I'm not arguing one side or the other of this thread, but there is **so much** disinformation that I have to respond.
The Fed did not invent the idea of Money Lenders loaning money they didn't have.....that's been happening since Medieval Days.....they simply floored the deposits on hand at 20%. Loaning money without any backup resulted in the Great Depression, when we **were** on the Gold Standard.
Understand also, that when you demand the Banks stop "creating money", you have to demand the results on the other side: Consumers receive zero interest for their CD's....the money cannot be lent out with a promise to pay your interest on future profits made by the bank...the bank must hold your money right there; no more institutional mortgages, car loans or emergency loans for Medical Care....whatever is deposited remains where put. Ultimately, you PAY to deposit.....just for the safekeeping.
In short, nobody gets to "buy" anything based on future earnings. I'm all for it.....lived with zero debt since I turned 30. I somehow think most of America would grumble just a bit.....before the economy absolutely tanked.
Money supply can be manipulated by .gov.....just look at Credit Card companies; they loan on ZERO deposits. But Money Supply economics is hardly a device to enrich .gov.
Rich
The gold standard requires just as much faith to operate as the current system and the Fed reserve is working just fine.