I need help educating a local blogger
Hello,
I'm hoping a few of you can help. I'm getting ready to go out of town for my job and I need help responding to this toolbag.
(who posts as ! )
I'm wondering if the federal reserve's new public relations campaign is making things like this more prevalent?
Anyway, I'll post what he says, maybe you guys can educate him or her. Link first
progressivedelmarva.blogspot.com/2009/10/audit-fed-not-exactly-what-its-cracked.html
And the offending post
Audit The Fed? Not exactly what it's cracked up to be.
By now you have probably heard about Ron Paul's crusade to eliminate the Federal Reserve and crush the current monetary system in this country. He blames much of the country's spending problems, bailouts, and debt problems on our central banking system (and not Congress, ironically, which he is a member of). Paul would love nothing more than return our country to the gold standard. He would then propose various competing currencies be allowed to operate in this country arguing that gold as a basis (controlled by members of congress) would be the most stable of all possible currencies.
Not true and here is why as noted in the link above:
It is possible that future generations may decide gold is revolting or immoral, and suddenly the price/value of gold will plummet and cause inflation. Similarly, new massive gold deposits could be discovered and also cause inflation. The possibility of inflation under a gold standard is just as great as it is under fiat currency. And there would be absolutely nothing we could do about it.
What Ron Paul wants to do, which is what Libertarians and hard-line right-wingers want to do, is to reduce the size of the available money pool in this country, thereby allowing those with large amounts of capital to prosper even further at the expense of the little guy who depends on his country's government to protect him, create a level playing field, and look out for his "general welfare."
So when you hear people say that we should "audit the Fed," they aren't talking about congress looking into how they spend money. The GAO already has all the numbers you could ever want on that. What they really want is for Congress to be able to review all policy decisions of the Fed, change or redirect their policy, and eventually, hopefully eliminate the Federal Reserve all together.
Now I ask you, would you rather have a independent, non-partisan entity, setting monetary policy, or your elected representatives, who may or may not specialize in such matters, but who definitely will do whatever they think will help them win reelection? Another way to look at it might be like this. Political Party "A" has it's President in power and holds a majority in congress. They are happy with monetary policy and are glad an independent body to control this policy doesn't not exist. An election rolls around and Political Party "B" is now swept into power. Political Party "A" suddenly feels monetary policy is all wrong. A political cat-fight ensues. Weeks and months are wasted "debating" policy at the expense and welfare of the American people under the guise of protecting the American people (health care anyone?). A new policy is set but all it really does is appease certain lobbyists and certain political bases, and does nothing to address actual monetary concerns or policy. Is this what we want?
For a look at 1st world countries with a central baking system and that system's relative independence vs. inflation click here.
If it ain't broke, don't fix it. The problem is with domestic and foreign policy coming out of Congress, not the Federal Reserve system.
TIA
PS- What happened to my old log-in? I know I haven't signed in awhile but I read DP almost everyday
to those who posted, my thanks
But this blogger doesn't want to allow competing forms of currency. He is in the dark and shows an inability to admit when he is wrong. This shows a lack of character. Why am I not suprised.
The blogger doesn't understand that Congress Only,,,
,,,Is responsible for approving or rejecting " Government" spending, and has nothing to do with the millions of monetary decisions made each and every day by the masses of people that use money in everyday transactions.
The Fed inflates the paper money system on purpose to make people think they have more buying power every time they get a raise or sell something that has already been, shall I say, adjusted for inflation at a higher price.
The dollar is now worth 4 cents compared to the 1913 dollar which was backed by Gold.
The Fed was recently responsible for this worldwide financial breakdown by printing way too many dollars and using and controlling the fractional reserve banking practices, that caused this breakdown.
Under a strict Gold standard there would never be such a tremendous number of dollars in circulation, and government spending overseas would be cut way, way, back as the founders intended when they very wisely put the "Only Gold/Silver clause" right into the supreme "Law" of the land. The U.S. Constitution.
beesting
the correct approach
The blogger wants to keep the Fed and opposes a gold standard. He should be free to use FRNs if he wants to, just as you should be free to used a commodity-backed currency if you want to. No force or threat of force should be initiated against anyone in order to enforce a monopoly on a certain type of money.
All currencies should compete in the free market. The correct approach is to repeal all legal tender laws. No one should use government as their medium to get what they want – to obtain a monopoly on a type of currency or any other service.