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Originally Posted by MariconesUnited  1. [Lack of transparency is] a problem with the entirety of government. |
But the Fed is "independent"--not quite government, not entirely private, which allows for even greater lack of transparency. Otherwise, it sounds to me like you're saying, "well, we can never know what they're doing, anyway, so may as well let them do it."
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2. How do we know the dollar wouldn't get printed so quickly without the Fed?
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We don't. That would have to be written into new law.
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3. Why would things be different without the Fed? Won't someone else step in and fulfill the Fed's role instead? Wouldn't it be a better idea to change how the Fed operates instead?
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Between the 1830's and the 1913, the U.S. had no central bank. As I suggested earlier, this system was not without it's difficulties, but the currency remained stable (in fact, prices, in most cases, went
down during this period). It was also the period of the U.S.'s industrial revolution, which was very highly productive.
Of course, the Fed itself could be changed, but you can bet they're not going to change themselves. They like it just the way it is.
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And no matter how many times you repeat that no fiat money has ever withstood the test of time, all the fiat currencies that are being used around the world tell me otherwise. Some have withstood the test of hundreds of years. That says more to me.
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Can you name one?