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CoherentlyConfused
reply to post by Snarl
Congress is supposed to be the entity to create money, not a private outside bank. If Congress was given back the power to create money as intended, there would be no US debt. There you go, the FED in 2 seconds. No Federal Reserve Bank, no debt. Those with the power to change it know this. There woudl still be inflation and it would still be a fiat type money but it could be better controlled and interest paid by the US back to a third party wouldn't exist.
All money on bank accounts and loaned out by banks should be 100% in their reserves, not just 10%.
TheBandit795
reply to post by Snarl
Your best bet would be a currency that is not created by fractional reserve banking. The value of the money should be on par with the amount/level of production (of goods and services).
All money on bank accounts and loaned out by banks should be 100% in their reserves, not just 10%.edit on 10-10-2013 by TheBandit795 because: Added the last sentence
Now ... the other problems ... well, they're other problems. But money out of 'thin air' is a practical necessity.
Thank you for your response. Next question: Is not the currency that I now hold in my hand, in exchange for my goods, in fact, an instrument of DEBT? It doesn't matter where it (currency?) comes from. It's not good for anything if it's not an acceptable medium of exchange in a common market place. Hence, it doesn't matter if our currency is 'produced' by the Department of the Treasury or the Federal Reserve Bank. As long as the 'notes' are acceptable as a form of currency or the representation of debt ... it's all good.