[HN Gopher] A Bill to Abolish the Board of Governors of the Fede...
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A Bill to Abolish the Board of Governors of the Federal Reserve
System [pdf]
Author : hggh
Score : 13 points
Date : 2024-06-14 20:05 UTC (2 hours ago)
(HTM) web link (www.lee.senate.gov)
(TXT) w3m dump (www.lee.senate.gov)
| gigatexal wrote:
| This seems unwise.
| dadjoker wrote:
| Why? Ever since the Fed was created - to supposedly avoid the
| problems that created the Great Depression - they have polluted
| the buying power of the dollar to where it is much less than it
| was pre-Fed.
| gigatexal wrote:
| Are you thinking about the dollar leaving the gold standard?
| bediger4000 wrote:
| The Federal Reserve system was created in 1913, the Great
| Depression kicked off in late 1929. Your comment seems like a
| non sequitur.
| gigatexal wrote:
| Where does this end? No central bank and all dollars are
| backed by bitcoin?
| bediger4000 wrote:
| I personally think this is all very poorly thought out.
| There are weird superstitions around the Federal Reserve.
| Separate from that, "bankers" in general, and
| "international bankers" in particular have inherited all
| the medieval anti-Jewish prejudice. Then there's the
| modern finance system that occasionally dumps unsavory
| customers, like Alex Jones. This leads to a desire for a
| currency that exists outside of banks and bankers, where
| you can sell dietary supplements and scam people without
| having your account seized.
|
| Unfortunately for those folks, Bitcoin is a weak vessel,
| and cannot, in reality, meet all the requirements. It
| takes tons of compute to create a Bitcoin, much less to
| process a transaction 'on the block chain'. It's not as
| anonymous as claimed, either, and should it be a
| currency, it's deflationary. Not all the implications of
| this are accounted for in the common knowledge about
| Bitcoin.
| mrguyorama wrote:
| The success of Russia's central bank at managing the economy
| in the face of sanctions, war, and loss of trade should show
| you how good central banking is to a country.
| shsjszbxhcixb wrote:
| Nobody is saying central banking is unwise. It's that the
| fed is run by private individuals (who are very cozy with
| the banks) with no accountability who don't really care
| about the American people outside of how much wealth they
| can extract from them.
|
| A central bank with a goal to serve Americans would be a
| great institution.
| toomuchtodo wrote:
| You're confusing the Fed with Congress. The Fed controls
| monetary policy (via the benchmark rate, a blunt tool),
| Congress fiscal policy (a surgical tool). Because
| Congress is effectively failed governance to deliver for
| the citizenry is in no way a reason to drag the Fed, who
| is arguably executing effective monetary policy.
| Unemployment is very low, and price stability has almost
| been reached. The Fed is doing all that it can while
| remaining within its dual mandate.
|
| Who controls healthcare policy? Congress. Who controls
| food supplements? Congress. Who controls the minimum
| federal wage? Congress. Who controls taxes (both rates
| and incentives)? Congress. Entitlements? Congress. If you
| want better governance, vote for competent
| representatives, although I understand this is out of the
| hands of most and we're being held back by the emotional
| and unsophisticated who vote against their own interests
| (broad strokes, lots of nuance and caveats).
|
| The Fed could've even offered FedAccounts, free demand
| deposit accounts at the Fed to eliminate the unbanked and
| apply downward pressure to fees at commercial banks. But
| a certain party recently passed legislation to prevent
| that. Hard to avoid politics when they are driving
| suboptimal outcomes at scale.
| duskwuff wrote:
| That's certainly an understatement. The bill wouldn't just
| abolish the Board of Governors as mentioned in the title; it
| would repeal the Federal Reserve Act in its entirety, leaving
| the US with no central bank.
|
| It's hard to overstate just how wildly irresponsible and self-
| destructive of an act this would be. It's not even clear what
| it would _mean_ , given how dramatically the US financial
| system has grown and changed since 1913.
| pwndByDeath wrote:
| https://archive.org/details/pdfy--Pori1NL6fKm2SnY I can't finish
| this book without dire risk of losing my mind. I'm good with
| abolishing the FED
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