Ron Paul Introduces Legislation To Get Rid Of Federal Reserve

WorldNetDaily.com ^ | September 17, 2002 | Jon Dougherty

[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."

[logician2u]

All right, tailhappy, you have chewed that bone all the way into the marrow.

If it will get this thread back on the topic of the Federal Reserve and get you off the Ron Paul is a leftist peacenik soapbox, here's some of what Dr. Paul wrote last March in a column for LewRockwell.com:

European criticism that the United States is now following a unilateral approach is brushed off, which only causes more apprehension in the European community. Widespread support from the eager media pumps the public to support the warmongers in the administration.

The pro and cons of how dangerous Saddam Hussein actually is are legitimate. However, it is rarely pointed out that the CIA has found no evidence whatsoever that Iraq was involved in the terrorist attacks of 9/11.

Rarely do we hear that Iraq has never committed any aggression against the United States. No one in the media questions our aggression against Iraq for the past 12 years by continuous bombing and imposed sanctions responsible for the deaths of hundreds of thousands of children.

Iraq's defense of her homeland can hardly be characterized as aggression against those who rain bombs down on them. We had to go over 6,000 miles to pick this fight against a third-world nation with little ability to defend itself.

Our policies have actually served to generate support for Saddam Hussein, in spite of his brutal control of the Iraq people. He is as strong today – if not stronger – as he was prior to the Persian Gulf War 12 years ago.

Even today, our jingoism ironically is driving a closer alliance between Iraq and Iran, two long-time bitter enemies.

While we trade with, and subsidize to the hilt, the questionable government of China, we place sanctions on and refuse to trade with Iran and Iraq, which only causes greater antagonism. But if the warmongers' goal is to have a war, regardless of international law and the Constitution, current policy serves their interests.

Could it be that only through war and removal of certain governments we can maintain control of the oil in this region? Could it be all about oil, and have nothing to do with US national security?

Too often when we dictate who will lead another country, we only replace one group of thugs with another – as we just did in Afghanistan – with the only difference being that the thugs we support are expected to be puppet-like and remain loyal to the US, or else.

Warmongers like you will see this as leftist tripe.

I happen to believe the points Dr. Paul makes are significant, truthful and pro-US as a sovereign nation which is what we should be.

Contrast this to some of the Vice President's unsubstantiated charges of late ("There can be no doubt . .") plus the outrageous comments on this board about nuking every Arab nation that won't go along with a war on Iraq and it appears Rep. Paul is a lone voice of reason and sanity.

[Re-electNobody]

Who is Ron Paul? I have heard him described as a giant among pygmies in the U.S. Congress (some would call that faint praise). As for the Federal Reserve, they have done a great job in preserving the value of a dollar. Charley Reese column pointed out that today it takes $5.27 to buy what $1 would in 1967. 42 cents would buy in 1940, what it took that $1 to in 1967.

[gargoyle]

...Thanks, for that info. Now, tell us if the facts are wrong...

[icantbleaveit]

The Drive for Freedom Arrives in DC November 14th

See the Road Route & Schedule
Freedom Drive Overview
See ALL the Sponsoring Organizations
See Drivers -- by state

Much more on Main Information Page

Former IRS Agents to Speak Publicly: There is NO Legal Authority for the Income Tax

Full Day Meetings Scheduled for Atlanta and Oklahoma City
Three former IRS Agents have scheduled two full-day public
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These are the same agents that testified at the
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Full size color reprints of these ads can still be obtained for a
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The Atlanta meeting is scheduled for Saturday, September
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WTP Announces Freedom Drive
Manager: Devvy Kidd Climbs Into the
Driver’s Seat

We The People Congress announced today that Devvy Kidd,
a successful freedom activist and political organizer from
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In Washington, the People – en masse -- will again,
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significant risks faced by our nation should our government
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"Work tasks and momentum for Freedom Drive 2002, as well
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Kidd, as Drive Manager, will be organizing and managing rally
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The Freedom Drive is a non-aligned, apolitical once-in-lifetime
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It is time to stand together. Enough is Enough.

Main Page

[tallhappy]

Of course.

He said it on Sept. 25, 2001.

link

Here's the quote:

The continuous bombing and embargo of Iraq, has intensified the hatred and contributed to more than over 1,000,000 deaths in Iraq.

Now why would you doubt me?

I see that this view matters little to you, though.

[tallhappy]

Ron Paul claims the US caused 1 million deaths in Iraq with our policies.

He's a whacko.

[tallhappy]

It is leftist tripe.

[logician2u]

Are you totally incapable of distinguishing between "caused" and "contributed to?"

Or would you rather believe that the continuous bombing campaign and trade sanctions caused Iraqi children to live longer?

Before calling a US Congressman a whacko, why don't you look in the mirror?

[gargoyle]

...Hi tall, Loove reading yer comments. Gives me a chuckle. My initial impression of you was quite good. But I've read your responses, personal put downs, and not much fact to back it. Your veiws are no different from other zealots, bigots, or prejudiced individuals, that you "chum" with...

...It is, indeed, very strange. An eye opener, maybe a "third eye opener"...

[tallhappy]

Strange. I provided a quote.

Oh well.

There's a weird disconnect in a lot of people about facts.

[tallhappy]

Are you totally incapable of distinguishing between "caused" and "contributed to?"

Depends on what is means.

Or Gore didn;t invent the internet he created it.

You are grasping at straws.

[Jason_b]

"so, you oppose the federal reserve, you oppose a central banking system. You are also knowledgeable about these issues. If you have time sometime to tell us what you propose replacing the federal reserve with, then please tell us."

My 2c: Why do we have to replace it with anything? All it does is create inflation, much worse than the private banks that it took the place of after it forced them out of business. In the graph linked here , you can almost see the bend at 1913 just getting started and really bending upward about 1945. It started out as a money monopoly and has been such ever since. Why not abolish it, replace it with nothing, and let the government coin money. People will then have gold and silver COIN in their possession. This will in itself create a market for safe places to store money, provide checking services, and lending of surplus funds. Entrepreneurs will open private banks to supply this need. Good banks will succeed. Bad banks will fail taking some depositors' money with them. The world isn't perfect. In living there is risk. If you don't trust the bank, then there are more alternative private places to store your wealth. There is the Treasury. Take your gold and silver coins there and get a gold or silver certificate, which you can spend. See in the graph how we got along fine without a Federal Reserve from 1665 to 1913.

[gargoyle]

...Thanks, for that statement. Some folks love to half report, spin? I think it's called, to distort the truth...

[gargoyle]

...Yea, I just got the whole quote. On thread 101, from logician2u,(thanks, buddie) maybe you should read thread 101...

[I got the rope]

What do you mean tall..I voted for the man twice when I lived in Luling, TX. He is a good man who for the most part votes like how the people of his district want him to vote. Are you from Texas? How do you "know" so much about him. I don't see why you are so hell bent on not supporting a Congressman who does not want Arab oil. Buying Arab oil is bad for us and good for the enemy. How do you think they funded their war on us. Ron Paul is a man who is sick of liberals and their hatred of America and their slow erosion of our rights. If liberals and Kalifornians such as yourself(I'm not sure there is much difference) would vote for people like Ron Paul then maybe our country would be less dependent on foreign oil, have more nuclear power generating capacity, and a banking system that puts power back in the hands of people who are responsible to the people.

[logician2u]

That's a super graph, Jason.

Sahr's homepage has some other neat stuff too. I like the price of gasoline chart. It shows that, in inflation-adjusted terms, gas is cheaper now than it was in 1970.

And to think, some people worry about the supply running dry.

[gargoyle]

...Are you saying this is not fact? This "view" or should I say "Fact" matters very much to me. Once again, you assume to know how I "feel" about the death of millions of citizens in Iraq...

>... I said to you before, you don't know me!!! You just stereotype "my kind"...

[Vast Buffalo Wing Conspiracy]

Are you totally incapable of distinguishing between "caused" and "contributed to?"

Or would you rather believe that the continuous bombing campaign and trade sanctions caused Iraqi children to live longer?

Before calling a US Congressman a whacko, why don't you look in the mirror?

You are wasting your time. These gungo-ho jingoist types are simply a mirror image of their leftist opponents: when confronted with facts which do not fit their limited worldview, they do like the Clintonistas, and "deny, deny, deny".

Case in point are the civilian deaths in Iraq. What does one expect to happen when we deliberately target the country's water purification systems, water supply, transporation system, hospitals, and other public health infrastructure, and then deny the importation of food, drugs necessary for preventing disease, and materials necessary for rebuilding Iraq's destroyed public health infrastucture? Children and old people die like flies when exposed to unsanitary water supply. It's a fact as old as history itself.

Maddy Albright declared that all these civilian deaths in Iraq were "worth it" - presumably all the civilian deaths in Serbia were worth it to her, too. After all, nobody she cared about was dieing. One would think conservatives would think twice before repeating the immoral arguments of a Clintonista.

[rb22982]

This is what you said that he said.

US caused millions of deaths in Iraq.

This is what he said:

"contributed to more than over 1,000,000 deaths in Iraq."

That is not the same thing.

I see that this view matters little to you, though.

Yes because Iraq is not the end all. Decreasing government spending, power and military forces all over the world are far more important to me. He is in favor of all 3. Just because I disagree with him 1 time out of a 100, doesn't change the fact that he's still overall one of the best congressmen in the country.

[gargoyle]

...Thanks, you reminded me of that statement from Albright. The deaths of civilian citizens meant nothing to clintonistas, as long as it kept them in power.(scuse me while I go and puke)