Posted 12 years ago on Oct. 5, 2011, 2:48 p.m. EST by Fallspring
from Silver Spring, MD
This content is user submitted and not an official statement
Yes I am well aware of the fed problems, But I like safety nets, I think they are helpful, I do not believe in over regulation just bad regulation. we need to try more regulation and if it doesn't work fix it, instead of doing nothing like we are now. and to be honest we can not predict what will happen if we do abolish the FED. it could be really ugly. A run on the banks would not only hurt the banks. the consequenses of abolishing the fed is a big deal. That clutch is like the Federal Reserve. By not being the government and not being the economy, it acts as a buffer between the two to allow the rates to change between them without blowing either one up. If it was replaced by a governmental body, you would risk control issues between the economy and the government and force a lot more risk into the government. Every major industrialized economy utilizes some form of central bank. If the Federal Reserve were to be dissolved, something would have to take its place. The reason most countries do not give that responsibility to its Treasury department is because that is usually too close to the politicians. Politicians love to make decisions based upon their short-term interests and do not care much about long-term forecasts. If you think this recession is bad, just wait until the politicians control the money supply. are you suggesting that we let private banks regulate the money supply and set their own reserve/overnight lending rates? does that sound feasible and or smart? I do not love the fed man I just want to be realistic and demand actions that could possibly happen and will help bring the top 1% to their knees without hurting the rest of us. keep up the fight my friend.