It’s not going to succeed but it’s the first time I’ve seen anything like this from the USA. Perhaps people are beginning to realize what a con trick central banks are:
People who want to abolish the Federal Reserve don’t know the history of deep, uncontrollable crises and depressions in the U.S. before the Federal Reserve was set up to provide monetary remedies.
The Fed isn’t perfect but it has prevented a lot of suffering.
Not to mention that this is one of those political topics that is banned on METAR – a bill introduced in Congress that hasn’t been signed into law.
Wendy
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Ignorance in motion. Without the Federal Reserve the 2008 fiasco would have been a full scale, long lasting Depression, and many - if not most - of the recessions over the past century would have been far worse.
Here’s a nice list of the recessions bank panics, and other financial catastrophes since the beginning of the Republic. Do yourself a favor and count the number in the 19th century and note their severity, then do the same for the 20th century and do likewise. (The glaring outlier is 1929 when the Federal Reserve did not ride to the rescue, and which resulted in a decade long depression filled with incalculable suffering and economic hardship across all sectors of the country.)
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…and one that never will be. I was just amused that someone would even think of it. Who said that economists don’t have a sense of humour?
On the internet? I am amused that you would think that.
If you look long enough, and hard enough you can find someone to agree with you. Then if you spin it correctly and start wild conspiracies, write a book or two, you can get a following that will eventually think of the author as a “god”.
I used to think it was amusing how gullible people are. Now I just find it sad because there are so many of them.
Andy
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I’m not asking anyone to agree with me, it just gave me a good laugh!
From the link:
Republican Congressman Thomas Massie introduced a bill to abolish the US Federal Reserve after a Twitter poll.
‘after a Twitter poll’ - yep, that should do it 
Idiotic is idiotic. I wish my Irish culture was here in the US. Then the fun would begin. Wingnuts being laughed off stage.
I have a hard time laughing at this sort of ignorance and stupidity. Coming from the leadership of my country makes it even worse.
Had this been some Joe Sixpack, I could shake my head and slip into teaching mode. But a congress critter either being so ignorant or so willing to engage in such a stunt tells me they don’t take their job seriously.
—Peter
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Sorry about that Divitias I was using the generic You. Not aiming anything specifically at you. I should have been more clear.
Alot of that going around now a days. You can just watch any of our leaders and when they are trying to whip people up into a frenzy you know they are just manipulating people.
Andy
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I recommend “The Panic of 1907” which is about the events that lead up to the creation of the Federal Reserve. A single, high-leveraged trader caused a brokerage to collapse, which cause domino effect collapsing more brokerages, which spread to New York banks, which spread nationwide.
In order to head of a complete collapse of the banking system and therefore the US economy, J.P. Morgan locked 140 bankers in his library not allowing them to leave for food or use the bathroom until they all agreed to inject liquidity into the system. Which they finally agreed to do at 4:00 am.
You can say what you want about the Federal Reserve, but anything is better than what we had before.
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Well, a not insignificant number of “our leaders” are tools put in place and paid by rich incivil smarties with private agendas, and there are another bunch of “our leaders” who are maniacal idiots.
d fb
(does not want to leave anybody out…)
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