Posted on 06/18/2007 7:12:19 PM PDT by BlackJack
H.R. 2755: To abolish the Board of Governors of the Federal Reserve System and the Federal reserve...
To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.
(Excerpt) Read more at govtrack.us ...
Quote from jefferson:
“If the American people ever allow private banks to control the issue of our currency, first by inflation, then by deflation, the banks and the corporations that will grow up will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing of power should be taken from the banks and restored to the people, to whom it properly belongs.”
What a fool. He’s making a joke of himself, and he’s the only one who doesn’t get it.
Only problem with that is that "the people" means Congress. They got us surrounded.
Doing the same thing over again expecting different results=insane.
who is he? What’s his last name? (snort)
Didn’t Andrew Jackson do pretty much the same thing towards the end of his presidency? Killed the Federal bank, but it made no difference, or just wasn’t the threat that he believed it to be?
RuPaul PING!
Wish he’d after the I. R. S.. That would be a better target.
Right, because, I mean, we need a federal agency to set the price of money. That jives really well with the rest of our "conservative" beliefs.
There, fixed it.
Really, since I don't see any other Congressmen proposing this, I'd say he is the only one who understands the big picture.
I support his allegiance to the constitution and his patriotism. His bill should make for interesting debate...that is if Republicans don’t pull a liberal tactical maneuver and kick him out of the debates. Many freepers certainly could learn something about the constitution from him.
After the third glass of wine, your post is pretty funny. Thanks.
>>What a fool. He’s making a joke of himself, and he’s the only one who doesn’t get it.<<
I’m glad Ron Paul is up front about this kind of thing. He talks such a good game and brings so many good issues into discussion that if he concealed the nutty finance and isolationist international ideas he might get elected.
I'd suggest you read a bit more. Start with Whatever Happened to Penny Candy? Next pick up the Anti-Federalist Papers, then Bastiat, and continue on through von Mises, Chodorof and Rothbard.
You’re the only one that doesn’t get it. :o(
May your chains rest lightly...
Abolishing the fed would be the greatest thing that could happen to this country. Don't condemn a decent man for calling attention to congress' Treason.
Problem is, Paul doesn’t seem to have a clue about the Fed is organized and run.
He claims that: In addition, the Federal Reserve, our central bank, fosters runaway debt by increasing the money supply — making each dollar in your pocket worth less. The Fed is a private bank run by unelected officials who are not required to be open or accountable to “we the people.”
The only problem is that the Fed is not private. While it is a quasi public-private organization, the 7 members of the Board of Governors are appointed by the President and confirmed by the Senate. The Federal Open Market Committee, which is the key tool with respect to monetary policy is a 12 member group, consisting of the Board of Governors, the President of the NY Fed, and 4 other Fed Presidents on a rotating basis. Thus, control is ultimately in the hands of the Government appointed Governors.
Further, since the Fed was created by an Act of Congress, they could be abolished with a simple stroke of the pen.
Please, I just hope no one spouts the garbage about the Fed hoarding all the profits they earn on their Treasury buying, selling and interest earnings...
This is interesting.
And in other news, future Ron Paul sponsored legislation includes:
- The Pony Express Preservation Act. There is an urgent need to increase the number of horses and ponies for the use of the United States Postal Service, and this bill will provide tax credits for all horse breeders who provide equine conveyances for the benefit of the U.S.P.S. Neither rain, nor snow, nor dark of night.
- Steam Locomotive Fuel Initiative. This bill will encourage American families to donate a lump of coal to the railway carrier of their choice, so that clean, coal-burning steam locomotives can remain viable for transporting people and cargo across our great Land.
- Emergency Telephone Repair Act. This legislation addresses the vital need for Americans to be able to summon emergency services to their home should their telephone cease to function properly. The ETRA will provide to every American telephone user a technical schematic demonstrating how to construct an improvised crank for their telephone should the standard crank break off or cease to ring the operator properly.
Congressman Ron Paul. The right man for the right time.
If you don’t mind that time being the year 1901.
1913 - the worst year of the “Progressive” era.
Wilson inaugurated
16th Amendment Ratified
17th Amendment ratified
Federal Reserve created
Interesting post...don’t agree with it, but interesting none the less. Name one ‘purported appointee’ that has ever been turned down by Congress.
Dog and Pony; Bread and Circus; take your pick. The Federal Reserve is private and they have the key to the printing press.
No, Andy, YOU are the one who “doesn’t GET it.”
And, thanks to folks such as yourself, America continues its slide into the abyss of an elite controlled state socialism.
Do you know why these clowns in DC no longer listen to us? It’s because they no longer NEED us to finance the purchase of the chains our kids and grandkids will wear. Except to suck excess currency and credit out of the economy every April 15th, they don’t need OUR “money:” THEY PRINT ALL THEY NEED VIA THEIR HANDMAIDENS AT THE FED.
The Founding Fathers understood the danger of a central bank and TRIED to prevent what we have allowed to happen here.
Sorry you do not.
>>>While it is a quasi public-private organization, the 7 members of the Board of Governors are appointed by the President and confirmed by the Senate.
What about their affiliate, Cede & Co. (The Depository Trust Company)?
I must note that your position on monetary matters appears to be contradictory to the view expressed in your tagline.
Suffice it to note that inflation of currencies is directly related to uneconomic investments, of which war is the prime example, whether that war be on foreign armies or domestic targets.
Of course, the “price of aggression” is cheap when the debt is left for others to pay.
I’m not a Ron Paul supporter - he refuses to acknowledge the historical world - international politics is not a board-game.
However, American-style socialism, of which the Fed is an integral part, is doomed to fail, just like the other socialist models. Why would anyone believe any differently?
Restored your accidental ommisions.
If Ron Paul wants to exist in an unregulated monetary system, then please every couple of years he should put on sackcloth and sit in ashes to get the full effect of what can happen.
The Forgotten History of Money
This is the fascinating story of the efforts by certain of the Founding Fathers to prevent the economic distress we find all about us today. It is also a sad story on the basis that modern, “sophisticated” Americans have abandoned the corrective institutional mechanism that remains in place to this day. As you read it, think about a world with many fewer S&L, banking and political scandals and economic problems now considered the norm.
“Blood running in the streets. Mobs of rioters and demonstrators threatening banks and legislatures. Looting of shop and home. Strikes and unemployment. Trade and distribution paralyzed. Shortages of food. Bankruptcies everywhere. Court dockets overloaded. Kidnappings for heavy ransom. Sexual perversion, drunkenness, lawlessness rampant. The wheels of government are clogged, and we are descending into the vale of confusion and darkness. No day was ever more clouded than the present. We are fast verging on anarchy and confusion. (George Washington in a 1786 letter to James Madison, describing the effects of fiat paper money inflation then ravaging America in the pre Constitutional period.)
“The annihilation (of the paper money) was so complete that barber shops were papered in jest with the bills; and sailors, on returning from cruises, being paid off in bundles of this worthless money, had suits made of it, and with characteristic lightheartedness, turned their loss into frolic by parading through the streets in decayed finery which in its better days had passed for thousands of dollars.” (Contemporary writer, Breck, 1786)
“Paper money polluted the equity of our laws, turned them into engines of oppression, corrupted the justice of our public administration, destroyed the fortunes of thousands who had confidence in it, enervated the trade and husbandry, and the manufactures of our country, and went far to destroy the morality of out people.” (Peletiah Webster, 1786)
At the drafting of the U.S.Constitution, there were many “Friends of Paper Money” present. On August 16, 1787, when the discussion arose on Article 1, Section 8, the proposed wording was this: “The Legislature of the United States shall have the power to...coin money...and emit bills of credit of the United States.”
A hot argument ensued on the power to emit bills of credit, which is another way of saying “printing paper money”.
Here are the actual words James Madison wrote describing the debate in his diary: “Mr.G.Morris moved to strike out *and emit bills of credit.* If the United States had credit, such bills would be unnecessary; if they had not, unjust and useless.
MADISON: Will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.
MORRIS: Striking out the words will leave room still for notes of a responsible minister which will do the good without the mischief. The monied interest will oppose the plan of the Government, if paper emissions be not prohibited.
COL.MASON: Though he had a mortal hatred to paper money, yet as he could not foresee all emergencies, we was unwilling to tie the hands of the Legislature [Legislature = Congress].
MR.MERCER:(A friend to paper money) It was impolitic...to excite the opposition of all those who were friends to paper money.
MR. ELSEWORTH thought this was a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By withholding the power from the new Government, more friends of influence would be gained to it than by almost anything else...Give the Government credit, and other will offer. The power may do harm, never good.
MR.WILSON: It will have a most salutary influence on the credit of the United States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered, and as long as it can be resorted to, it will be a bar to other resources.
MR.READ thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelation.
MR.LANGDON had rather reject the whole plan than retain the three words *and emit bills*”.
The motion for striking out carried.
Historian George Bancroft later wrote: “James Madison left his testimony that *the pretext for a paper currency, and particularly for making the bills a tender, either for public or private debts, was cut
off.* This is the interpretation of the clause, made at the time of its adoption by all the statesmen of that age, not open to dispute because too clear for argument, and never disputed so long as any one man who took part in framing the constitution remained alive.”
ROGER SHERMAN(1721 1793)should be a name familiar to every American. As familiar as Washington, Madison, Jefferson and Adams. He is the only man to have signed all 4 documents surrounding the formation of the United States of America: The Continental Association of 1774, The Declaration of Independence, The Articles of Confederation and The United States Constitution. He was a Judge of the Superior Court in New Haven, Connecticut, serving that office with distinction from 1766 until 1788. He served as Treasurer of Yale University from 1765 to 1776. He was renouned for his high intelligence and unswerving honesty and was described by John Adams “as honest as an angel and as
firm in the cause of American independence as Mount Atlas.” He served in the U.S.Senate from 1791 until his death in 1793.
Why is Roger Sherman*s name unfamiliar? HE WAS AN ENEMY OF PAPER MONEY!! In 1751, Roger Sherman and his brother William sued James Battle for paying a debt to their shop in New Milford, Connecticut, in depreciating paper currency. Over a period of 15 months, Battle had charged “divers wares and merchandizes” amounting to 129 pounds of what
Sherman assumed were pounds of Connecticut “Old Tenor”, a stable currency whose value were well preserved by taxation taking it out of circulation. But Battle assumed the debt was denominated in pounds of ever depreciating Rhode Island currency, tendered in same, and the Shermans took a beating in the payment and sued for recovery of loss by depreciation. The Shermans lost when Battle argued that he was merely following the accepted custom of the day. In 1752, Sherman wrote his book “A Caveat Against Injustice or An Inquiry into the Evils of a Fluctuating Medium of Exchange” indicting UNBACKED PAPER MONEY.
It was this experience that Sherman brought to the Constitutional Convention and prompted him to rise on August 28,1787 and propose new, more restrictive wording to Article 1,Section 10. The standing version under consideration was worded this way: “No state shall coin money; nor grant letters of marque and reprisal; nor enter into any Treaty, alliance, or confederation; nor grant any title of Nobility.” (From Madison’s Notes of the Convention) “Judge Sherman and Mr. Wilson moved to insert the words *coin money* the words *nor emit bills of credit, nor make any thing but gold and silver coin a tender in payment of debts* making these prohibitions absolute, instead of making the measures allowable with the consent of the Legislature of the U.S. Mr. Sherman thought this a FAVORABLE CRISIS FOR CRUSHING PAPER MONEY. If the consent of the Legislature could authorize emissions of it, the friends of paper money would make every exertion to get into the Legislature in order to license it.” Mr. Sherman*s and Mr. Wilson*s motion was quickly agreed to and became the supreme law of the land.
Some additional quotations to ponder:
“All the perplexities, confusion and distress in America arise not from defects in the constitution or confederation, nor from a want of honor or virtue so much as from downright ignorance of the nature of coin, credit and circulation” (John Adams in a letter to Thomas Jefferson, 1787)
“I deny the power of the general government to making paper money, or anything else, a legal tender.” (Thomas Jefferson)
“You have been doubtless been informed, from time to time, of the happy progress of our affairs. The principal difficulties seem in great measure to have been surmounted. Our revenues have been considerably
more productive than it was imagined they would be. I mention this to show the spirit of enterprise that prevails.” (George Washington in a letter to the Marquis de LaFayette, June 3, 1790 AFTER the United States Constitution prohibited unbacked paper money at Article 1, Section 10)
“Since the federal constitution has removed all danger of our having a paper tender, our trade is advanced fifty percent. Our monied people can trust their cash abroad, and have brought their coin into circulation.” (December 16, 1789 edition of The Pennsylvania
Gazette)
“Our country, my dear sir, is fast progressing in its political importance and social happiness.” (George Washington in a letter to the Marquis de LaFayette, March 19, 1791)
“The United States enjoys a sense of prosperity and tranquility under the new government that could hardly have been hoped for.” (George Washington in a letter to Catherine Macaulay Graham, July 19,1791)
“Tranquility reigns among the people with that disposition towards the general government which is likely to preserve it. Our public credit stands on that high ground which three years ago would have been
considered as a species of madness to have foretold.” (George Washington in a letter to David Humphreys, July 20, 1791)
“It is apparent from the whole context of the Constitution as well as the times which gave birth to it, that it was the purpose of the Convention to establish a currency consisting of the precious metals.
These were adopted by a permanent rule excluding the use of a perishable medium of exchange, such as certain agricultural commodities recognized by the statutes of some States as tender for debts, or the still more pernicious expedient of PAPER CURRENCY.” (Andrew Jackson, 8th Annual Message to Congress, December 5, 1836)
DESPITE WHAT YOU WERE TAUGHT IN SCHOOL, THE HISTORICAL RECORD IS CRYSTAL CLEAR: AMERICA WAS TO HAVE BEEN SPARED THE DESTRUCTIVE EFFECTS OF AN UNBACKED PAPER MONEY SYSTEM. MOST OF THE PROBLEMS WE FACE TODAY CAN BE TRACED TO WHAT ANDREW JACKSON CALLED “THE PERNICIOUS EXPEDIENT OF PAPER MONEY”.
HISTORY TEACHES THAT AN “ARTIFICIAL” MONEY CREATES AN “ARTIFICIAL” WORLD WHERE THE PRICE FOR SOME ITEM...EVEN OUR MOST POPULAR WELFARE “PROGRAM”...CAN BE DEFERRED TO FUTURE GENERATIONS (OUR $11 TRILLION
NATIONAL DEBT) OR PAID WITH A “MONEY” CREATED OUT OF THIN AIR WHICH ROBS THE VALUE FROM THE MONEY WE MIGHT BE UNFORTUNATE ENOUGH TO HAVE IN OUR POCKETS AT THAT MOMENT (INFLATION). AND ONE THING YOU MUST REMEMBER ABOUT INFLATION IS THAT IT IS NOT AN “EQUAL OPPORTUNITY” DESTROYER: THOSE FIRST IN LINE TO GET THEIR HANDS ON THE NEW MONEY ROLLING OFF THE PRESSES (THE MODERN FRIENDS OF PAPER MONEY) HAVE A CHANCE TO SPEND IT BEFORE IT LOSES ITS VALUE. THE LITTLE PEOPLE (THAT’S US, FOLKS!) FARTHEST DOWN THE LINE ARE THE ONES WHO FEEL THE FULLEST EFFECTS OF THIS DESTRUCTIVE PROCESS.
Our monetary system could be better ‘regulated’ by simple penal statutes, rather than the buddy system.
Jackson was a hero after he exposed the corruption in
the second US Bank. The bankers tried to crash the economy
by calling loans. Jackson called the bankers a den of vipers lol.
The bankers tried to assasinate him...but the killer had 2
pistols and they both misfired!
Jackson was a great great man.
I can’t wait until he drops out.
Yes he did. It did make a difference until the Federal Bank was reserected, and passed in 1913.
A similar article was posted earlier, but if you want to make absolutely sure everybody knows what a flake Ron Paul is, then be my guest.
Ron Paul is far from a decent man.
Really?
Pray, tell, what are the full effects of an unregulated monetary system?
Because now that we’ve had two asset class bubbles in less than 10 years (the .bomb and now real estate, both caused by interventions by the Fed in the money supply), I’m unsure just what full effects of an unregulated money supply backed by metal could be worse. Would you care to explain?
And please, use historical events in the US to provide examples. After (if) you have done so, I’ll enumerate the failures that have occurred with the Federal Reserve in place, starting with the Great Depression, and we’ll have a grand old time comparing just how dark the sackcloth should be and how deep the pile of ashes is.
The Federal reserve is a private bank.
As Ben Franklin stated the reason for the American Revolution had
nothing to do with a stamp tax. In 1765 the Bank of England had
Parliament pass a Bill to outlaw the colonies from creating their
own currency. The booming colonial economies went into a
depression because BOE did not send enough minted British
controlled currency to facilitate the buying and selling of goods.
After 10 years of depression the colonies exploded in revolt
becuase the only way we could get prosperity back was to
break from UK and get independence ...so we could control
our economic destiny.
Its all about money. Money is power.
The power to create money is the most important power in the
modern world. Private central bankers run the world.
They foment wars because war is not just big business, its the
biggest business there is. Governments go deep into debt to
fight wars.
When the civil war started Lincoln needed a lot of
money fast. London bankers offered him all the money he needed
at an interest rate of 30%! Lincoln refused to put the US in hock
to European bankers. he had treasury print greenbacks...thats
where the term comes from. We had no debt to pay off after
the civil war.
Get back on your meds mkjessup!
This as I understand it would have taken the creation of money and the benefits that accrue to the money printers out of the hands of the private Federal Reserve and back into the hands of Congress. Both were assassinated shortly thereafter.
I’d certainly vote for abolishing the Federal Reserve Bank. Most Americans think that it is an agency of the government. In fact, the Fed is owned by private bankers, such as Rockefeller, Morgan, Rothschild, etc. They get a guaranteed 6% profit on all government bond sales. Many countries have eliminated private ownership of their central banks, and we should too.
It’s too bad that it takes Ron Paul to have the balls to take on this issue...
“Right, because, I mean, we need a federal agency to set the price of money. That jives really well with the rest of our “conservative” beliefs.”
God forbid we let the market set interest rates?
I guess we know what you are now.
One doesn’t have to agree with all his positions (I surely don’t) to understand that he is a decent man.
>>>They foment wars because war is not just big business, its the biggest business there is. Governments go deep into debt to fight wars.
http://www.ibmandtheholocaust.com/BadArolsenArticles.php
Excerpt:
...but also how big corporations, insurance companies profited. What’s more, the evidence of IBM’s involvement in the day to day victimization of Europe is only further magnified with thousands of new documents.
No you don't. I don't think Paul is a decent man. I have watched him for years and frankly, I can't stand the fool. Any idiot can vote no on every bill.
Ah, ok. Really was a threat then. If I remember correctly, Jackson beat the would-be assassin with his cane. Never been to sure about the Federal Reserve. Definitely don’t think it’s in the same league as the second US Bank, in terms of sheer villainy. Either much less, or much more.
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