Posted on 09/03/2009 4:39:19 PM PDT by all the best
Since H.R. 1207 was introduced by Dr. Ron Paul in Congress this February, there has been a growing movement questions whether the Fed should continue to operate without more oversight and some question whether or not the Federal Reserve should continue to operate at all.
Currenty, Paul’s “Audit the Fed” legislation has 282 co-sponsors and there are two similar pieces of legislation in the senate. If the legislation is passed, it will allow the Government Accountability Office (GAO) to review the Federal Reserve’s balance sheets and their policy deliberations and monetary transactions. Currently Federal Reserve Chairman, Ben Bernanke, opposes the plan, saying it would undermine the Fed’s independence.
The “Audit the Fed” act has a real chance in passing, but some supporters of the legislation, including Ron Paul, want to take it further than that by ending the Federal Reserve all together. Paul introduced a piece of follow-up legislation, entitled H.R. 833: The Federal Reserve Board Abolition Act which would wind down and eliminate the Federal Reserve over the course of the year. Currently, the act has no co-sponsors, but is gaining a lot of grass-roots support. Paul hopes that members of Congress will join his movement to end the Federal Reserve after they see the results of a full audit of the Federal Reserve. Paul also authored a book about his proposal to end the Federal Reserve, entitled “End the Fed.”
Although the movement is in its infancy and still gaining momentum, it’s not too crazy to think that the United States wouldn’t be better off without the Federal Reserve. Since the Federal Reserve System was brought into force into 1914, the United States economy has grown at a slower pace than it did before 1914, despite significantly improved productivity. The rate of inflation has been substantially worse since...
(Excerpt) Read more at americanbankingnews.com ...
If you listen to the tin hat crowd, it cost a few people their lives opposing the Fed.
Ron Paul is off the deep end again...
Too soon. Audit them and get the truth out. Their mendacity will be their undoing. The public must be educated. Some years down the road it may be doable. What do we do with the current debt? Without massive economic growth it is not serviceable. With the dims and the greenies in charge there will be no economic growth. With the government we have there will be no freedom. Does any FReeper know if any government in history has ever reduced or eliminated its power and reach without the application of violence? I cannot think of any though I am not a great student of history.
We are the ones in the deep end. He’s swimming for the shore.
If we took the money creation power away from FedGov...why...why...they would be dependent on us.
That, totally won’t do. No Sir. /sarc off
Go to YouTube and look up Freedom to Fascism, if you think the Federal Reserve is a good thing. Personally, I think they are evil, I’m with Ron Paul on this one.
This well may be but doubtful: the fact that he chooses to focus on this nonsense at THIS time does not suggest a visionary thinker.
Well, if YouTube is the source of your knowledge of finance, you are probably right...
Now, if they'd have entitled it "The Federal Reserve Board ABORTION Act, the entire Democrat side of the isle would have voted for it.
Go ahead, stick with that crowd --- YouTube demands it.
What is the source of your knowledge?
Milton Friedman thought it would be best to get rid of the Fed.
The Fed is an engine of fraud, deceipt and theft. What would you except to result from an institution founded on the principle of stealing?
Please belive me when I tell you that the issue of Fed Reserve is so complex that I still do not understand it fully and continue to learn. I too have reservations about some aspects of its functioning, but, on the whole, it appears to be an improvement over the past. If someone thinks we should abandon it, fine. But then I want that person to tell me, abandon for WHAT? What would be a better system? Most people (unfortunately, Ron Paul included) give silly reasons for abandoning the Fed, reasons that raise doubt whether he understands what he talks about.
Financial regulation is very complex, most of us do not understand it fully, and people fear what they don't understand --- that, and not some good reasons, is the source of their frustration.
Then I assume that you read the article.
Does it not intrigue you that it appears in American Banking News?
It is not like it appeared in the Enquirer.
Yes, money and banking is complex.
That is why it is screwed up.
It needs to run on the KISS principle. Mostly, simple non-complex things work better than complex.
And much easier to fix when broken.
Ah, another one of those guys who think that academic paper is a substitute for common sense. Undoubtedly you have never met Joe the plumber and are dismayed that he makes as much or more than you.
Why don’t YOU show me where in the Constitution or in the Federalist Papers or anything that promotes an independent private bank from holding the purse strings to our country???
The Federal Reserve circumvents the Constitution!!! The Constitution prohibits Bills of Credit! They loan us our OWN money and then we have to pay them back with interest! Does that sound like something Ben Franklin, John Adams or anyone else that was part the founding this country would be OK with????? No the Congress was given the authority to regulate our money and they passed it off to a private bank without any oversight!!!
Ben Bernake has more power than the President, the Congress and we the people! We have been enslaved since the Federal Reserve was created.
What is so sacred about the Federal Reserve? And what is the particular problem about "THIS" time?
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