Comments on: Audit the Fed bill Gutted by Rep. Mel Watt (D-NC)

By: Neil Stevens

Neil Stevens — Fri, 06 Nov 2009 03:12:23 +0000

By: Aaron Gardner

Aaron Gardner — Thu, 05 Nov 2009 22:25:01 +0000

By: private_citizen

private_citizen — Thu, 05 Nov 2009 22:08:06 +0000

in an open auction. It would be stable because its value would be based upon a tangible asset. The amount of gold in the world expands at about 2% per year, which would limit real inflation to this level.

By: Aaron Gardner

Aaron Gardner — Thu, 05 Nov 2009 21:23:58 +0000

And isn’t a gold certificate from the Treasury, as opposed to the Fed, just changing the glass you pour your kool aid in?

By: private_citizen

private_citizen — Thu, 05 Nov 2009 20:45:54 +0000

The prevailing libertarian philosophy is to repeal the government’s monopoly over legal tender, opening it up to private market competition from currencies made out of or backed by precious metals.

In addition, the Treasury could issue a competing currency to that of the Federal Reserve, either a “gold certificate” or “silver certificate”.

Thus, “Federal Reserve notes” or “dollars” would not themselves need to be backed by gold and the common misperception which you have stated, in terms of gold stocks vs dollars, would not be an impediment to reforming the monetary system in this manner.

The likely result would be that the inflation of “Federal Reserve notes” would continue to accelerate, but citizens such as you or I would be able to transition into a stable currency based on tangible assets.

http://www.downsizedc.org/etp/campaigns/85

By: Aaron Gardner

Aaron Gardner — Thu, 05 Nov 2009 20:06:19 +0000

Or do you intend to seize all that gold from the private owners in order to make your wishes come true?

By: private_citizen

private_citizen — Thu, 05 Nov 2009 20:03:25 +0000

is privately owned.

By: Aaron Gardner

Aaron Gardner — Thu, 05 Nov 2009 19:49:18 +0000

By: private_citizen

private_citizen — Thu, 05 Nov 2009 19:45:34 +0000

There is estimated to be 160,000 metric tons of above ground gold in the world, which at about 35,000 oz per ton and $1,000 per ounce comes to about $5.6 trillion.

http://seekingalpha.com/article/148612-unlocking-the-money-matrix-gold-price-suppression

By: aesthete

aesthete — Thu, 05 Nov 2009 19:11:29 +0000

By: WilliamR

WilliamR — Thu, 05 Nov 2009 19:10:36 +0000

Fed Managed fiat money??

So you’re in favor of a government monopoly and a centrally planned economy.

Why should the government have a monopoly on what kind of money the American people use?? As a conservative I think the FREE MARKET should be allowed to work. The market delivers better health care, housing, computers cars, food, clothing, gold clubs etc etc. So why not let the Free market pick what kind of money the average American wants to use. Or as the late great Henry Hazlitt wrote 32 years ago in Ronald Reagan’s favorite magazine The Freeman,

Free Choice of Currencies

http://www.thefreemanonline.org/featured/free-choice-of-currencies/

By: ceili_dancer

ceili_dancer — Thu, 05 Nov 2009 19:06:08 +0000

n/t

By: WilliamR

WilliamR — Thu, 05 Nov 2009 18:48:27 +0000

The 1913 dollar is only worth four cents today. Tell us about the FED and Fiat money??

Free market money. End legal tender laws and let Gold and Silver circulate in the economy. People would have a choice of what kind of money they wanted to use. Why should the government have a monopoly on money??

By: Neil Stevens

Neil Stevens — Thu, 05 Nov 2009 18:39:10 +0000

By: Aaron Gardner

Aaron Gardner — Thu, 05 Nov 2009 18:34:46 +0000

Is there enough gold to actually back a modern monetary system?

By: Neil Stevens

Neil Stevens — Thu, 05 Nov 2009 18:33:56 +0000

I mean you’re such a fool, you even surpass Lord Mister Doctor Representative Ron Paul himself. He calls for an end to “artificial” (as though money supplies are natural phenomena) inflation. You want to plunge us into a depression outright with instant deflation.

By: private_citizen

private_citizen — Thu, 05 Nov 2009 18:29:09 +0000

and have run so far away from the subject of the diary that your comments have become totally irrelevant.

By: Achance

Achance — Thu, 05 Nov 2009 18:28:36 +0000

By: Neil Stevens

Neil Stevens — Thu, 05 Nov 2009 18:25:35 +0000

And we’ve dealt with your type too many times before to really care what you think at this point.

By: private_citizen

private_citizen — Thu, 05 Nov 2009 18:23:42 +0000

then i apologize for calling you a troll. The point I was making is that the central bank should not be given additional regulatory power, which it is seeking. Your question about needing stronger leadership at the Fed seemed to ignore this implicit point and really doesn’t address the question posed which is whether the regulatory structure should be expanded.