Posted on 12/24/2013 1:45:23 PM PST by Errant
The Democratic Party gained prominence in the first half of the nineteenth century as being the party that opposed the Second Bank of the United States. In the process, it tapped into an anti-state sentiment that proved so strong that we wouldn't see another like it until the next century.
Its adversaries were Whig politicians who defended the bank and its ability to grow the government and their own personal fortunes at the same time. They were, in fact, quite open about these arrangements. It was considered standard-operating procedure for Whig representatives to receive monetary compensation for their support of the Bank when leaving Congress. The Whig Daniel Webster even expected annual payments while in Congress. Once he complained to the Bank of the United States President Nicholas Biddle, “I believe my retainer has not been renewed or refreshed as usual. If it be wished that my relation to the Bank should be continued, it may be well to send me my usual retainer.”
(Excerpt) Read more at marketoracle.co.uk ...
So you want to have it both ways. The Fed was created in 1913 to avert wild swings. So in your mind when there is a wild swing it's the boogieman of the Gold Standard, or Nixon, or Obama, or Bush. But during the good times, it's all the Fed. lol
I didn't say "took over from" anywhere. The Fed was created in 1913, while we were on the gold standard. The Fed was around for many years while we were on the gold standard. Sounds like the only contradiction is in your understanding.
So the Fed was created in 1913 but had no effect on anything? Why create it the first place then? Why keep it if it's not doing anything?
The Fed was created in 1913.
But it had nothing to do with the Great Depression?
How does the Fed steal anything from anyone? Spell it out.
3% target inflation.
3% target inflation.
They also target "full employment".
Doesn't mean they're ripping you off in any way.
You lost on points so you want to argue from the dictionary.
Pointing out your errors and confusion ≠ losing on points.
Ask Errant, he posted the picture.
3% target inflation.
The Fed isn't the only factor in inflation. If they are successful, how does that make you a slave?
It most certainly is.
How is the Fed making 3% a year off you? Show me.
Well yeah, they want full employment. Every master wants all of his slaves working. It would be nice if we got to keep 100% rather than 97%.
Doesn't mean they're ripping you off in any way.
3% target inflation.
Pointing out your errors and confusion ≠ losing on points.
Using the dictionary to get away from points = losing on points.
No I don't. I just want the facts.
The Fed was created in 1913 to avert wild swings.
Yes, that was the idea.
So in your mind when there is a wild swing it's the boogieman of the Gold Standard, or Nixon, or Obama, or Bush. But during the good times, it's all the Fed. lol
Nope. LOL!
So the Fed was created in 1913 but had no effect on anything?
Who said that? Link?
Why create it the first place then? Why keep it if it's not doing anything?
I wasn't alive in 1913, you're asking the wrong person.
The Fed was created in 1913.
But it had nothing to do with the Great Depression?
You should read some Milton Friedman (it might cure your ignorance).
Paying them for their currency that loses 3% per year (in a good year), and they do no work for us. We traded even steven currency for labor, services, and goods until they decided to throw in their ever-inflating fiat currency. Now we put our money in a bank and when we take it back out it's worth less than it was when we put it in because they sold fresh currency to dilute the currency that everyone already worked for. That's slavery. Now if they would come over and mow my yard, that might make up for it, but they don't do that.
3% target inflation ≠ stealing from you.
Why didn't it work? Since it hasn't worked why should we continue to be their slaves?
I wasn't alive in 1913, you're asking the wrong person.
See, you can't defend it. Let's get rid of it since there is no excuse for it.
You should read some Milton Friedman (it might cure your ignorance).
I'm a conservative, not a libertarian.
It most certainly is theft.
You pay them for currency? How?
We traded even steven currency for labor, services, and goods until they decided to throw in their ever-inflating fiat currency.
Who is forcing you to hold this currency? How?
Now we put our money in a bank and when we take it back out it's worth less than it was when we put it in
That's awful! Who forces you to do that? How?
because they sold fresh currency to dilute the currency that everyone already worked for
You know there are fluctuations, even when the Fed doesn't "sell fresh currency", don't you?
That's slavery.
You're free to hold currency or not. Borrow currency or not. Lose to inflation or gain from it.
You're a slave to your ignorance.
You didn’t answer my question. Why did we have the Great Depression when the Fed was created several years earlier to avert such things?
It did. Dips are less frequent and less severe with a lender of last resort.
You should read some Milton Friedman (it might cure your ignorance).
I'm a conservative, not a libertarian.
Friedman can cure your ignorance, whatever you are.
If you lose $1000 from inflation, how does the Fed get that $1000 from you?
Watch the Friedman video, he explains it very well.
You are a Helicopter Ben stooge. The Fed is an affirmative action swamp. It is a liberal swamp. It is a social engineering swamp. They rip-off Americans via a corrupt bankster monopoly on fiat money creation.
A low leveraged fiat money is somewhat tolerable and what the the Fed used to be responsible for. But now they are the banker of last resort for the ObunguAdmistration. They buy up the USG debt that China refuses to as of three years ago. All taxpayers are in hock to this reprehensible private bank to the tune of 2-3 trillion dollars. They hold the most USG debt of any entity.
They remit X number of billions to the US Treasury after lining their pockets to the max. The pockets of everyone employed there (very affirmative action oriented hiring policies) and contracted to provide services (very corrupt process) to them and build new buildings for them. Pay scales, salaries are much higher than what the USG pays. Fed Reserve operations are a never ending party, people being paid for doing ^^^absolutely^^^ nothing useful to society. General Prateaus’ wife got a useless $200,000 ‘ year job there in some useless Fed Dept of social engineering
They only pay manufacturing costs to the treasury then lend it out at a rate that will cause people to lose the value of their labor at a rate of 3% per year (in a good year).
Who is forcing you to hold this currency? How?
The IRS. They don't take gold, unless you want to sell it to them at the face value of the coin.
You know there are fluctuations, even when the Fed doesn't "sell fresh currency", don't you?
3% is their target. Like a casino, you play long enough and you will lose at the rate of the odds. When the Fed targets 3%, and the life span of a person is 72 years, he will lost to the 3%.
You're free to hold currency or not. Borrow currency or not. Lose to inflation or gain from it.
Not according to FDR, he took everyone's real currency. Plus the IRS wouldn't put up with it.
Ha! The Great Depression proves you wrong.
Friedman can cure your ignorance, whatever you are.
You're the one that doesn't know how anything works. On every point you say "Why" and "How". All this is new to you isn't it?
They lent at a rate to take away $1000 worth of labor.
The Fed was created to avert wild swings. We continue to have wild swings. Therefore the Fed serves no purpose. Let's try something else.
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