abolish the FED

[saturnz]

nationalising or keeping the SARB in private hands is an irrelevant discussion, the institution must seize to exist

 

[grok]

Comedy belongs in the Off Topic section..

 

[saturnz]

I doubt Milton Friedman was a comedian.

 

[SoldierMan]

I doubt Milton Friedman was a comedian.

Shows you how little some people actually know.

The Fed has never been audited. Politicians fight tooth and nail for it not to be audited because they know it will be the end of the Fed. Only politicians like Ron Paul say it should be audited and has been pretty well a lone voice in saying so.

 

[Speedster]

nationalising or keeping the SARB in private hands is an irrelevant discussion, the institution must seize to exist

Cease.

And no, stop talking rubbish. You want the entire banking sector to disintegrate?

 

[3WA]

For those who are uneducated on this topic, what is a better system than the Fed/SARB?

 

[Speedster]

Shows you how little some people actually know.

The Fed has never been audited. Politicians fight tooth and nail for it not to be audited because they know it will be the end of the Fed. Only politicians like Ron Paul say it should be audited and has been pretty well a lone voice in saying so.

Maybe you should start with facts.

You might think that legislation widely known as “Audit the Fed” would have something to do with auditing the Fed, in the conventional sense of reviewing the institution’s financial assets and liabilities, records, and operations. You’d be wrong. The Fed is already thoroughly audited in the usual sense, by an independent inspector general and by an outside accounting firm (currently, Deloitte and Touche), and the resulting financial reports are made public online. Every security owned by the Fed, up to the detail of the identifying CUSIP number, is also available online. Moreover, the Government Accountability Office (GAO), which does in-depth reviews and analyses (“audits” of a different type) of government activities at the request of Congress, has wide latitude to review Fed operations, including supervision and regulation as well as other functions. For example, as required by the Dodd-Frank Act of 2010, the GAO conducted reviews of the Fed’s emergency lending programs during the crisis and of the Fed’s governance structure. Since the financial crisis, the GAO has done some 70 reviews of aspects of Fed operations.

“Audit the Fed” is not about auditing the Fed | Brookings

Ben Bernanke argues that allowing the GAO to review monetary policy deliberations threatens the Fed’s independence.

www.brookings.edu

 

[saturnz]

For those who are uneducated on this topic, what is a better system than the Fed/SARB?

Just about any system without central banks would be better.

Evidence shows they do not do what they are designed to do.

Central banks have only been around for just over a century so that strongly suggests they are not necessary for an economic system to function.

Also economic theory shows that monopolies create ineffiecies in markets (dead weight loss) and central banks are legislated monopolies in so far as they have the strongest influence on money supply and set interest rates- the entire economic world stops to hear what the FED does and the entire SA economy stops when the SARB announces interest rate changes.

This suggests their monopoly power impacts just about every economic aspect of our lives- and given that they have failed in their objectives this is clearly not sustainable.

 

[SoldierMan]

Maybe you should start with facts.

“Audit the Fed” is not about auditing the Fed | Brookings

Ben Bernanke argues that allowing the GAO to review monetary policy deliberations threatens the Fed’s independence.

www.brookings.edu

You do know who wrote that article right?? Frikken Ben Bernanke!!!! A former fed chair on auditing the Fed, come on!

Currently not all the Fed's doings are transparent, that is what needs to happen.

Federal Reserve Transparency Act

The Fed has been a disaster for most of it's existence, and is currently making bigger mistakes than ever before that will ensure an even greater economic disaster than 1929 or 2008 will unfold. Those who can't see what's coming are either blinded Keynesians or have drank the entire bowl of MSM kool-aid.

 

[Speedster]

You do know who wrote that article right?? Frikken Ben Bernanke!!!! A former fed chair on auditing the Fed, come on!

Currently not all the Fed's doings are transparent, that is what needs to happen.

Federal Reserve Transparency Act

The Fed has been a disaster for most of it's existence, and is currently making bigger mistakes than ever before that will ensure an even greater economic disaster than 1929 or 2008 will unfold. Those who can't see what's coming are either blinded Keynesians or have drank the entire bowl of MSM kool-aid.

Whoever wrote it is irrelevant. Facts aren't dependant on the author - the financial side of the fed has been audited as much as any other institution. What you're advocating for is congressional involvement in its operations. Should supreme court decisions also be "audited" by congress?

 

[Speedster]

Just about any system without central banks would be better.

Evidence shows they do not do what they are designed to do.

Central banks have only been around for just over a century so that strongly suggests they are not necessary for an economic system to function.

Also economic theory shows that monopolies create ineffiecies in markets (dead weight loss) and central banks are legislated monopolies in so far as they have the strongest influence on money supply and set interest rates- the entire economic world stops to hear what the FED does and the entire SA economy stops when the SARB announces interest rate changes.

This suggests their monopoly power impacts just about every economic aspect of our lives- and given that they have failed in their objectives this is clearly not sustainable.

This is but one function of the SARB. You can't seriously want to trash the entire Reserve Bank because you disagree with one of their functions (albeit clearly a central function)?

Also, cabinet is also a monopoly, as is the constitutional court. Should we abolish them too?

 

[NarrowBandFtw]

stop talking rubbish. You want the entire banking sector to disintegrate?

such irony, the entire banking sector collapses without a central entity with monopoly control over money supply and interest rates?

then good riddance to it!

You do know who wrote that article right?? Frikken Ben Bernanke!!!!

good 'ol helicopter Ben

 

[saturnz]

This is but one function of the SARB. You can't seriously want to trash the entire Reserve Bank because you disagree with one of their functions (albeit clearly a central function)?

Also, cabinet is also a monopoly, as is the constitutional court. Should we abolish them too?

The government system as we know it will certainly lose alot of its relevance without the SARB, are you in favour of maintaining a cabinet that is corrupt?

I'm well aware of the SARB's functions as set out in the constitution, my point stands

 

[Bewlen]

.... not this again.... you're like one of those crazies walking around with a sign shouting "the end of the world is nigh!"

 

[SoldierMan]

Whoever wrote it is irrelevant. Facts aren't dependant on the author - the financial side of the fed has been audited as much as any other institution. What you're advocating for is congressional involvement in its operations. Should supreme court decisions also be "audited" by congress?

Of course it's relevant! It's like a fox commenting on how the hen house is being run (by other foxes). He's a former Fed chair for goodness sake.

Anything is better than the current arrangement. The Fed is a PRIVATE corporation. They are supposed to act in the best interest of the country, but do you honestly think that is the case?

Like I said they have never prevented any financial incidents and more than likely have contributed to them. It has been proven that a private run Fed is not the way to go.

 

[SoldierMan]

.... not this again.... you're like one of those crazies walking around with a sign shouting "the end of the world is nigh!"

Yeah like those crazies in 2007 that were saying "The housing market is about to crash!". Guess what those crazies are saying now. But people like you will always be on the losing end of a crash because you just go with the MSM flow and don't think for yourself, and when it all comes crumbling down you will no doubt say "I just didn't see it coming!" LOL

 

[Speedster]

Of course it's relevant! It's like a fox commenting on how the hen house is being run (by other foxes). He's a former Fed chair for goodness sake.

Anything is better than the current arrangement. The Fed is a PRIVATE corporation. They are supposed to act in the best interest of the country, but do you honestly think that is the case?

Like I said they have never prevented any financial incidents and more than likely have contributed to them. It has been proven that a private run Fed is not the way to go.

You think politicians will do a better job?

 

[Bewlen]

Yeah like those crazies in 2007 that were saying "The housing market is about to crash!". Guess what those crazies are saying now. But people like you will always be on the losing end of a crash because you just go with the MSM flow and don't think for yourself, and when it all comes crumbling down you will no doubt say "I just didn't see it coming!" LOL

You should shout a little louder and wave the sign a bit more frantically, that should do the trick. Grow a beard too and just keep it wild, it enhances the overall effect.

 

[SoldierMan]

You think politicians will do a better job?

They need to start afresh. Transparency being a key part of what they establish.

 

[Speedster]

The government system as we know it will certainly lose alot of its relevance without the SARB, are you in favour of maintaining a cabinet that is corrupt?

I'm well aware of the SARB's functions as set out in the constitution, my point stands

The SARB has an number of functions in addition to its constitutional mandate