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190
Points

Abolish the Federal Reserve

President-elect Obama, I believe that the best way to put an end to the culture of finance and banking is by putting the Federal Reserve out of business and reverting back to the gold and silver standard. Our money should be based on solid commodities and valuables, not interest rates and the stock market. It doesn't seem right that a few people who got lucky determine the course of our financial futures.
7 Comments  »  Posted by George Hull, Jr. to Economy, Homeland Security, Service, Additional Issues on 1/13/2009 11:37 PM

Comments
 
Nick_in_Missouri
1/13/2009 11:43 PM
Amen, and Amen!!!

Our Country can NOT get out of debt if it's monetary system (managed by the Federal Reserve) is BASED ON DEBT!

Federal Reserve Notes are useless, and a new currency is needed... a new US Currency... not "North American" currency. 
 
George Hull, Jr.
1/13/2009 11:47 PM
Agreed. We must isolate ourselves from other countries to prevent a global market collapse (like the one that just happened). Our country should not be affected by the situations in other countries, and vice versa.
 
jewels
1/14/2009 12:02 AM
I don't believe the Federal Reserve is the current problem. They got us into this situation but abolishing them will not get our economy running again. Prices across the board need to be reset to stabilize prices and then derivitives need to be unwound. It's going to take a lot of pain but we can not sustain a 40 to 1 leverage scheme. It needs to be unwound to at least a manageable 12 to 1 like it was many years ago. We need leverage in our society to get credit and sustain our huge amounts of need. Abolishing the Federal Reserve and gong to a gold and silver standard, in my opinion, will not solve any of our problems. Derivitives will still need to be unwound regardless if they are here or not. What we need is more regulations and more transparency in the system.
 
Lincolns brain
1/14/2009 12:04 AM
Yes please, the sooner the better.....the problem is, they have so much money (power) now, they can just buy (influence) all the justice they need to maintain the staus quo.
 
George Hull, Jr.
1/14/2009 12:09 AM
The system is broken. It cycles and dies every so often, and the common man must take the brunt while the wealthy work out schemes to fix the system. An economy based on the Federal Reserve is a truly heartless economic system. Most people believe, incorrectly, that Franklin Delano Roosevelt brought us out of the Great Depression with the "New Deal", when in fact it was World War II that did it. Afghanistan should help us, if managed correctly, but it won't solve our problem. It is truly time to find a new economic system. jewels, I respect your economic knowledge, but I think something a little more drastic is needed in this situation, and gold and silver will prevent inflation and deflation at the same time.
 
Erik Bamberg
1/14/2009 4:11 AM
It is correct, our system cannot get out of debt under the Fractional Money Policy employed by the Fed. We already pay 19% on interest alone.

Eventually the amount of interest we pay will be so high, it is inevitable that US will go bankrupt.
 
captaincompost
1/14/2009 4:39 AM
Enact the American Monetary Act - http://www.monetary.org/amacolorpamphlet.pdf

If you need more proof that this is necessary - http://www.acresusa.com/toolbox/reprints/History%20of%20Money_CW.pdf
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