By the way, I’m not saying a Resource Based Economy would be a bad idea, rather the opposite. These farmers were tired of having banks in cities like Minneapolis and New York control who gets loans and how much they get. https://www.activistpost.com/2011/05/5-alternatives-to-federal-reserve.html B. make an open market purchase. As a Constitutionalist, Paul supports gold and silver as a viable currency. Lv 6. However, if we truly believe in the ideas of competition and freedom then each of these alternatives have a role to play in our economic future. C. increase the discount rate. It would probably not be wise to “end the Fed” abruptly, as it would surely cause chaos on domestic and, especially, global trade. Report Post. It’s like D&D but only with calculators instead dice and mages. Some participants noted that, if needed, the Federal Reserve could consider various steps to manage the levels of short-term interest rates and the quantity of reserves, such as adjusting administered rates, expanding the overnight reverse repurchase agreement program, or implementing a maturity extension program. The policy making arm of the Fed, the Federal Open Market Committee, has 12 voting members when fully staffed. 2 Answers. And if it is, Ron Paul has a good chance of victory. The Federal Reserve has never been more famous than it is today. gray shadow. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. The Federal Reserve and its allies — virtually the entire intellectual class — use this fear to maintain its position as the quasi-public bureaucracy in charge of America's money. The state bank of North Dakota works similarly in that it only makes in-state loans, fueled by the deposits of the state treasury, and profits go directly back into the state. The coronavirus pandemic has the potential to permanently replace some humans with machines, according to a new study on Monday from the Federal Reserve Bank of Philadelphia. So, they decided to pool their resources and create a state-run Bank that is more about cooperation and community than about competition and corruption. . 3. Credit Unions and State Banks:  Under the current fractional reserve system banks create over 90% of the money in the economy through loans. This site uses Akismet to reduce spam. 2. The federal reserve should stay as far away from the private sector as possible. Staff Review of the Economic Situation The coronavirus pandemic and … Now that Ron Paul is officially testing the 2012 presidential waters, a hot topic will surely be “Ending the Fed.”  What used to be seen as a fringe issue may now result in intelligent discussions about how do we end the Fed. He also indicated that he could replace Yellen as chair of Federal Reserve. It lured the nation into the lobster trap of debt — debt undergirded by Federal Reserve fiat money and congressional deficits — and the country cannot see a way to get out on a pain-free basis. The Federal Reserve Board is the most gigantic financial power in all the world. I.e. The Federal Reserve impact the money supply by the monetary policy in which they use Expantionary monetary policy and contractionary monetary policy . The Federal Reserve is not the benevolent entity that most Americans think it is. Learn how your comment data is processed. What has to be done? Section 19(b)(2)(A-D) of the Federal Reserve Act is hereby amended to raise the Reserve Requirement ratio for financial institutions, in equal monthly increments of eight and one-half percent (8.5%), to one hundred percent (100%), during the said transition period. Most of it goes to replace mutilated or outdated bills. Activist Post - ALTERNATIVE INDEPENDENT NEWS - Creative Commons 2019, 48% Of U.S. Small Businesses Fear That They May Be Forced To “Shut Down Permanently” Soon. Barter: Barter is the oldest form of trade. Some might say it’s best to get rid the idea of money, and go towards a logical, resource based economy, like architect Jacques Fresco suggested in the 70s, but I think we’re not quite there yet. The Federal Reserve and its allies — virtually the entire intellectual class — use this fear to maintain its position as the quasi-public bureaucracy in charge of America's money. So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? Actually you could, but if you saw one it was fake, as there is no such thing as a "Federal Reserve Bond". Public Banks do what the Federal Reserve claims it does and ACTUALLY provide stability for their state, city or county by reinvesting taxes and interests into the state itself […]. Many pragmatic voters will view ending the Fed as unrealistic. This liquidity is a painkiller, not a cure. Indeed, they have proven to be a safe store of wealth against fiat inflation. It is called Colonial Scrip. Under they use the open market operation (OMO) me view the full answer. In other words, these countries operated outside of the international central banking cartel that uses debt to enslave populations. NO. WITHDRAWAL FROM INTERNATIONAL BANKS. Ron Paul could introduce a bill to end the Federal Reserve System. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Gold and Silver:  First, by repealing legal tender laws the State will no longer be able to prosecute violators as domestic terrorists for using silver as an alternative currency. Change ), You are commenting using your Facebook account. delegated this power to the banks. The concept of interest-free money in the U.S. started in Colonial times. 15. And because of this – according to the Kansas City Federal Reserve Bank ... (And this is on top of the $20 billion in Treasuries the Fed’s buying since August needed to replace maturing mortgage securities and the $100-plus billion in repurchase agreements. Simply put, barter is the voluntary exchange of goods and services for other goods and services without the need for currency. The Federal Reserve is delivering palliative care. The Federal Reserve Board of Governors in Washington DC. I … Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. The statement comes after multiple small and midsize banks earlier this year told the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency that the regulators’ preferred Libor replacement — the secured overnight financing rate — was ill-suited to them since they don't have many ties to the repo market. Either way, they provide an important alternative exchange vehicle should the dollar became completely worthless. President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … But this could soon change. Regardless of whether the Federal Reserve does it, or some other agencies, the functions provided by a public central bank are fairly vital to a robust economy. The US election is still more than a week away, but speculation about who might lead the Treasury Department under a Biden administration is already in full swing. Ron Paul has been right about this for over 30 years. You may be shocked when you learn the Fed’s true purpose. That’s what would replace the Federal Reserve if it was abolished. Answer Save. Another Way the Fed Creates Money We issue it in proper proportion to make the products pass easily from the producers to the consumers. . Q - Can you see Federal Reserve bond 1934 series US 500000000. With that in mind, the Public Bank of Los Angeles movement is picking up steam. The first thing to do in getting rid of the Fed is for Congress to repeal the 1913 law —and the subsequent amendments—that set up the current Federal Reserve. Markets: DJIA + 248.74 0.83%. Joe Weisenthal recently pointed out that Ron Paul may actually have a great shot this time around: At the time (Paul’s 2008 bid), nobody in the GOP really cared about the Fed, and for the most part, Bush’s wars enjoyed broad support. 1 decade ago. Change ), You are commenting using your Twitter account. Besides resource grabs, the wars in Afghanistan, Iraq, and now in Libya have one thing in common: they each have a new central banking system since their “liberations.”  The Federal Reserve was also used as a powerful weapon to remove Taliban control of the Afghan Central Bank. President Donald Trump's nominee to the Federal Reserve, Judy Shelton, pictured in Feb. 2020, has said she supports the gold standard and questions the mission of the powerful central bank. 0. I assume he wants the gold standard, but he's never said that. ( Log Out /  The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. Public Banking Can Replace the Federal Reserve Posted on November 2, 2020 So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? If the goal is to increase the money supply, the Federal Reserve would need to decrease the discount rate or make an open market purchase, or both. Local Tender:   Local currencies are already perfectly legal in the United States “as long as it does not look like dollars, as long as denominations are at least $1.00 value, and if it is regarded as taxable income.”  In other words, they are essentially tied to U.S. dollars and must be taxed the same. The Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger unless Congress approves more … The Fed has no national patriotism, only a desire for private profits that often come with immense public losses. A Public Bank makes banking a utility so it’s accountable to the people that use that bank. She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … As I wrote in December, the first step is to end the Fed’s monopoly power by legalizing competing currencies: HR 1098: Free Competition in Currency Act of 2011 will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies. I agree with Ron Paul that our central banking system is terrible, but I don't know what it could be replaced with. I’m now allowed to talk anyone at Wells Fargo or Chase bank, but I count that as a win. Ben Franklin referred to it as “honest money” and wrote “In the Colonies we issue our own money. For this, the Federal Reserve Banks created a telegraph network to transfer funds between member banks. 1 decade ago. Instead of using this great power as the Federal Reserve Act intended that it should, the board . Relevance. This would seem to be the best national strategy so long as other local competing currencies are still allowed to exist. Clearly the impact of the Federal Reserve should be a major part of the 2012 presidential campaign. Ultimately you don’t start by ending the Fed, you start by competing with it, or opting out of it. So are all … Federal Reserve Could Become Early Flashpoint Between Biden and McConnell The fate of two open Federal Reserve Board seats could say a lot about the future of Washington . Usury, the charging of interest, is strictly prohibited by the Koran, therefore these nations had very conservative banking structures. The Senate failed to advance President Trump's controversial pick to the powerful central bank on Tuesday after … Vaccinated Vs. Unvaccinated: The Study The CDC Refused To Do — Interview with Dr. Weiler, The COVID Vaccine Is Here … And So Are Potential Side Effects …, For The First Time Ever, Millions Of Working-Poor Americans Forced To Turn To Food Banks, Is The Globalist “Reset” Failing? Creepiest Tech Guide of 2020 — Activity Trackers, Wireless Headphones, Smart Speakers, OMG! However, pushing the Federal Reserve building into the Potomac River wouldn't be easy. Favorite Answer. The Bank of North Dakota is a public, state owned bank that was created by farmers in 1919 and was able to whether the 2008 financial collapse. 2 Answers. Replace the Federal Reserve Altogether A Good Idea. NASDAQ + 87.04 0.70%. Previous question Next question Get more help from Chegg. Look we are accountable to pay the banks back for the loans we take, so why aren’t they accountable when they fuck up and … well I don’t know Crash the entire economic system and create genocidal world wars to profit from?! Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. When we can cancel the game Monopoly, maybe we’ll be ready to talk about Resource Based Economies. If HR1098 were ever to pass, a commodity-based economy would likely become very popular as it will operate outside of the Federal Reserve’s debt-based, taxable money system. Otherwise we are just trading one monopoly for another. Markets should pay attention. The fed is a bad system, but what could replace it? Perhaps it won’t end until it merges into a global bank with a universal currency. Answer Save. 0 The federal reserve is already independent. . Mullins and Kah further argued that by controlling the New York Fed the international banking elite could command the entire Federal Reserve System, and thus direct U.S. monetary policy for their own profit. To understand why Moore and Cain could be a breath of fresh air, we first need to detail just how broken the role of Fed Governor has become. Crisis has historically led to reactionary legislation in America. Favorite Answer. To increase the money supply, what could the Federal Reserve do? E. increase income taxes ( Log Out /  And we do a pretty prominent Public Bank in place in the socialist paradise of Bismark, North Dakota. The Federal Reserve system is the cancer that needs removing and should be the primary issue discussed in the 2012 campaign. The Fed’s Board of Governors in Washington could replace any one of them, though it hasn’t ever done so. The euro could replace the U.S. dollar as the world's primary reserve currency, a German magazine quoted former Federal Reserve Chairman Alan Greenspan as saying on Monday. Public Banking Can Replace The Federal Reserve! They are also typically owned by the depositors themselves. The Federal Reserve Board decided to take steps to arrest the speculative bubble that appeared to have been forming: it raised the cost banks had to pay to borrow from the Federal Reserve and it increased speculators’ margin requirements. Other countries are now doing the same and the trend towards digital money (called e-currencies) will be ubiquitous after a financial crisis forces the world into these cyber currencies (so as to ‘save’ the system)! Tentatively called Fedcoin, this Federal Reserve cryptocurrency could replace the dollar as we know it. D. make an open market sale. Q - Can you see Federal Reserve bond 1934 series US 500000000. I think it’s a fantastic idea and I did a whole video about it like 2 years ago. Both of these entities offer an immediate alternative to the private banking cartel, and could conceivably print an alternative currency, if needed, that would likely be trusted by depositors. Interest-Free Treasury Dollars:  Interest-free money issued directly by the Treasury, reminiscent of Lincoln’s Greenback, would basically remove the for-profit middleman — the Federal Reserve. Fiscal Stabilization Program The Elites May…, The COVID Vaccine Is Here … And So Are Potential…, No Privacy, No Property: The World in 2030 According…, Charity Builds Dozens of Tiny Homes for the Homeless…, James Corbett on COVID-19, The Great Reset, and…, powerful weapon to remove Taliban control, HR 1098: Free Competition in Currency Act of 2011, How To Survive the Job Automation Apocalypse, How To Get Started with Bitcoin: Quick and Easy Beginner’s Guide, Automakers Ask U.S. Dept of Transportation to Make It Easier to Deploy Autonomous Vehicles That Will Eliminate Jobs, Grow Your Wealth Outside the Rigged System, Cryptocurrency Investing and Bitcoin News, Check out Activist Post's Polls on LockerDome. How Jim Rogers would replace the Federal Reserve In Jim Rogers' ideal world, central banks would virtually disappear and we would return to a system of 'free banking'. [FFON 227] — Radical Indian Stand Up Comedian, Writer & Social Vigilante, Krish Mohan. . Despite their loss in 2019, they took the momentum of their movement and won on a state level to legitimize a Public Bank in California! Here are five alternatives to consider: 1. But what do we replace the Fed with before it’s too late? Susan Walsh | Pool | Reuters. The solutions rest in exactly the opposite of consolidation:  currency competition. Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020.Susan Walsh | Pool | ReutersThe Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger […] 4. 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