Eliminate the Federal Reserve?

[Grizzums]

This thread can be used for discussion on whether it is a good idea or not to phase out the Federal Reserve.

Thoughts? Why? Why not?

I'll be adding my thoughts as I get time to do so. All opinions welcomed

[Grizzums]

Anyone ever heard of that "Liberty Dollar"? I have seen some of the commercials for it but thats about it. It is money that is backed by precious metals by a private company and the government has known about it for some time. The company has made very clear that it is NOT "legal tender".

Well, it appears - though I have yet to see MSM pick up the story - that the company headquarters in Evansvile, In was raided by the FEDS early Wednesday.

Seems strange....especially with the USD value falling like it has been. :confused: Was some sort of fraud detected? Does someone in the government (i.e. Central Bank) feel threatened by the possible competition if institutions began accepting these dollars as a valuable payment in barter for other gods or services? Weird stuff....I can't wait to hear more about it...

http://www.usmint.gov/consumer/index...ction=HotItems
http://www.libertydollar.org/ld/legal/updates.htm
http://www.freerepublic.com/focus/f-news/1926165/posts
http://tdinoz-td.blogspot.com/
http://www.finance-weblog.com/502267...currencies.php

[rtace]

Never heard of the liberty dollar, sounds interesting tho

However, JFK had the same ideas about eliminating the fed reserve which would end up being better for the government less debt and so forth.
By having the currency controlled directly by the government, ie printing the currency themselves
However, the day after the legislation was passed he was assassinated and the legislation was passed bringing things back to normal.
Big theory in conspiracy theory circles but interesting info about the nature of the FED none the less, will try and find some links to this for those interested

[Grizzums]

Originally Posted by rtace

Never heard of the liberty dollar, sounds interesting tho

However, JFK had the same ideas about eliminating the fed reserve which would end up being better for the government less debt and so forth.
By having the currency controlled directly by the government, ie printing the currency themselves
However, after on day of the legislation he was assassinated.
Big theory in conspiracy theory circles but interesting info about the nature of the FED none the less, will try and find some links to this for those interested

Hmm...interesting.

Here is a semi-report of the Liberty raid from a local news station...

"Evansville company raided by FBI

Updated: Nov 15, 2007 03:41 PM

Reporter: Brandon Bartlett
New Media Producer: Nick Storm

An Evansville company is closed after being raided by the FBI.

It's believed agents seized documents and metals from The Liberty Dollar, which is headquartered in Evansville.

The raid allegedly took place Wednesday morning, at the Liberty Dollar headquarters on Stockwell Road. We say allegedly because government officials are not talking about this case.

Liberty Dollar is a private company producing what they call "barter currency." An e-mail from the company says that the FBI raided the company Wednesday morning.

14 News has learned that in March of this year the US Mint issued a warning to Liberty Dollar that the use and mere possession of this currency is illegal.

Bernard von NotHaus, the man behind Liberty Dollar and an advocate for the free market said in a statement, "People have the right to collect any kind of medallion and can use anything they choose as barter."

The company issues both coins and paper currency. Liberty Dollar claims that one of it's dollars is backed by one ounce of silver."

[Grizzums]

Originally Posted by rtace

Never heard of the liberty dollar, sounds interesting tho

However, JFK had the same ideas about eliminating the fed reserve which would end up being better for the government less debt and so forth.
By having the currency controlled directly by the government, ie printing the currency themselves
However, the day after the legislation was passed he was assassinated and the legislation was passed bringing things back to normal.
Big theory in conspiracy theory circles but interesting info about the nature of the FED none the less, will try and find some links to this for those interested

http://www.fdrs.org/executive_order_11110.html



From what I saw the US Dept of Treasury was initially okay with those Liberty Dollars.....but what changed? Was there getting to be too many in circulation? Were merchants starting to sign onto the idea?

On quick reading, Abe Lincoln had a similar situation in some respects....and of course, he had a similar outcome to JFK...................assassinated.....

I am not the conspiracy theory type, but..............

I really like the candidate Ron Paul...but he advocates getting rid of the FEd Reserve....he is gaining quick popularity in the internet circles.....if it so happens that he gets more and more support, would he get knocked off too...? Makes my mind boggle a bit...lol

[rtace]

It is quite the alarming peice of information
I suspect with amount of money the fed is making whoever ultimately owns it, will not be the happiest about its elimination; and with an unlimited amount of funds to lobby, it will be next to impossible to get that sort of bill passed or a candidate elected with that sort of agenda

Well heres the other side of the coin
Debunking the Fed/jfk myth good to see both sides of this

http://mcadams.posc.mu.edu/weberman/jfk.htm

[Grizzums]

Originally Posted by rtace

It is quite the alarming peice of information
I suspect with amount of money the fed is making whoever ultimately owns it, will not be the happiest about its elimination; and with an unlimited amount of funds to lobby, it will be next to impossible to get that sort of bill passed or a candidate elected with that sort of agenda

Well heres the other side of the coin
Debunking the Fed/jfk myth good to see both sides of this

http://mcadams.posc.mu.edu/weberman/jfk.htm

Cool. Thanks.

[Grizzums]

More dilution...

http://ap.google.com/article/ALeqM5h...Os5SAD8SU7EB01


and of course....more debt, YAY!!!! <---sarcastic

Foreign central banks net buyers of U.S. debt -Fed
Thu Nov 15, 2007 4:30 PM ET

NEW YORK, Nov 15 (Reuters) - Foreign central banks were net buyers of U.S. debt last week, Federal Reserve data showed on Thursday.

The Fed said its holdings of Treasury and agency debt kept for overseas central banks rose $4.1 billion in the week ended Nov. 14, to stand at $2.033 trillion.

The breakdown of custody holdings showed overseas central banks bought $634 million in Treasury debt to stand at $1.238 trillion.

The foreign institutions bought securities from government-sponsored agencies like Fannie Mae <FNM.N> and Freddie Mac <FRE.N>, adding $3.46 billion to their holdings, to stand at $795.67 billion.

Overseas central banks, particularly those in Asia, have been huge buyers of U.S. debt in recent years, and own over a quarter of marketable Treasuries.

The full Fed report can be found on:

http://www.federalreserve.gov/releases/h41/ (Reporting by John Parry; Editing by James Dalgleish)

[Grizzums]

I am not big into politics but I do have a Ron Paul bumper sticker on my Audi.

Did anyone see RP questioning (some might call it lecturing) Bernackalackalacky the other day?

http://youtube.com/watch?v=yAwvlDJgJbM&feature=related
http://rattube.com/blog1/2007/11/18/...with-ron-paul/
http://youtube.com/watch?v=z8GtXKP6bmQ

[Grizzums]

What's the FED to do this next time?

http://www.bloomberg.com/apps/news?p...bYg&refer=home

http://www.msnbc.msn.com/id/21869867/


Bernanke does announce increased transparency last week...

http://www.marketwatch.com/News/Stor...0BE09A16C55%7D


"New Fed forecasts take center-stage
Wall Street, Fed watchers will try to read into the expanded numbers"

http://www.marketwatch.com/news/stor...7B0E68E35CF%7D


Confidence in USD?

http://www.bloomberg.com/apps/news?p...4i4&refer=home

http://www.nytimes.com/2007/11/19/bu...hp&oref=slogin