Originally Posted by 43Hitman
Umm printing more money is only going to cause inflation, and we are already at a risk for that now. The more money that is printed the less it's worth.
Ummmm, yeah...obviously you have no clue where I'm coming from.
See, there's this little clause in the constitution that says the government has the right to print its own money.
"To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures"
Article One, Section 8 Powers of Congress
But see, since 1913 (when the Federal Reserve Act was passed), the government has been buying money from the Federal Reserve and paying it back with interest added. Much of the money that us citizens pay in federal taxes to the IRS goes to pay off that interest. Therefore, if the government was doing what it is able to do (print its own money instead of buying it), there would be more money available to spend on things like...I don't know, health care and keeping a balanced budget. As of right now, the Federal Reserve and government accounts totals about 41% of national debt. If that isn't a red flag...I don't know what is.
For example...In 1913, when the Federal Reserve was created with the duty of preserving the dollar, one 20-dollar bill could buy one 20-dollar gold piece. Today, fifty 20-dollar bills are needed to buy one 20-dollar gold piece. Under the Fed's custody, the U.S. dollar has lost 98 percent of its value. The dollar is the storehouse of our wealth. Has the Fed faithfully safeguarded that storehouse?
Thanks for the attempted simple economics lesson though. I'm well aware of the fact that just printing up more money only lessens the value of a dollar.