14 year old Devon Minnema goes on fox news and says we should end the federal reserve

Originally posted by GreenBicMan
reply to post by filosophia

 

You don't think there is a mouth piece from some angle behind that kid? You are crazy IMO.

By the way, what is your great idea in place of the central bank we have and don't tell me the barter system, or anything that is backed by gold.

There is a mouth piece from some angle behind that kid, it's called free market capitalism and the constitution. Which would also replace your centralized bank.

reply to post by GreenBicMan

You have great ideas, except you are a victim of others opinion. Money issued by congress huh? Really? Which one of these people in congress is going to do this? Hopefully Barney Frank and Bob Corker. 2 guys that are totally in it for themselves. I trust the FED 1000000x more than any congressman. Who would implement interest rate policy? Our congress? Interesting..

While I can understand your sentiment, your logic is somewhat circular, and thus flawed.
Correct me if im wrong in my assesment of this statement (and the many others like it that you hold to) but it seems to me that what you are saying is "how are we supposed to keep doing all the corrupt **** we do, without the Fed?"

You see, without the fed, without a fractional reserve system, and with a monetary system back by something other than debt, preferably something of substance and real value, we would not need an interest rate, and therefore no one to regulate it.

If the monetary system was again issued by the congress, it wouldn't be just one, or even two people. It would be the whole congress or at the very least, a finance/currency committee.

What we truly need, is a monetary system backed by wealth, not debt. Credit IS debt. While some form of credit may indeed be needed, it should never be the basis for currency.

Originally posted by GreenBicMan
reply to post by filosophia

 

You don't think there is a mouth piece from some angle behind that kid? You are crazy IMO.

By the way, what is your great idea in place of the central bank we have and don't tell me the barter system, or anything that is backed by gold.

Ive seen enough of your posts on monitary matters to know your somewhat educated on things.

The concept of a central bank is flawed in many ways but today I'm not gonna go the usual route in debasing their worth.

The problem is not whether its gold or paper. Its fiat currency that is the disease.
If there is 500 billion in assets in banks why should they have the right to turn that to 500 trillion.

Your giving a select group of people who only respect profit the tools to shape society. They have no ethics no limits and the only people who profit at all for their endevors is the top 20%.

So a massive wealth bubble is created, then deflated to rob that bottom 80% more till they own nothing not a choice and not a chance.

This is then done in a perpetual cycle till the whole planet is looted and trashed and polluted every culture bankrupt and vanquised and all Gods slaughtered.

Welcome to the 21st century in all its gluttonous glory.

And witness those who still defend it as the best and only system for advancement. (There ranks are dwindling: ))

You cannot create money out of thin air based on someones belief that someone else money will make money invested in that money and wait....

Poof wallah more money! What fun magic

Any serious reform will be asset based growth in that system will always be slow steady and sustainable.

Its so simple, yet the fools in charge blast so much bs at people they want the chaos and defend it.

Originally posted by GreenBicMan
reply to post by 5MaveN5

 

You have great ideas, except you are a victim of others opinion. Money issued by congress huh? Really? Which one of these people in congress is going to do this?

Hopefully Barney Frank and Bob Corker. 2 guys that are totally in it for themselves.

I trust the FED 1000000x more than any congressman.

Who would implement interest rate policy? Our congress? Interesting..

Why would we audit the FED when that would show our hand to every other central bank for them to go after us by making it more expensive for us to get out of our positions? You don't think showing your poker hand publicly has any ramifications? Nah, prob. not, cause you watched Money Masters, right?

But as long as your know the inner secrets of Maiden Lane I and II, I suppose you can rest easy, right? Like you would ever understand it. You would just understand whatever the opinion was of someone else regurgitating their own opinion.

Maybe .001% of people on this planet really QUANTITATIVELY understand our monetary policy. None are on this message board unfortunately. The ones that say they do are misguided or foolish.

And I guarantee there is not 1 in congress. That much has been made apparent over the last year.

So while you share the opinion of 99% on this board that certainly doesn't make it correct or right.

I'm done on this thread anyway, and it will no doubt turn into the countless others that are just a waste of time because they are all hypothetical and there is never 1 concrete suggestion that could be implemented without countless holes.

Ha , nice, so we should all bow down to the current banksters and trust that they will take care of us..
Ron Paul actually has a pretty specific plan to replace the current fiat currency with one backed with metal. no doubt not without out flaws. You can look that up as well if you like.
Should I come up with all the answers here, now??. Let me go break out my old economic and banking books and work on that for you . Ill get back to you on your new thread...
My personal opinion is that the current banksters have had their run. I suppose many would care to stay with the devil they know.. Me, i think we could stand a change. Would it be easy and perfect, nahh.. Might not even be possible if we wanted to. However...
I am thinkng though that when the next major correction to the market/economic expectation comes, we will have an opportunity to set things on course to weaken the Fed. Or we could just provide them with another trillion dollars or so. If they havent already converted the dollar to SDR backed somethings..
As long as people don't bother to educate themselves and others, or would choose to be ruled by an elite (because they know best??), then thats what we will have.
Now i am done with this thread,.

Sorry, had to lay off my proof reader...

reply to post by 5MaveN5


I'm not making the new thread.

I don't have a better idea.

If anyone does, please create one. The idea though must stand up logically and must be without major downfalls (like just setting everyone back to 0).

By the way. What are the real facts..

1) We already create the currency ourselves (US Treasury)

2) We pay a 6% dividend to the Fed, correct? No more.. no less, it seems either I am confused or the general populace is on this board as to what dividend we pay on their investment. Please correct me if you feel this is in error.

3) The debate about the dollar losing 95% of of its worth doesn't logically make sense.. What has it lost 95% against? Let me know.

It seems to me if you look at the DOW from 1930 -> present that exponentially outpaced inflation by any number that the dollar has weakened.

4) Didn't the Fed pay the US Treasury around 50 billion dollars in 2009? I thought so....

Feel free to correct me on any of those points, if applicable. Because I believe them to be all correct within a certain amount for error.

I will be awaiting the debate on the thread pertaining to just that. Not some FoxNews video with Harry Potter.

reply to post by GreenBicMan


I have come to see this more your way in the last few months. While I do not like the Fed and their current practices I believe reform is probably better than abolition.

I think we need to have an open book Fed, and phase out Modern Money Mechanics as a monetary doctrine. But central banking is not exactly a bad thing, so long as that central bank is accountable in a meaningful form to the people.

The fed is responsible for containing credit aggregates in this respect the Fed has failed miserably. If we're going to get any Fin-Reg I think it should start with the Fed. Now, that said, I know why people are backing off the audit, but I don't have to like it.

reply to post by projectvxn


Impossible to have an open book. We must have an advantage. Our advantage is our already widely used dollar and the tactics we can use because of that to exploit others.

While I feel sorry for other countries when we have to flex our muscle sometimes, I just live in this world - I didn't create it.

If you think I like the thought of being someone that is quasi -controlled, I don't. At the same time, I did grow up in the USA, so no excuses. If you want it bad enough you don't have to worry about these details. You can take advantage of them. That is the only reason I work 12+ hour days 6 days a week. Can't afford to have it another way.

Originally posted by GreenBicMan
I'm sure that little **** is being fed some sort of agenda via FoxNews.

[edit on 12-7-2010 by GreenBicMan]

The Fox News lady laughed at him and said his reviews are "radical" - thats fox's agenda, in no way was that kid a mouth piece for fox. Just because he is the teaparty doesnt mean hes like the media's hijacked version of the teaparty.

reply to post by GreenBicMan


I'm not talking about open book monetary policy. I would never advocate that especially not in the world we live in. I'm talking about what the Fed does when it come to which central banks it loans money to, which corporations, and to stop redacting monetary factors like M3. I believe that to be dishonest banking, and allows to much discretion to too few people.

As far as monetary policy is concerned, so long as the freemarket gets to control prices I don't have a problem. We don't need them or Congress using the fed as an ATM for their socialist BS. This is why Ben went to Congress and said they wouldn't print any more money. I'm not saying the fault lies entirely with the Fed, it is merely a facet of a much bigger problem, i.e. corruption in Washington.


Edit to add:

The Fed is also victim to many of it's figure heads. People like Greenspan with god-like personality disorders fed to them by the Media...Maestro is what they used to call him...Now he's just a douche.

[edit on 12-7-2010 by projectvxn]

reply to post by GreenBicMan


Relax. The real answer is to stop lending money into existence and instead start printing it to fund goverment spnding. At the same time do away with the IRS and federal income tax. Sate taxes would have to stay. It would only be inflationary to the degree that it is wasteful spending without productive purpose. The extra money in the economy would simply replace all the hypothecated money. By this measure alone we could probably print 10x the current money supply without any ensuing inflation. Wall street and american citizens would immediately start seeing everything improve.

reply to post by projectvxn


Your last sentence in the 2nd paragraph is really all that needs to be said.

Seriously, the FED is not our problem. They ARE the scapegoat (like others) when politicians fail to be able to lay the blame off on themselves and need to be reelected.

The FED did not allow homeowners to take out ridiculous loans. The FED did not facilitate anything except interest rate policy. That is it, interest rate policy. Congress decides on the rest. Now does Alan Greenspan most likely have a lot of fault for this scenario because of his easy money policy? Most likely, but it certainly wasn't Ben Bernanke.

My jaw cannot drop any lower. This video has made me soooo happy that i know the message is getting across.

reply to post by sligtlyskeptical


How are we going to do that without Fractional Banking?

reply to post by GreenBicMan


This is why MMM, at the VERY LEAST requires revision. It is entirely too easy for individuals on a politicians dole to use Fractional Reserve to create the liquidity needed for some unconstitutional piece of trash bill or another war. We saw this TWICE with Greenspan and both times we wound up in serious recession....banking can become the tool of undisciplined manipulators like Greenspan, this is why we need responsible accountability.


Edit to add:
Benny boy did this during the last leg of the Bush admin. Prior to our fiscal crisis no attempt to change course ever took place.

[edit on 12-7-2010 by projectvxn]

[edit on 12-7-2010 by projectvxn]

reply to post by projectvxn


I don't think it is perfect either.

Some of that though I believe falls under the category of "you do what you gotta do".

Pushing this next war with Iran sounds more like "you do what you gotta do". Add Bin Laden is hiding out in Iran and it sounds like the recipe for the next war machine.

But I think in order to be dominant you must be somewhat underhanded. At least as underhanded as the rest. And they are all underhanded, no doubt.

I just can't think of a better way unless you push the reset button. To me that has countless liabilities to lay claim to, most not realized yet. But even so, do you think after that people will never be greedy again etc.? I just think we have a better thing going currently (living in the USA) than most think.

reply to post by GreenBicMan


I agree that people are not ready for the consequences of scrapping one system for another. This is why we need restoration rather than revolution. We cannot continue to go to war either because the system by which we police the world is unsustainable from a financial perspective let alone political.

If we go to war with Iran we will collapse as a nation.

reply to post by GreenBicMan


Lol. You cannot be serious. I highly doubt fox news had anything to do with this kid's view points.

Rupert Murdoch probably has a hit arranged for this kid.


I hope little Devon doesn't go near any book depositories anytime in the near future...

Originally posted by GreenBicMan
reply to post by filosophia

 

You don't think there is a mouth piece from some angle behind that kid? You are crazy IMO.

By the way, what is your great idea in place of the central bank we have and don't tell me the barter system, or anything that is backed by gold.

My idea of what money should be is irrelevant.

What matters is what the market decides money should be.

Originally posted by GreenBicMan
reply to post by 5MaveN5

 

I'm not making the new thread.

I don't have a better idea.

If anyone does, please create one. The idea though must stand up logically and must be without major downfalls (like just setting everyone back to 0).

By the way. What are the real facts..

1) We already create the currency ourselves (US Treasury)

2) We pay a 6% dividend to the Fed, correct? No more.. no less, it seems either I am confused or the general populace is on this board as to what dividend we pay on their investment. Please correct me if you feel this is in error.

3) The debate about the dollar losing 95% of of its worth doesn't logically make sense.. What has it lost 95% against? Let me know.

It seems to me if you look at the DOW from 1930 -> present that exponentially outpaced inflation by any number that the dollar has weakened.

4) Didn't the Fed pay the US Treasury around 50 billion dollars in 2009? I thought so....

Feel free to correct me on any of those points, if applicable. Because I believe them to be all correct within a certain amount for error.

I will be awaiting the debate on the thread pertaining to just that. Not some FoxNews video with Harry Potter.

Ok, a quick reply:

And by the way, i spend time on this board mostly to learn things.. so please help me out here.

1) Why does my $20 bill say Federal Reserve Note at the top, if it did not come from the Fed

2) Why do we pay any divedend to a privately owned banks?

3) This is the easy one, it lost against itself.. Once upon a time Grandpa had saved his whole life to retire and leave something for the kids. He worked his ass off and saved all he could. Why? so the system could inflate his money to nothing.. Ok so the stocks go up wages go up everyones fine right? Maybe exept gramps whose life savings aint worth squat. Inflation STEALS from those with savings and fixed incomes. Or are you saying that they should keep their money in stocks try and keep up, maybe invest in Goldman sacks, they seem to have a way with the market.

4)$50 Billion , any data on how much the private banks that make up the Fed made directly or indirectly due to the Feds activities...? When they wont even tell Congressmen where a trillion dollars worth of taxpayers money went? who it was loaned to? what rates? nada?

I am still hoping for somethine better....

reply to post by GreenBicMan


I doubt this kid can be fed anything. i was the same at that age. I did not give a flying spaghetti monster what people told me. I did what I wanted to do. Good and bad to that, but that's off topic.

Plus, you can tell the reported can't say crap and stutters in fear. LOL.