Thread: Ron Pauls bill to abolish the federal reserve

Well Ron Paul introduced a bill to abolish the federal reserve. hr 2755 ih.

www.govtrack.us/congress/billtext.xpd?bill=h110-2755

Talk about going backwards ...sheesh ...

My mattress could use a fluffing ... lol...

Most Americans probably still believe that the Great Depression was caused by “the failure of the free-enterprise system.” It is a false belief. The truth is that the worst economic disaster in American history was caused by the Federal Reserve. Give current Fed Chairman Ben Bernanke credit for publicly acknowledging that fact in a speech delivered in 2002. Throughout the ages, the favorite political trick for public officials has been to dole out “free benefits” to the citizenry and engage in expensive foreign military adventures without raising taxes. To accomplish this feat, they have simply resorted to the printing press to get the money to pay for the “free benefits” and the military adventures. As more money was printed, its value would drop, which would be reflected in rising prices for the things that money buys. As prices rose, people would blame speculators, capitalists, price-gougers, and profiteers, never suspecting that their public officials were behind the scam.
That’s what the Fed has been doing for decades — accommodating ever-increasing government expenditures by printing the money to pay for them. That’s why the value of the dollar has been plummeting ever since the 1930s. It’s also why U.S. coins are now made of cheap alloys rather than of gold and silver. As the value of precious metals rose in response to an ever-depreciating currency, the value of the precious metals in coins became greater than the face value of the coins, encouraging people to hoard the coins or even melt them down for the metal. That’s what Gresham’s Law in economics is all about — that bad money (i.e., depreciating money) inevitably drives good money out of circulation.
For decades, U.S. officials made it a felony offense for Americans to own gold. Why did they do that? To prevent Americans from protecting themselves from a constantly depreciating currency. Equally important, the price of gold has always been an easy way to gauge what politicians are doing to the money. They have never liked that.
What the Fed has done to our money over the decades should not surprise anyone. After all, the Federal Reserve is nothing more than a central-planning agency in the classic socialist mold. Just like the central-planning boards in the Soviet Union and communist China, the Fed is composed of a central board of bureaucratic appointees planning, in a top-down fashion, complex monetary matters affecting millions of economic participants under constantly changing conditions. Given the inherent defects of socialist central planning, why would anyone expect anything but bad and perverse results from monetary central planning?
As Friedman and Hayek and other free-market economists (most notably Ludwig von Mises) pointed out, the Federal Reserve is the prime destroyer of currency and, therefore, one of the greatest threats to the freedom and well-being of a citizenry. As the monetary crisis facing our country continues to worsen, it’s important that we keep in mind that there is only one long-term solution — the one advocated by people such as Republican presidential candidate Ron Paul and Nobel Laureates Milton Friedman and Friedrich Hayek: Abolish the Fed.

Very well put. The odd part of this is that since there are not to many folks around anymore that were alive when all this happened it creates a gap to the ones around today in truly understanding and or believing that this is truth. Unfortunatly this is construde as conspiricy theory and or hog wash until the reality of this situation changes. A catch 22 if you will.

Sean

I'll bet Andrew Jackson would have thought we'd have this figured out by now

Originally Posted by hoglahoo

I'll bet Andrew Jackson would have thought we'd have this figured out by now

We probably would have but american idol was on, we found out paris had a sex tape, brittney was shaving her head, you know ground breaking news and stuff kept us distracted.

Originally Posted by hoglahoo

I'll bet Andrew Jackson would have thought we'd have this figured out by now

Andy must be spinning in his grave! God how I wish we could get him back.

As much as I agree with denmason when it comes to monetary policy I can't agree about the causes of the depression. To just blame the fed is a gross oversimplification. Really if you stop and think about it, many of the protections in place today were absent back then. Without those protections today I think we could be looking at a real economic catastrophe and the same thing would have happened. Back then the economy was roaring and everyone was investing in the stock market. Little guys had their life savings in it and big guys were wheeling and dealing like now. Another bubble, and it burst and they lost it all. Just that then there was no FDIC and other regulations so when the banks failed everyone lost all their money and it just mushroomed causing widespread panic and additional runs on banks who couldn't pay their depositors. The only thing that really saved this country economically speaking was WWll. Absent that who knows what would have happened.

Just think about it if today people really lost confidence and made a run on all the banks do you think the fed could really repay every American and bail out every bank. I don't think so.

In the great depression of the 30's, the Federal Reserve made money scarce by pulling it in. This was after an increase of the interest rates and then a dropping of the interest rates. Between 1929 and 1933 the Feds shrank the money supply by 1/3. If you do enough research you will find that there has been quite a bit of muscle flexing by the World bankers and the Feds to show governments just who IS really in control. So, just to whet your appetites, here's a link to a PDF file, Great Myths of the Great Depression. http://www.mackinac.org/archives/1998/sp1998-01.pdf
It's a quick easy read of 16 pages.

Originally Posted by jimmyseymour

We probably would have but american idol was on, we found out paris had a sex tape, brittney was shaving her head, you know ground breaking news and stuff kept us distracted.

WHAT?? Brittney shaved her head? Where was I? I have to run, I've to shave my head!!!
You're right, though. The masses, indeed, tend to be asses.