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Central banks and their role in tyranny is hardly “vague”. They can siphon off the wealth of an entire nation by printing money. It’s an irresistible temptatio

by zionic 5y ago

Central banks and their role in tyranny is hardly “vague”. They can siphon off the wealth of an entire nation by printing money. It’s an irresistible temptation that I don’t trust any man to resist long term. That kind of power shouldn’t be in the hands of any one person or organization.

pydry 5y ago
>They can siphon off the wealth of an entire nation by printing money. It’s an irresistible temptation A) Which makes it basically another form of tax. B) The raising of which always driven the wealthy into fits of rage no matter how necessary or beneficial.
- zionic 5y ago
  No the wealthy love this because their debt becomes cheaper to service while their assets skyrockets. Inflation primarily hurts the non-asset owning poor.
  - pydry 5y ago
    Have you met the non asset owning poor? They have debt. LOTS of debt.
    - throwaway0a5e 5y ago
      The interest rates are high enough and the debt terms are short enough that they get screwed hard by relative buying power loss long before any of that matters. Having your car loan evaporate over three years doesn't mean crap if you can't afford to make the payment after one.
slg 5y ago
>They can siphon off the wealth of an entire nation by printing money. There are a countless other ways a country can do this and most of those are more targeted. The tax code is the most obvious example. Inflation is a flat tax of a few percentage points. If the goal is to wield power, it is much more important to control the tax code and move the income tax from 0% (generally true before the 16th Amendment in 1913) to 91% (1954-1963) or from 91% back down to 37% (the current rate). Blaming central banking as the primary cause for these issues just doesn't make sense to me.
- toomanydoubts 5y ago
  >There are a countless other ways a country A country? The federal reserve is run by private individuals. It is a private bank. Don't let the name fool you.
  - slg 5y ago
    "The Federal Reserve is private" is a meme at this point that is largely divorced from our usual meaning of public/private. Calling the Federal Reserve Board "private citizens" is like calling the Supreme Court Justices "private citizens". They are both officials appointed by the president, who must be confirmed by the Senate, and who collect a public salary. Any profits from the Federal Reserve go right back into the US Treasury. What more do we need to consider this part of the government?
    - toomanydoubts 5y ago
      Financial elite finances all candidates, some of them win, the winners appoint the financial elite to be board members of the organization that is capable of printing money and giving bailouts/buying poisoned assets from said financial institutions. The money is not made from FED profits, the money is made by the financial institutions owned by the board members. What's so hard to understand about that? It's clearly a scam. It does not only happen at the central-banking level, but it's another tool used by them. Let me give you a similar example, not directly involving central banking, from my country. Paulo Guedes is the founder of BTG Pactual bank. He goes on and funds the candidate Jair Bolsonaro for presidency. Once elected, Bolsonaro appoints Guedes to Ministry of Economy. His monetary policies decisions makes the USD/BRL go from R$3.71 to R$5.70. November/2021 comes by and pandora papers are released. We find out the dude has almost 10 million USD stashed in offshore tax-heavens. His decisions made his personal fortune grow by 14 million BRL(equivalent to 956 years of minimum wage). This does not involve central banking directly but the idea is the same: put the financial elite in positions that allow them to make large scale decisions to grow their personal fortunes while affecting the lives of all others. It's a scam.
      - 5y ago
deleted 5y ago
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by zionic 5y ago

pydry 5y ago

>They can siphon off the wealth of an entire nation by printing money. It’s an irresistible temptation A) Which makes it basically another form of tax. B) The raising of which always driven the wealthy into fits of rage no matter how necessary or beneficial.

zionic 5y ago
No the wealthy love this because their debt becomes cheaper to service while their assets skyrockets. Inflation primarily hurts the non-asset owning poor.
- pydry 5y ago
  Have you met the non asset owning poor? They have debt. LOTS of debt.
  - throwaway0a5e 5y ago
    The interest rates are high enough and the debt terms are short enough that they get screwed hard by relative buying power loss long before any of that matters. Having your car loan evaporate over three years doesn't mean crap if you can't afford to make the payment after one.

slg 5y ago

>They can siphon off the wealth of an entire nation by printing money. There are a countless other ways a country can do this and most of those are more targeted. The tax code is the most obvious example. Inflation is a flat tax of a few percentage points. If the goal is to wield power, it is much more important to control the tax code and move the income tax from 0% (generally true before the 16th Amendment in 1913) to 91% (1954-1963) or from 91% back down to 37% (the current rate). Blaming central banking as the primary cause for these issues just doesn't make sense to me.

toomanydoubts 5y ago
>There are a countless other ways a country A country? The federal reserve is run by private individuals. It is a private bank. Don't let the name fool you.
- slg 5y ago
  "The Federal Reserve is private" is a meme at this point that is largely divorced from our usual meaning of public/private. Calling the Federal Reserve Board "private citizens" is like calling the Supreme Court Justices "private citizens". They are both officials appointed by the president, who must be confirmed by the Senate, and who collect a public salary. Any profits from the Federal Reserve go right back into the US Treasury. What more do we need to consider this part of the government?
  - toomanydoubts 5y ago
    Financial elite finances all candidates, some of them win, the winners appoint the financial elite to be board members of the organization that is capable of printing money and giving bailouts/buying poisoned assets from said financial institutions. The money is not made from FED profits, the money is made by the financial institutions owned by the board members. What's so hard to understand about that? It's clearly a scam. It does not only happen at the central-banking level, but it's another tool used by them. Let me give you a similar example, not directly involving central banking, from my country. Paulo Guedes is the founder of BTG Pactual bank. He goes on and funds the candidate Jair Bolsonaro for presidency. Once elected, Bolsonaro appoints Guedes to Ministry of Economy. His monetary policies decisions makes the USD/BRL go from R$3.71 to R$5.70. November/2021 comes by and pandora papers are released. We find out the dude has almost 10 million USD stashed in offshore tax-heavens. His decisions made his personal fortune grow by 14 million BRL(equivalent to 956 years of minimum wage). This does not involve central banking directly but the idea is the same: put the financial elite in positions that allow them to make large scale decisions to grow their personal fortunes while affecting the lives of all others. It's a scam.
    - 5y ago

deleted 5y ago

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