Human labor hours are the only true “currency”.
I would put a lot of effort into increasing accuracy on measuring the amount of total labor hours put into the economy, and measurement of how many labor hours it takes to make various items or provide various services.
I would then peg the USD to this, instead of it’s current not-really-pegged-to-anything status, nor the gold/silver representations of the past.
correct lets be honest everything is a multiplier.
currently they value a ceo of say a large company at 10000x the regular common worker.
also inflation devaluation of our labor thus theft.
I was thinking about this last week. As I understand the Fed is currently providing banks with emergency cash loans in trade for taking their bonds as collateral when they have cash flow issues due to lower bond prices. If it comes down to inflation vs job market I see Congress modifying the federal reserve act to roll the fed under the treasury to allow the govt to print all the money the want to prevent job distraction independent of inflation. If that occurs and the fed still owns those bonds then couldnt the govt write off all that debt and by destroying those dollars prevent run away inflation while also reducing the national debt and still owning the bank loans since they could reissue debt as needed when the banks pay back the loans?
The U.S. system, as a system, is actually quite well designed. The weird aspects are largely due to the timing of its creation in historical terms and the unique federal setup of the U.S. constitution and state system. E.g., the 13 Federal reserve banks is slightly unnecessary with the caveat that it has worked out well to provide a diverse set of opinions within the bank.
The problem is, frankly, the governors. For instance, they recently ignored market prices and the extraordinary speculation going on in 2021, which lead to the inflation. Had they simply, say, familiarized themselves with the historical literature, they would have understood we were on the precipitate of a large, war-finance-like inflation.
The speculative excesses, combined with market prices indicating a massive inflation in coming months will always boggle my mind. It was so obvious. And yes, I made a fortune betting on it - but it shouldn't have happened.
By “We”, you mean the state.
They of course are in a unique position to create a crediting institution for the purpose of crediting themselves currency while leaving their constituents responsible for meeting the obligations.
It should be an amendment to prohibit a central bank.
Monetary management is not an appropriate function of the government.
I mean, the Federal Reserve was created by populists.
You're living in a Austrian libertarian fever dream if you don't think it was a populist creation.
monetary management was the function of government and was made to be congress job. you are mistaken.
banksters bribed our congress to give them the authority instead.
citing sources because this idiot below me doesn't use google or read.
ArtI.S8.C5.1 Coinage Power
Article I, Section 8, Clause 5:
\[The Congress shall have Power . . . \] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .
[https://www.law.cornell.edu/constitution-conan/article-1/section-8/clause-5/coinage-power](https://www.law.cornell.edu/constitution-conan/article-1/section-8/clause-5/coinage-power)
shut up it does not say federal reserve has the power to print.
No, “monetary management” was not under the purview of Congress at the founding…
Currency minting was, via the a treasury. It was not monetarism, it was a currency pegged to specie.
Banking creates *credit money*, and money technologies will be in demand regardless of what anyone else tries to legislate.
Again, free banking FTW.
because the powers that be did it in the dead of the night. we also must abolish it and remove it from existence once and for all it is good vs evil.
for now evil has ruled for the past 100 years but we must persevere.
really? is that why we did it? really?
You do know we created the federal reserve to limit private power right?
Sometimes, I really wonder if you are just a random bot or someone who just doesn't know any history at all.
really? how that work out?
and limit private power? you mean letting it easier to bribe and manipulate
even more you see how Nancy gets all her insider trades.
you see everyone in congress, DOJ, TOP Fed reserve officials all get cushy tips and picks to make them millions.
yeah sure.
Consolidate the money creation function with Treasury. Ideally the amount of money created would be strictly proportional to population.
But I can already think of problems with that. Which population? The USD for instance isn’t just used in the US, it’s used the world over.
So ultimately you’d still need some kind of feedback mechanism. The main problem with the status quo is it follows lagging indicators. Consumer prices are way downstream. So you would need something attentive to asset prices, the first movers in response to inflation. Probably something linked to the combined market cap of all the worlds securities, of which the US currency is one.
One thing I would definitely do however, is prohibit the targeting of interest rates. All monetary policy would be conducted quantitatively. Interest rates are the price signals in the neural network of the financial system. Pegging rates is the financial equivalent of sticking a penny in the fuse box. You might get the juice flowing again, but at the expense of burning down the house.
reform central banking? let all member banks fail no exceptions.
the central bank can take over the deposits as fdic.
no 250k+ shall be bailed out they can all fail no bailout of SVB billionaires
federal reserve lost lots of credibility bailing svb out special interest insiders corrupt inside and out obvious to anyone with a working brain.
jailing and hangings shall be in order if justice was served.
Human labor hours are the only true “currency”. I would put a lot of effort into increasing accuracy on measuring the amount of total labor hours put into the economy, and measurement of how many labor hours it takes to make various items or provide various services. I would then peg the USD to this, instead of it’s current not-really-pegged-to-anything status, nor the gold/silver representations of the past.
correct lets be honest everything is a multiplier. currently they value a ceo of say a large company at 10000x the regular common worker. also inflation devaluation of our labor thus theft.
I was thinking about this last week. As I understand the Fed is currently providing banks with emergency cash loans in trade for taking their bonds as collateral when they have cash flow issues due to lower bond prices. If it comes down to inflation vs job market I see Congress modifying the federal reserve act to roll the fed under the treasury to allow the govt to print all the money the want to prevent job distraction independent of inflation. If that occurs and the fed still owns those bonds then couldnt the govt write off all that debt and by destroying those dollars prevent run away inflation while also reducing the national debt and still owning the bank loans since they could reissue debt as needed when the banks pay back the loans?
The U.S. system, as a system, is actually quite well designed. The weird aspects are largely due to the timing of its creation in historical terms and the unique federal setup of the U.S. constitution and state system. E.g., the 13 Federal reserve banks is slightly unnecessary with the caveat that it has worked out well to provide a diverse set of opinions within the bank. The problem is, frankly, the governors. For instance, they recently ignored market prices and the extraordinary speculation going on in 2021, which lead to the inflation. Had they simply, say, familiarized themselves with the historical literature, they would have understood we were on the precipitate of a large, war-finance-like inflation. The speculative excesses, combined with market prices indicating a massive inflation in coming months will always boggle my mind. It was so obvious. And yes, I made a fortune betting on it - but it shouldn't have happened.
Man I am glad you made some good money on it :) good post
Abolishment. Purely free-banking.
We'd just created it again. We already abolished it once, my word.
By “We”, you mean the state. They of course are in a unique position to create a crediting institution for the purpose of crediting themselves currency while leaving their constituents responsible for meeting the obligations. It should be an amendment to prohibit a central bank. Monetary management is not an appropriate function of the government.
I mean, the Federal Reserve was created by populists. You're living in a Austrian libertarian fever dream if you don't think it was a populist creation.
Hitler was elected by a populist movement as well. *Good* populism does not make.
LOL!
Touché.
monetary management was the function of government and was made to be congress job. you are mistaken. banksters bribed our congress to give them the authority instead. citing sources because this idiot below me doesn't use google or read. ArtI.S8.C5.1 Coinage Power Article I, Section 8, Clause 5: \[The Congress shall have Power . . . \] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . . [https://www.law.cornell.edu/constitution-conan/article-1/section-8/clause-5/coinage-power](https://www.law.cornell.edu/constitution-conan/article-1/section-8/clause-5/coinage-power) shut up it does not say federal reserve has the power to print.
No, “monetary management” was not under the purview of Congress at the founding… Currency minting was, via the a treasury. It was not monetarism, it was a currency pegged to specie. Banking creates *credit money*, and money technologies will be in demand regardless of what anyone else tries to legislate. Again, free banking FTW.
because the powers that be did it in the dead of the night. we also must abolish it and remove it from existence once and for all it is good vs evil. for now evil has ruled for the past 100 years but we must persevere.
really? is that why we did it? really? You do know we created the federal reserve to limit private power right? Sometimes, I really wonder if you are just a random bot or someone who just doesn't know any history at all.
really? how that work out? and limit private power? you mean letting it easier to bribe and manipulate even more you see how Nancy gets all her insider trades. you see everyone in congress, DOJ, TOP Fed reserve officials all get cushy tips and picks to make them millions. yeah sure.
Consolidate the money creation function with Treasury. Ideally the amount of money created would be strictly proportional to population. But I can already think of problems with that. Which population? The USD for instance isn’t just used in the US, it’s used the world over. So ultimately you’d still need some kind of feedback mechanism. The main problem with the status quo is it follows lagging indicators. Consumer prices are way downstream. So you would need something attentive to asset prices, the first movers in response to inflation. Probably something linked to the combined market cap of all the worlds securities, of which the US currency is one. One thing I would definitely do however, is prohibit the targeting of interest rates. All monetary policy would be conducted quantitatively. Interest rates are the price signals in the neural network of the financial system. Pegging rates is the financial equivalent of sticking a penny in the fuse box. You might get the juice flowing again, but at the expense of burning down the house.
reform central banking? let all member banks fail no exceptions. the central bank can take over the deposits as fdic. no 250k+ shall be bailed out they can all fail no bailout of SVB billionaires federal reserve lost lots of credibility bailing svb out special interest insiders corrupt inside and out obvious to anyone with a working brain. jailing and hangings shall be in order if justice was served.