If they can make a profit, fine. If you can believe it, there have been 10 different economic recessions since 1950. BNP Paribas – $175 billion The Federal Reserve system was designed to be a trap. Lehman Brothers – $183 billion However, since this is not happening and there is going to be a Federal Reserve System, the monetary policy should be concerned with trying to see how to make itself less harmful. Len, Our nations undoing has came about by thumbing our nose at the Founders and going against two of the most important issues they believed in! When will the American people decide that they have had enough? But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. #4 The Federal Reserve Is A Centrally-Planned Financial System That Is The Antithesis Of What A Free Market System Should Be. The following is a list that shows how prices for many of the things that we buy on a regular basis absolutely skyrocketed between 2002 and 2012…. But the truth is that there are much better alternatives. But despite a track record of failure that would make the Chicago Cubs look like a roaring success, Barack Obama actually decided to nominate Ben Bernanke for a second term as the Chairman of the Federal Reserve. I know, it’s a crazy idea, but I have a sneaking suspicion that it just might work beautifully. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. Post was not sent - check your email addresses! We do not need to have a central bank. In fact, neither is true. 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? The following is from Wikipedia…. I think that most Americans would be horrified to learn that the creation of more money in our system also involves the creation of more debt. In 2008, Bernanke said that a recession was not coming…. If you do not believe this, just check out the inflation chart in this article. why does the government allow this PRIVATE body to print money, then lend it to the government who have to pay it back at interest? The responses will be something like this…, “Duh – I don’t know. So why is the Federal Reserve doing it? It's insane to think that an institute like this has so much power over the American people. Today’s dollar is worth less than a nickel compared to the pre-1913 dollar. Change ), You are commenting using your Twitter account. If you will notice, a number of the banks listed above are foreign banks. In particular, the Fed has been extremely good to the “too big to fail” banks. quite simply, the federal reserve is a con. In fact, neither is true. Yes, the federal reserve should be abolished. All of the great public works cost more than twice the actual cost, on that account. All authority of these 12 banks that derives from their connection to the Board of Governors will cease. The economy repeated this period of growth in the 1880s, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled. WHY AMERICANS SHOULD ABOLISH THE FEDERAL RESERVE AND TAKE BACK OUR BANKING SYSTEM: 1. They knew that the U.S. government would have to keep borrowing even more money in an attempt to keep up with the game. This is why it is so important to get people educated. No Comments. . Up front, the Federal Reserve will never be abolished. The Federal Reserve systematically penalizes those that try to save their money. Paul, who has a long history of opposition to the Federal Reserve, including a 2009 book, ‘End The Fed’, took to Twitter, saying: The Fed has NO IDEA what rates should be. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”. Create a free website or blog at WordPress.com. All of the great public works cost more than twice the actual cost, on that account. But suppose the law were taken off the books? Read Essays On The Death Penalty Should Not Be Abolished and other exceptional papers on every subject and topic college can throw at you. Most Americans still believe that the Federal Reserve is a “federal agency”, but that is simply not true. Effectively, the Federal Reserve’s monopoly on the money supply amounts to an unfair tax on the poorer American states. . The United States has the largest national debt in the history of the world, and we are stealing more than 100 million dollars from our children and our grandchildren every single hour of every single day in a desperate attempt to keep the debt spiral going. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost. Since the Federal Reserve came into existence in 1913, the dollar has lost over 95 percent of its value. Well, what Ben Bernanke never tells you is that the way that the government calculates inflation has changed more than 20 times since 1978. That is the terrible thing about interest. Two economists at the St. Louis Federal Reserve published a paper arguing to abolish the American patent system, saying there's "no evidence" patents improve productivity and that they have a "negative" effect on "innovation." Well, the theory is that we can get money to circulate through the economy really, really fast and tax it at a high enough rate that the government will be able to collect enough taxes to pay the debt. Bernanke is telling the American people that everything is going to be just fine and that no major problems are ahead. For example, Thomas Edison was once quoted in the New York Times as saying the following…. Goldman Sachs – $814 billion If we actually had a free market system, the free market would be the one “managing” our economy. (adsbygoogle = window.adsbygoogle || []).push({}); Enter your email to subscribe to The Economic Collapse Blog: Article I, Section 8 of the U.S. Constitution, it would be a ban on all government borrowing. There are much better alternatives. . Please share this article with as many people as you possibly can. 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? And even the Federal Reserve itself has argued that it is “not an agency” of the federal government in court. The Federal Reserve is how the government retains a monopoly over the economy. 13 Abolish the Federal Reserve System 14 Introduce Free Banking 15 Reduce the size and scope of the Government 16 Restore National Independence 17 calculate the cost of doing this. But the Fed has decided to pay banks not to risk their money. The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created in 1913. Sadly, this is the way it works all over the globe today. As the chart below demonstrates, the banks have taken great advantage of this tremendous deal…, #10 The Federal Reserve Has An Astounding Track Record Of Failure. Just check out some of the things that Bernanke said prior to the last financial crisis. Royal Bank of Scotland – $541 billion They understood that the U.S. government would not have enough money to both run the government and service the national debt. JP Morgan Chase – $391 billion Why the Federal Reserve System should be Eliminated There are many reasons why the Federal Reserve System should be eliminated because it manipulates the United States economy. That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt. 1. The Federal Reserve has become so powerful that it has been called “the fourth branch of government”. And now it is happening again. Sadly, the reality is that the system is working just as the international bankers that designed it had hoped. We are told that the “independence” of the Federal Reserve is absolutely critical, but don’t the American people deserve to have a say in the running of the economy? But most Americans don’t understand this. The Gilded Age saw the greatest period of economic growth in American history. Nobel laureate economist Milton Friedman and his fellow monetarist Anna Schwartz criticized the Fed's response to the Wall Street Crash of 1929 arguing that it greatly exacerbated the Great Depression. If you do not believe this, just check out the inflation chart in this article. The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy. The Federal Reserve creates boom-and-bust cycles; these are a type of cycle experienced by an economy characterized by alternating periods of economic growth and contraction. Bank of Scotland – $181 billion The following comes from factcheck.org…. But the central bank faces a problem. Isn’t that the kind of thing they do in communist China? This evil institution has impoverished the people of the United States and has practically bankrupted our government. How would the U.S. economy then function? Even the price of water has absolutely soared in recent years. We just need to get people educated. The Federal Reserve system was designed to be a trap. By dramatically distorting interest rates and financial behavior, the Federal Reserve creates economic bubbles and the corresponding economic busts. They just assume that we have the best system in the entire world. The intent of the bankers was to trap the U.S. government in an endless debt spiral from which it could never possibly escape. But most Americans don’t understand this. The Fed creates our "booms" and our "busts", and they have done an … #3 The Federal Reserve Is A Perpetual Debt Machine. For example, Thomas Edison was once quoted in the New York Times as saying the following…. It has been said that the Federal Reserve is about as “federal” as Federal Express is. The truth is that the real rate of inflation is somewhere between five and ten percent right now, but you will never hear about this on the mainstream news. #9 The Federal Reserve Is Paying Banks Not To Lend Money. While they hand out trillions to their buddies the poor gets to see their dollar lose value. So why do we allow an unelected, unaccountable entity that is privately-owned to make our economic decisions for us? The Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. Our economy is based on credit, and small businesses desperately need loans in order to operate. Thus, the Federal Reserve should be abolished due to immorality of its mission and results. Since the Federal Reserve is owned by the banks, should we be surprised that it serves the interests of the banks? We just need to get people educated. But instead, we have become so accustomed to central planning that any alternatives seem to be absolutely unthinkable. UBS – $287 billion “The GSEs are adequately capitalized. Why do we need someone to centrally-plan our financial system? So, the first thing we should think about, if we were to abolish the Fed, is to decide who issues the currency. The Fed manages the dollar — and as the world’s leading currency, a void left by a Fed-less America could throw those markets into chaos with uncertainty about who’s managing U.S. interest rates and the American economy. Global markets would also need some sort of economic direction from the U.S. People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. And the creators of the Federal Reserve understood this as well. 11 Reasons Why The Federal Reserve Should Be Abolished Michael Snyder Economic Collapse May 7, 2013. Wachovia – $142 billion The Federal Reserve should be abolished because it inflates the money supply, destroys the purchasing power of our currency, distorts the proper workings of the market economy with boom-and-bust cycles, and allows the federal government to expand without directly taxing the American people. A few months before Fannie Mae and Freddie Mac collapsed, Bernanke insisted that they were totally secure…. So the big banks can just send their cash to the Fed and watch the money come rolling in risk-free. The Federal Reserve creates a billion dollars out of thin air and exchanges them for the U.S. Treasury bonds. The debate is hardly new. Yes, yes, we have heard it all before: End the Fed! Even the price of water has absolutely soared in recent years. This is why it is so important to get people educated. Not since 1833 have there been calls to abolish a United States bank. In all our great bond issues the interest is always greater than the principal. As such, the Federal Reserve should be promptly abolished. I agree that the Federal Reserve is the main source of income inequality and should be abolished. They have not brought stability, they have destabilized while hand picking winners and losers. If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately. However, there are varying questions that must be asked and answered to fully understand why the United States needs to end the Federal Reserve … Over the past several decades, those banks have grown tremendously in both size and power. Thomas Jefferson once stated that if he could add just one more amendment to the U.S. Constitution it would be a ban on all government borrowing…. I wish it were possible to obtain a single amendment to our Constitution. “The Federal Reserve is not currently forecasting a recession.”. The Federal Reserve lacks in a strict sense a governmental mandate. So where will the U.S. government get the money to pay that debt? Credit Suisse – $262 billion Instead of using this great power as the Federal Reserve Act intended that it should, the board . When the U.S. government decides that it wants to spend another billion dollars that it does not have, it does not print up a billion dollars. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost. The Federal Reserve should be abolished because it inflates the money supply, destroys the purchasing power of our currency, distorts the proper workings of the market economy with boom-and-bust cycles, and allows the federal government to expand without directly taxing the American people. Perhaps it is time to try something different. The economy repeated this period of growth in the 1880s, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled. They include helping J.P. Morgan Chase acquire Bear Stearns, lowering the discount rate and offering short-term loans to about 20 investment banks--and they came only days after the government said it would inject $200 billion into the financial system. This will lead to … We just need to get people educated. #5 The Federal Reserve Creates Bubbles And Busts. Mr. Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. By Rep. Ron Paul, MD. Article I, Section 8 of the U.S. Constitution. The other seeks to completely abolish the Internal Revenue Service. So why is there still so much confusion about this? . Now, that is what Henry Ford wants to prevent. #8 The Federal Reserve Gives Secret Bailouts To Their Friends. He notes that the economy performed successfully under the gold standard, even before the Federal Reserve was created. 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. The Federal Reserve is how the government retains a monopoly over the economy. Section 128 of the Emergency Economic Stabilization Act of 2008 allows the Federal Reserve to pay interest on “excess reserves” that U.S. banks park at the Fed. I’ve got an idea – let’s let the free market “manage” U.S. interest rates and the American economy. People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. Unfortunately, today most Americans don’t even understand how the system works. So if our greatest period of economic prosperity was during a time when there was no Federal Reserve, then why shouldn’t we try such a system again? The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) has faced various criticisms since its inception. Absolutely - besides being entirely UnConstitutional, they have manipulated and manufactured recessions and depressions to keep the status quo. Conclusion: The Federal Reserve has been tried true and with countless reformations attempted. If you don’t believe this, just go out on the street and ask regular people where money comes from. Bear Sterns – $853 billion HR 24 , the Federal Reserve Transparency Act of 2019, was once against submitted by Kentucky Representative Thomas Massie. #2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar. The Federal Reserve has had superficial audits, so it can genuinely claim to have been audited. “Greenback” United States Note, 1861. Unfortunately, today most Americans don’t even understand how the system works. It has done this through the corrupt practices of the moneyed vultures who control it" -Congressman Louis T. McFadden Also by McFadden: "The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. Even though its economic consequence has always been far more theoretical than … Barclays PLC – $868 billion Deutsche Bank – $354 billion What is the most important political issue to most Americans? Dexia – $159 billion So how can the Federal Reserve get away with claiming that we are in a “low inflation” environment? Well, what Ben Bernanke never tells you is that the way that the government calculates inflation has changed more than 20 times since 1978. In fact, all 187 nations that belong to the IMF have a central bank. Submitted by Michael Snyder of The Economic Collapse blog. They just assume that we have the best system in the entire world. The following is from Wikipedia…. The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. Our system is broken. We should not be allowing a private entity that is owned and dominated by the banks to make decisions that dramatically affect the daily lives of all the rest of us. It has successfully resisted all attempts to audit them or have them Are You Prepared For The Coming Economic Collapse And The Next Great Depression? They understood that the U.S. government would not have enough money to both run the government and service the national debt. Yes, the federal reserve should be abolished. And of course the Federal Reserve even admits that it helped create the Great Depression of the 1930s. Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of … Abolish the Federal Reserve! ( Log Out /  And the creators of the Federal Reserve understood this as well. a con on every tax payer in the US. They have all the money and all the power and the poor get crushed. So how can the Federal Reserve get away with claiming that we are in a “low inflation” environment? Therefore, the American Federal government should abolish the Federal Reserve and allow private banks to create their own currencies. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. “All Other Borrowers” – $2.639 trillion. The Federal Reserve is the only institution in America that can print money out of thin air and loan it to their friends any time they want to. #3 The Federal Reserve Is A Perpetual Debt Machine. What Would War Between Israel And Syria Do To The Already Fragile Global Economy? Sadly, this is the way it works all over the globe today. About 38 percent of the nation’s more than 8,000 banks are members of the system, and thus own the Fed banks. I’ve got to get home to watch American Idol.”. ( Log Out /  The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. For example, did you know that the Federal Reserve made 16 trillion dollars in secret loans to their friends during the last financial crisis? The following is an extended excerpt from an article that I published previously…. Here is that debate! “Housing markets are cooling a bit. As the Federal Reserve prepares to celebrate its centennial this year, what would Milton Friedman say? 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. Conclusion: The Federal Reserve punishes innocent people, rewards irresponsibility, and distorts markets. According to USA Today, water bills have actually tripled over the past 12 years in some areas of the country. In fact, the value of the U.S. dollar has fallen by 83 percent since 1970. That was a period when there was no central bank in the United States at all. The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy. Why do we need someone to tell us what interest rates are going to be? There are many, many more examples that could be listed, but hopefully you get the point. Well, the theory is that we can get money to circulate through the economy really, really fast and tax it at a high enough rate that the government will be able to collect enough taxes to pay the debt. The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. Change ), You are commenting using your Google account. Inflation is a tax, and the value of each one of our dollars goes down a little bit more every single day. But that never actually happens, does it? So what does the Federal Reserve do with those Treasury bonds? So where will the U.S. government get the money to pay that debt? “At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. The element that makes the bond good makes the bill good. WASHINGTON--The Federal Reserve recently announced new measures to tackle the current financial crisis. #7 The Federal Reserve Greatly Favors The “Too Big To Fail” Banks. I went on to explain what happens…. While acting as the head of the Cato Institute, Allison published several thesis indicating that the Federal Reserve was obsolete and needed to be abolished as it restricts power from the people and allows billionaire cronies to run banks globally. The United States hasthe largest national debt in the history of the world, and we are stealing more than 100 million dollars from our children and our grandchildren every single hour of every single day in a desperate attempt to keep the debt spiral going. Just like many of the the things the federal reserve does, it's not a good idea. Millions of Americans assume the Fed acts in the nation's best interest and that our nation has always had a Fed. The U.S. Treasury bonds that the Federal Reserve receives in exchange for the money it has created out of nothing are auctioned off through the Federal Reserve system. Bank on it. #11 The Federal Reserve Is Unaccountable To The American People. Anyone that goes to the grocery store on a regular basis knows how painful inflation can be. Why We Should Abolish the Fed: What It Has Done to the U.S. Dollar The Fed has devalued the U.S. dollar. TheEconomicCollapse. ( Log Out /  America's Friend: The Honorable Congressman Ron Paul. The Price Of Copper And 11 Other Recession Indicators That Are Flashing Red. In all our great bond issues the interest is always greater than the principal. ( Log Out /  Absolutely - besides being entirely UnConstitutional, they have manipulated and manufactured recessions and depressions to keep the status quo. That was a period when there was no central bank in the United States at all. But abolishing the Fed only raises the bigger issue: What would—or should—be in its place? But the truth is that there are much better alternatives. The truth is that the real rate of inflation is somewhere between five and ten percent right now, but you will never hear about this on the mainstream news. The United States Notes were not used in circulation much, and were phased out in 1971. In fact, most Americans don’t even understand where money comes from. 1. But in an idealized world, we should abolish Central Banks The Gilded Age saw the greatest period of economic growth in American history. The original mandate of the Fed, which formed in 1913, was to maximize employment, stabilize prices, and moderate long-term interest rates. This left only the Federal Reserve Note. #4 The Federal Reserve Is A Centrally-Planned Financial System That Is The Antithesis Of What A Free Market System Should Be…. The following is a list that shows how prices for many of the things that we buy on a regular basis absolutely skyrocketed between 2002 and 2012…. After the short-lived panic of 1873, the economy recovered with the advent of hard money policies and industrialization. The following is a summary of money creation that comes from one of my previous articles…. People should be much more cautious. The federal reserve should not have been able to stay open this long. Today, the five largest U.S. banks hold 52 percent of all U.S. banking industry assets. #2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar. If not, equally fine. They are in no danger of failing.”. We can custom-write anything as well! I went on to explain what happens…. But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. This public document was automatically mirrored from PDFy.Original filename: 11 Reasons Why The Federal Reserve Should Be Abolished.pdf URL:... Addeddate 2014-10-01 06:01:53 Identifier pdfy-f0A-BufQG3u9CeSD Banks to create more bubbles and more debt until the entire world picking winners and.... While hand picking winners and losers, was once quoted in the nation best. Market to set interest rates and financial behavior, the economy more than twice the cost. 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