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Will You Answer What Congress Won't? The Top 20 Questions pt 16

Back in late 2004 and early 2005, I sent emails, faxes, and letters to every member of the United States House of Representatives and the United States Senate. In it, I asked them for their answer to a set of twenty questions which the readers of Polipundit wanted asked. The text of the letter was posted here.

52 Readers in 38 states joined the effort, asking their district Representatives and Senators to answer the questions. Response from our elected Representatives and Senators was poor, predictably so. Most Congressmen and Senators simply ignored the letters, emails and faxes. In the end, only seventeen answered with any degree of substance, and not one answered more than two questions.

I was looking at the set of questions this week, and you know, they still look like good questions to me, so I am going to ask you for your opinion on them. This will take a while, since I am putting up one question for each post, but please give this your serious consideration. And folks, this is not about politics or smacking down the other side; this is an opportunity to explore the issues of substance for our country. Sad that Congress was not up to it, but maybe we can get the conversation going. Thanks in advance.


16. Do you believe the continued existence of a central bank (the Federal Reserve) that issues fiat money is in the best interests of the U.S.?


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Comments (4)

Been trying to answer all o... (Below threshold)
Mycroft:

Been trying to answer all of these, just to say that I did. For this one, my answer is: "I don't know".

This is officially an answer, but I would have to study the matter to give a proper answer to the question.

Whoa DJ. You're treading in... (Below threshold)
kbiel Author Profile Page:

Whoa DJ. You're treading into Ron Paul territory there.

No, it is not in the best i... (Below threshold)

No, it is not in the best interests of the U.S....but our easy-credit culture would not readily accept a return to a hard-money regime.

Few people comprehend how tightly easy credit -- HELOCs, overdraft accounts, unsecured credit cards with generous spending limits -- is tied to the fiat-money system. Easy credit is premised on fractional-reserve banking. A hard-money system cannot survive in a fractional-reserve legal regime. At this point, Americans would not be willing to give up the convenience of easy credit, even if it meant a permanent end to inflation. So we'd better resign ourselves to the hegemony of the money-engineers of the Fed for a long time to come.

No.... (Below threshold)
WildWillie:

No.




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