3. Credit Unions and State Banks:  Under the current fractional reserve system banks create over 90% of the money in the economy through loans. Gold and Silver:  First, by repealing legal tender laws the State will no longer be able to prosecute violators as domestic terrorists for using silver as an alternative currency. The policy making arm of the Fed, the Federal Open Market Committee, has 12 voting members when fully staffed. The last major experiment in … Sec. Seven are Governors appointed by the President, one of which is the Chairman. The Federal Reserve Act of 1913 is hereby repealed. Board of Governors of the Federal Reserve System. The concept of interest-free money in the U.S. started in Colonial times. Credit unions may be structured differently depending on the institution; however, they all seem to loan only to depositors for local projects or businesses. Actually you could, but if you saw one it was fake, as there is no such thing as a "Federal Reserve Bond". WASHINGTON (AP) — President Donald Trump’s unorthodox choice for the Federal Reserve Board of Governors, Judy Shelton, could be approved by the Senate next week, Majority Leader Mitch McConnell’s office said Thursday. Public Banking Can Replace The Federal Reserve! NO. The Federal Reserve and its allies — virtually the entire intellectual class — use this fear to maintain its position as the quasi-public bureaucracy in charge of America's money. If the goal is to increase the money supply, the Federal Reserve would need to decrease the discount rate or make an open market purchase, or both. Also inherent is the Fed spending money (making loans) without Congressional approval or oversight. Section 19(b)(2)(A-D) of the Federal Reserve Act is hereby amended to raise the Reserve Requirement ratio for financial institutions, in equal monthly increments of eight and one-half percent (8.5%), to one hundred percent (100%), during the said transition period. WASHINGTON — President Donald Trump could have the opportunity to replace five of the seven board members at the Federal Reserve — including Chair … Answer Save. Choose one or more: A. increase the discount rate B.make an open market purchase C.decrease the discount rate D.make an open market sale E.increase income taxes Correct! These farmers were tired of having banks in cities like Minneapolis and New York control who gets loans and how much they get. . Many of these currencies have been set up in defiance of the debt-based money system and resemble a barter system. Joe Weisenthal recently pointed out that Ron Paul may actually have a great shot this time around: At the time (Paul’s 2008 bid), nobody in the GOP really cared about the Fed, and for the most part, Bush’s wars enjoyed broad support. Change ), You are commenting using your Facebook account. Some doubters may be mesmerized by dollar worship with little chance of seeing an end to the system before it’s too late. The job of slicing up the economic pie in the U.S. has traditionally fallen to Congress, with the Federal Reserve tasked with making sure there is enough to go around. Activist Post - ALTERNATIVE INDEPENDENT NEWS - Creative Commons 2019, 48% Of U.S. Small Businesses Fear That They May Be Forced To “Shut Down Permanently” Soon. So are all … The Federal Reserve system is the cancer that needs removing and should be the primary issue discussed in the 2012 campaign. Some participants noted that, if needed, the Federal Reserve could consider various steps to manage the levels of short-term interest rates and the quantity of reserves, such as adjusting administered rates, expanding the overnight reverse repurchase agreement program, or implementing a maturity extension program. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. President Trump or Joe Biden will need to make an incredibly important decision that will help determine whether the economy can recover from … Under they use the open market operation (OMO) me view the full answer. The Elites May…, The COVID Vaccine Is Here … And So Are Potential…, No Privacy, No Property: The World in 2030 According…, Charity Builds Dozens of Tiny Homes for the Homeless…, James Corbett on COVID-19, The Great Reset, and…, powerful weapon to remove Taliban control, HR 1098: Free Competition in Currency Act of 2011, How To Survive the Job Automation Apocalypse, How To Get Started with Bitcoin: Quick and Easy Beginner’s Guide, Automakers Ask U.S. Dept of Transportation to Make It Easier to Deploy Autonomous Vehicles That Will Eliminate Jobs, Grow Your Wealth Outside the Rigged System, Cryptocurrency Investing and Bitcoin News, Check out Activist Post's Polls on LockerDome. But this could soon change. 1 decade ago. To increase the money supply, what could the Federal Reserve do? That’s what would replace the Federal Reserve if it was abolished. Popularly known as the Federal Reserve or simply the Fed, the Federal Reserve System was created in the belief that centralized, regulated control of the nation’s monetary system would help alleviate or prevent financial crises like … There's a chance it could become unstable and millions of other things could go wrong. Many local food cooperatives are starting to implement this type of quasi-underground economy based on credits, sometimes tied to currency for easy valuation. 5. And we do a pretty prominent Public Bank in place in the socialist paradise of Bismark, North Dakota. “For all practical purposes,” Kah stressed, “the Federal Reserve Bank of New York is the Federal Reserve” (Ibid). So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? How Jim Rogers would replace the Federal Reserve In Jim Rogers' ideal world, central banks would virtually disappear and we would return to a system of 'free banking'. These local tender will obviously face challenges of interstate trade and are, depending on their structure, still somewhat at the mercy of a devaluing U.S. dollars. Change ), You are commenting using your Twitter account. ( Log Out /  Here are five alternatives to consider: 1. I assume he wants the gold standard, but he's never said that. Tentatively called Fedcoin, this Federal Reserve cryptocurrency could replace the dollar as we know it. The statement comes after multiple small and midsize banks earlier this year told the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency that the regulators’ preferred Libor replacement — the secured overnight financing rate — was ill-suited to them since they don't have many ties to the repo market. Actually you could, but if you saw one it was fake, as there is no such thing as a "Federal Reserve Bond". Markets: DJIA + 248.74 0.83%. Relevance. Several communities have adopted alternative paper currencies to stimulate local trade. https://www.activistpost.com/2011/05/5-alternatives-to-federal-reserve.html Under Paul’s competing currency act, these local currencies could now be considered “legal” tender, which could conceivably remove their peg to the dollar. Report Post. The Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. By the way, I’m not saying a Resource Based Economy would be a bad idea, rather the opposite. The Federal Reserve Board estimates how much demand there is for paper currency. With that in mind, the Public Bank of Los Angeles movement is picking up steam. Q - Can you see Federal Reserve bond 1934 series US 500000000. Markets should pay attention. . Mullins and Kah further argued that by controlling the New York Fed the international banking elite could command the entire Federal Reserve System, and thus direct U.S. monetary policy for their own profit. It lured the nation into the lobster trap of debt — debt undergirded by Federal Reserve fiat money and congressional deficits — and the country cannot see a way to get out on a pain-free basis. Like Reply. Learn how your comment data is processed. Ron Paul could introduce a bill to end the Federal Reserve System. Besides resource grabs, the wars in Afghanistan, Iraq, and now in Libya have one thing in common: they each have a new central banking system since their “liberations.”  The Federal Reserve was also used as a powerful weapon to remove Taliban control of the Afghan Central Bank. 0. The Fed’s Board of Governors in Washington could replace any one of them, though it hasn’t ever done so. Favorite Answer. For this, the Federal Reserve Banks created a telegraph network to transfer funds between member banks. Because money is completely eliminated from the equation, barter naturally replaces money as the method of exchange in times of monetary crisis. Clearly the impact of the Federal Reserve should be a major part of the 2012 presidential campaign. What has to be done? According to today’s Wall Street Journal, our Fed has the authority (right now) to initiate an e-dollar (a digital currency) to replace all paper notes and metal monies. Rather than have designation to what the Fed is doing we believe to a great extent the term quantitative easing will fade from the major media and Fed announcements, probably to be replaced by a term such as accommodation. I.e. Public Banking Can Replace the Federal Reserve Posted on November 2, 2020 So if a Centralized Private & Corporate Bank like the Federal Reserve isn’t going to work because of its war crimes, laundering cash for fascists and ensuring the working class stays indentured and impoverished, what is a better solution to the problem? E. increase income taxes Ben Franklin referred to it as “honest money” and wrote “In the Colonies we issue our own money. ... this Federal Reserve cryptocurrency could replace the dollar as we know it. Relevance. NASDAQ + 87.04 0.70%. So a more immediate solution to the problem of the Federal Reserve is Public Banking. The Fed has no national patriotism, only a desire for private profits that often come with immense public losses. If HR1098 were ever to pass, a commodity-based economy would likely become very popular as it will operate outside of the Federal Reserve’s debt-based, taxable money system. He could call it: “The Monetary Liberty Act.” It would get known as the “End the Fed Act.” Here is what the text might say. Barter: Barter is the oldest form of trade. Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020. In other words, these countries operated outside of the international central banking cartel that uses debt to enslave populations. The US election is still more than a week away, but speculation about who might lead the Treasury Department under a Biden administration is already in full swing. DiMartino Booth spent nine years as analyst with the Federal Reserve of Dallas. Staff Review of the Economic Situation The coronavirus pandemic and … These systems encourage participants to produce something for the cooperative and are typically best used at the local level. The Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger unless Congress approves more … ( Log Out /  The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. [FFON 227] — Radical Indian Stand Up Comedian, Writer & Social Vigilante, Krish Mohan. The Senate failed to advance President Trump's controversial pick to the powerful central bank on Tuesday after … The Federal Reserve Board is the most gigantic financial power in all the world. But if the situation gets so chaotic that the people are looking for an alternative, they can go over to start operating in another currency.’. This, oil and banking, is also precisely why Iran is public enemy number one even though they never attacked another nation. C. increase the discount rate. Regardless of whether the Federal Reserve does it, or some other agencies, the functions provided by a public central bank are fairly vital to a robust economy. President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … President Trump has been attacking the Federal Reserve and its chairman, Jerome H. Powell, because he is angry that the central bank’s efforts to … After all, consolidation of the world is clearly being expedited. Many new local currencies are replicated after barter systems, as money is only seen as a medium of exchange, not an instrument of debt or a store of wealth. In this manner, creating ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one.”  Naturally, the private banking cartel will deplore this idea, as it breaks their control over the government and the economy. Please share this article and provide COMMENTS and IDEAS below to move this discussion forward. Lv 6. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Susan Walsh | Pool | Reuters. When we can cancel the game Monopoly, maybe we’ll be ready to talk about Resource Based Economies. This site uses Akismet to reduce spam. The Federal Reserve Board of Governors in Washington DC. The federal government is also giving municipalities and community-led initiatives $250 million over five years, starting in 2021-22, to support anti-gang programs. The Federal Reserve Board decided to take steps to arrest the speculative bubble that appeared to have been forming: it raised the cost banks had to pay to borrow from the Federal Reserve and it increased speculators’ margin requirements. But what do we replace the Fed with before it’s too late? Despite their loss in 2019, they took the momentum of their movement and won on a state level to legitimize a Public Bank in California! Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020.Susan Walsh | Pool | ReutersThe Federal Reserve heads into its meeting next week in a familiar place, with a teetering economy that could be in further danger […] Look we are accountable to pay the banks back for the loans we take, so why aren’t they accountable when they fuck up and … well I don’t know Crash the entire economic system and create genocidal world wars to profit from?! The federal reserve should stay as far away from the private sector as possible. Simply put, barter is the voluntary exchange of goods and services for other goods and services without the need for currency. Today they’re Obama’s wars, and the Fed is one of the most disliked institutions around, taking daily abuse even from mainstream outlets like CNBC. 2 Answers. Favorite Answer. And because of this – according to the Kansas City Federal Reserve Bank ... (And this is on top of the $20 billion in Treasuries the Fed’s buying since August needed to replace maturing mortgage securities and the $100-plus billion in repurchase agreements. Monetary reform is so vital that it may be precisely what propels Paul into the White House, assuming he gets in all the debates, on all of the ballots, and has an army of computer forensic experts to appeal shady voting machines — which are inevitable challenges in our so-called democracy. John F. Kennedy was the last president to attempt this on June 4th, 1963 (Just months before his assassination); he signed Executive Order 11110, which gave him legal clearance to create interest and debt-free money directly from the Treasury. Interest-Free Treasury Dollars:  Interest-free money issued directly by the Treasury, reminiscent of Lincoln’s Greenback, would basically remove the for-profit middleman — the Federal Reserve. . Public Banks do what the Federal Reserve claims it does and ACTUALLY provide stability for their state, city or county by reinvesting taxes and interests into the state itself […]. Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. Tucked away deep inside the Fed’s founding law is a provision Trump could use to completely rebuild the Federal Reserve Board of Governors. ( Log Out /  They are also typically owned by the depositors themselves. . The Federal Reserve impact the money supply by the monetary policy in which they use Expantionary monetary policy and contractionary monetary policy . Bob Chapman International Forecaster Feb 17, 2011. Previous question Next question Get more help from Chegg. B. make an open market purchase. It would probably not be wise to “end the Fed” abruptly, as it would surely cause chaos on domestic and, especially, global trade. Barter systems are quite easy to set up and manage these days utilizing the Internet. Inherent in the fractional system is increased inflation and taxation which squeezes every worker and small businessman, resulting in a steadily decreasing standard of living for the vast majority of the population. Chaos ! Replace the Federal Reserve Altogether A Good Idea. Term deposits will be one of several tools that the Federal Reserve could employ to drain reserves when policymakers judge that it is appropriate to begin moving to a less accommodative stance of monetary policy. Indeed, they have proven to be a safe store of wealth against fiat inflation. Instead of using this great power as the Federal Reserve Act intended that it should, the board . Markets should pay attention. This liquidity is a painkiller, not a cure. It is called Colonial Scrip. Let's see how the process could play out. However, if we truly believe in the ideas of competition and freedom then each of these alternatives have a role to play in our economic future. Ultimately you don’t start by ending the Fed, you start by competing with it, or opting out of it. The first thing to do in getting rid of the Fed is for Congress to repeal the 1913 law —and the subsequent amendments—that set up the current Federal Reserve. NO. Other countries are now doing the same and the trend towards digital money (called e-currencies) will be ubiquitous after a financial crisis forces the world into these cyber currencies (so as to ‘save’ the system)! Ron Paul has been right about this for over 30 years. There are several bills that have been proposed in Congress directed at the Federal Reserve. 2 Answers. However, pushing the Federal Reserve building into the Potomac River wouldn't be easy. She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … As the chair of the Federal Reserve from 2014 to 2018, Ms. Yellen also oversaw an extremely slow set of interest rate increases as she and her colleagues tested whether unemployment could … Therefore, the Federal Reserve-led central banking cartel is not only a severe detriment to the US and global economies, it is the fuel for conflict around the world — not religious beliefs, style of government, or other manufactured differences. I agree with Ron Paul that our central banking system is terrible, but I don't know what it could be replaced with. To increase the money supply, what could the Federal Reserve do? The US dollar is also the world reserve currency for weapons and is used to fund — with political, economic and literal interest — both sides of all wars. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. I’m now allowed to talk anyone at Wells Fargo or Chase bank, but I count that as a win. 0 The federal reserve is already independent. Regardless of whether the Federal Reserve does it, or some other agencies, the functions provided by a public central bank are fairly vital to a robust economy. Creepiest Tech Guide of 2020 — Activity Trackers, Wireless Headphones, Smart Speakers, OMG! The solutions rest in exactly the opposite of consolidation:  currency competition. Otherwise we are just trading one monopoly for another. Every other is issue seems to be a symptom of this metastasized disease, hence the debate about what type of band-aids to use on the numerous festering tumors is moot without addressing the Fed’s function. Just as the Patriot Act followed the terrorist attacks on 9/11, economic crisis led to the passing of the Federal Reserve Act of 1913.The Panic of 1907, also Gold and silver money have also been a timeless and border-less medium of exchange that would likely be generally accepted for interstate trade. Anyone who has even a remedial education about the Fed knows that nearly all of America’s economic woes can be directly tied to the fraudulent monetary system run by this private monopoly. The fed is a bad system, but what could replace it? Another Way the Fed Creates Money And if it is, Ron Paul has a good chance of victory. 4. The Federal Reserve is delivering palliative care. Usury, the charging of interest, is strictly prohibited by the Koran, therefore these nations had very conservative banking structures. Change ). Most of it goes to replace mutilated or outdated bills. What made Kennedy’s plan even more secure is that his interest-free money was to be backed by silver bullion in the Treasury. Either way, they provide an important alternative exchange vehicle should the dollar became completely worthless. The community of people are the shareholders not some James Bond villain in an ivory tower! The Bank of North Dakota is a public, state owned bank that was created by farmers in 1919 and was able to whether the 2008 financial collapse. Fiscal Stabilization Program Federal Reserve Could Become Early Flashpoint Between Biden and McConnell The fate of two open Federal Reserve Board seats could say a lot about the future of Washington . 15. The Federal Reserve is not the benevolent entity that most Americans think it is. The Federal Reserve has never been more famous than it is today. The fed is a bad system, but what could replace it? I … A Public Bank makes banking a utility so it’s accountable to the people that use that bank. 1 decade ago. ( Log Out /  Why the sun will still rise without the Federal Reserve system. So, they decided to pool their resources and create a state-run Bank that is more about cooperation and community than about competition and corruption. Perhaps it won’t end until it merges into a global bank with a universal currency. Vaccinated Vs. Unvaccinated: The Study The CDC Refused To Do — Interview with Dr. Weiler, The COVID Vaccine Is Here … And So Are Potential Side Effects …, For The First Time Ever, Millions Of Working-Poor Americans Forced To Turn To Food Banks, Is The Globalist “Reset” Failing? The Federal Reserve could make a huge difference in the working lives of African Americans by targeting the black unemployment rate. The idea didn't seem to move very much three years ago, but now the idea of a central bank-controlled "Fedcoin" seems like it could be moving closer to reality, according to a Reuters report from February 5. 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Change ), you are commenting using your Twitter account judy Shelton 's nomination as a of. 1913 is hereby repealed making arm of the Federal Reserve Board is stalled is hereby repealed with before it s! Question Get more help from Chegg because money is completely eliminated from the to! New York control who gets loans and how much they Get and COMMENTS! Ever done so bad system, but what could replace the Federal Reserve bond 1934 series US.! Much they Get provide COMMENTS and IDEAS below to move this discussion.. They Get will still rise without the need for currency Fedcoin, this Federal Reserve Board was to! Lives of African what could replace the federal reserve by targeting the black unemployment rate using your Facebook account fiat.., rather the opposite of consolidation: currency competition the gold standard, he... In Washington DC had very conservative banking structures Reserve impact the money by.