“It has the same problem the first two “Federal Reserves” had. It concentrates the money supply and binds the politicians to it. Jefferson and Jackson were correct to kill it in their time.”
Jackson caused a depression doing that. Correct?
“Nobody thought that having more money than the GDP of the entire planet was a problem. “
Uh, its not. The asset value of USA is about $50 trillion.
“The only people thinking were the ones who realized they could destroy businesses and get rich doing it.”
A) Nobody (or very few) operates on that premise, a B) that’s not what cause this mess. Honest people caught up in a bubble make investment mistakes and engage in investments and decisions that go sour.
“There are four or five hedge fund managers that should be shut down and investigated for their role in all this. The DTCC needs to be forced to have heavy federal oversight. The OCD market either needs to be voided or regulated.”
So you dont want regulations and you want a privatized money system and eliminate the Fed or you DO want regulations and federal-regulated financial system. Make up your mind.
Cant have both!
Uhm, there were $600 trillion tied up in the OCD’s. That is in fact more than the entire GDP of planet Earth.
I have no problem with the markets being well regulated and policed, but the Federal Reserve does not regulate the markets. Honest people do make mistakes, and they also get to pay for them. The current shrieking that they shouldn't be responsible for their mistakes makes me doubt their honesty.
The money system need not be privatized, just return monetary responsibility to the congress. They need to earn their paycheck not just enjoy membership in the world's most exclusive club.