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CuteOldGuy · 02-13-2016, 11:25 AM

Read "The Creature From Jekyll Island". Do some some research. You're smart enough to figure this out. Quit taking the spoon fed "intelligence" from the MSM. The truth is out there. You're one of the more intelligent guys on this board, Lusty. Do something with it. The FED is not your friend. Since 1913 the value of the dollar has dropped over 93%. Why?

lustylad · 02-13-2016, 12:18 PM

I'll read it when I find time. Why don't you give us the Cliff Notes version here? 1913 is over a century ago. Do you really expect the cost of living to be stable over a hundred years? It ain't gonna happen. Inflation was a problem long before we created the Federal Reserve system (in 1913) and long before we went off the gold standard (in 1971). Heck, the dollar lost over 75% of its value between 1913 and 1971 while we were still on a gold standard. We also had recurring bouts of inflation during the 19th Century before we started measuring it. Back then the general price level was partly at the mercy of new gold and silver discoveries. Today when inflation heats up, central banks have tools to suppress it. If you abolish the Fed, you abolish the one institution that is best equipped to fight inflation.

By the way, here is a cool little online calculator for comparing the cost of living over time:

http://www.bls.gov/data/inflation_calculator.htm

I don't want the Fed to be my "friend." I just want it to do a good job, given the limited tools at its disposal. It's become an easy scapegoat for politicians to fob off blame for their own fiscal and regulatory blunders and inability to curtail spending. You're a smart guy. Why do you fall for it?
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Texas Contrarian · 02-13-2016, 02:33 PM

The author of The Creature from Jekyll Island has been a well-known conspiracy monger for at least 50 years, starting with his days peddling all sorts of ridiculous B.S. for John Birch Society publications. Later, in the 1970s and '80s, he hawked all sorts of booklets and audiotapes promoting quack cancer treatments. Apparently, due to a massive cover-up, the public was denied miracle cancer cures involving the ingestion of apricot kernels. More recently, he was all over the place claiming that AIDS is not actually caused by HIV, but by something else. Yes, seriously. Another huge health care industry and big pharma conspiracy, no doubt. If that's not enough, he's a 9/11 "truther."

A few years back, I saw an online review of the book by a finance blogger who did seem to know more than just a fair bit about banking and finance. He said the author essentially turned a "grain of truth" into a "mountain of laughable bullshit." Judging from other comments I've seen, I think that's pretty much spot on. And that assessment wouldn't be surprising for someone who's been a conspiracy monger for most of his life, would it?

Perhaps it could be that the book makes a few good points here and there. But do you really want to slog through hundreds of pages of laughable bullshit just to get an occasional nugget of useful knowledge? I certainly don't. The author of this book is just another crackpot with a multi-decade history of trying to find a conspiracy behind every tree.

CuteOldGuy · 02-13-2016, 02:48 PM

It is more likely that the FED will abolish Congress, rather than the other way around. If they haven't done that already. The Creature From Jekyll Island describes how the FED was established by JP Morgan, the Warburg family and the Rothschild family. By the banks and for the banks. The FED obstructs Congressional oversight, and are only beholding to the banking system. The best hedge against inflation is a sound backed currency. Let the market do what it does best.

But getting rid of the FED by itself does not solve the problem. What's wrong with America goes much deeper. If the FED were abolished, control would return to Congress, where it belongs. But Congress is fucked, thanks in no small part to the 17th Amendment. Congress is not stable, because the Senate is no longer the sober, second look. The states have no say anymore in Federal legislation. Instead we are governed by carnival barkers and snake oil salesmen, which is what the Senate was supposed to prevent. That happened in 1913, as well, and it is still wrong.

Now the states are fucked because the Federal government has assumed most of their duties. We really don't care who we elect on a state level. All the states really do is fund education and roads, and the Feds have their hands in that, too. That never would have happened without the 17th Amendment.

And to add insult to injury, 1913 brought us the income tax. From then on, government owned your income and could decide how much of it you can keep. Ultimate communism, and exactly against what the founding of this country was about. Some in Congress in 1913 wanted to add a cap of 2 or 3% to the income tax, but that was defeated because no one thought the rate would ever get that high. Fools. Duped fools.

1913 was essentially the end of freedom in this country. We have an illusion of freedom, but it is more like tolerance. The government can now crack down at any time. Gradually our "freedoms" are being rolled back. The most obvious culprits are the income tax, Patriot Act and NDAA. But there are smaller encroachments hidden in the mountains of regulations promulgated by the bureaucracy. Look at all the Federal regs you have to comply with to just build a house, or start a business, or buy a car, or anything. It's insane.

So ending the FED is not a cure all. Neither is the FairTax (but it comes close) or repealing the 16th and 17th Amendments. And none of it is going to happen anyway, because the owners of this country have set it up like this, and no one with an idea to change it will reach a position of power. The only thing that will change it is when we realize the battle is not black against white, gay against straight, rich (middle class and lower upper class) against poor, or any of the sub categories the military, government, media establishment has divided us into. It's US against THEM. if we ever figure out that we can unite and defeat them, we can establish a true representative republic. That's not going to happen. People will need to see who is eliminated on Dancing With the Stars first.

lustylad · 02-13-2016, 04:51 PM

Quote:

Originally Posted by CaptainMidnight

The author of The Creature from Jekyll Island has been a well-known conspiracy monger for at least 50 years....

Sounds like just the guy we need to hire to audit the Fed! Lol!

lustylad · 02-13-2016, 05:04 PM

Quote:

Originally Posted by CuteOldGuy

So ending the FED is not a cure all....

There you go, COG! Nice rant - even though IMO much of it falls into the category of "laughable bullshit" I like to see you crank out six full paragraphs instead of just a smattering of hollow bumper-sticker slogans!

Texas Contrarian · 02-13-2016, 05:11 PM

Quote:

Originally Posted by lustylad

Sounds like just the guy we need to hire to audit the Fed! Lol!

Yeah, for sure. But let's try to have him do not just an audit, but a "policy audit!"

lustylad · 02-13-2016, 05:38 PM

Quote:

Originally Posted by CuteOldGuy

And to add insult to injury, 1913 brought us the income tax.... Some in Congress in 1913 wanted to add a cap of 2 or 3% to the income tax, but that was defeated because no one thought the rate would ever get that high. Fools. Duped fools.

Not sure you got that right, COG. The Revenue Act of 1913 imposed income tax rates ranging from 1% to 7% (top rate) so any cap of 2-3% was busted from the start.

Btw - I live a stone's throw from where the Whiskey Rebellion was fought. That's where the whole shabang started. It's all George Washington's fault!

lustylad · 02-13-2016, 05:45 PM

Quote:

Originally Posted by CaptainMidnight

Yeah, for sure. But let's try to have him do not just an audit, but a "policy audit!"

Well, under the Fed's dual mandate it's supposed to give us stable prices and full employment. Anything less than that means its policies aren't working and we should abolish it.

MrGiz · 02-13-2016, 05:55 PM

I am very happy to see this thread go the way I knew it would. . . it displays a microcosm of the brilliance of our electing collective... the supposed, educated portion of it. We are in serious trouble!!

Congratulations!!

CuteOldGuy · 02-13-2016, 11:34 PM

Quote:

Originally Posted by CaptainMidnight

Yeah, for sure. But let's try to have him do not just an audit, but a "policy audit!"

Don't tell me you don't know what a policy audit is? By the way, did you notice my question to you? All done politely, with respect, unlike your response.

CuteOldGuy · 02-13-2016, 11:36 PM

Quote:

Originally Posted by lustylad

There you go, COG! Nice rant - even though IMO much of it falls into the category of "laughable bullshit" I like to see you crank out six full paragraphs instead of just a smattering of hollow bumper-sticker slogans!

Do your research. Or not. If you remain ignorant, it's your choice. Not my problem.

Munchmasterman · 02-13-2016, 11:42 PM

Quote:

Originally Posted by lustylad

There you go, COG! Nice rant - even though IMO much of it falls into the category of "laughable bullshit" I like to see you crank out six full paragraphs instead of just a smattering of hollow bumper-sticker slogans!

Here, here. Good to see more than a talking point.
Except I'd file it under " In a more perfect world". A lot of things aren't the way they should be or could be.

CuteOldGuy · 02-13-2016, 11:58 PM

Quote:

Originally Posted by Munchmasterman

Here, here. Good to see more than a talking point.
Except I'd file it under " In a more perfect world". A lot of things aren't the way they should be or could be.

Seriously? He has no response, and you applaud him? Go figure. You can choose to remain ignorant, too. You won't be alone.

Munchmasterman · 02-14-2016, 01:01 AM

Quote:

Originally Posted by CuteOldGuy

Seriously? He has no response, and you applaud him? Go figure. You can choose to remain ignorant, too. You won't be alone.

I applauded the length and detail of your post. I choose to use my time and efforts on subject matters of my choice.
Ignorance is a condition that has various degrees and at some point becomes informed or well informed or knowledgeable, etc.
You decide your levels, I'll decide mine.