Why are wRong Paul supporters so fanatical about destroying the Federal Reserve? Do you honestly think that removing the Fed, which has it's tentacles everywhere, will not have severe consequences?
I would take you guys a lot more seriously if you approached issues like this with even a little bit of common sense.
Because most members of Congress and a large portion of the population understand that an independent central bank is necessary for a properly functioning economy. Also, for those of us who actually know about the economic history of the U.S., we know that recessions and depressions occurred more often and lasted longer when the U.S. did not have a central bank. The longest economic downturn in U.S. history started in 1873.
When the Federal Reserve was established, the U.S. economy was already the largest in the world, but only by a small margin. Since then, it has grown to more than twice the size of any one country in the world. China has only managed to grow as fast as it has because it has tied its currency to the U.S. dollar and for many years has enjoyed free trade with the U.S.
The Federal Reserve was created by Congress, and exists at the pleasure of Congress. There really is no private ownership of any of the 12 Fed banks.
So that the current administration can just print money as it sees fit?
Because a country should have the ability to set interest rates.
Because liberals like being controlled
