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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: jgibbs who wrote (4589)	3/19/1999 6:47:00 PM
From: Hawkmoon	Respond to of 81980

Those who can remember the 1960's can recall that there were one dollar silver certificates as well as United States Notes, the descendants of Lincoln's greenbacks, in several denominations. But after the Kennedy assassination, the private Federal Reserve established a monopoly on printing American money, shutting out the US Federal Government from this important function Jgibbs, It is interesting that Tarpley mentions Lincoln's Fiat greenbacks which were extraordinarily inflationary (they were issued to pay for war materials during the civil war, since the GS didn't permit the amount of borrowing required). So here we have Tarpley arguing to reinstitute the gov't ability to issue Fiat money (remember we were under the GS during the '60s), the bane of those who support the gold standard. Members of the Board of Governors of the Federal Reserve System in Washington are chosen by the President and must be approved by the Senate, for what that is worth. And I really can't understand why Tarpley downplays this aspect of governmental oversight of the FRB. Sure thay can play their games and financial manipulations from time to time, but when it comes down to facing a reappointment, the chairman better have something to crow about or he's outta there. If Bush had be re-enlected, AG would probably have been ousted at the end of his term. That's a pretty awesome power. We shall have no more financial panics....Panics are impossible....Business men can now proceed in effect confidence that they will no longer pu their property in peril....Now the business man may work out his destiny without living in terror of panic and hard times....Panics in the future are unthinkable....Never again can panic come to the American people. Doesn't that imply that under the gold standard and decentralized banking system that existed previous to the FRB, that the GS had not really brought much confidence in the financial systems?? One depression and several mild recessions (that could have turned into depressions quite easily) is a remarkable record in comparison to the financial history of the first 100 years of the US. And the crash of 1987 was relatively short-lived due to Fed policy. So what can we take away from Tarpley thus far?? That no financial system is perfect and that having a gold standard doesn't prevent banking and financial panics (the depression occurred under the gold standard). Regards, Ron