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MrRodgers -> RE: Conspiracy Theories - HOW TO DEBUNK ANYTHING (2/24/2013 11:32:20 PM)
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quote:
ORIGINAL: fmfclwu
quote:
ORIGINAL: MrRodgers
Not true at all, show me a link to a complete independent fed audit. You are correct though, wouldn't do any good.
However, I do not regard the fed as a conspiracy theory, they (12 banks) owning in part the whole banking system requiring bank membership and in fact are simply a profit center. What the economic scientist concerns himself with is that it is not much different than the soviet politburo (economic central planners) but concerned only with money supply.
My whole problem with the fed and our monetary system is that the rationale for creating it was to steady the money supply, it has not, prevent bubbles and recessions, it has not and to prevent inflation...a complete failure with 2000% since its creation.
Returning to the gold standard is another ruse to misdirect criticism. We would do what got Kennedy killed (many say) confiscating fed reserve notes and issuing silver certificates from the US Treasury.
There isn't enough silver or gold in the world to satisfy current 'currency' needs anyway. They've printing money ever since the cut off of supply finally finished off the last 16,000 private banks during the great depression. Mission accomplished, the party was on.
Once again, I ask, what's to audit. An audit is an independent examination of private records, like the specific details of a company's holdings beyond just the broad categories on a balance sheet, to verify that the public information is accurate. But nothing the fed holds is private! You can go look it all up! YOU could go audit the fed right now, because you can see the details!
And if you think fiat money hasn't stabilized things, you haven't done much research into pre-Fed economic history. It used to be common to swing from 10+% inflation to 10+% deflation from year to year. Even despite the chaos of the last few years, we've managed to keep inflation between 1 and 2 percent, which is pretty amazing compared to pre-Fed recessions (which struck approximately once every 3 years, pre-FDIC).
Oh I agree with you in as much as the existence of the fed is a fait accompli but 80% is privately owned (private stock) and [it] is limited to 6% return on capital or profit. So I also realize that any audit isn't going to change anything at all about our monetary system.
However, those economic scientists I spoke of earlier and through some fairly extensive research estimated that from the 1790's to about the 1930's (140 years) the US 'suffered' about 17% TOTAL inflation.
An example of which is discovered when researching home prices for example. Suburban Phil. post civil war housing in an article 'The building Association that does no building' that helped finance 100,000 single family homes circa 1870's on, found at the time, the typical four bedroom colonial sold for $1,500.
I know from close personal knowledge that in fact 1920's single family, four bedroom colonials in Detroit which was booming as most cities were being wired for electricity and on public sewer and water...sold for $1,500.
Doesn't take a slide rule to estimate say ZERO inflation in housing over 50 years. Now let's look at the last 50 years or just about any 50 year period post WWII. Levittown and other similar communities opened with the typical 3 bedroom 1 bath rambler $9,000 circa 1950, year 2000, $400,000.
You do the math.
Furthermore, those swings in inflation and deflation you speak of most will tell you, were either caused by the monetary system that Franklin said was the product of the Bank of England and the costs of being subject to its money supply followed by the period after Lincoln's death the US returned to each bank issuing its own currency which was soaked with corruption and this subject also to huge swings in prices.
Suffice it to say had the US (treasury) maintained control of the US dollar or silver certificates from 1790 to 1913, and continued today...we'd all be in much better shape with a far greater value to the dollar.
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