression kicked off in 1929. Yet here you are saying--not implying, but saying--that it happened on a pure gold standard. Need a nose job yet? I can loan you a woodpecker...

panic

Definition

Sudden, widespread fear of economic or market collapse, leading to massive bank deposit withdrawals and/or falling stock prices.

So, you admit that massive bank withdrawals are not a Panic, but a side effect of Panics. And everyone who ever went near a public school knows the Federal Reserve has been sold to the public on the promise of preventing or, at least, ameliorating them. Yet not only do you admit it doesn't work, but we have considerable evidence that the bubbles the Fed create can deepen them, and Fed meddling in the money supply can (and usually does) inhibit the recovery (when, before the Fed, did they ever last over twenty years?)

So, we're back to the question you're paid to ignore. Why are we putting up with the constant devaluation of our wages and savings again? Because it's in our best interest to make the rich richer and ourselves poorer? What?

[Zippyjuan]

NorthCarolinaLiberty:

That's not what you said?! Angela did not say you said anything at all. Did she quote you? No, she did not. She posted an emoticon. Just more excuses for you to post irrelevant, contrarian drivel.

Yes, she quoted me. Incorrectly. See the relevant posts. Thank you for the feedback.