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.
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