Representative Ron Paul on ending the Federal Reserve. Should we abolish the Federal Reserve? The Federal Reserve Board is the most gigantic financial power in all the world. Instead of using this great power as the Federal Reserve Act intended that it should, the board . Never mind that two Nobel Prize-winning economists — … They do nothing but hurt the economy and increase wealth disparity, while holding too much power over finances. Friedman was an enabler for the ‘efficient’ government gradualists who helped prevent solutions from ever being taken. ... Twitter Reddit. Within a few years of implementing the income tax and creating the Federal Reserve the country was running $9 billion to $13 billion deficits to fund World War I. It’s pretty clear that wars and depressions are good for debt peddlers and the beneficiaries of debt. Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U… Posted November 23, 2020 by George W. Connelly, Jr. Hardly a day goes by when some politician or editorial person doesn’t suggest that we don’t need the IRS or should simply do away with it. There may be 6 reasons to abolish the Fed but there are 16 steps to take before rescinding the 100 year old Federal Reserve System act of 1913 1. Our hard-earned money is essentially stolen through a hidden inflation tax. If abolishing the Federal Reserve is politically inconceivable right now, there are less dramatic measures that can be taken on the road toward a definitive solution. Not since 1833 have there been calls to abolish a United States bank. by Jacob G. Hornberger. One of the positions of Republican presidential candidate Ron Paul that mainstream pundits find “wacky” is his call to abolish the Federal Reserve System. The Federal Reserve is not the benevolent entity that most Americans think it is. Thus, the Federal Reserve should be abolished due to immorality of its mission and results. Why Not Abolish the Fed? The Federal Reserve lacks in a strict sense a governmental mandate. Here in the United States, the federal estate tax is again at issue, as is often the case. Jeffrey A. Tucker is Editorial Director for the American Institute for Economic Research. . Essentially it was created to soften the cyclical boom&bust periods in the American economy. He is the author of many thousands of articles in the scholarly and popular press and eight books in 5 languages, most recently The Market Loves You.He is also the editor of The Best of Mises.He speaks widely on topics of economics, technology, social philosophy, and culture. . If Federal Reserve were to be abolished and replaced by state banks or other chartered banks in the US, it will sure create a massive outrage regarding to credit default . . Since the Federal Reserve came into existence in 1913, the dollar has lost over 95 percent of its value. The other seeks to completely abolish the Internal Revenue Service. What Happens If We Abolish the IRS? She is the founder of Money Strong and the author of Fed Up: An Insider's Take on Why the Federal Reserve … The Federal Reserve was created in 1914 to provide loans to banks during "bank runs". HR 24, the Federal Reserve Transparency Act of 2019, was once against submitted by Kentucky Representative Thomas Massie. The Federal Reserve is necessary and effective. It is time to think more boldly. . Most people don't realize there is one element that all tyrannical governments need to expand their empire. Print Email. DiMartino Booth spent nine years as analyst with the Federal Reserve of Dallas. Ask your representative, in light of that information, how it is possible for the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, to be constitutional. The Federal Reserve causes inflation; The Federal Reserve causes inflation which has a negative effect on the economy because it dilutes the value of the dollar and creates higher prices. The Federal Reserve Board (FRB) is the governing body of the Federal Reserve System, the U.S. central bank in charge of making monetary policy more 1913 Federal Reserve Act O n Jan. 12, Congress is scheduled to vote on the “Audit the Fed” legislation (H.R. Insist on an answer. The only reason it's still here is that legislators can't agree to abolish it. That element is crucial for controlling the population and adding a hidden form of taxa delegated this power to the banks. The quantity of the currency should never be changed once established on the market. It still serves this role today. The idea is that each state should have a say in constitutional affairs but realistically day to day stuff (regulation, managing money, etc, etc) should not be prevented because senators from a couple small states decide to hold out for a couple extra perks. Ask them why this private banking cartel is allowed to reap trillions of dollars in profits without paying taxes. The most obvious one is to simply stop using the Federal Reserve to inflate the currency. The Federal Reserve System makes no sense. Pinterest Gmail. Chaos ! Absolutely - besides being entirely UnConstitutional, they have manipulated and manufactured recessions and depressions to keep the status quo. The bill calls for a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks by the Comptroller General. The phrase, “the independence of the Federal Reserve System,” is a code phrase for “the independence of the four largest U.S. banks from the threat of losses.” A growing number of voters has figured this out since the fall of 2008. The Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. 3. That is its "optimal quantity" of money. The following are 11 reasons why the Federal Reserve should be abolished… #1 The Greatest Period Of Economic Growth In The History Of The United States Happened When There Was No Central Bank Did you know that the greatest period of economic growth in U.S. history was between the Civil War and 1913? This is why the Federal Reserve System is facing public criticism for the first time since 1914. The Federal Reserve Hurts the Poor and Middle Class the Most . It has no Constitutional reference point, and it arose, by statute in 1913, at the behest of a … . They have not brought stability, they have destabilized while hand picking winners and losers. The following are 11 reasons why the Federal Reserve should be abolished… #1 The Greatest Period Of Economic Growth In The History Of The United States Happened When There Was No Central Bank Did you know that the greatest period of economic growth in U.S. history was between the Civil War and 1913? Originally answered: What could replace the Federal reserve if it was abolished? Millions of Americans assume the Fed acts in the nation's best interest and that our nation has always had a Fed… ... they would be screaming for it to be abolished … Federal judge's son killed, husband shot at N.J. home 'Okay, we're leaving now': Kanye campaign stop baffles Allegedly drunk driver kills 3 riders, injures 9 others But in an idealized world, we should abolish Central Banks. Repeal the legal tender laws Majority should rule in a democracy. 24/S. Mr. Friedman stated he would be in favor of abolishing the Federal Reserve and have the money rather controlled by a computer that would supply a stable rate of monetary growth that would eliminate the uncertainty that these short-term movements introduce. Not only the new US currency/currencies will most likely be depreciated, the vast amount of redemption of the treasury notes and bills will probably bankrupt America as well. That’s what would replace the Federal Reserve if it was abolished. Today’s dollar is worth less than a nickel compared to the pre-1913 dollar. Conclusion: The Federal Reserve has been tried true and with countless reformations attempted. Inflation has no social benefit. Oh, sure, you can understand why in a country as large as the United States you might want the central bank to be a bit, er, decentralized. The Fed ” legislation ( H.R Kentucky Representative Thomas Massie prevent solutions from ever being taken UnConstitutional they... 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