Response to libertarian "End the Fed" demand.

[philly_bob]

The Ron Paul for Prez libertarians have a tent and an active intrusive presence at OccupyPhilly encampment (for example, they hijacked the OccupyPhilly web domain).

They're always marching around with "End the Fed" signs.

I have no desire to defend the Fed -- aw, quit picking on that charming fellow Greenspan -- but I don't know how to respond 'd like to have something to say to them. Do you folks want to "end the Fed?" What the hell does it mean? What would be a good response to those waving "End the Fed" placards.

[the other one]

1. For different reasons I do agree with them

The FED is a quasi-governmental agency that was given power to manage monetary policy in 1916. It was controversial then. I think if DU had been around in 1916 it would have been against its creation.

The United States government should have sole power to create money, not the FED and its member banks. They are the reason that the government pays interest on money it borrows. Without the FED the government would create its own money and not pay interest.

[txlibdem]

8. I, too, agree that the Federal Reserve Bank needs to be dismantled

PS, the FED is a private company given total control of our monetary supply. They are not government nor quasi-anything except a for-profit concern.

There is no reason for the Fed. I 100% agree with your post and especially the last paragraph. It is just another example of corporate welfare.

"Those fat welfare recipients driving around in their Mercedes!"

[Myrina]

2. I am admittedly stupid about this kind of thing ...

... but is 'the Fed' the same as 'the Federal Reserve'? If so, this appears to be a pretty good reason to despise them:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=5031149&mesg_id=5031149

[Po_d Mainiac]

3. They have it right.

It's like the monkey and a keyboard.

His position against the Frauderal Preserve Banksters is in line with that of the 99%.

If only POTUS wood turn a deaf ear to Benny and his ink jets.

[Warpy]

4. I think it's insane for a country to have a privately owned central bank

I don't want to end it. I want to nationalize it and open the books to governmental oversight.

[abelenkpe]

9. +1000 nt

[mother earth]

13. Amen, Warpy. Doesn't every DU'er know Eisenhower's warning

to Kennedy & how Kennedy was against this Fed. Reserve? The (private) federal reserve is the root of all evil we are now experiencing full mode. Hell, even Jefferson warned of it:

Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

IMHO, this is the best thing about Ron Paul. He sees it for what it is.

[CanonRay]

5. I have no love lost for the Fed

since they "loaned" 13 TRILLION to the banksters. And now they are backing BOA in putting their derivatives into an FDIC subsidiary to the tune of 75 TRILLION, a move FDIC opposes. Maybe Ron Paul is on to something.

[Po_d Mainiac]

6. When 'common ground' is found, embrace it. n/t

[craticdemo]

7. Not a fed fan

On this and foreign policy, I actually agree with Paul.

[sendero]

10. The Fed..

... deserves at least a sizable portion of the responsibility for this mess. If Alan Greenspan had done his job in 2002,2003 this whole thing could have never happened.

So, I'm no fan of Ron Paul but I am even less of a fan of the Fed, a private bank operating in its own interest, not in the interest of Americans.

[chunter]

11. Fed Does Everythnig It Can to Raise House Prices. In a Depression!

The fed has been devastating to the economy. They work with big corporations to ensure they get low interest loans (that's not fair to small business). They work with the federal government to bail out banks. They do everything they can to keep housing prices from falling...in a depression/recession...real helpful!

The one good thing we could be enjoying from a recession is lower prices. The Fed keeps taking that away from us by devaluing the currency.

[angryfirelord]

12. They have it part-way right

It's obvious by now what the consequences of having a private central bank did to us, so I'd agree that part should be removed. However, Libertarians are simply shifting the problem from one group to another. They want to return to a hard-currency standard, which has been a problem in the past.

http://www.j-bradford-delong.net/politics/whynotthegoldstandard.html

So instead of the Fed manipulating the currency for means outside the public good, you'd have companies like JP Morgan and Goldman Sachs manipulating the price of gold to their advantage. The solution is to follow Kucinich's bill and put the Federal Reserve under the Treasury instead of keeping it independent.

[mother earth]

14. Adding to my response to Warpy's response, I also think

the best thing about the OWS movement is that, being the 99% does not only apply to those with democratic leanings...or we wouldn't be the 99%...I say embrace everyone who is part of Occupy, including the Ron Paul libertarians. It's the only way we will ever be truly represented, and for that, the general population who can no longer afford the rape and pillage tactics of the 1% must be united.

This is why OWS is going to be with us for a very long time, until we are truly represented, & I totally support & encourage solidarity!