"People saying the fed is private because most people believe they are a part of the government. It's a private business, with profiteers running the system for personal gain, not for the benefit of the economy or the "greater good". Over 95% loss in value of the dollar since it's founding."
please tell me you're not against the desire to make a profit! Or are you one of those people who think that some things shouldnt be done "for profit" Missing the point that even by uttering this phrase you're implicitly agreeing that "for profit" is an inferior way to provide goods and services... that for little things that "dont really matter" the inferior "profit system" can be used. but for things that "really matter"... (How dare we trust the private profit motive to provide them!! and this is one of thsoe things that "really matters"!)
"I contend from a transparency point of view, that the Fed has more privacy then the grocery store. The financials with a private company, or even a publicly traded company, upon an audit, would be picked through much more thoroughly and with much more scrutiny than the Federal Reserve, period."
incorrect. you dont have the right to audit your local corner grocery store. maybe trhe IRS can, but you're not in favor of IRS audits, I assume?
And lastly, regarding your "blank check" analogy, you should develop it further... you and I are people in the same community as this guy. and we're FORECED to accept these checks, right? If your friend was writing bad checks all over town, would it be a problem if you and i werent forced (by men with lots of guns, if necessary) to accept his checks? That's right, that's where the original owner of the checkbook comes in (the state) it doesnt just hand the checkbook over to the friend. it tells him: "oh btw if anyone refuses to take one of these bad checks, just let us know. we'll point enough guns in his face to make him reconsider" Yet you say that the problem is your friends greed?!!?!? You want to return the checkbook back to the lunatics with all the guns!?!?
Solution: just PRIVATIZE it. As in: give the checkbook to the friend and tell him: "Ok bub, youre all on your own from here on out. If people wanna accept your checks, good on you, youll be able to make a fortune (gasp... profit!) but if they dont want to take your checks, (and I honestly dont know why they would, as youll be competing with lots of other guys out there and i even heard a rumor about a man whose checks are backed by Gold!) well then, don't come crying to us, Mr. PRIVATE business man. Just like the grovery store cant call on us to force people to shop there when he fails at competing with more successful grovery stores that may or may not open up. Peace see ya later!"