Posted on 01/10/2011 6:17:58 AM PST by IbJensen
The Patriot-Liberty movement has railed against the Federal Reserve for decades. Inexorably attached to the abolishment of the private banking monopoly, the entire political career of Ron Paul is an inspiration for any citizen who values liberty and defends the U.S. Constitution. The Federal Reserve is the Enemy of America.
The central cause for the financial collapse of the country rests upon the fractional reserve debt created money racket, which relegates the taxpayer to chattel slave status. You know this is true, and the politicians fear that at some breaking point you will rise up and force a return to honest money.
Ron Paul states the obvious in the Congressional Record.
“Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. 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. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare 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.
Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy”.
Is it possible to replace a private banking cartel as the issuer of money? Career politicians spend trillions of Federal Reserve Notes that accrue interest payments upon the very creation of money. In this political environment, can this tribute payable to the central bank, be eliminated?
Listen to an NPR radio “All Things Considered”, and compare the fairy tale viewpoint of the role and function of the Federal Reserve by NPR to the rational and fiscally sound solutions that Congressman Paul presents. The apologists for the central banking swindle are “Tools” not of capital but of elite’s bankstersthat hold hostage an entire economy. Business no longer has the effective ability to overcome the excessive burden of unnecessary systemic interest. This is the inevitable consequence of a debt pyramid, when governments are required to pay tribute on money created by an accounting addition. It is sad that self-professed intellectuals are so ignorant of the functions and ultimate purpose of the Federal Reserve.
Viewing Ron Paul 0wnz the Federal Reserve and on Dylan Ratigan Jan 6 2011 provides valuable background and a hint of what may be possible. Expectations need to be realistic. While the dam is buckling and a flood is poised to wipe out the valley, only a perspective from high ground can attempt to ease the pain, which is inevitable. Paul is playing down the immediate prospects of replacing the Fed, not because he lost his nerve, but because of the squishy, all things considered mentality, that permeates the society. In order to right the ship of state, the bailing needs to start with stopping the bail outs.
Such measures are pale when placed in context with the real power that rules both the money centers and the political suites. Remember your history before you risk its repeat . . .
“The high office of the President has been used to foment a plot to destroy the American's freedom and before I leave office, I must inform the citizens of this plight.” — President John Fitzgerald Kennedy - In a speech made to Columbia University on Nov. 12, 1963, ten days before his assassination!
Challenging the Central Bank stands as a risky venture and surviving not always guaranteed. The following is from President John F. Kennedy, The Federal Reserve And Executive Order 11110.
Section 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended-
By adding at the end of paragraph 1 thereof the following subparagraph (j):
(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12,1933, as amended (31 U.S.C.821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denomination of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption
and --
By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
Sec. 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.
John F. Kennedy The White House, June 4, 1963.
Just coincidental or is there a direct message when one seeks to remove the gravy train from the inside circle of the real conspirators? Note that devoted followers of Ron Paul need to recognize that one man standing alone needs protection. The best way to secure that a serious audit of the Federal Reserve will take place is to coordinate among all factions and ideologies the imperative requirement that the Central Bank is accountable to the People. An audit is not nearly the resolution to replace the Fed, but it can be the starting point to invoke righteous outrage of the populace that might spread to the newly elected representatives on the Hill.
If Congressman Dennis Kucinich can agree with Ron Paul, The Tea Party freshmen can take the leap. In 2007, Paul Introduces H.R. 2755: To Abolish the Federal Reserve. Section (b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed. The enactment of this simple directive would be the most earth shattering and economic liberating action seen in the lifetime of everyone alive. If you doubt this conclusion, examine the significance of the American Financial Stability Act of 2010. Thomas R. Eddlem states, “In short, the bill would allow any investment risks that federal government regulators find acceptable and ban any regulators find unacceptable”.
Federal Reserve Bank of Philadelphia admits that the Dodd-Frank Financial Reform Act will increase the power of the Fed.
“The Financial Stability Act establishes the Financial Stability Oversight Council, which will have the responsibility to promote market discipline, coordinate with other regulators to identify and respond to threats to financial stability, and resolve gaps in regulation.
The council will have the authority to place a systemically important financial institution under the supervision of the Federal Reserve. Nonbank institutions may be required to establish an intermediate holding company to be regulated by the Federal Reserve and may be required to divest holdings. The Federal Reserve, in consultation with the council, will tighten prudential standards for the large, interconnected BHCs and financial institutions it supervises. These firms will undergo annual stress tests and will be subject to credit exposure limits. Conferees added a House-passed provision that will require such institutions to maintain a leverage ratio of 15 to 1”.
Just imagine expanding the Fed to regulate banking when the Federal Reserve should be under the microscope as the most vicious criminal syndicate of all time. When the Central Bank buys government bonds that must pay interest by the Treasury, this rigged game of extortion is out of control. “Now with holdings of $821.1 billion, the Fed is officially the second largest holder of U.S. Treasury’s, next to China and is just $25 billion away from being the Treasury's largest creditor”.
The Daily Paul is the flagship site for all things Ron Paul. Their total number of visits since 1/21/2007 reported to be over 42,403,507. The Ron Paul Forum on Liberty Forest has over 27,290 members. Both services have a devoted and loyal following. Nevertheless, this core group of activists is not enough to drive a national campaign with a single purpose. ABOLISH the Federal Reserve.
A Bloomberg National Poll conducted by Selzer & Company, has the top two issues as Unemployment and jobs at 50% and the Federal deficit and spending at 25%. The jobs and deficit issue is a direct result of the criminal central banking system. A major component of excessive spending is interest. In FY2010, the Treasury Department spent $414 Billion of your money on interest payments to the holders of the National Debt. The reason for the decline in the purchasing power of the Dollar is inescapable. In order for Ron Paul to lead the crusade against the Fed, he needs a bodyguard of millions to save the American Dream. The life you save is really your own.
That's true. But not all of our free trade policies have been wise. Some have been very unwise.
No amount of tax reduction and deregulation is going to allow our economy to compete with China's labor rate of $2/day with unfettered free trade.
And China doesn't exactly practice free trade, they keep the dollars earned from going back to purchase US goods, and use them to buy debt and more US companies. It's wise to make use of Chinese labor for unskilled tasks to the extent that it doesn't cause unemployment in the U.S., but it's not wise to have have complete free trade with them when they are not on economic parity with us, and they don't practice free trade in return.
Unlike now, right?
"..most of the banks weren't in trouble because of speculation"
The housing bubble wasn't speculation, the commercial real estate bubble wasn't speculation, the Dot Com bust wasn't speculation, the present student loan every-body-go-to-crap schools on debts isn't speculation. You are right. Me, Warren Buffet, millions of others, the hedge funds that years before took short positions and made Billions, all deluded. Banks were loaning money to Phd's building state of the art automation plants. That's were the money went.
That’s true. But not all of our free trade policies have been wise. Some have been very unwise.
You don’t need 1000 page treaties to implement a free trade policy. You need to burn 20,000 pages of regulations.
And you are free to believe the CPI accurately measures inflation.
You should be happy to know we don't have a free trade agreement with China.
That's true. You aren't under the impression that in the absence of trade agreements we don't have 1000s of pages of trade regulations, are you?
What is the correct measure?
The currency is not going to be stable if you don't keep full employment. The best way to stablize the currency is to restore full employment.
Without full employment, tax revenues are lower, government expenditures are higher. Repealing the full employment mandate is a recipe for defaulting the country. And Congress will definitely devalue the currency if that happens. Employment is absolutely key to currency stability. It's not the only key but it's critical.
Honestly, I wanted to ask you a question. Are you a big, big fan of the Section 8, Single mom with multiple father, public housing slum welfare state? How do you think it can exist without big gov? It can't. Forget the banks, think of what the finance ability of government does to welfare, make plantation slaves of first the weakest citizens, and then up the economic ladder. And when does it stop. Not for money reasons, but moral reasons. And if you de moralize a population, what do you think happens? Imagine a nation totally Detroitized. And that is my true reason for getting rid of the Fed. The money is the disease. The government is bad for people.
No. I am aware of that. That’s why I said “You need to burn 20,000 pages of regulations”.
That is cart in front of the horse talk.
The best way to stablize the currency is to restore full employment.
I have no concrete proposals. Friedman had suggestions for automatic, transparent controls on the money supply.
That would be where I would begin to talk about reform.
Ancient Egypt had full employment, so too Stalin. We used to be a nation that was in pursuit of happiness. Now we are economic statistics. Integers. What a great development in cultural language and underlying thinking.
Without full employment, tax revenues are lower, government expenditures are higher.
Washington is right now one of the major economic growth engines powering the 'recovery'. Why with out regulations, there would be no clerk jobs, office jobs, copier jobs, computer sales jobs, lawyers for and against jobs, Federal court suits not to mention the lunch counters, janitors, ect. The more regulation the more jobs! Anywhere you look in the country those government centers that move paper and digits from one desk to another are thriving! What we need to do is get everyone a job...
As an intern, I like that idea, but the Fed is politicized, always has been, so that’s not going to happen.
Far worse than right now.
The housing bubble wasn't speculation
Actually, no, I don't think the housing bubble was speculation. In fact I don't think it was a bubble. Maybe in California and Florida, but in most of the country, housing was simply housing. And people took out loans they could afford when they were working. Mortgages have always suffered when the economy takes a major hit.
the commercial real estate bubble wasn't speculation,
Again keep the economy stable and the demand would have been there for the commercial real estate. Drive companies out of business, and you have excess commercial real estate and it looks like a bubble.
the Dot Com bust wasn't speculation
Sure, that was speculation. But what did the Federal Reserve have to do with that? Absolutely Nothing. Would a gold standard have prevented it? No Would abolishing the Fed? No. Would abolishing Lending? No, that speculation was raising capital, not debt.
the present student loan every-body-go-to-crap schools on debts isn't speculation.
No, there is some abuse. And there are some unwise loans made for degrees that will be completely unproductive. But most of those loans are well worth it. I greatly appreciated my student loans and paid them off.
"You are right. Me, Warren Buffet, millions of others, the hedge funds that years before took short positions and made Billions, all deluded. Banks were loaning money to Phd's building state of the art automation plants. That's were the money went."
And again, how would abolishing the Federal Reserve prevent this? If Buffet and you saw speculation and shorted it. Fine. That's what a free market is supposed to do. But none of this is impacted by the Federal Reserve, so what's your point? You had real estate bubbles back in the 1800's when we were on the gold standard. Speculative bubbles are a market phenomenon. Attacking the monetary system does nothing but weaken the country.
Far worse than right now.
The housing bubble wasn't speculation
Actually, no, I don't think the housing bubble was speculation. In fact I don't think it was a bubble. Maybe in California and Florida, but in most of the country, housing was simply housing. And people took out loans they could afford when they were working. Mortgages have always suffered when the economy takes a major hit.
the commercial real estate bubble wasn't speculation,
Again keep the economy stable and the demand would have been there for the commercial real estate. Drive companies out of business, and you have excess commercial real estate and it looks like a bubble.
the Dot Com bust wasn't speculation
Sure, that was speculation. But what did the Federal Reserve have to do with that? Absolutely Nothing. Would a gold standard have prevented it? No Would abolishing the Fed? No. Would abolishing Lending? No, that speculation was raising capital, not debt.
the present student loan every-body-go-to-crap schools on debts isn't speculation.
No, there is some abuse. And there are some unwise loans made for degrees that will be completely unproductive. But most of those loans are well worth it. I greatly appreciated my student loans and paid them off.
"You are right. Me, Warren Buffet, millions of others, the hedge funds that years before took short positions and made Billions, all deluded. Banks were loaning money to Phd's building state of the art automation plants. That's were the money went."
And again, how would abolishing the Federal Reserve prevent this? If Buffet and you saw speculation and shorted it. Fine. That's what a free market is supposed to do. But none of this is impacted by the Federal Reserve, so what's your point? You had real estate bubbles back in the 1800's when we were on the gold standard. Speculative bubbles are a market phenomenon. Attacking the monetary system does nothing but weaken the country.
The past fifty years of government history shows that expenditure grow something like 1.2 times what ever income.
Reagan didn’t cut spending. Bush/Hasteret/Lott era blew LBJ out of the water.
Theory aside, history so far, nothing effects spending growth increases. They continue at the Fed level. Why? Because of our old friend, FRB, inc.
I got to go to work, you asked good basic question that deserve an answer. I will answer them.
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