Posted on 09/17/2002 7:14:29 AM PDT by Red Jones
Bill to eliminate the Fed introduced Rep. Paul: Legislation seeks to 'restore financial stability' to U.S.
By Jon Dougherty © 2002 WorldNetDaily.com
A Republican lawmaker has introduced legislation to abolish the Federal Reserve as a way to "restore financial stability" to the country and re-establish the once-used gold standard.
"Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy," said Rep. Ron Paul, R-Texas, in a speech to colleagues on the House floor.
"In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people," he said last week while introducing the bill.
The Texas Republican went on to blame each economic downturn from the Great Depression of the 1930s to 2001's "dot-com bubble" on Fed policies.
"The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts," said Paul.
On the gold standard, however, which the congressman described as "stable currency," U.S. "exporters will no longer be held hostage to an erratic monetary policy.
"Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings," he added.
"Those members concerned about increasing America's exports or the low rate of savings should be enthusiastic supporters of this legislation," he said.
Paul's office did not return phone calls before press time.
The libertarian lawmaker also introduced into the congressional record a column by Llewellyn Rockwell, a former WND columnist and current president of the Ludwig von Mises Institute, a libertarian economic policy think tank based in Auburn, Ala.
Entitled, "Why Gold?" Rockwell writes, "The Fed has been inflating the dollar as never before, driving interest rates down to absurdly low levels, even as the federal government has been pushing a mercantile trade policy, and New York City, the hub of the world economy, continues to be threatened by terrorism. ..."
"The government is failing to prevent more successful attacks by not backing down from foreign-policy disasters and by not allowing planes to arm themselves. These are all conditions that make gold particularly attractive," he said.
But, he continued, "there is no stash of gold held by the Fed or the Treasury that backs our currency system. The government owns gold, but not as a monetary asset. It owns it the same way it owns national parks and fighter planes. It's just another asset the government keeps to itself."
Rockwell said the dollar, which has not been based on gold for nearly three decades, is virtually worthless or, at most, whatever the Fed says it's worth.
"The dollar, and all our money, is nothing more and nothing less than what it looks like: a cut piece of linen paper with fancy printing on it," he wrote.
Paul said he believed the system was inherently unfair to ordinary Americans.
"Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy," he said. "The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy."
He also said most politicians used the Fed's "inflated currency" to hide the "true costs of the welfare state."
"It is time for Congress to put the interests of the American people ahead of the special interests and their own appetite for big government," said Paul. "Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy."
All good things come to an end, but why accelerate the process?
A Republican representative from Texas who initially won his seat as a Libertarian. I believe he is also a physician. He is a true conservative in the strict-constructionist sense of the word but, alas, he is a voice crying in the wilderness.
Breaking news? Breaking wind more like it.
He won his seat running as a Republican. Anyway he is quite "independent"(bullheaded, IMHO) and has recently questioned the Bush administration on it's policy towards Iraq.
Yet claims to be libertarian but apparently runs as a Republican (another example of his spineless nature).
When I first heard about him I thought he sounded great because he was trying to put up bills to get rid of the UN.
But it turns out he is not a serious person. His "bills" are not serious. Nothing he does is serious.
Marxism: "It's the Economy, Stupid"
Has it escaped you somehow that economic parity lies at the heart of the successful attempt to radicalize blacks (who were encouraged not to work) and women (who were encouraged to work and therefore ratchet down a man's ability to bring home wealth such that all HAD to work?)
As for Leninism, you must not know very much about it or you'd recognize our "environmentalism" in particular for the essential Leninist objective of Deep Ecology as organizing principle.
"Conservatives" these days are primarily interested in preserving a status quo that is essentially leftist in character ... whether it be the communist subversion of our nation's founding (Christian) principles or the national socialist tenets -- such as abortion and the warping of patriotic love of country into a belligerent rabid nationalism.
I guess the 16th amendment has nothing to do with the authority to tax.
And by your reasoning, if I don't have a checking account, then the government has no authority to tax me. You are a moron.
Not the first time he won it.
Not hardly. He's a strong advocate of Freedom.
Of course that idea scares the hell out of a socialist like you so you feel you must lie about his positions every chance you get.
You are pathetic.
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