Sen. Rand Paul discusses the prospect of abolishing the Federal Reserve

Fox News Digital ^ | July 30 | Senator Paul

[RandFan]

Sen. Rand Paul, R-Ky., spoke to Fox News Digital about the Federal Reserve, noting that he would support abolishing it if the nation stops deficit spending.

"There is no more powerful and secretive organization than the Federal Reserve" ...

[Paladin2]

Schools of Economics will have to close....

[PGR88]

Want to destroy the democrat party, wokeism and the welfare state forever?

End the Federal Reserve and printed, fiat money.

It is the enabler of massive debt, massive Federal spending and our present neo-marxist destruction of the Constitution.

[cuz1961]

They failed in their charter.

They said they would prevent busts and booms. Then manufactured the biggest ( debt fiat money) boom , the roaring 20’s

Then contracted credit and manufactured the biggest ( great ) depression our country ever had .

Who ever thought of letting unknown private owners of a entity counterfeit our currency 🤪, at interest , with debt based fiat money was a criminal .

End the fedres.

Repudiate their lucre.
Go back to Treasury notes like JFK tried to do with the silver certificate Treasury notes. You know , the ones they killed him over, and immediately stopped issuing, then hoovered them up then took the silver out of the coins ?

Those guys .

Con men
Crooks.

We don’t need the con job fed res, never did.

It’s debt slavery that was impossible to pay back from the git go.

[ChildOfThe60s]

The creature from Jekyll Island

[RandFan]

Correct and excellent reply.

Rand uses the argument that the Fed pays off billions to wealthy foreign banksters a year.

That’s’ quite obscene and people should take note.

[MarlonRando]

he’d better start wearing a Kevlar vest

[drypowder]

talk like that got JFK assassinated

[ProgressingAmerica]

“Sen. Rand Paul discusses.............”

Will someone please start passing legislation?

Legislation to abolish the DoEd? Not out of the starting gate.

Legislation to abolish the fed? None.

Legislation to abolish USAID? None.

Legislation to abolish any other departments? None.

Talk is cheap. What are they waiting for? Why are they waiting for the next Democrat president before they actually start doing something useful? Author a bill!

[Sequoyah101]

Get on with it.

[Sequoyah101]

Accurate summary.

Failed objectives.

How have you enjoyed that stable economy?

[Paladin2]

“How have you enjoyed that stable economy?”

Pure gasoline that I paid 29.9 for in 1973 is now ~ 3.50 locally.

[RandFan]

Sadly he doesn’t have anywhere near the votes

But still he’s educating people... Moving the ball forward...

[nathanbedford]

What exactly are our alternatives to the Federal Reserve Bank?

In the latter half of the 19th century, culminating in a near disastrous panic in 1906 and in the absence of a federal reserve system, private banker J.P. Morgan had to ride to the rescue and save the economy. He did it with a coterie of private bankers, some today would call robber barons, who pooled their wealth and heroically saved us from a depression. In stages thereafter the government moved to a federal system culminating in the Federal Reserve act of 1913 because leaving the fate of the nation's economy to the market simply didn't work. That libertarian or free market had been whipsawed by waves of "panics" and booms in the latter part of the 19th century.

If the alternative to the Federal Reserve is no federal system at all, who then? Shall we turn over the fate of the economy to the Marxists of the Democrat party? After all, that party will someday take power.

Shall we turn over the banking system control to a national plebiscite? Do we really want the economy to be pushed about by the mob? We don't let the mob control speech, our justice system, our national defense, our international relations, or, importantly, the creation of our national debt in the first place-that power we relinquished to Congress.

Those on this thread who are championing the abolition of the Fed should question whether they seek austerity, or even rational budgeting, and if do will they will get that wish fulfilled when people can vote themselves another sugar high?

Shall we turn control of the banking system over to a few oligarchs, digital prestidigitaters who will manage our affairs with their algorithms? Shall we let them control our currency in digital form? Even mob rule would be better than digital hell.

It is easy to scream for the abolishment of the Fed when it is the Fed that sometimes puts the brakes on the profligacy of Congress. It is harder to plead for the reform of the Fed, a commonsense plea that seems to be glaringly absent from our discussion.

[Dominic01]

This needs to happen. This needs to shut them up for good and forever. This needs to be presented in “approved messages” TV and internet spots for the midterms! Do NOT let these liberal bottom feeders EVER take advantage EVER again!

[TonyM]

I would be happy to see an end to the Fed Reserve. If not then at a minimum Trump should immediately fire Powell and put in someone he can trust. Then we should do a DOGE audit of the fed.

[WildHighlander57]

Why didn’t the Fed prevent the Great Depression?

[RandFan]

That would be a very good start but notice even that is being resisted at every level. I hope Trump overcomes it but the Fed is very powerful and pretty much owns the Congress.

[Jimmy Valentine]

Except, we no longer have J.P.Morgan to step in to fix a money crisis when it happens.

[nathanbedford]

Let's look at today's news in context. Donald Trump is trying something heroic, saving the United States from financial disintegration by growing the economy out of the deficit. No one else can do what he is doing, he is the only man for the job. But in doing so he is necessarily playing politics. All of this is to squeeze the Fed to drop interest rates a half a tick to further stimulate growth and close the deficit and level the hill that must be climbed when the country pays interest on its debt at current levels.

That would be a wonderful event if it can be made to happen. But we have the Fed precisely as one of the checks and balances of the kind envisioned by the framers in a different context. Presidents always want growth because growth means votes but hard times mean electoral defeat. The Fed is charged with wanting the survival of the system, that is, control of inflation and the encouragement of employment.

We conservatives reject socialism precisely because when politicians control politics they do so not do it by submitting themselves to the truth of the balance sheet, they do so with greedy eyes on the latest polls. The results when politics control the marketplace? San Francisco and derelict city-owned shopping centers in Cleveland.

If Republicans were put on earth to cut taxes, the Fed was designed to say no to presidents. That is half the equation. Equally, presidents are there to pressure the Fed to obey his version of the popular will. President Trump is playing politics, good on him, that is what is supposed to do. When the context is somewhat different, for example when Fed and the president are in alignment concerning intrastate levels, we often find the opposition party in Congress attacking the Fed. They are doing what they are supposed to do. The system can go out of balance when you have a weak president like Jimmy Carter who must be brought back into reality by a Paul Volcker.

Until we can reform the Fed, we can at least understand that all the actors are on the stage playing their parts.