currahee wrote:
What monetary system can adequately replace this s**m? I believe that the president and congress should simply "nationalize" the FED and "say" to all of us "the dollar we print will be interest free." No longer will there be a need for "government bonds" and the banks will "compete" instead of "ruling." The printing of fiat currency will be in the hands of "we the people by way of elected representatives" instead of "banker selected FED board members" who are put in front of chosen "congressional committees to be chosen." The FED board's power is given to them by banker-minded representatives who are selected for b****t. By this They can say, "the people v**ed for us." We v**ers must ask everyone who wishes to run for office, "What is your belief about our current monetary situation?" If they "hem and haw" then seek to get another candidate.
What monetary system can adequately replace this s... (
show quote)
=================
Replacing the system would not be as easy as you think. Blaming president Trump must be a dumb start, knowing fully well, that this is not the job of the president alone.
It was Congress who've created the system in 1913. And it is Congress who must undo it.
At the same time, the president is so overwhelmingly loaded with problems he is fixing as a result of the 8-year damages that Obama has done to our country.
The Federal System has multiple issues that are so complex, and deeply embedded to our system of government. And if we ever, do, it will overhaul the national economy, and its financial traffic nationwide, and all over the world.
Number one is the complexities of our banking system. The Federal Reserve or the US Central Banking system.
Federal Reserve is inherently a political institution whose power derives from—and depends upon—the support of elected officials.
I am aware, the initial set-up was wrong. The system was taken by the powerful greed of special interest groups who wanted to hold lifetime monetary power.
It is partially right that the Federal Reserve is private system. But the Federal Reserve was created by Congress 105 years ago, in 1913.
The Federal Reserve System is therefore both Government and Private.
Here are the major functionalities of the Federal Reserve System.
1. To conducts nations monetary policy, maintains stability of our nations financial system, to supervise, and regulations.
2. To promote stability of our financial system, through monitoring in the US and abroad.
3. Promote the soundness and safety of individual financial institution, and its impact.
4. Fosters payment and settlement through safety and efficiency though services of the banking industry.
5. Promotes consumer protection and community development, through consumer-focused supervision and examination, research, and analysis.
These Federal Reserve is governed by 7 Board of Governors, with Chairman, appointed by the president of the United States, and approved by the Senate. These Board of Governors regularly report our nations financial stability to Congress.
The Federal Reserve System has 3 major sections. The Board of Governors, The 12 Federal Reserves Banks, and the Federal Open Market Committee.
The 12 Federal Reserve Banks are privately headed by the Board of Directors.
The Federal Reserve is a private entity held as a corporation. The stocks are privately owned by the members banks. It earns revenue via dividends. The groups of people mentioned were the possible owners of the stocks of the member banks. These is not only true in the US but also around Europe.
Since the Federal Reserve Is both Federal and private, the private interest were mostly focused.
How? When organized in 1913, there were powerful officials with vested interests instrumental in creating the system. I think it should not have been that way.
Since the Federal Reserve was created by Congress, the only legal way to replace or change the System is via Congress.
Revising and or replacing he system is the most difficult process because doing that will paralyze our whole nations monetary and economic activities all over the country and the world. It even gets more difficult, with the advanced IT Technology and Communication all over our financial system. It is like our country losing it electric power grid.
Besides, Congress could not easily revise the system, unless there is a ready set-up well-planned system to replace. Otherwise, we as a nation won’t be able to survive even for a day deprived of this. If to do were as easy as to say.
So please tell us your ideas how this system could be replaced legally and effectively, without putting our nation similar to a situation without electric power grid.