End the Fed

[Kat Kanning]

http://endthefed.us/

looks interesting

[John Edward Mercier]

But inaccurate.
Hamilton was the political bearer for the Gold Standard and Full Reserve Banking.

[lastlady]

I'll be participating. Just think 3 years ago most Americans had never even heard of the Federal Reserve. We can work out the details of history as we go, but ending the fed is always a good start to restoring the Republic and then moving toward a totally voluntary society.

[Kat Kanning]

But inaccurate.
Hamilton was the political bearer for the Gold Standard and Full Reserve Banking.

Everyone once in a while I look at your posts, but am just reminded why I have you on ignore.

[John Edward Mercier]

Removing the Federal Reserve Board of Governors would lead to direct congressional control of monetary policy (credit). Congress already circumvented the Fed BOG by the establishment of the GSEs in sectors they wished to patronage.

But removing an imposed standard for the valuation of labor would lead to a more voluntary society.

The USD's influence is two-fold... it gains its authority from the force of government given it credence to legal tender. And a historical social standard that was a result of geography and historical context.

The modern US banking system is a mixture of Hamilton and Jacksonian philosphies.

[doobie]

The government can't end the FRN.  They would need currency to replace it.  If they replaced it with gold or silver, they'd be poor, and the people would be rich.  They wouldn't be right!

[John Edward Mercier]

The US was on a gold standard prior to 1971...
But there was no central bank between 1811-1816 (between the charters of the First and Second Bank of the United States), nor between 1837-1913 (Free Banking and National Banking periods).

The 1837 period was initiated by Andrew Jackson returning the system to a decentralized Republic version based on Article One Section Ten of the US Constitution.

[PattyLee loves dogs]

Hamilton was the political bearer for the Gold Standard and Full Reserve Banking.

Hamilton wanted the Bank to be privately run by his friends, but tax-funded. 1/5th of the original capital of the Bank of the United States to be put up by the US taxpayer... the US gov didn't have enough for him, but he was generously willing for the bank to lend it to the taxpayers.

It is true that all 18th-Century politicians, including King George, were radical libertarians by today's standards. But Hamilton clearly intended the Bank to be a means of bilking the public. It would not have been as powerful as the Federal Reserve at first, but it was the camel's nose in the tent. Jefferson was right to oppose it.

Fortunately Aaron Burr came up with a method of anti-Central Bank lobbying that really worked 

[PattyLee loves dogs]

The US was on a gold standard prior to 1971..

Except that only foreigners could exchange dollars for gold. US citizens got only paper after FDR's gold confiscation of the 1930s... All gold contracts were declared invalid, robbing holders of gold-denominated bonds. Americans weren't even allowed to OWN their own private gold bullion!

If that's the "gold standard", then Fannie Mae and Freddie Mac were the "free unregulated market".

Have you considered writing alternate-history fiction, John 

[John Edward Mercier]

US Constitution doesn't empower Congress to operate a bank... only deposit funds within one.
Jefferson and Madison opposed the excise whiskey tax, but not the duty on importation. Madison presided over the renewal of charter in 1816.

Executive Order 6102...
Removed the hoarding capacity of gold, used by Industrialist to control the value of labor.
It did not completely remove private ownership of gold within the US.

[PattyLee loves dogs]

Executive Order 6102...
Removed the hoarding capacity of gold, used by Industrialist to control the value of labor.

Oh, those evil industrialists! How they used gold to... not be able to steal everyone's money with "bank bailouts", inflation, deflation, "monetization" of foreign dictator's bonds...

Boy I wish we had those evil industrialists back. We'd have private Mars colonies in ten years.

It did not completely remove private ownership of gold within the US.

No, it just made bullion ownership illegal 

You could still own all you wanted, as long as no one turned you in.

[Russell Kanning]

end the fed

[John Edward Mercier]

Executive Order 6102...
Removed the hoarding capacity of gold, used by Industrialist to control the value of labor.

Oh, those evil industrialists! How they used gold to... not be able to steal everyone's money with "bank bailouts", inflation, deflation, "monetization" of foreign dictator's bonds...

Boy I wish we had those evil industrialists back. We'd have private Mars colonies in ten years.

It did not completely remove private ownership of gold within the US.

No, it just made bullion ownership illegal 

You could still own all you wanted, as long as no one turned you in.

You could own up to five troy ounces... it was how the US government worked under the 'hard money' system to engage the power of Article One Section Eight 'To coin money and set the value there of'.
The evil Industrialists were for the most part corporatists engaged in wage slavery... not a pretty picture.
They actually created portions of the Federal Reserve System through they're bank holding corporations... that was the Hamiltonian part (private ownership/gold standard). The Federal Reserve Board is the public oversight/regulation Jacksonian part.

If we remove the government portion of the equation... we have no FED, only private ownership.
But if the government is allowed to impose reserve limits then we have government interference.
And if the government is allowed to impose tender status... we don't have a free market pluralism.

[Josh]

Looks like they might be considering dropping the rate to 0% tomorrow according to CNBC. 

[PattyLee loves dogs]

Looks like they might be considering dropping the rate to 0% tomorrow according to CNBC.

They just printed M1 up another 200 billion... that's almost 50% increase in a month.

http://research.stlouisfed.org/fred2/series/BASE?cid=124

Looks like the Mogambo Guru was an optimist.