What If Overnight We Abolished The Federal Reserve Bank And Instituted Our Own Currency?

[AllexxisF1]

I just had a thought.


Let's say Obama comes in and for shits and giggles the first night on the job decides to have Congress convene in the middle of the night behind closed doors and abolishes the Federal Reserve Bank.

Than institutes a new American Dollar printed by the Treasury of the United States and backed by the promise of U.S. Tax Payer dollars.


What pray tell would happen?

We could just as easily pay off the Chinese and other debts with this new cash so their is no problem there.

We can let the Federal Reserve keep on owning all the stuff they just bought.

So really what would happen besides the people of this country controlling their own money supply again?

[FLAprogressive]

1. The Ron Paulers would have a simletaneous orgasm. n/t

[barbtries]

2. interesting thought

i have a feeling it would lead to something other than shits and giggles however. what i don't know.

[Cleita]

3. I'm afraid that would be known as a Revolution.

It would also create inflation on the old money essentially wiping out the life savings of most people including seniors who rely on those savings for retirement income. Read up on how inflation can wipe out the debt of a debtor nation on the backs of the working class and middle class who had savings for a rainy day. I think there has to be a less drastic way of taking care of this.

[eshfemme]

4. Um... it'd probably never happen.

What is probably more possible to pull off is microcredit, which is definitely based off of the entrepreneurial spirit and is successful based on mutual oversight. It's a very interesting concept that I think would be much more suited to the Ron Paul followers than just setting up a new currency backed by a new federal bank.

Sorry to link to wiki here but for a basic premise, here: http://en.wikipedia.org/wiki/Microcredit

[jakem]

5. like this?

http://en.wikipedia.org/wiki/Liberty_Dollar