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Costco is rapidly selling out of gold bars. In other news, Costco apparently sells gold bars.
On Wednesday, November 1, Kentucky Senator Rand Paul urged the U.S. Senate to vote “yes” to an amendment that would require a full audit of the Federal Reserve within one year.Here is his full statement:The Federal Reserve effectively controls the economy but without scrutiny. No other institution has so much unchecked power. The Fed demonstrated its unlimited authority during the Pandemic. The Fed printed money, purchased government-backed securities, and doled out massive amounts of money to favored industries. The result added almost $5 trillion to the Fed's balance sheet, the largest in our history.When Dodd-Frank ordered a limited one-time audit of Fed actions, the Government Accountability Office uncovered that during the financial crisis, the Fed doled out over $16 trillion to domestic and foreign banks. This kind of inflationary bailout should not be kept secret from the public. While the Fed's easy money policies make the rich richer, the side effect is high inflation.As Milton Friedman famously explained, "Inflation is taxation without legislation." Congress cannot control the Fed's actions, but Fed actions can cost Americans dearly. Just ask any parent who has to feed his or her family during historically-high inflation rates. My amendment would require a full audit of the Fed within one year. It is time for the Federal Reserve to operate in a manner that is transparent and accountable to the taxpayers. I ask for a yes vote.
The Federal Reserve is constrained as far as not worsening the ability of the Federal Government to sustain debt service. It is about solvency, as far as debt being manageable. Interest costs represented about 8 percent of total federal outlays in 2022. By 2033, that share will rise to 14 percent and will exceed programs such as defense and Medicaid. ..
Doesn't matter what the Fed does if Congress doesn't cut back on spending anyway.
Can you return it if the price goes down?
Collapse in US oil drilling has nothing to do with the Fed.
Gas taxes have nothing to do with the Fed.
Yeah, you might want to look into the history of taxes before exempting central banking from their creation...
Thanks for sharing your opinion. As I mentioned you might want to research. I don't care what you think, I care what you know.
We are forced to pay our taxes with the paper issued by our central bank. That's the basis of the dollar's value.
Bulgaria does seem to have a central bank:https://bnb.bg/?toLang=_EN
No, you don't. I stated fact.Central Banks have nothing to do with taxation.FACT.Governments have taxed money from people long before central banks were even invented and they do so even where central banks don't exist today, like in Bulgaria.Not to mention central banks don't levy taxes, period.
You don't understand taxation through inflation,
aren't aware the IRS and the direct tax on income didn't exist prior to 1913
More importantly though you don't seem to understand the difference between cause and effect.
That is debasement, not taxation.I know how to use a fucking dictionary.
Which HAS NOTHING TO DO WITH THE CREATION OF THE FED other than they both happened at the same time.
US government debased the money supply during the Civil War by printing greenbacks. No central bank involved! They also levied an income tax unconstitutionally during that time but SCOTUS ignored it until after the war. Again, no central bank was involved or needed.
i have spoken in the past about the cantillon effect. it’s one of those wonderful explanatory ideas that is at once obscure in that very few people know what it is but outlandishly obvious and essentially undeniable once you hear it. ...ultimately, it’s very, very simple:those who print new money benefit most from it.those who get this new money from them fastest benefit nearly as much.those who get it last are the ones most harmed.that’s it.the reason is obvious: when you spend newly created money, you get to buy at the prices from yesterday. you are the new demand and the new spending. you are what starts to cause inflation. but you don’t face it like others will. you’re the one driving up the prices for the next guy. he pays for your profligacy.and this not only causes all manner up upward pointing wealth redistribution based on proximity to the money spigot, it destroys the fundamental aspects of price and markets that make them free and useful allocators of scarce resources. ...... taken far enough, you get stories like “workers demanding to be paid 3 times a day and running out on lunch breaks to buy any physical goods they can lay hands upon to try to protect the value of their earnings.”you get the double whammy of more money supply AND higher velocity of money. inflation goes hyper.this is weimar, zimbabwe, venezeula, argentina.and so perhaps it is fitting that newly elected argentine president milei, who has such strong austrian economic grounding, should rise as a sort of populist standard bearer to make this clear.despite his frequent “hot” outbursts and seeming over-simplification and emotive expression, milei is actually quite a smart and thoughtful guy. he understands this stuff. and he’s explaining it in a way that non-economists can understand.perhaps this is the argentine “great communicator” for our age. whatever the case, he’s precisely correct here and does a wonderful job of laying this out for a general audience.now ask yourself the real question: why is it seemingly impossible for the US to produce a presidential candidate with any remotely plausible chance of victory that even seems to understand this idea much less possesses the ability (or perhaps the willingness) to communicate it? ...the evolution of justification is always the same:denyminimize/claim this was the planclaim this is a good thingblame it on you once it was obviously bad... but it also makes those close to the money printer incredibly rich and this is why politicians and their corporate cronies (especially the big money center banks) love this. for them, it’s christmas every day. for the rank and file worker, it’s desiccated holiday trees for $275 and presents they can’t afford.this is a truly epic scam and one which, once taken past a point, is near impossible to derail or even slow. ...and until we break the ability to do so by, for example, ending central banks as milei proposes, an idea that’s not nearly as radical as it sounds and that makes more and more sense the more one looks at it or even extends it to ideas like “it’s time to take provision and control of currencies away from governments who clearly cannot be trusted with them” we’re going to make no progress here.if you think the person in the oval office or the party running congress makes a whit of difference here, i fear you’re fooling yourself.this has become structural.a system this powerful, profitable, entrenched, and beholden cannot be fixed. it’s not malfunctioning. it’s working just as was intended.it just does not work for you.
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