| Private Counterfeiting And Government Produced Money  | | | |  If you an I were to privately increased the supply of money to finance our own spending, we would be charged with counterfeiting and go to prison. Well that actually puts it mildly, the FBI would be crashing into our homes and have us pinned down to the floor with a gun behind our heads. The Federal Reserve Bank, on the other hand is the only entity legally permitted to increase the supply of money, to finance Congress' spending. The USA did without the Federal Reserve from 1836, when President Andrew Jackson closed the Second Bank of the United States, to 1913 when Federal Reserve Act was written. Ironically the Federal Reserve came into existence the same time the Income tax came into existence, but that is for a different discussion. During that time period without the Federal Reserve(also we did not have a income tax, I just cannot help myself) we prospered and became one of the world's major economic powers.
My question is if we the citizens cannot just artificially produce dollars then why should government be able to produce as much money as they see fit?
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| 1.  baileycows (3432)
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4 years ago
| |  Because we have to much government and they refuse to say that they have failed. I think it is ridiculous they can make up money to pay for their mistakes in order to make things worse in the long run.
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| 2.  xParanoiax (5014)
|
4 years ago
| |  There you go GewCew. That's the trillion dollar question, right there.
I dunno what the heck is wrong with people, because very few people seem to be asking just this question.
And really, if we're gonna go into this situation, we should all have asked ourselves this question so that we at least know a good piece of the problem to begin with.
But what the hell, right?
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| | 3. suspenseful (19610)
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4 years ago
| |  They should not. That causes inflation and it also lowers the interest rate, not that good as it affects the interest on the savings we make and also across the world. Our Canadian dollar is lower now because of this, and it is against the American dollar. This means that it costs more for me to buy something from the States and because of our lower population here in Canada, we do not have as great a selection. It also means that I have to put more into savings and do not just get me started on income tax. They should go back to the Gold standard or it will be like it was in pre-war Germany or that commercial when the guy takes a suitcase of money to the gas station, and the attendant says "pump number three."
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