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Originally Posted by Still Growing  We really shouldn't need another currency, its a shame we even have to discuss it. |
Yes. If human beings were all nice and trustworthy enough not to abuse power, and intelligent enough to know right off the bat the best way to design a system like a currency, then, I think monopolies in general wouldn't be quite as dangerous or harmful.
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The question is "Who does the USD belong to as a currency?"
Does it belong to the people? Does it even belong to the US Gov't? If you look at the USD it saids Federal Reserve Note. This gives you the impression that its owned by the gov't since it says Federal. But does it?
Since our Federal Reserve banks are privately held does it stand to reason that they are actually backed by these private guys? The USD doesn't say "Federal Reserve Board of Directors Note" so therefore the USD isn't technically gov't backed.
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Yes, it really does seem rather misleading of them to call it the "Federal" Reserve.
Since the Federal Reserve banks are apparently private corporations, maybe
truth in advertising laws should apply, and they should be forced to adopt a more accurate name.
I wonder if them calling themselves "Federal" legally counts as as
misrepresentation. It might be an interesting lawsuit for someone to pursue.
Best wishes,
Apollia