Yup, you sure don't bother with punctuation..... or spelling, or capitalisation, or grammar, or even using the correct words.Originally Posted by Agronaut
w/ regards gold standard; you don't have to go back to a gold standard, and it would be ruinous to do so. However, in simple terms, if the people that print the money want it back with interest, the system is obviously doomed to failure and debt spiral as there is more debt than money in existence.
w/ regards the fed; it was originally set up to prevent financial "panics"
how'd that work out for you?
They are a semi governmental organisation in that the president appoints the governors, but they are crucially independent of the government when setting monetary policy, the whole idea was to find a compromise between centralised policy making of government and private interests of the banking sector. The fed has stock, the stock is owned by private banks, and they receive dividends on it, ie. it runs for profit and is owned by private banks.
The Federal Banking Agency Audit Act (1978) made it so that the Fed may be audited by the Government Accountability Office, but crucially this audit mandate excludes "deliberations, decisions, or actions on monetary policy matters"
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