Abolish the Fed

[JayS]

iTulipers,

Parenthetically, I hesitate to post this, because I'm sure it demonstrates the depth of my own ignorance.

I've been reading recently on the creation, history and performance of the Fed. While the Fed is a popular topic on these forums, most of us complain only about its actions. We do not often (or maybe I'm just looking in the wrong place) call for its abolishment. The more I learn about the Fed, the less reason I see for its existence - except for reasons which benefit banks and harm taxpayers. Given the volume of Fed-related complaints from iTulipers, abolishing the Fed seems like something we could all get behind.

If anyone hasn't read these yet, I suggest Rothbard's "The Case Against the Fed" and Griffin's "The Creature from Jekyll Island". Both fascinating.

I don't know what the size of the iTulip community is, but maybe, collectively, we could petition our federal representatives to consider abolition of the Fed.

Ron Paul has introduced H.R. 2755 (and 1148, 5356 and 2778 - which are dead). So all Texan members can at least be proud of that. I mean, at least he's trying.

Jay

[rj1]

Re: Abolish the Fed

iTulipers,

Parenthetically, I hesitate to post this, because I'm sure it demonstrates the depth of my own ignorance.

I've been reading recently on the creation, history and performance of the Fed. While the Fed is a popular topic on these forums, most of us complain only about its actions. We do not often (or maybe I'm just looking in the wrong place) call for its abolishment. The more I learn about the Fed, the less reason I see for its existence - except for reasons which benefit banks and harm taxpayers. Given the volume of Fed-related complaints from iTulipers, abolishing the Fed seems like something we could all get behind.

If anyone hasn't read these yet, I suggest Rothbard's "The Case Against the Fed" and Griffin's "The Creature from Jekyll Island". Both fascinating.

I don't know what the size of the iTulip community is, but maybe, collectively, we could petition our federal representatives to consider abolition of the Fed.

Ron Paul has introduced H.R. 2755 (and 1148, 5356 and 2778 - which are dead). So all Texan members can at least be proud of that. I mean, at least he's trying.

Jay

JayS, don't worry you're not alone here on thinking that.

I ultimately don't care, cause it's not going away. It would require roughly 218 representatives and 51 senators to approve, and then Bush would have to agree to it, and if he didn't, you're then talking 290 representatives and 67 senators. Can't see it in the current climate. Remember, politicians need campaign donations for re-election, and what better place to get campaign donations from then banks?

For a bill abolishing the Fed to get that kind of support from Congress I'm talking about, we'd be talking severe royal f*ckup of epic proportions that the Fed was responsible for and the populists get ornery and angry. But I think the best shot is bypass Congress altogether and go the state route by amendment to the Constitution, and you'd still need 38 legislatures.