Comments on: End The Fed & Consider Outlawing Fractional Reserve Banking http://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/ Ron Paul is America's leading voice for limited, constitutional government, low taxes, free markets, sound money, and a pro-American foreign policy. Fri, 10 Feb 2012 02:40:03 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: chloroformhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-375477 chloroform Mon, 07 Nov 2011 20:42:15 +0000 http://www.ronpaul.com/?p=4286#comment-375477 The biggest question about Ron Paul at this point is simply this: How does he reconcile his positive notions of 'property' with his negative notions of 'fractional banking'? Put more simply, how does he out of one side of his mouth, and as part of the government , tell bank stockholders and board members that they are and have been part of a fraudulent ponzi scheme and have obtained their money fraudulently while at the same time out of the other side of his mouth, say they should also have no regulations and that they are entitled to their property and the government should stay out of the whole affair?While some politicians know exactly what they are doing, I believe Ron Paul is sincere, yet simply DEEPLY CONFLICTED on this matter (schizoidally even). It shows in his mannerisms and people's responses to them. I like his voice in debates as I think it brings valid things to the table that wouldn't be heard otherwise, but this man is not fit for the presidency.Sorry R-tards. The point of any 'straight talker' should be able to give us the lowdown details on how everything IS messed up, but exactly how it CAN be fixed. I don't see simply ending the Fed and fractional reserve system and replacing fiat money with a gold standard as having any effect at all. In fact, it could make things very much worse. Here is a better idea: Replace the Fed with a passive, yet strongly regulatory Federal Credit Union. That way they are not actively influencing the money supply as the fed does. Banks will naturally die off as their forms of credit would not be much good in a Fed CU. If we implemented a gold standard, it would be an utter disaster. The flexibility fiat money gives us would be lost while we slavishly adhered to it and watched everybody try to hoard gold (Guess where all the gold would end up? You got it, it would end up with those who could hold onto it the longest; IOW, not Joe the Plumber) Sorry gold squirrelers. The biggest question about Ron Paul at this point is simply this: How does he reconcile his positive notions of ‘property’ with his negative notions of ‘fractional banking’? Put more simply, how does he out of one side of his mouth, and as part of the government , tell bank stockholders and board members that they are and have been part of a fraudulent ponzi scheme and have obtained their money fraudulently while at the same time out of the other side of his mouth, say they should also have no regulations and that they are entitled to their property and the government should stay out of the whole affair?

While some politicians know exactly what they are doing, I believe Ron Paul is sincere, yet simply DEEPLY CONFLICTED on this matter (schizoidally even). It shows in his mannerisms and people’s responses to them. I like his voice in debates as I think it brings valid things to the table that wouldn’t be heard otherwise, but this man is not fit for the presidency.

Sorry R-tards. The point of any ‘straight talker’ should be able to give us the lowdown details on how everything IS messed up, but exactly how it CAN be fixed. I don’t see simply ending the Fed and fractional reserve system and replacing fiat money with a gold standard as having any effect at all. In fact, it could make things very much worse. Here is a better idea: Replace the Fed with a passive, yet strongly regulatory Federal Credit Union. That way they are not actively influencing the money supply as the fed does. Banks will naturally die off as their forms of credit would not be much good in a Fed CU. If we implemented a gold standard, it would be an utter disaster. The flexibility fiat money gives us would be lost while we slavishly adhered to it and watched everybody try to hoard gold (Guess where all the gold would end up? You got it, it would end up with those who could hold onto it the longest; IOW, not Joe the Plumber) Sorry gold squirrelers.

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]]> By: wrays42http://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52717 wrays42 Sun, 22 Nov 2009 16:03:32 +0000 http://www.ronpaul.com/?p=4286#comment-52717 Friedman wrote a "Reform" bill suggestion before he died, but I don't hear it mentioned now----I think the most important reform was to take away from the fed the ability to print the currency and put it in the hands of the United States treasury. And then he had a formula for regulating the amount of currency that could be printed each year. included was the suggestion of taking new treasury notes and buying up the Federal Reserve notes similar to the Lincoln green-back maneuver during the Civil War. But because of the fact that it removes interest payments, it is dangerous. Ben Franklin says that the revolutionary war was fought over who had the right to print the money from the colonies it's not a frivolous consideration. Friedman wrote a “Reform” bill suggestion before he died, but I don’t hear it mentioned now—-I think the most important reform was to take away from the fed the ability to print the currency and put it in the hands of the United States treasury. And then he had a formula for regulating the amount of currency that could be printed each year. included was the suggestion of taking new treasury notes and buying up the Federal Reserve notes similar to the Lincoln green-back maneuver during the Civil War. But because of the fact that it removes interest payments, it is dangerous. Ben Franklin says that the revolutionary war was fought over who had the right to print the money from the colonies it’s not a frivolous consideration.

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]]> By: Nate Yhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52609 Nate Y Sat, 21 Nov 2009 07:58:58 +0000 http://www.ronpaul.com/?p=4286#comment-52609 And I've already pointed out your confusion regarding the phrase "set the standard of weights and measures". And I’ve already pointed out your confusion regarding the phrase “set the standard of weights and measures”.

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]]> By: Nate Yhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52608 Nate Y Sat, 21 Nov 2009 07:50:55 +0000 http://www.ronpaul.com/?p=4286#comment-52608 Well i guess i was confused by thisyou said:"Thomas Jefferson was against Central Banks but for National Banks, it’s constitutional."coupled with this...you said: "thomas jefferson was for state chartered banks, like me.."What's the difference between Central banks and National banks btw?Moving on...If you want a 100% Full Reserve Gold standard. Then we pretty much have nothing to talk about. I'd be just fine with that. But I'd be interested to learn how you would propose we find our way to that happy condition. I'm also curious to learn why the mechanisms that would exist to prevent (or punish) your "print a trillion dollars" and "two banks" scenario under your 100% Full reserve gold standard. What are they? And why wouldn't they exist under a market selected commodity standard (the position I have been advocating). I suspect it has something to do with how you view the banking system. I am a bit confused about your state chartered banks. Elaborate on this a bit if you would. Would the only banks be State chartered banks and their branches? Or would private banks be allowed to compete? And what's to prevent the State banks from the abuses you've written about? I must say I am quite pleased with this transformation of yours. Now you're against National/Central banks and for Full reserve banking coupled with a 100% gold standard. Perhaps you're not a lost cause after all.Did you read Rothbard's "What has the Government Done to Our Money/The Case for a 100% Gold Dollar"?http://mises.org/store/What-Has-Government-Done-to-Our-MoneyCase-for-a-100-Percent-Gold-Dollar-P224C0.aspxEnjoy. Well i guess i was confused by this

you said:

“Thomas Jefferson was against Central Banks but for National Banks, it’s constitutional.”

coupled with this…

you said: “thomas jefferson was for state chartered banks, like me..”

What’s the difference between Central banks and National banks btw?

Moving on…

If you want a 100% Full Reserve Gold standard. Then we pretty much have nothing to talk about. I’d be just fine with that. But I’d be interested to learn how you would propose we find our way to that happy condition. I’m also curious to learn why the mechanisms that would exist to prevent (or punish) your “print a trillion dollars” and “two banks” scenario under your 100% Full reserve gold standard. What are they? And why wouldn’t they exist under a market selected commodity standard (the position I have been advocating). I suspect it has something to do with how you view the banking system. I am a bit confused about your state chartered banks. Elaborate on this a bit if you would. Would the only banks be State chartered banks and their branches? Or would private banks be allowed to compete? And what’s to prevent the State banks from the abuses you’ve written about? I must say I am quite pleased with this transformation of yours. Now you’re against National/Central banks and for Full reserve banking coupled with a 100% gold standard. Perhaps you’re not a lost cause after all.

Did you read Rothbard’s “What has the Government Done to Our Money/The Case for a 100% Gold Dollar”?

http://mises.org/store/What-Has-Government-Done-to-Our-MoneyCase-for-a-100-Percent-Gold-Dollar-P224C0.aspx

Enjoy.

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]]> By: seanhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52592 sean Sat, 21 Nov 2009 04:19:49 +0000 http://www.ronpaul.com/?p=4286#comment-52592 If destruction of the dollar is theft, than the government would have to protect theft or inflation of private currencies. The only way to do this, is to set fixed weights and measures. If destruction of the dollar is theft, than the government would have to protect theft or inflation of private currencies. The only way to do this, is to set fixed weights and measures.

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]]> By: seanhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52591 sean Sat, 21 Nov 2009 04:17:54 +0000 http://www.ronpaul.com/?p=4286#comment-52591 I have never said I was for a national bank. I said I am for state-chartered banks several times.. It can be paper as long as its fully backed with gold. I have never said I was for a national bank. I said I am for state-chartered banks several times.. It can be paper as long as its fully backed with gold.

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]]> By: Nate Yhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52582 Nate Y Sat, 21 Nov 2009 03:40:31 +0000 http://www.ronpaul.com/?p=4286#comment-52582 So do you want gold as money with full reserve banking or do you want government paper and a national bank? You keep switching your position. An unfair tactic. So do you want gold as money with full reserve banking or do you want government paper and a national bank? You keep switching your position. An unfair tactic.

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]]> By: Nate Yhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52581 Nate Y Sat, 21 Nov 2009 03:38:06 +0000 http://www.ronpaul.com/?p=4286#comment-52581 Of course I agree. What's your point? Of course I agree. What’s your point?

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]]> By: Nate Yhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52580 Nate Y Sat, 21 Nov 2009 03:37:23 +0000 http://www.ronpaul.com/?p=4286#comment-52580 Well then I guess government paper splashed with ink and backed by empty promises is the only thing we should use as money in this "modern economy". Well then I guess government paper splashed with ink and backed by empty promises is the only thing we should use as money in this “modern economy”.

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]]> By: Lindseyhttp://www.ronpaul.com/2009-11-14/end-the-fed-consider-outlawing-fractional-reserve-banking/comment-page-1/#comment-52579 Lindsey Sat, 21 Nov 2009 03:33:21 +0000 http://www.ronpaul.com/?p=4286#comment-52579 Joe: Maybe Watts should move to England if he likes their policies so much! Joe: Maybe Watts should move to England if he likes their policies so much!

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