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If All Republicans follow the economics of Milton Friedman?
why are they not for the abolishment of the federal reserve as Milton Friedman was?
a bush family member, Panama has one of the best banking systems in the world, without a central bank.
SFC_Ollie- I am saying if you subscribe to a certain economic theory, you should not subscribe to parts that go completely against that economic theory.
bush family member- did you just say what I think you said? They are responsible for stopping inflation? LOL!!!!! Go look at CPI numbers since the fed reserve has been in place. Man you kids get 0 education nowadays...
bush stop talking you dont even understand the first thing about central banking. First of all, it is not public, our central bank is private.....
I cant believe you are using that disinfo troll's quotes as fact. Gray shadow has been thoroughly spanked by anyone who has any knowledge of monetary policy. Fed reserve notes can be replaced by gold and silver certificates as they used to be. Lord forbid we dont have federal reserve notes. lol. And if banks dont have a lender of last resort then they need to be more prudent in their actions. There should be no such thing as lender of last resort. The fed was created for nationwide coordinated inflation. It is nothing but a bank cartel.
Mety- dont get me wrong, I am not the biggest fan of Friedman, as I am a follower of the austrian school, and not the chicago school, but since most republicans are monetarists, I would like them to know that the founder of the school was against the fed.
And the worst booms and busts happened under the watch of the federal reserve. If you knew anyhing about monetary history, you would know that booms and busts occur not because of the free market, but because of the absence o the free market.
Mety- I dont like Naomi Klein though, she is an anti-capitalist. In so many words, she doesnt have a clue. Ive read alot about the book and I dont like her views....
Like I said you need to stop talking , you see are making yourself look bad. I never said we can go back to a gold standard right now . The fed has inflated our currency too much . However we can start by allowing competing currencies . And never in the history of the world have we had a 15 year depression, like we've had under the the fed , and the sharpest drop in gnp happened in 21 under the watch of the fed
When did I mention zeitgeist? I know zeitgeist is misleading, because all the interest goes back to the treasury. Thats not the point of the fed, the point is for inflating as a whole.....
And you really dont understand monetary policy and history, please dont tell me Im wrong when ive studied this many times more than you have.
13 Answers
- SFC_OllieLv 71 decade agoFavorite Answer
Is everything Black and white? Is there no grey? I am a republican and I am definitely right of center, but I am far from being far right. I do not know anyone whom I agreed with 100% of the time. Are you telling me that you do agree with everything one party or the other does or says?
SFC
US Army
Retired
- metyLv 51 decade ago
Milton Friedman was a truly EVIL creature. His policy of disaster capitalism has caused death and destruction everywhere it has been implemented.
The Republicans are probably no more aware of his position on the federal reserve than they are of his disaster capitalism policies, or they would have done something about BOTH a long time ago. What is taught in this country is the sanitized version of things, seldom is the rest of the story told.
*** It is good to try to inform, but I don't think many people ARE informed, and that is the problem. If they actually KNEW what the man was about, they wouldn't be followers anymore.
Source(s): Read the book, Zen, read the book! ***Zen, you read "Confessions of an Economic Hit Man" and found it to be informative, so I read it too. You were right, it is one of the most important books of this century. I know nothing about any other of Kleins books, only this one, but it is Perkins book on steroids. It is far more important and informative than his (which was a very good book) and no more anti-capitalist than his. It is anti DISASTER capitalist, which is what Perkins book is as well. Please, do not let the CORPORATE employed reviewers stop you from reading this most informative & important book. I too have read the reviews, I do not find that they are accurate. - davethenayberLv 51 decade ago
When people realize that the Federal Reserve is run by wealthy bankers and globalists who want to milk our Treasury for all it can, then they might think differently.
There is nothing "Federal" about it, and it "Reserves" nothing.
And no, we do not need a central bank.
- Anonymous1 decade ago
Who gives a flying fug? Keynes is the man, and Bernie Sanders stuck it eloquently to Friedman's rotting corpse. Enjoy your necrophilia.
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- burb2872Lv 51 decade ago
Geez, that would be like taking The Bank out of the Monopoly Game...and we all know how much we've paid to that bank over the years of playing...
- 1 decade ago
Every developed country has a central bank and needs a central bank. Central banks are vital to stopping inflation, and limiting extreme changes in an economy.
Zeitgeist is wrong about the Federal Reserve .
http://webskeptic.wikidot.com/zeitgeist-federal-re...
Written by http://answers.yahoo.com/my/profile?show=d20feb0d0...
""A publicly owned central bank is fairly vital. for any industrialized country. Since there was no Federal Reserve before 1914, we can use history as a reference for how things would be without a publicly held central bank.
-There would be no national coordinated monetary policy. Each bank would expand or contract credit based on their immediate business needs, not the natons requirements.
- Smaller banks would be dependent on larger banks for credit extensions, currency, etc. History has shown that larger banks often consider smaller banks as competition and didn't care if they failed. (After 1935, the Fed was charged with looking after the overall health of the system)
- Federal Reserve notes would have to be replaced by... private bank notes? Treasury Notes? "
- The Federal Government would have to do it's banking in large private banks
- In international monetary matters, the nations largest private banks would represent America
- There would be no elasticity to the currency. You would see more cycles of inflation/deflation, and boom/bust as we saw in the 1800s
- Banks would return to being audited soley by themselves in their shareholders interest. (After 1935, the Fed was charged with being the nations bank auditors to serve depositers interest as well.)
- Clearing of checks would go back to private clearinghouses often run by large banks. Without an impartial clearinghouse, decisions in the process would sway toward the private interests that control it."
Edit: There is not enough gold in the world to back money. Gold would skyrocket to over $10,000 an ounce if we tried to do so.
Almost all of what you say is wrong. You said " the worst booms and busts happened under the watch of the federal reserve". That is wrong. The late 1800's economic "depression" was worse than the 1930's depression. The Federal Reserve was not around in the 1800's.
"only 161000 tons of gold have been mined, barely enough to fill two Olympic-size swimming pools"
- DARLv 71 decade ago
Why doesn't every sensible American call for the abolishment of the Federal Reserve?
Explanation: They don't understand the issue.
- Anonymous1 decade ago
Friedman's so call free market isn't one, it's actually a system that creates captive consumers.
- Anonymous1 decade ago
I think Freidman was right. I guess ALL Republicans don't believe EVERYTHING Milton Friedman did.
