Isn't the Answer to our problems is to eliminate the Federal Reserve?

Question

Like Ron Paul says. And back our currency with gold so that it will hold it's value.

Answer 1

Yes.

Answer 2

That is a major part to the solution to our economic problems,  Honest money is necessary to restore our economy.

But we also need to break the stranglehold on our government by the special interests, who have been using the power of government to steal from us.  This could most quickly be accomplished by breaking the connection between the Council on Foreign Relations, and our elected and appointed public servants.

This is easier said than done.  The special interests stand to lose billions of dollars, if they are forced to compete in the market place.  We need to stop the big oil companies, the pharmaceutical companies, and every other special interest that has been using government against us.

We need to change our foreign policy.  We cannot allow the would-be Hitlers, who are using the threat of terrorism to enslave us.  We need to purge government of the un-American forces that would disarm the American people.  We need to have our civil rights restored.  We need to see that torture is outlawed, and punish anyone who is guilty of this practice.

As you can see, we have quite a job ahead of us.  And the sooner we start exposing these criminals, the sooner we will prevail.  Ron Paul is right about a lot of things.

Answer 3

The Federal Reserve is one of the greatest unconstitutional crimes ever perpetrated on the American people: the takeover of our currency by the banks. Yes it should be eliminated, immediately. At the very least their meetings should be televised, not held in secret away from public scrutiny. In addition, every member of the Federal Reserve should be requred by law to publish their stock holdings and any other financial data to avoid conflicts of interest — they are after all a supposedly regulatory government audited entity.

It was very interesting watching Alan Greenspan sputter and squirm when Jon Stewart asked him on the Daily Show, why do we need a federal reserve? Why not just let interest rates be set by a free market?

We could eliminate the fed tomorrow and the world would not end. Far from it. What would end, is our current economic mess based on the transfer and re-transfer of debt.

Answer 4

no. there is no longer enough gold to back our currency.

Answer 5

Yes.  The Federal Reserve should be eliminated.  However, while I favor gold backing, I have recently moderated my position regarding 100% reserve banking [1].  The fundamental problem with the Federal Reserve is that it monetizes government debt.  That debt represents future promises to steal wealth from productive people (via taxation).  It will only hold its value if the government follows through in the future by taxing.

Backing money by promises to tax is quite a different thing than backing money creation by posting your home or other valuable asset (even your good credit).  Academics may debate the impacts of various banking system configurations [2], but to me the most important things are to always oppose violence and theft.  Along with taxation, legal tender laws should be abolished.  Competing currencies should be allowed.

Answer 6

Ya,  JFK had plans to abolish the FEDERAL RESERVE

and look how he ended up....

Its a dangerous job!

That is being PRESIDENT and keeping your oath of office.

Answer 7

Here's a "what happens next" for you on the US economy...

http://answers.yahoo.com/question/index;...

... it should answer your question perfectly!

Answer 8

The American public should have its money back. We can see the problem with Central Banks in other nations like Canada. In 1975, Canada's national debt was just under 2 billion. In 1976, a reform to the Bank of Canada, made it more independent from the government, and the finance minister lost his vote on the board. As of 1980 the debt was at 10 billion and by 1996, 26 billion.

Thank you for pointing this out, the Federal Reserve is as federal as Fedex. We cannot let corporations hold our wallets, and charge us interest on each dollar they produce. We are in a debt spiral, and should they slow production or increase it, our economy will be ruined almost instantly. While I would not trust the Bush administration with our money we ought to get a better system.

Answer 9

Seems like the Federal Reserve has done a great deal to help moderate the business cycles that are a part of normal capitalist activity from year to year. It can't do everything, like completely moderate the shock of a large hike in oil prices, but it can help.

And I thought discussions about the gold standard ended with William Jennings Bryan.

Answer 10

This is a dangerous idea that has cost more than one life.

The hidden powers that really run the US, have the Federal Reserve as one of the lynch pins of their control and power.

You realise by now, I hope, that people like your President Bush are their puppets. And they are powerful because they have no name one can pin down, but operate through some of your institutions of power, like a Masonic

coterie.

Going back to the gold standard is not possible as someone here has already mentioned- there ain't enough of the stuff.