Economics Questions

Re: A reason the not end the fed

Rubén — Wed, 22 Oct 2008 04:14:51 GMT

This is exactly what is happening in crazy mismanagement of the Venezuelan Central bank, which used to have a certain percentage of independence. It no longer controls oil revenue. Now orders to withdraw funds come directly from our populist ruler and his appointed ministers. Even taxes are paid differently, they were paid before to "National Treasury", now they must be paid to the "National Treasure".

Of course, they say we are immune to the global financial crisis because socialism is superior....

Re: A reason the not end the fed

Juan — Tue, 21 Oct 2008 22:58:46 GMT

With our money supply not backed by anything it's a good idea to have an entity not controlled by politicians to achieve long-term goals.

But the fed IS controlled by politicians, although they don't do it directly.

Re: A reason the not end the fed

eliotn — Tue, 21 Oct 2008 22:06:43 GMT

oden:

I posted a video on a site with Ron Paul discussing abolishing the federal reserve/IRS, I got a response from someone who said...

"I disagree with abolishing the fed. With our money supply not backed by anything it's a good idea to have an entity not controlled by politicians to achieve long-term goals. with this power in elected officials hands interest rates would be controlled by people worried about re-election and short-term gain."

I need some help with a best way to respond to that. Thanks a lot

It seems like he isn't opposing abolishing the fed, but putting monetary policy in the hands of elected officials.

A reason the not end the fed

oden — Tue, 21 Oct 2008 22:00:35 GMT

I posted a video on a site with Ron Paul discussing abolishing the federal reserve/IRS, I got a response from someone who said...

"I disagree with abolishing the fed. With our money supply not backed by anything it's a good idea to have an entity not controlled by politicians to achieve long-term goals. with this power in elected officials hands interest rates would be controlled by people worried about re-election and short-term gain."

I need some help with a best way to respond to that. Thanks a lot