Bitcoin mentioned at congressional hearing.

[hashman]

have you actually read this bill?

the bill was to allow open competition for the united states reserve.

What is this "united states reserve" you speak of?  The USA borrows money from the Federal Reserve, a private company.  The USA gave control of the dollar away to them 98 years ago.  

Fundamentalists like Ron Paul say things that sound great, but in reality if someone like Ron Paul or Sarah Palin comes into power you better be independently wealthy or your going to be completely screwed.

So how do you think those two politicians are alike?  Never heard that comparison before, lol.   Ron Paul wants to make it harder for people to rob you.  How is that going to make you more screwed?  The only people that will "screw" is those that want to take your money by inflating the money supply and not letting you have any alternatives.  

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[cablepair]

I keep mentioning ron paul because he was the representative who submitted this lame duck bill.

Bitcoin is a global alternative currency that is useful in ways that traditional currencies are not and I do not see it as direct competitor to the Dollar or any other world currency.

and for the record I love my country and I do not support extremism in any shape or form.

It's obvious you have your own agenda and thats cool, I respect that but One fact you can't deny is that this bill will not pass.

[hugolp]

Isn't federal reserve a company/bank?

The Federal Reserve system is a mixed private/government system. But its mainly a government system, and the monopolly on money is imposed by the government, who delegates its management on the Federal Reserve.

The only tie the US government has to the private Federal Reserve Bank is that it gets to choose the anointed head of the Federal Reserve whom is chosen from a list of the presidents of those private Federal Reserve Banks.

It would be like saying that McDonalds is a government restaurant if the US president was allowed to choose the CEO from a list of 12 vice-presidents.  (and that CEO did not have any special privileges as a majority vote of those 12 VPs would be required to do anything).

You have been misinformed.

First of all, the government gets the benefits the Fed generates. If you want to know who controls a system check who gets the money.

But then what you said is not true. The government chooses the whole Board of Governors of the Federal Reserve. Its important to note that the Board of Governors of the Federal Reserve System is a federal government agency and takes all the decisions on monetary policy in the USA (except open market operations).

The open market operations are decided by the FOMC, that is a board formed by 12 members. 7 are the 7 members of the federal government agency Board of Governors. The other 5 are presidents of the local Feds (the president of the New York Fed permanent, the other 4 rotatory).

The last part of the Federal Reserve system are the local feds. The local feds are a mix of government of private and government agencies but they are mainly government. The boards of the local feds are choosen 1/3 by the federal government, 1/3 by the local governments and 1/3 by the member private banks. So even the local feds, the ones accused usually of being private, are 2/3 government.

Being honest, how can anyone say that the Fed is a private entity? Its mainly a government entity, with a private touch.

[cablepair]

have you actually read this bill?

the bill was to allow open competition for the united states reserve.

What is this "united states reserve" you speak of?  The USA borrows money from the Federal Reserve, a private company.  The USA gave control of the dollar away to them 98 years ago.  

Fundamentalists like Ron Paul say things that sound great, but in reality if someone like Ron Paul or Sarah Palin comes into power you better be independently wealthy or your going to be completely screwed.

So how do you think those two politicians are alike?  Never heard that comparison before, lol.   Ron Paul wants to make it harder for people to rob you.  How is that going to make you more screwed?  The only people that will "screw" is those that want to take your money by inflating the money supply and not letting you have any alternatives.  

please elaborate on how ron paul wants to make it harder for people to rob me? I do not mind paying social security and medicare taxes because my mother is disabled after working her entire life and my grandmother is retired after working for 40 years. Both on social security, and I believe both of them deserve health insurance despite the fact that the only insurance they can afford is the kind they buy from the government (medicare)

[hugolp]

I keep mentioning ron paul because he was the representative who submitted this lame duck bill.

Bitcoin is a global alternative currency that is useful in ways that traditional currencies are not and I do not see it as direct competitor to the Dollar or any other world currency.

and for the record I love my country and I do not support extremism in any shape or form.

It's obvious you have your own agenda and thats cool, I respect that but One fact you can't deny is that this bill will not pass.

The question was why do you keep calling Ron Paul a fundamentalist. You dont need to keep dodging questions. You can answer, nobody is going to do anything to you. I would like to know why do you think Bitcoin is different from "anyone printin their own currency and using it".

And if by having my own agenda means discusing against the use of violence on people to impose one particular currency, then yes. I will discuss with people who has agenda like yours, because I dont understand why you want to use violence on people to impose a currency.

[Elwar]

First of all, the government gets the benefits the Fed generates. If you want to know who controls a system check who gets the money.

The government gets the benefits that McDonalds generates too.

[evoorhees]

and for the record I love my country and I do not support extremism in any shape or form.

Irony: loving a country that was founded by extremists and then denouncing extremism in any shape or form.

Tell me cablepair, what is it you love about America? Do you love the government? Or the people? Or the land? Or the freedom? Or do you just enjoy saluting the flag because it happens to be the one you were born under?

I love the principles upon which America was founded, but I hate the government. Am I a patriot, or an extremist?

[Elwar]

and for the record I love my country and I do not support extremism in any shape or form.

Irony: loving a country that was founded by extremists and then denouncing extremism in any shape or form.

Tell me cablepair, what is it you love about America? Do you love the government? Or the people? Or the land? Or the freedom? Or do you just enjoy saluting the flag because it happens to be the one you were born under?

I love the principles upon which America was founded, but I hate the government. Am I a patriot, or an extremist?

I'm proud to be an American where I used to be free! God Bless the USA!!!

collectivism is ugly

be an individual

[mizerydearia]

* mizerydearia cuts out eyes x_x

[Bert]

I suspect that the H.R. 1098 bill will be passed, because only very rich people hold any significant amounts of gold/silver. And if it passes, their gold/silver will suddenly be worth double, triple or a hell of a lot more.

[Elwar]

I suspect that H.R. 1098 will pass, because only very rich people hold any significant amounts of gold. And if it passes their gold will suddenly be worth double, triple or a hell of a lot more.

The value of their gold would go up by the same percentage as the value of the gold that you have.

The value of Bitcoin would also go up.

[JohnDoe]

have you actually read this bill?

the bill was to allow open competition for the united states reserve. Anyone can just start printing up their own money and using it. its madness and it would never work.

Yes, I've read it. Now could you explain why it is madness and would never work?

Btw, by using Bitcoin you are doing the same thing this bill wishes to legalize, only on a really small scale. So by your logic you are an extremist, you just didn't know it.

[hugolp]

First of all, the government gets the benefits the Fed generates. If you want to know who controls a system check who gets the money.

The government gets the benefits that McDonalds generates too.

The benefits that McDonals generate dont go to the government. McDonals pays taxes.

The benefits that the Federal Reserve System generates go to the government.

Look, youve been told different and dont want to believe a guy in the Internet. I understand and I think its a healthy attitude. Go check for yourself the USA law. Check for yourself if what Ive told you is true or not. You will see that Ive told you the truth.

I suspect that the H.R. 1098 bill will be passed, because only very rich people hold any significant amounts of gold/silver. And if it passes, their gold/silver will suddenly be worth double, triple or a hell of a lot more.

This law wont pass. In that I agree with the guy that advocated violence. If you want to bet I accept.

[Elwar]

The benefits that McDonals generate dont go to the government. McDonals pays taxes.

The government gets the same benefit from McDonalds that they get from the Federal Reserve. They get a product that they can buy.

Whether that is hamburgers for Congress or dollars for the US Mint. They are both products, paid for by the government to private entities.

[johnj]

Whether that is hamburgers for Congress or dollars for the US Mint. They are both products, paid for by the government to private entities.

 

[hugolp]

The benefits that McDonals generate dont go to the government. McDonals pays taxes.

The government gets the same benefit from McDonalds that they get from the Federal Reserve. They get a product that they can buy.

Whether that is hamburgers for Congress or dollars for the US Mint. They are both products, paid for by the government to private entities.

No, legally they are different things. And in real life they are quite different as well.

A corporation in the USA pays as taxes a percentage of their benefits. The USA has one of the highest corporate rate in the world (the first or the second if I recall correctly) and it is something over 20%. The Federal Reserve gives their benefits to the government. There is a big difference.

Also, the Fed is not private. Mcdonal is.

[Elwar]

Whether that is hamburgers for Congress or dollars for the US Mint. They are both products, paid for by the government to private entities.

 

US Congressman buying from McDonalds:

[Elwar]

The Federal Reserve gives their benefits to the government. There is a big difference.

The Federal Reserve just gives their money to the government at cost!?!? How nice of them.

If I was them I would charge interest....

oh that's right...they do

[hugolp]

The Federal Reserve gives their benefits to the government. There is a big difference.

The Federal Reserve just gives their money to the government at cost!?!? How nice of them.

If I was them I would charge interest....

oh that's right...they do

Do you realize that the interest that the Fed charges to the government is not real? The Fed charges the government interest on the gov debt that it holds. That money is benefits for the Fed. The benefit of the Fed goes back to the government. So what the government pays, the government gets back. Its not real.

Look, you should look to the original sources and make up your mind. I will have to leave it here.

[Bert]

... snip ...
Also, the Fed is not private. Mcdonal is.

Did you watch the video in the OP ?
The bill is to allow the US government to work around the issues caused by a privately held company which they can't control to protect the US people.