My father and I used to work on cars together all year round including the winter. The trouble light we used had an incandescent 100W bulb. We used it for light AND heat! Anytime our hands got cold after gripping a freezing wrench, we would just place them around the light bulb and warm them up quickly. Now, the government is stepping in and telling me that they're smarter than me and that I need to use a CFL or LED bulb instead, which doesn't output nearly as much heat. So instead of having 1 power cord to deal under a freezing car, I am going to have to have 2; one for a light, and another for a heat source. LAME.
I know someone who replaced bulbs on a airport runways. The heat from incandescent bulbs is advantageous in street lights and runways in cold climate because the heat melts the snow which would obscure the light emitted from the bulb!
I am tired of the government pretending to be smarter than the invisible hand of the free market. Rand Paul talked about this. Search for: light bulbs rand paul congress.
The amount of money circulating is thus a constant.
False. Constants don't change -- that is why they are called constants. Bank A loans out 0.9*deposit_X, which then gets deposited into Bank B. Bank B then loans out 0.9*0.9*deposit_X. Rinse and repeat say 100 times. Money_created_from_thin_air = 0.9 + (0.9^2) +
The ideal currency is one whose purchasing power remains constant over time. That could easily be done using a feedback control loop, such as a PID controller. Whenever there is inflation, the government could tax. Whenever there is deflation, the government could print debt free money. Either way, the government gets money, but under this system it can get some of the money without needing to tax it away from citizens. There is no need for a middle man (Federal Reserve Bank) to take its cut and give it to its private shareholders.
since the amount of money in the economy is set by an agency whose authority derives from Congress
You mean "derived", not "derives". The Fed was created by a very few members of Congress who were paid off by private bankers back in 1913. Desribe it however you want, but control of the Fed by the public is way too indirect. Period.
Yeah, it pretty much *is* a coincidence. Those actually familiar with history know that the Government has been borrowing (and repaying) money since the days of the Revolutionary War.
If you are implying that the Government has always been borrowing money since the days of the Revolutionary War, you are wrong. Lincoln's greenbacks issued during the Civil War were debt free currency. Coins created at the US mint even today are also debt free currency.
I'll get on that as soon as I finish the The Protocols of the Elders of Zion.
I've never heard of that book. Did you read it?
The hand that giveth is above the hand that receiveth. Private banks are above the governments who borrow money from them. Bankers are the masters of deception and fraud. The only things they create are debt and inflation through fractional reserve lending (fraud). Both of those are bad. They create all kinds of problems (such as the "business cycle"), and force people to participate in speculative investing or else watch their savings get inflated away.
Fractional reserve lending was pioneered by Nathan Rothschild and stemmed from greed -- he wanted to lend out more gold than he actually had! Anytime a bank expands the money supply by loaning out more money than they actually have, they are stealing from you who have saved. I understand the need to expand the money supply in order to prevent deflation. However, the government, not a private central bank, should be the one to do that. If the government created money, then they could spend that money rather than having to tax it away from the citizens.
It is no coincidence that the IRS was created shortly after the Federal Reserve Bank was created. How else would the government get money to pay interest on the money it borrowed? If you are in debt, you are a slave to your creditors. In 1913, "our" government allowed itself to become enslaved by the private Fed. The power to issue currency should reside with a government who is accountable to the public. The government exists to serve We The People. We The People should never allow ourselves to becomes slaves to our government (via entitlements, welfare, government healthcare, etc) who is a slave to the central bankers. Woodrow Wilson, and the few members of Congress who were actually present in the capital building 2 days before Christmas in 1913, made the terrible decision to give the power to issue currency to a privately held central bank (that doesn't even need to pay taxes!). The Fed is not really accountable to the public. Yes, the Fed board members are appointed by the President, but that very important decision should not be left up to a single man who may be too easily corrupted.
Governments do not need to borrow money from a bank. They can create money debt free! They are supposed to be doing that according to the US constitution:
"Congress shall have the power to coin money and regulate the value thereof." Since the value of money is determined by the quantity, Congress should be controlling the quantity of money, not banks!
Read up on Bill Still's ideas for monetary reform in his book "No More National Debt". If you don't want to read, then watch these films:
The American Dream
Money as Debt
The Money Masters
The Secret of Oz