A Sinking Feeling Over The Dollar

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RosaliaD

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I noticed in the news today that the dollar is sinking. I believe one of the main reasons for this is our Federal Reserve System. This system prints paper money which is backed by nothing. I believe that the Federal Reserve System is a dishonest system, a structure of sin, if you will, which is causing inflation at will and causing undue financial burdens for working people and their families. As a Catholic this is a major cause of concern for me.

washingtonpost.com/wp-dyn/content/article/2007/11/07/AR2007110700574.html?hpid=moreheadlines
 
RosaliaD said:
I noticed in the news today that the dollar is sinking. I believe one of the main reasons for this is our Federal Reserve System. This system prints paper money which is backed by nothing. I believe that the Federal Reserve System is a dishonest system, a structure of sin, if you will, which is causing inflation at will and causing undue financial burdens for working people and their families. As a Catholic this is a major cause of concern for me.
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Why is this a concern ‘as a Catholic’?

Should Muslim’s, Jew’s or Buddhist’s be as concerned?🤷
 
iamrefreshed said:
Why is this a concern ‘as a Catholic’?

Should Muslim’s, Jew’s or Buddhist’s be as concerned?🤷
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I just mean that as Catholics we are taught by Christ to care for the poor. But of course, people of other faiths are also very concerned about the poor.
 
The dollar has been over inflated for many years. The devaluation of PAPER (our money is only just that paper) will make items produced beyond our borders more expensive and our own produced goods cheaper. So this is not necessarily a bad thing in the long run for the poor in this country. It could lead to more jobs for our own country.
 
KathleenElsie said:
The dollar has been over inflated for many years. The devaluation of PAPER (our money is only just that paper) will make items produced beyond our borders more expensive and our own produced goods cheaper. So this is not necessarily a bad thing in the long run for the poor in this country. It could lead to more jobs for our own country.
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Exactly. Exports are growing to record levels.
 
I cant say I feel bad about the sinking American dollar as a Canadian, I find it quite funny actually. In the 90's I spent quite a bit of time in America and put up with all sorts of comments like, "we dont want your Canadian pesos" and other remarks to that affect. Now that the shoe is on the other foot, it would be good to go to America and rub it in a little bit. But that wouldn`t be charitable now would it…🙂
 
Our interest rates are dropping while many in the world are rising. So our money gives less return than other currencies, which devalues it. It’s a law of economics, and it 's not a major concern to me…
 
I am also concerned with the Fed’s policies. Even if you are unconcerned about the dollar’s decline in value relative to other currencies, the dollar’s purchasing power at home has been steadily declining which should be of some concern. Bernanke himself wouldn’t be foolish enough to deny the Fed’s role in this hidden tax, yet the Fed retains a free reign to do as it pleases with our money supply. I think our current monetary policy needs to be reexamined, the sooner the better.
 
Bresinain said:
I cant say I feel bad about the sinking American dollar as a Canadian, I find it quite funny actually. In the 90's I spent quite a bit of time in America and put up with all sorts of comments like, "we dont want your Canadian pesos" and other remarks to that affect. Now that the shoe is on the other foot, it would be good to go to America and rub it in a little bit. But that wouldn`t be charitable now would it…🙂
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Yeah, with concern of the sinking dollar, I say take your goods and keep 'em. 😃 Plus take our goods, too. With the exchange rate your goods costs too much, and ours are too cheap for you.

We are taking on too much debt in the States. It’s a bit like taking a steroid treatment. The affects are widespread; it might help one thing out, but causes a lot of side effects. You cannot stop all at once, but must taper it off. Not just the consumer, but the government. If we stop buying stuff, the economy will just come crashing down, but we do need to taper it off, and become more efficient at using the goods we buy. The 3Rs are not just good ecologically, but economically.
 
RosaliaD said:
I noticed in the news today that the dollar is sinking. I believe one of the main reasons for this is our Federal Reserve System. This system prints paper money which is backed by nothing. I believe that the Federal Reserve System is a dishonest system, a structure of sin, if you will, which is causing inflation at will and causing undue financial burdens for working people and their families. As a Catholic this is a major cause of concern for me.

washingtonpost.com/wp-dyn/content/article/2007/11/07/AR2007110700574.html?hpid=moreheadlines
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Many people have objected to the Federal Reserve System on much the same grounds that you raise.

Keep in mind that the Federal Reserve System was started prior to World War I. Some folks maintain it was created for the purposes of funding that war. Folks have made claims about the Fed being a private bank (not a government bank) and that the Illuminati is at work … in other words, a lot of conspiracy theories involving secret meetings with Colonel House, etc, etc, etc. There are dozens of books about all the back-stage maneuvering. How true any of this is, is open to speculation.

Other folks have created a linkage between the Federal Reserve Bank and the Federal Income Tax.

The U.S. currency has, in fact, lost a huge amount of its buying power since the Federal Reserve was started.

Nowadays with computers, it is easier than ever for governments to engage in inflation-producing financial deals. And ordinary citizens have only very limited ways to keeping track of it.

ON THE OTHER HAND, prior to the Fed, there were bank scandals and panics and depressions and recessions going on all the time and people wanted it to stop. A review of the financial history of the United States shows all kinds of problems going on all the time. And this is not limited to the United States. It’s been going literally forever. The idea of debasing the currency goes back to the days when they used to “clip coins” (steal bits of coinage by slicing off the edges), which is why they starting “milling” the edges of coins … so you could see if they had been clipped or not.

It’s worth studying in its historical context, because it would let you sleep better at night.

However, to my knowledge, the Catholic Church has never been able to come up with any kind of better or more equitable system.
 
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Yes, but since its inception, the Fed has presided over the crashes of 1921 and 1929, the Great Depression of 1929 to 1939, recessions in 1953, '57, '69, '75 and '81; a Stock Market Black Monday in 1987 and a 1000% inflation which has destroyed 90 percent of the dollar’s purchasing power. By 1990, an annual income of $10,000 was required to by what took only $1,000 in 1914. That incredible loss in value was quietly transferred to the Federal Government in the form of hidden taxation, and the Federal Reserve System was the mechanism by which it was accomplished. Inflation has been engineered to be a hidden tax.
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