WASHINGTON (AP) — President Donald Trump’s unorthodox choice for the Federal Reserve Board of Governors, Judy Shelton, could be approved by the Senate next week, Majority Leader Mitch McConnell’s office said Thursday. Choose one or more: A. decrease the discount rate. The Elites May…, The COVID Vaccine Is Here … And So Are Potential…, No Privacy, No Property: The World in 2030 According…, Charity Builds Dozens of Tiny Homes for the Homeless…, James Corbett on COVID-19, The Great Reset, and…, powerful weapon to remove Taliban control, HR 1098: Free Competition in Currency Act of 2011, How To Survive the Job Automation Apocalypse, How To Get Started with Bitcoin: Quick and Easy Beginner’s Guide, Automakers Ask U.S. Dept of Transportation to Make It Easier to Deploy Autonomous Vehicles That Will Eliminate Jobs, Grow Your Wealth Outside the Rigged System, Cryptocurrency Investing and Bitcoin News, Check out Activist Post's Polls on LockerDome. So, they decided to pool their resources and create a state-run Bank that is more about cooperation and community than about competition and corruption. Inherent in the fractional system is increased inflation and taxation which squeezes every worker and small businessman, resulting in a steadily decreasing standard of living for the vast majority of the population. Favorite Answer. 3. Credit Unions and State Banks: Under the current fractional reserve system banks create over 90% of the money in the economy through loans. Many pragmatic voters will view ending the Fed as unrealistic. As I wrote in December, the first step is to end the Fed’s monopoly power by legalizing competing currencies: HR 1098: Free Competition in Currency Act of 2011 will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies. Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … The Federal Reserve has never been more famous than it is today. I think it’s a fantastic idea and I did a whole video about it like 2 years ago. That’s what would replace the Federal Reserve if it was abolished. Bob Chapman International Forecaster Feb 17, 2011. ( Log Out / gray shadow. Gold and Silver: First, by repealing legal tender laws the State will no longer be able to prosecute violators as domestic terrorists for using silver as an alternative currency. It’s like D&D but only with calculators instead dice and mages. These local tender will obviously face challenges of interstate trade and are, depending on their structure, still somewhat at the mercy of a devaluing U.S. dollars. Gold and silver money have also been a timeless and border-less medium of exchange that would likely be generally accepted for interstate trade. The idea didn't seem to move very much three years ago, but now the idea of a central bank-controlled "Fedcoin" seems like it could be moving closer to reality, according to a Reuters report from February 5. She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … Board of Governors of the Federal Reserve System. Chaos ! Some participants noted that, if needed, the Federal Reserve could consider various steps to manage the levels of short-term interest rates and the quantity of reserves, such as adjusting administered rates, expanding the overnight reverse repurchase agreement program, or implementing a maturity extension program. The Federal Reserve and its allies — virtually the entire intellectual class — use this fear to maintain its position as the quasi-public bureaucracy in charge of America's money. Credit unions may be structured differently depending on the institution; however, they all seem to loan only to depositors for local projects or businesses. . WITHDRAWAL FROM INTERNATIONAL BANKS. Term deposits will be one of several tools that the Federal Reserve could employ to drain reserves when policymakers judge that it is appropriate to begin moving to a less accommodative stance of monetary policy. Besides resource grabs, the wars in Afghanistan, Iraq, and now in Libya have one thing in common: they each have a new central banking system since their “liberations.” The Federal Reserve was also used as a powerful weapon to remove Taliban control of the Afghan Central Bank. Either way, they provide an important alternative exchange vehicle should the dollar became completely worthless. Many new local currencies are replicated after barter systems, as money is only seen as a medium of exchange, not an instrument of debt or a store of wealth. Anyone who has even a remedial education about the Fed knows that nearly all of America’s economic woes can be directly tied to the fraudulent monetary system run by this private monopoly. The Federal Reserve Board of Governors in Washington DC. After all, consolidation of the world is clearly being expedited. 0 The federal reserve is already independent. The community of people are the shareholders not some James Bond villain in an ivory tower! Another Way the Fed Creates Money Ultimately you don’t start by ending the Fed, you start by competing with it, or opting out of it. Now they have been brought in line with the cartel at the barrel of a gun, and next comes the wonderful IMF we-own-your-ass loans. The federal government is also giving municipalities and community-led initiatives $250 million over five years, starting in 2021-22, to support anti-gang programs. To understand why Moore and Cain could be a breath of fresh air, we first need to detail just how broken the role of Fed Governor has become. John F. Kennedy was the last president to attempt this on June 4th, 1963 (Just months before his assassination); he signed Executive Order 11110, which gave him legal clearance to create interest and debt-free money directly from the Treasury. ( Log Out / The Fed’s Board of Governors in Washington could replace any one of them, though it hasn’t ever done so. Previous question Next question Get more help from Chegg. Many of these currencies have been set up in defiance of the debt-based money system and resemble a barter system. If the goal is to increase the money supply, the Federal Reserve would need to decrease the discount rate or make an open market purchase, or both. Favorite Answer. So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? Joe Weisenthal recently pointed out that Ron Paul may actually have a great shot this time around: At the time (Paul’s 2008 bid), nobody in the GOP really cared about the Fed, and for the most part, Bush’s wars enjoyed broad support. For this, the Federal Reserve Banks created a telegraph network to transfer funds between member banks. Today they’re Obama’s wars, and the Fed is one of the most disliked institutions around, taking daily abuse even from mainstream outlets like CNBC. Sec. Alas, U.S. Treasury monopoly of currency has been just as problematic, in U.S. history, as Federal Reserve monopoly. The government needs to keep an eye on the federal reserve. delegated this power to the banks. I … Learn how your comment data is processed. Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020. It is called Colonial Scrip. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. As the world’s reserve currency, Federal Reserve Notes determine whether people can afford to buy food and fuel on a global scale through commodity price inflation resulting from a devalued dollar. Barter: Barter is the oldest form of trade. Look we are accountable to pay the banks back for the loans we take, so why aren’t they accountable when they fuck up and … well I don’t know Crash the entire economic system and create genocidal world wars to profit from?! Report Post. This liquidity is a painkiller, not a cure. Clearly the impact of the Federal Reserve should be a major part of the 2012 presidential campaign. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. WASHINGTON — President Donald Trump could have the opportunity to replace five of the seven board members at the Federal Reserve — including Chair … President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … As the chair of the Federal Reserve from 2014 to 2018, Ms. Yellen also oversaw an extremely slow set of interest rate increases as she and her colleagues tested whether unemployment could … D. make an open market sale. 2. 0. Despite their loss in 2019, they took the momentum of their movement and won on a state level to legitimize a Public Bank in California! There are several bills that have been proposed in Congress directed at the Federal Reserve. The euro could replace the U.S. dollar as the world's primary reserve currency, a German magazine quoted former Federal Reserve Chairman Alan Greenspan as saying on Monday. Several communities have adopted alternative paper currencies to stimulate local trade. gray shadow. NO. Simply put, barter is the voluntary exchange of goods and services for other goods and services without the need for currency. Crisis has historically led to reactionary legislation in America. So are all … Federal Reserve Could Become Early Flashpoint Between Biden and McConnell The fate of two open Federal Reserve Board seats could say a lot about the future of Washington . The Senate failed to advance President Trump's controversial pick to the powerful central bank on Tuesday after … The coronavirus pandemic has the potential to permanently replace some humans with machines, according to a new study on Monday from the Federal Reserve Bank of Philadelphia. Speaking to the United States Congress, the Chairman of the Federal Reserve, Jerome Powell, described Bitcoin as a store of value, “like digital gold.” He also acknowledged that it could replace the need for a currency reserve. The Federal Reserve Act of 1913 is hereby repealed. Local Tender: Local currencies are already perfectly legal in the United States “as long as it does not look like dollars, as long as denominations are at least $1.00 value, and if it is regarded as taxable income.” In other words, they are essentially tied to U.S. dollars and must be taxed the same. DiMartino Booth spent nine years as analyst with the Federal Reserve of Dallas. But this could soon change. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. [FFON 227] — Radical Indian Stand Up Comedian, Writer & Social Vigilante, Krish Mohan. Originally answered: What could replace the Federal reserve if it was abolished? When we can cancel the game Monopoly, maybe we’ll be ready to talk about Resource Based Economies. The solutions rest in exactly the opposite of consolidation: currency competition. Barter systems are quite easy to set up and manage these days utilizing the Internet. The Federal Reserve is not the benevolent entity that most Americans think it is. Markets: DJIA + 248.74 0.83%. The concept of interest-free money in the U.S. started in Colonial times. By the way, I’m not saying a Resource Based Economy would be a bad idea, rather the opposite. Some might say it’s best to get rid the idea of money, and go towards a logical, resource based economy, like architect Jacques Fresco suggested in the 70s, but I think we’re not quite there yet. Regardless of whether the Federal Reserve does it, or some other agencies, the functions provided by a public central bank are fairly vital to a robust economy. We issue it in proper proportion to make the products pass easily from the producers to the consumers. . The Bank of North Dakota is a public, state owned bank that was created by farmers in 1919 and was able to whether the 2008 financial collapse. In the graph above, we can see the performance of gold compared to US 10-Year and 2-Year Treasury interest rates. 2 Answers. The Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. Ron Paul has been right about this for over 30 years. The Fed has no national patriotism, only a desire for private profits that often come with immense public losses. 15. President Trump or Joe Biden will need to make an incredibly important decision that will help determine whether the economy can recover from … They are also typically owned by the depositors themselves. Answer Save. Answer Save. The Federal Reserve System, created with the enactment of the Federal Reserve Act on December 23, 1913, is the central banking system of the United States. Because money is completely eliminated from the equation, barter naturally replaces money as the method of exchange in times of monetary crisis. The Federal Reserve Board decided to take steps to arrest the speculative bubble that appeared to have been forming: it raised the cost banks had to pay to borrow from the Federal Reserve and it increased speculators’ margin requirements. Q - Can you see Federal Reserve bond 1934 series US 500000000. Therefore, the Federal Reserve-led central banking cartel is not only a severe detriment to the US and global economies, it is the fuel for conflict around the world — not religious beliefs, style of government, or other manufactured differences. This, oil and banking, is also precisely why Iran is public enemy number one even though they never attacked another nation. The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. The federal reserve should stay as far away from the private sector as possible. President Donald Trump's nominee to the Federal Reserve, Judy Shelton, pictured in Feb. 2020, has said she supports the gold standard and questions the mission of the powerful central bank. Lv 6. The Federal Reserve system is the cancer that needs removing and should be the primary issue discussed in the 2012 campaign. Like Reply. The US dollar is also the world reserve currency for weapons and is used to fund — with political, economic and literal interest — both sides of all wars. It lured the nation into the lobster trap of debt — debt undergirded by Federal Reserve fiat money and congressional deficits — and the country cannot see a way to get out on a pain-free basis. Q - Can you see Federal Reserve bond 1934 series US 500000000. If HR1098 were ever to pass, a commodity-based economy would likely become very popular as it will operate outside of the Federal Reserve’s debt-based, taxable money system. Under Paul’s competing currency act, these local currencies could now be considered “legal” tender, which could conceivably remove their peg to the dollar. Please share this article and provide COMMENTS and IDEAS below to move this discussion forward. Public Banking Can Replace The Federal Reserve! 1 decade ago. The Federal Reserve system is the cancer that needs removing and should be the primary issue discussed in the 2012 campaign. Other countries are now doing the same and the trend towards digital money (called e-currencies) will be ubiquitous after a financial crisis forces the world into these cyber currencies (so as to ‘save’ the system)! I assume he wants the gold standard, but he's never said that. Monetary reform is so vital that it may be precisely what propels Paul into the White House, assuming he gets in all the debates, on all of the ballots, and has an army of computer forensic experts to appeal shady voting machines — which are inevitable challenges in our so-called democracy. Mullins and Kah further argued that by controlling the New York Fed the international banking elite could command the entire Federal Reserve System, and thus direct U.S. monetary policy for their own profit. 5. Vaccinated Vs. Unvaccinated: The Study The CDC Refused To Do — Interview with Dr. Weiler, The COVID Vaccine Is Here … And So Are Potential Side Effects …, For The First Time Ever, Millions Of Working-Poor Americans Forced To Turn To Food Banks, Is The Globalist “Reset” Failing? Otherwise we are just trading one monopoly for another. These systems encourage participants to produce something for the cooperative and are typically best used at the local level. Most of it goes to replace mutilated or outdated bills. Both of these entities offer an immediate alternative to the private banking cartel, and could conceivably print an alternative currency, if needed, that would likely be trusted by depositors. Many local food cooperatives are starting to implement this type of quasi-underground economy based on credits, sometimes tied to currency for easy valuation. Currency has been right about this for over 30 years impact of the is... 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