[quote]dhickey wrote:
facko wrote:
I’m sorry, but you happen to misunderstand the role of the federal reserve. The government does not protect the federal reserve…the federal reserve protects the government. Fractional reserve banking is the MAIN issue…this is a crisis of credit. This whole situation is a crisis of inflation due to ridiculous amounts of created money being poured into the economy. I don’t understand how you can’t see that?
I don’t misunderstand the role of the fed. Fractional reserve banking and other inflationary policy are a fraction of issues that impact the overall health of our economy. The Fed is only allowed to do this by the actions of the federal gov’t.
What would happen if the federal gov’t allowed competing currencies?
You do realize we had recessions and depressions before fiat currency, don’t you?
Well it sounds like you just read some great article on fractional reserve banking and inflationary policy. You are now are quite convinced that these two things alone are the root of all that ails us.
I would encourage you to keep reading. What you’ll find is that there are many other issues hampering economic growth in this country. You will also find that fractional reserve banking and especially other inflationary policy are symtoms, not root causes.
You sounded like a real jackass in your first post on this thread. There are very sharp people on this board. You should make sure you really know what you are talking about before calling others out in the way you did.[/quote]
The problem is…I do more than read…I’ve had over 5 separate economic based classes in college so far as that is my major. If you think I have read some article on fractional reserve banking and said oh okay I understand the economy now, you are wrong. However, they are root causes, not symptoms, there my friend you happen to be wrong.