Humanity has gone eight thousand years without that 'power', and we made it here just fine. I'm not sure the last 100 was anything particularly special that we'd want to replicate.
Doesn't account for when you have to adjust rates to handle different economic cycles.
Who has to adjust which rates?
If we're talking interest rates, that would be something each bank would have to assess for themselves, taking into account that bank's circumstances. Not sure what other rates you'd be talking about...
Dunno. Was playing devil's advocate because I mentioned abolishing the fed to a friend and I don't think I made a good argument, so I wanted to see what this forum would say in response to some of the things he said.
Unfortunately, the Fed probably won't be abolished anyway since no one in Congress views this as an issue.
Okay so we go to back to a system of private banks. Doesn't account for when you have to adjust rates to handle different economic cycles.
Humanity has gone eight thousand years without that 'power', and we made it here just fine. I'm not sure the last 100 was anything particularly special that we'd want to replicate.
Who has to adjust which rates?
If we're talking interest rates, that would be something each bank would have to assess for themselves, taking into account that bank's circumstances. Not sure what other rates you'd be talking about...
Dunno. Was playing devil's advocate because I mentioned abolishing the fed to a friend and I don't think I made a good argument, so I wanted to see what this forum would say in response to some of the things he said.
Unfortunately, the Fed probably won't be abolished anyway since no one in Congress views this as an issue.
the real argument is 10th amendment because congress was not grated the power to delegate its authority to mint and value currency to a 3rd party