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Inflation and government spending
Tweet Topic Started: Jul 1 2009, 04:36 PM (159 Views)
troubleatiu Jul 3 2009, 11:39 PM Post #16
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I still believe the Federal Reserve is necessary to avoid the bank runs and financial panics that gripped the emerging 1st world in the 1800's. If the Fed didn't exist, politicians intent on spending more money than they have whould always find a way, and the anti-Fed crowd is fooling themselves when they think government spending can be curtailed by eliminating the Fed. -lars

my computer crashes and i get another rebuilt to come back and find this garbage. you said earlier government spending is the problem. who enables government spending? where does the government get the money to spend? what is the federal reserve's role in this? who ultimately benefits?
im guessing you are still on the waiting list for "the creature from jekyll island."
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HoosierLars Jul 4 2009, 09:44 AM Post #17
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If the sheeple are apathetic enough to let a bunch of politicians spend the country into the abyss, they won't stop the same politicians from passing whatever legislation is required to enable deficit spending. It's really quite sad.
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IUCOLTFAN Jul 4 2009, 11:38 AM Post #18
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Lars......wake up, the Federal Reserve is not a good thing. Read Woodrow Wilsons comments, he knew it. Why do you continue to defend it?
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HoosierLars Jul 4 2009, 04:04 PM Post #19
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Jul 4 2009, 11:38 AM
Lars......wake up, the Federal Reserve is not a good thing. Read Woodrow Wilsons comments, he knew it. Why do you continue to defend it?
Our economy has boomed since 1900, and much of the credit goes to our banking system that allows people to deposit their money (wealth) so others can borrow it and create more wealth with it using their knowledge and effort.

But this banking system, sometimes called the "fractional reserve" system, has an Achilles heal, bank runs. Our lizard brains are prone to panic, and all it takes is one panic to destroy much of our banking system. The Federal Reserve system safe guards us against these panics. It has the potential to be abused (see current government excessive spending and waste) but I haven't heard anyone propose anything better.

Edit: OldSchool has proposed "full-reserve banking," but many compare that to the Islamic banking system, and any objective person can see how fucked up their economy is, so I wouldn't consider that better.
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