Repubicanism is a grouping of losely based ideologies, similiar to libertarianism. What you are referring to is the Republican Party. Not what I'm talking about. Despite being an economic conservative and overall geopolitical interventionist, I despise the Republican party and would have to agree that the Democratic Party is the less of two evils.Give me a break.
PS: Abolishing the fed would probably result in what went on before the Fed. More frequent and more severe recessions. There is nothing wrong with the Fed on paper, just in practice. It's the people running it that's the problem, not the institution. However, people say their failing at their job. They're not. The Fed has become a political entity that is meant to make the people feel better. It's succeeded at that, long term growth be damned.
Having a federal reserve is a necessity to be a reserve currency and, regardless, has still done a decent job of easing the recession. Granted, I would have preferred a total collapse since that would force changes through quickly instead of letting people feel like everything's okay and slow train-wrech/decline in the same way that real life would provide a swift kick in the ass for a lazy graduating college student used to living in a shell as opposed to mommy and daddy easing them into self-sufficiency. If that had happened, we'd almost surely have made necessary changes years ago and this generation would be been forced to actually develop some character. But, really, I'm not sure the average human being that is more worried about relationships and various kinds of emotions would be able to handle that and would prefer an easier transition with worse long term prospects over a sudden, painful jolt. Cue socialist destroyers under the guise of populist saviors.
The Fed is overall, a good thing, as an instiution. However, it's practices only inflate bubbles we know to be skewed because, hey, when creatures opposed to hardship advance enough in development to be able to regulate their own environments, why wouldn't it chose the easier way instead of the right way? Also, asset purchases and zero interests rates help those that own assets exponentially more than those that don't. Republicans bitch about the Fed and QE but they're by far the primary beneficiaries. Oh well, lazy people wanted what seemed to be the easy way out, I'll just reap the benefits of their ignorance. Again, thank you stupid people.
Oh dear, I'm ranting again. Long story short. The fed is a necessity. Anyone that tells you different is probably one of those people that lose their ass in the stock market and constantly predict market movements wrong but still think they're hot shit and know better than everyone else because they stick to some ideology they think is more disciplined or whatever. That's why its such a common belief. People are born to be emotional, right hemisphere creatures and society can only do so much to change that.
While we're on the subject, the gold standard is much the same thing. More frequent, but more severe recessions. As long as the currency is backed by sound policy and a stable populace, it's superior to the gold standard. Just ask Spain or 1800's America.





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