The Federal Reserve

The Federal Reserve is a private corporation owned by a consortium of private banks. The owners are the infamous "international bankers" who have controlled western money for many centuries and who financed all sides of every war since the middle ages. Federal Reserve Notes are not really money, they are notes, debt instruments. The notes are loaned to the United States at full face value plus interest. The interest is paid by the personal income tax. This makes every American taxpayer a slave to private banking interests. It is time to end that economic slavery.

There are two options that Americans better understand and consider quickly: either nationalize the Federal Reserve or dismantle it completely!

1. Nationalize the Federal Reserve. Call it the United States Reserve. Issue United States Notes, debt free money created by the US government. Let banks that are now members of the Federal Reserve join the United States reserve and borrow as they do now from the Federal Government. Let the interest on that pay for the costs of government and government programs instead of it enriching the bankers, who do nothing for the money except manage the debt scam and much worse. Take it over! Nationalize the Federal Reserve

2. Who would EVER recommend that the Fed be nationalized? I'd like to see it dismantled permanently. Ron Paul explains it best :
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.

Why Is This Idea Important?

This is important because until we end the Federal Reserve American taxpayers are enslaved to the bankers. Why should the fruits of American labor go into the pockets of the bankers instead of onto the dinner tables of the workers?

Why should these people decide which puppet will be the next American President and decide how we will live?

Thomas Jefferson said ,"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." And this is where we find ourselves… exactly in the position that Thomas Jefferson warned us about.  How did we get here?  The Obama Deception and Who Controls the Presidency a must see for every American!

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Stiglitz: We Should Have Nationalized Banks

Friday, November 6, 2009 9:37 AM
By: Forrest Jones
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The U.S. economy is suffering because the government did not fully nationalize distressed banks, says Nobel Prize-winning economist Joseph Stiglitz.

Nationalization would have give the government more control over financial institutions and basically forced them to lend and kick-start the economy quick into recovery, Stiglitz says.

“If we had done the right thing, we would be able to have more influence over the banks,” Stiglitz told Bloomberg News.

“They would be lending and the economy would be stronger.”

U.S. Treasury Secretary Timothy Geithner has said that banks, which accepted billions in bailout money, need to take on more risk and lend again, which would help fuel faster economic recovery.

“We have this very strange situation today in America where we have given banks hundreds of billions of dollars and the president has to beg the banks to lend and they refuse,” Stiglitz said.

“What we did was the wrong thing. It has weakened the economy and has increased our deficit, making it more difficult for the future.”

“Too big to fail” has become a catch phrase these days as big banks, flush with bailout money, dole out bonuses while Main Street still suffers from high unemployment.

Democrats in Congress are jumping on the political opportunity to cut off the government purse strings via limiting Federal Reserve lending to bailed out banks and giving regulators more power to break up large institutions.

“No more Fed (money) to AIG. No more Fed to Bear Stearns,” says Rep. Barney Frank, according to an Associated Press report.

© 2009 Newsmax