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Originally Posted by psholtz
Regarding (2), of course the Fed is still counterfeiting.
That's what I'm telling you: the Fed simply has a government-granted monopoly on the practice of counterfeting. I'm asking you whether (a) you believe that is right and just; and (b) whether or not you think there should be laws forbidding the government from granting monopolies on the practice of counterfeiting.
You really don’t read what is written do you? The Fed is carrying out a legally mandated function of the government, on behalf of the government. Why you insist on calling it a monopoly when it is a function of government, and therefore their option to determine how it is handled, and who does it. It is still done under mandate of law and in the government’s name. It is not and cannot be counterfeit since it is an authorized function of government, and carried out at the government’s order. So there is no question of right or wrong here. As to the granting of monopolies, is this something new you have just discovered? And since you are totally wrong to begin with this part of your argument is totally a waste. The actual notes are created by the Bureau of Printing and Engraving, not the Fed-so there is no way they could actually be considered to be counterfeiting in the first place, so do you now want to complain that the Bureau of Engraving is counterfeiting too?
All you've done is foolishly "re-defined" counterfeiting and you foolishly believe this "fixes" the problem.
I have redefined nothing, I have used the term as it is properly applied. You are the one who insists upon torturing it to justify your current rant.
Oh, we have a "murder" problem? OK... well, we've now legalized murder. It's not a crime anymore... there, that fixes the problem. Or possibly, oh we have a "murder" problem. OK, well let's call the practice of killing another person "flarf-floggle" ... there, that fixes the "murder" problem doesn't it?
Ah, now since you can’t come up with anything to justify an untenalbe position you now resort to totally off the wall and unrelated comparison,
This is sophistry of the highest order, and is a one-way ticket into Hell.
No, just your usual attempt to mangle a situation until there is no reality to it so that you can justify your particular fantasy of the moment.
Seriously.
Still the question stands: INDEPENDENT of the Federal Reserve (pretend that the Fed doesn't and never did exist); now, should there be a law forbidding the government from granting a monopoly on the practice of counterfeiting federal obligations?
Absent the Fed, we would be in the same situation we are now. The BEP would still be printing the currency we use, and mint would be coining the change we carry about with us, we would have an incredibly clumsy and costly financial system, in which there would be some super bank or banks acting as banker’s banks to issue out cash and change and facilitate the transfer of funds around the country.
What say you?
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