The Fed - Out of Control - End the FEDERAL RESERVE. Audit the FED
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Uploaded by Growby10 on Jul 21, 2009
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The Federal Reserve is one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. But now, as details emerge of how the Fed secretly doled out more than a trillion dollars during the financial crisis, a rare bipartisan movement in Congress demands that the Fed be held accountable.
Ron Paul:
Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833.
Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. 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.
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. 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.
With a stable currency, American 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. Those members concerned about increasing America's exports or the low rate of savings should be enthusiastic supporters of this legislation.
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 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.
In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.
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More power to the rich, fewer rights to the poor and nobody seems bothered. The usa can now kill any citizen that lives abroad that "they" consider a threat to national security slipped in this week, hidden in plain view, how many us citizens are aware of this. . . . Execution with not even a hint of a trial. . . .
dixon97a 1 month ago
The Federal Reserve it's controlled by jews like all economy in USA and they use all that money for his interested, not for the white people just by jews people convenience like wars in middle east banks etc
alexfp07 2 months ago
BEN BERNANKE you talk like you are above the people we put in to office.....your FEDERAL RESERVE BANK is not Federal at all.....END THE FED.......! We will do better with out you Rich people getting richer off of our work...
TZMmary 3 months ago 2
END THE FEDERAL RESERVE BANK......
THE RICH HELP THEMSELVES AND THEIR FRIENDS TO GET RICHER
TZMmary 3 months ago
@DuffMan6I7 I'm with you there man, that's true
Darkangle25uk 3 months ago
@TheAntiFascist2010 i'm not a socialist, i'm not ANY "-ist".... i don't see the need to associate myself with any specific social hierarchy... i am a human being. if you must label me a "bleeding heart liberal" for giving a shit about the well-being of other human beings go ahead... but your unfeelingness to other people of the world astounds me. you easily lump them ALL as "lazy and stupid" if you truly believe that, then you are woefully naive.
you should grow a sense of humanity my friend.
DuffMan6I7 7 months ago
@DuffMan6I7 Why is a relevant social hierarchy that delegates wealth and resources to the hardest working people bad? Socialism is what creates the mismatch. Capitalism left alone would fix all of the worlds problems but you can't understand that because you don't really know what a free market is without government regulation. You couldn't live in a world without government. You are too scared that you would get beat up.
TheAntiFascist2010 7 months ago
@DuffMan6I7 Where else do lazy unintelligent people belong?? In my wallet right?? Oh, nevermind you socialist already put them there. It is nature, you will never beat it. Capitalism is most definitely the ONLY way to create a society. That is what freedom is. No way around it. As far as third world kids. That is why some have coined the phrase. "Bleeding Heart Liberal". For some reason you don't understand the phrase "hard work pays off" which means you can work your way up the ladder. RUTARD
TheAntiFascist2010 7 months ago