Pretty car, I'll admit.
Posted on 12/16/2010 1:30:14 PM PST by speciallybland
Rep. Ron Paul, (R-Texas), who will head a subcommittee overseeing the Federal Reserve in the new Congress, called the central bank a “cartel” and said it had “monopoly control” over the US dollar. “I think we should start ending the Fed by allowing competition. I don’t like the idea that they have monopoly control. It’s a cartel: They get to print the money,” said Paul, who wrote a book called End the Fed.
Paul said that he wanted to “legalize competition,” so that Americans can use gold and silver as legal tender.
(Excerpt) Read more at cnbc.com ...
yee of little understanding....
Hacker? I thought that was the job of the Chairman of the Fed, except the $1 million would be $1 trillion.
What’s he going to tell us next: water is wet, bears do their business in the woods?
That problem is similar to the problems that existed before the US government monopolized money printing. Banks use to print their own bank notes and it was up to each merchant to decide if he would accept this note or that. The problem was solved by the banks themselves. They began printing and issuing lists of banknotes and discount values based on the bank's confidence that it could redeem the notes for gold. If a bank wanted it's notes to be accepted it had to establish a good track record in the eyes of the other banks. There is no reason to think it will be any different with electronic money.
I am reading this now. The author makes a good case that it is indeed a cartel and was intended as such from its initial conception. Btw, I'm sure Ron Paul is familiar with this book.
It’s the same thing. Either repeal legal tender laws and watch a zillion banks open with gold/silver backed paper notes. Or, designate gold/silver as legal tender, and watch a zillion banks provide paper notes backed by said PMs.
Ron Paul would rather go back to the Gold standard where China as the largest gold producer will be determining our money supply growth.
I agree, strip him of his chairmanship. He’s more of a conspiracy hack than a true conservative.
Just wait until they try to outlaw all money and put a chip in your arm, which they can turn off or erase if you don’t cooperate so you can no longer eat. Heard this is in the plans for 2012.
The Federal Reserve IS 100% owned by big, private New York banks. It IS a cartel. He is RIGHT. But, most Americans are NOT aware that private currency IS legal in America - you just can’t counterfeit the US currency.
Pretty car, I'll admit.
There is a difference. With legal tender laws the government can and will regulate the specie content values of the coins (coin clipping), and will regulate the exchange rate between gold and silver (price fixing). Without legal tender any attempt at funny business by the government will result in a switch to private or foreign coins.
I’ll have to look at why he voted that way. At any rate, we are talking about the Federal Reserve. If our economy goes up in smoke and this New World Order crap comes in.. DADT will not really matter. Priorities... Certainly DADT is big but the audit of the Federal Reserve is bigger. No way would I want anyone else over this.
The Republican party that would strip him of his chairmanship because of this vote does not exist. Hell look at their leaders always crying on TV. What a complete embarrassment.
Private banks notes are legal but they are heavily taxed. That's why no one issues them anymore. Specie based currency is not legal and the Secret Service will swoop in and shut you down if you try minting anything other than numismatic (novelty) coins containing gold or silver.
There is no reason to think it will be any different with electronic money.
It would be very different with electronic money.
A better analogy would be a computer virus. A hacker writes a computer virus and deposits it on one computer, infecting it. The virus seeks out 10 other computers connected to the original computer and replicates itself onto them. Those 10 copies replicate themselves onto 10 other computers. And so on, and so on, until millions of computers are infected with the virus. It only stops when someone identifies the virus, and creates a program to clean the virus off computers. Of course, that only happens if millions of computer owners run the program, and if the virus has some unique identifer that indicates it is the virus (usually a unique series of number embeded in the code).
Think of that same scenario, only with people spending money. Originally created as a false database entry, the money is spent and respent until millions of accounts contain the false dollars. The problem is that, unlike computer code that is a static series of 1’s and 0’s (so you can detect a pattern in the file that indicates this is the virus file) there is no way to identify the false dollars are false. They are just entries in a database. The only way to fix the problem is undo millions of transactions.
Actually, the president appoints all of the member of the Federal Reserve Board of Governors. They serve a 14 year term and their terms are staggered so any one president is only appointing 3 or 4 per term.
"3- The NY Fed is extremely important and almost equal to the Central Fed in DC. The people who run the NY Fed are all hand picked by the NY Fed’s member banks. No public input here! Just us NY banksters"
Not true. 1/3 of the directors are picked by the Federal Reserve Board of Governors. 1/3 is picked by the member banks from the banking industry to represent them. And 1/3 are picked by the member banks from the business community.
Also each member bank gets one vote. Regardless of how big they are, or how much stock in the Federal Reserve Bank they have. That means the Smallest bank in NY has equal footing with Bank of America.
Class A - elected by member banks to represent member banks
Richard L. Carrión (bio) 2010
Chief Executive Officer and Chairman
Banco Popular de Puerto Rico
Charles V. Wait (bio) 2011
President, Chief Executive Officer and Chairman of the Board
The Adirondack Trust Company
Jamie Dimon (bio) 2012
Chairman of the Board and Chief Executive Officer
JPMorgan Chase
Class B - elected by member banks to represent the public
Jeffrey R. Immelt (bio) 2011
Chairman and Chief Executive Officer
General Electric Company
Jeffrey B. Kindler (bio) 2012
Chairman and Chief Executive Officer
Pfizer
James S. Tisch (bio) 2010
President and Chief Executive Officer
Loews Corporation
Class C - appointed by Board of Governors to represent the public
Denis M. Hughes (bio) Chair, 2011
President
New York State AFL-CIO
Lee C. Bollinger (bio) Deputy Chair, 2012
President
Columbia University
Kathryn S. Wylde (bio) 2010
President and Chief Executive Officer
Partnership for New York City
Not so long as it's is redeemable in gold. In order for you to spend your electronic money merchants have to know they can deposit the "money" you give them in their own banks. That means in order to keep you as a customer your bank has to maintain its reputation among other banks. They will not create and issue electronic money much greater than the gold in their vaults because if they do so their currency will be rejected by other banks. - or worse, they will have a run on their deposits
“Pray for Dr. Paul’s safety.”
I agree - very ballsy of him, but very necessary.
I forget the specifics, but have read of the fates those who opposed the central banking cartels - and I recall them as “not pretty.”
Perhaps others can shed light on such matters of history.
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