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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Sr K who wrote (123199)	10/9/2012 8:26:56 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

The Federal Reserve was created to help resolve panics, it's true. However, the diagnosis was wrong. They concluded that currency and rate manipulation was required to resolve panics. How about we try to prevent panics in the first place? All financial crises were created by the Fed and Government's manipulation of currency and interest rates to begin with. I'm ok with keeping the Fed around, as long as their remit is one that is limited to maintaining a stable currency. But if they insist on becoming an interventionist entity that destroy's the price mechanisms of the free market, then we'd be better off without the Fed. Look. It is very difficult for me to have these debates with all of you, when it seems none of you have read Keynes, Mises, or Hayek. Read them and understand the opposing views. Then we can have a debate about all this. In the mean time, all I can say is that currency manipulation and rate manipulation is precisely what causes booms and busts and ultimately financial crises to begin with. So let's focus on the root cause, not the symptoms.