Skip to comments.H.R. 2755 to Abolish the Federal Reserve
Posted on 06/18/2007 12:02:56 AM PDT by keyd
If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, where as the currency pays nobody but those who contribute directly in some useful way. Is it absurd to say that our country can issue $30 million in bonds and not $30 million in currency? Both are promises to pay, but one promise fattens the usurers and the other helps the people. - Thomas Edison
Banking was conceived in iniquity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit, and, with a flick of the pen, they will create enough money to buy it all back again. Take this power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this world would be a happier and better world to live in. But if you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit. - Lord Stamp, Director of the Bank of England, 1940
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit.
We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men. - Woodrow Wilson, 1919 (Referring to the Federal Reserve and the transition to a debt-based economy)
The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-21, 1929-33 and 1937-38. No other period in American history contains as many as three such severe contractions. This evidence persuades me that at least a third of the price rise during and just after World War 1 is attributable to the establishment of the Federal Reserve System and that the severity of each of the major contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve Authorities Any system which gives so much power and so much discretion to a few men, (so) that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers. - Milton Friedman, Nobel Prize winning economist.
Presidential candidate and Congressman Ron Paul (R-TX) introduced H.R. 2755 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. This legislation would help to restore the U.S. Constitution, which mandates that only Congress can coin money (Article I, Section 8, Clause 5), and that US debts be settled in silver and gold Article I, Section 10, Clause 1).
This is the second time he has introduced legislation.
Given that one out of six Americans works for government (local, state and federal) or an organization/corporation that receives the majority of its revenues from government, it is easy to see why this news isnt considered newsworthy for the mainstream press. Government workers are dependent upon the printing presses. Politicians certainly dont want the dissolution of the Fed. They borrow money from the bankers and make your great grandchildren pay interest on the debt so they can bring home the pork. You did not participate in these loans, you receive no financial benefit from these loans, nor did you sign any contracts making you responsible for the debt, but you and future generations will be forced to pay until Congress dissolves the Fed or there is revolution. There is no other choice.
Why does Ron Paul persist in acting like such a grown-up?
America is still enjoying the Great Credit Party, and Ron Paul comes in and says it’s time to go home. sheesh.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
God bless him and I hope he’s successful, unfortunately it’ll be Ron Paul against the Congress once again. Congress sold control of the US dollar to the Rockefellers and Morgans a long time ago, and our representatives today are 10 times as corrupt as they were back then.
“I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power should be taken away from the banks and restored to the people to
whom it properly belongs.”
- President Thomas Jefferson
“History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible to maintain control over governments by controlling the money and the issuance of it.”
- President James A. Madison
“We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.”
- David Rockefeller, June 1991 - Baden, Germany
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.
Everyone here needs to view there movie.
America: Freedom to Fascism
Stop the polarization of America
Stop the domination of the Democratic and Republican parties over our political system
Shut down the Federal Reserve system
Return America’s gold to Fort Knox and have it audited
Have Congress and the IRS, in a public forum, reveal the law that requires Americans to pay a direct, unapportioned tax on their labor.
Make computerized voting illegal in all 50 states
Keep the internet free and out of the control of large institutions
Rescind the law called the Real ID Act so Americans never have to carry a National ID Card
Make it illegal to implant RFID chips in human beings
Educate juries to the fact that they have the right to determine the law as well as the facts of a case
Educate juries to the fact that they are not obligated to follow the instructions of a judge
Stop Globalization because it is the path to a one world government
Protect our borders
Restore the environment
Put an end to the Patriot Act
Sign up millions of Americans so we can accomplish our objectives
1. Who owns the member banks of the Fed/Reserve?
2. Since our money is not backed by anything of intrinsic value, what purpose does the gold reserve in Ft. Knox serve?
3. It is said that the Fed/Res is a “quasi” governmental institution. Which part is governmental?
4. If the Chairman of the Fed/Res decides to raise or lower interest rates, can anyone say no to him?
5. Foreign holders of dollars can exchange them for gold. Why can’t U.S. citizens do the same?
6. What causes inflation?
7. The President appoints the Chairman of the Fed/Res but who picks the nominee?
8. Why must the money be processed through the Fed/Res?
9. Who sets the amount of money a bank must hold in surplus assets?
The USD serves me as a measurement of inflation and as a vehicle to buy investments that cancel out or exceed that inflation.
And that inflation is way more than 3%, but the Fed has its way of measuring things and I have mine - the USD.
Seriously, the Federal Reserve is a private corporation. It may volunteer to return the unused profits of lending money it creates out of thin air to the government, but the shareholders are the National Banks and not the people in whose name the money incurs an obligation, the taxpayers of the United States.
If the Federal Reserve, as it has in the past, sets off to destroy the value of the currency by “borrowing money into circulation” (how the money is created out of thin air), the sad truth is that government has given up the ability to stop it.
But far worse, is that there is no free market in the shares of the Federal Reserve, a private corporation. If Congress wanted to re-assert full control of the Fed by purchasing its stock back, how would you “mark to market” the value (in terms of dollars) the company that has the monopoly on creating dollars?
The dirty secret here is that Congress and spend-happy presidents are addicted to the river of money that this illicit structure makes possible. The Federal Reserve, and supporters of fiat money/central banking, hoodwink us into thinking we are better off with deliberate inflation. What else should we call a “targeted” rate of inflation of 2%? It makes possible borrowing without ever having to repay. Why repay when you can inflate debt away?
But what happens when the Federal Reserve creates money? It is counterfeiting a proportionate fraction of our wealth, and to this extent, when the Fed creates money, it allow government to purchase goods and services from the very citizens who created the wealth upon which the money supply is based. Because government benefits when it counterfeits tokens of our wealth, the Federal Reserve facilitates grandest theft of private wealth in human history.
No Big Spender nor supporter of big and Bigger government will give Paul’s bill the time of day.
What is the date on those questions?
It would have to be before Nixon closed the gold window back in the early 1970’s.
Then he should have called for the abolishment of the Treasury. Ron Paul is a kook.
Where is it incorporated?
One of the main reasons Congress created the Federal Reserve was so it wouldn't have to rely on rich people like Morgan to bail out our financial system.
Where’s the text of the bill? Or is this it: “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?”
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit.The only truth to his statement is that he "unwittingly ruined" his country, only it had nothing to do with the Federal Reserve: he did it by nationalizing the railroads, which effectively nationalized coal, power, automobile, and other industries that were dependent upon the rails.
What upset him about the Federal Reserve was that it prevented him from formally nationalizing the banking industry, as well.
Thank you for posting this article. The country owes you a debt of gratitude for exposing another one of Ron Paul’s goofy ideas. The more people aware that this man is a loon, the better.
If you understood how the monetary policy works, you would understand that the treasury and fed are not the same thing and that what Ron Paul is trying to do, is give the treasury back the power it once had before 1913. Similar to e.o. 11110 introduced by kennedy...do some research before you speak...otherwise you just sound like a kook
was kennedy a loon?....know what you speak of, before you speak of it.
Any bank using the phrase, “National Bank” in its name must be a member of the Federal Reserve System. They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers savings account and checking account deposits in a Federal Reserve bank. All banks incorporated under a national charter are required to become members of the Federal Reserve System. Banks incorporated under a state charter may apply for membership......the federal reserve is composed of incorporated banks, making the fed incorporated....the member banks own stock in it....the only way to own stock in the fed is to own stock in a member bank......
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