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« End of an Era? Sign of the Times? | Main | Questions »

February 12, 2009

Secession and the Fed

Michael Blowhard writes:

Dear Blowhards --

* Secession rumblings are getting louder.

* So are near-secession rumblings.

* Time to abolish the Fed?

(FWIW, and in case it isn't obvious ... My own take on all this largely boils down to "How interesting that we live at a time when secession and whether or not to abolish the Fed are being openly discussed." Happy to admit to a well-defined "small is beautiful" personal taste-set. But what strikes me as far more interesting than my boring opinion is the simple fact that topics like these are coming up these days.)

Best,

Michael

UPDATE: In further "funny (and expensive) world we're living in" news ...

posted by Michael at February 12, 2009




Comments

As far as I can figger the Fed is accountable to no one. Sorta like...God. I'd like to be God: If I ruled the world every day would be the first day of spring, every song would be....

Posted by: ricpic on February 12, 2009 10:19 AM



Funny that the same guys calling for secession are the same guys that got us in this mess in the first place. Now that they didn't get their way of giving away, they want to take their bat and ball and go home. But, that's ok, with 20 less states to give federal funding to, that means more for where I live. Good riddance to 'em. They hate America? Glad to see 'em go!

Posted by: Upstate Guy on February 12, 2009 10:45 AM



"Funny that the same guys calling for secession are the same guys that got us in this mess in the first place."

WTF?

Posted by: Anon on February 12, 2009 12:00 PM



I don't think the FED is likely to be abolished in the near future. However, there are ways that its influence could be drastically reduced. One would be if some of the more solvent banks quit the FED and issue their own currency. Another would be where some of the more functional international banks in places like Singapore and Dubai issue a new private currency. Either of these events would result in a cascade effect where regional banks would quit the FED. It is not clear how the political hacks would respond if any of this were to happen.

Either of these could happen in the next few years if inflation gets out of hand in the U.S. Such inflation, particular if it was world wide, would drive demand for an non-inflationary currency.

Posted by: kurt9 on February 12, 2009 1:32 PM



Posted by kurt9 at February 12, 2009

Why don't people start accepting foreign currencies? I'd take Yen, Swiss Francs, etc...

Posted by: In the Red on February 12, 2009 1:44 PM



Amusing that the Obama stimulous plan is the "last straw" for these supposed deficit hawks--not GW's $2 trillion Iraq adventure or his $3 trillion in unbudgeted tax cuts. Wonder what they make of Reagan, whose love of deficit spending--even in flush times--set us down this merry path?

They certainly don't seem to remember that Clinton left us with a $200 billion surplus in his last budget.

Posted by: Steve on February 12, 2009 2:10 PM



"if some of the more solvent banks quit the FED and issue their own currency"

Banks already issue their own currency. See: fractional reserve banking.

Posted by: Upstate Guy on February 12, 2009 3:11 PM



"They certainly don't seem to remember that Clinton left us with a $200 billion surplus in his last budget."

Neither does Obama.

Posted by: Anonymous on February 12, 2009 4:16 PM



We need more community currencies.

Here's the Wiki list of community currencies in the US:

LINK

We also need to recognize that we would have more power politically if we rethought how we use our power as consumers; count the Wife and me among those who buy local as much as possible, for example. This includes the bulk of our banking services. I don't make this an absolute, which I recognize is virtually impossible without becoming a caricature, but have found it becoming both easier and more satisfying over the past decade. Whether the current situation will drive many of the small local stores out of business while the corporate chains survive remains to be seen.

Posted by: Chris White on February 12, 2009 4:20 PM



Who gets the armed forces? Little weak countries get shit on a lot. Who gets the finance?

If you secede, try not to become a helpless banana republic, cause that sucks.

Posted by: John Emerson on February 12, 2009 9:44 PM



Why don't people start accepting foreign currencies? I'd take Yen, Swiss Francs, etc...

A serious bout of inflation of the U.S. dollar will certainly make this happen. I think people would continue to use dollars to buy and sell things, but invest their money in investments denominated in a non-inflationary currency. The idea of a universal currency will go away. People will use different currencies for different purposes.

Banks already issue their own currency. See: fractional reserve banking.

Yes. They will simply extend the use of these currencies to the general public.

The FED will not go away. Its role will diminish over time.

Posted by: kurt9 on February 13, 2009 1:15 PM



Topics like these are coming up these days because the baby boomers, the most selfish, hubristic, and shallow generation in the history of our country, is in charge of everything these days.

A mature discussion of the stimulus package? Not necessary, it's the right thing to do. We don't even need to read it, we're so right.

Spending money we don't have? Hey, that's how we live our lives. No limits, no prudence, no self-control. Forget about tomorrow's generation. Everything is always about us.

Nuanced political discourse? Never. My side is right and I'll scorch the earth to prove it. It's about ME winning. Never mind the consequences to everyone else.


The only saving grace for the rest of the citizenry is that this disgraceful generation is entering retirement. When they are old, feeble and defenseless and trapped in retirement homes, we'll make them pay. Oh boy, will we make them pay.

Posted by: Bill on February 13, 2009 3:48 PM



Unfortunately for the premise of this post, no one in the first article mentions secession and those who mention it in the second one do so solely for the purpose of denying they support it. Whether secession is right or wrong, a widespread secession movement (or even "discussion"), except for a few well-established and intellectually respectable but small and impotent groups like the League of the South and the Vermont Republic, exists mainly in Michael's imagination.

Posted by: James Kabala on February 15, 2009 9:01 PM






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