Grow up. The Fed/IRS system, established in 1913, is not beyond reproach. This country is long overdue for a national debate on monetary policy.
We have experienced 95 years of increasing, never-repaid debt and spiraling tax-funded interest. Within the Fed/IRS system, paying down the debt with taxed Fed-money is not feasible for any elected government because it would result in long-term money contraction and deep depression.
Concerns over the Ponzi-like nature of the Fed/IRS system go beyond liberal/conservative divide. If you are bothered that "ignorant" people are finally listening to Ron Paul's cry in the wilderness, why not offer your own enlightened plan to facilitate liquidity without requiring massive debt. Recognize legitimate concerns about the Fed and present your case with an attitude of humility.
I would like to see a 21st-century implementation of the highly successful Colonial Script system whose suppression led to the American Revolution.
Kells: "Grow up."
And the connection between what I said and the alleged immaturity is... what exactly?
You appear to have some difficulties with both logic and principles:
"We have experienced 95 years of increasing, never-repaid debt..."
True, of course. But what does the Fed have to do with that? Are you aware that the budgets are promulgated by Congress?
"and spiraling tax-funded interest."
What do these words even mean. Tax-funded debt?
"Within the Fed/IRS system, paying down the debt with taxed Fed-money is not feasible for any elected government because it would result in long-term money contraction and deep depression."
Now you come close to making sense. It is an intrinsic tug-of-war: contraction of money supply kills inflation but also growth. It is a fine balancing act played by the Fed --- very successfully by any measure (specifically, ever since we began to appoint to the Fed chair people familiar with economics, i.e., starting with Volker). You probably don't know but control of inflation and growth was only recently assigned to the Fed as its main job. Even in 1960s, EMPLOYMENT and growth were considered its main tasks.
Now, this has nothing to do with a government's ability to repay debts. Whether we can or cannot depends on Congress. The Dems, starting with FDR, controlled the Congress for most of the post-war period, and it is they who created the runaway spending.
Your anger is misdirected.
"Concerns over the Ponzi-like nature of the Fed/IRS system go beyond liberal/conservative divide."
Again, the ponzi-like scheme you refer to is that of Congress, not the Fed.
"If you are bothered that "ignorant" people are finally listening to Ron Paul's cry in the wilderness."
It's actually Ron Paul's ignorance, not that of the "people," that bothers me most.
"why not offer your own enlightened plan to facilitate liquidity without requiring massive debt."
Liquidity is facilitated by the Fed by printing money and open market operations. Too much of it --- you get inflation that makes people poor; too little of it -- you choke growth.
How much of it is proper at any given time is not exactly known. To create the best approximation one needs to know hundreds of statistical time series. To have an opinion about such an approximation one must therefore work for the Fed. To have it otherwise is plain silly (and yet that is what most people do --- judge management of companies without having any clue about the specifics of context in which those decisions have been made).
More importantly, however, is that liquidity has NOTHING to do with debt. You worry about our National debt? Vote for fiscal conservatives. I do.
"Recognize legitimate concerns about the Fed..."
Gladly. The problem is I did not see any legitimate concerns about the Fed on this thread.
"... and present your case with an attitude of humility."
Here you misapply principles and standards. One can and should be humble before G-d, and I do my best to be such a person. As a scholar, I am absolutely humble before the truth. Nowhere does it say, however --- not in the Judeo-Christian system of values, nor in the standards of scholarship --- that one has to be humble before arrogant ignorance.
"I would like to see a 21st-century implementation of the highly successful Colonial Script system whose suppression led to the American Revolution."
I understand the sentiment, but history never repeats itself identically. My personal take is that our problems lie outside the sphere of the government, which is only a reflection of those problems. The American dream used to be freedom, and now (since 1940s) it is... buying a house. Even Republican presidents staunchly defend that "American dream." Small people get small governments and small economies. I am consequently less optimistic than you appear to be: unless there is a spiritual reawakening, I do not see we shall return to our former greatness.
America is great because of the basic goodness of its people. And will cease to be great if its people cease to be good --- de Tocqueville.