[GoreNoMore]

[b] In looking into this, I feel that getting rid of the Federal Reserve and creating US Treasury monies instead of the bailout is the better solution.

The reset of the comment, well worth looking at

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 freemarket 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.

OBAMA, we want change, cancel all Federal Reserve Banking in this country and ths IRS. Ron Paul understands and you sould have him in your cabinet instead of the LOSERS you seem to have surrounded yourself with.[/b]

[SaxxonWoods]

Great idea but much too late for this crisis.

[rabscuttle385]

Ron Paul ping!

[americanophile]

Why not just get rid of the income tax? The welfare state depends on it.

[Buckeye McFrog]

well I’ll be.....I had no idea that William Jennings Bryan was still serving!

[Rick_Michael]

This happening at this point in time....I’ll give it a .000001% chance.

[Wallace T.]

Whatever the case may be against a central bank, it is insensible to say that Congress cannot delegate its authority over the money supply to another party. The Federal Reserve is an instrumentality of the Federal government, as opposed to a agency of the Executive Branch like the Treasury Department. Irrespective of its status, ownership, and relationship to the government, there is nothing that should bar the Fed from fulfilling the duties of regulation of the money supply. Federal buildings, both civilian and military, are usually constructed by private firms. Private contractors handled the U.S. Mail in the first decades of the Republic. The Constitution also allows for the issuance of letters of marque and reprisal, so that private individuals, acting as privateers (licensed pirates), can further foreign policy goals.

The real issue is whether the Federal Reserve or a department in the Executive Branch, rather than the private market, regulate the money supply. The presumption is that an entity backed up by the full force of the government may make better decisions over what the market recognizes a medium of exchange than do private persons acting in their own self-interest. Neither sound economic theory nor the historical record support this presumption.

[11Bush]

Not going to happen.

At least not on purpose.

[KarlInOhio]

It sounds like a good idea until you see who would take over those duties.

Now, I want you to continue to hide under your couch until you can decide whether you're going to scream or sob. You can't do both.

[Jim W N]

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.

Would help I'm sure, because history shows greater instability with government economic intervention. However, promises of free-market "stability" are also off the mark. People need to be clear in their thinking that a free-market economy holds both benefits and risks but is still the best economic system known to man, proven both in theory and in actual practice. Read what the late Milton Friedman had to say about this (from a 1995 interview with Brian Doherty of REASON):

Milton Friedman: I wrote an article once arguing that a free society is an unstable equilibrium. Fundamentally, I'm of the opinion that it is. Though we want to try to keep that unstable equilibrium as long as we can! The United States from 1780 to 1929 is not a bad example of a limited-government libertarianism that lasted for a long time.

[Swing_Thought]

Yes, the federal reserve should be abolished. It's a radical notion, but mostly because everyone alive today has known no other monetary system. The Fed has always been there, and Federal Reserve Notes have always been our money.

But once you understand how the federal government, fractional reserve banking, and the federal reserve interact to enable the enormous federal debt which empowers the enormity of the federal government, you start to question the system.

Think of it for a moment. Our monetary system is COMPLETELY centrally controlled. We conservatives know, instinctively, that central planning doesn't, can't, work. Yet we accept it without question in our monetary system, again, mainly because we have known no other system. We can only imagine a free market, sound money, monetary system.

A central bank is a dangerous thing. Jefferson knew it, and killed the first one. Andrew Jackson knew it, and killed the second one. Today's Fed is actually the third US central bank, and not only was it the driving force behind the current economic crisis, it quite possibly has managed to destroy our republic. It must be abolished if we're to have any chance to return to constitutional government.

If you haven't already, I encourage everyone to read Murray Rothbard's What Has Government Done to Our Money.

[djsherin]

First official ping!

[bmwcyle]

Great idea but too many have died trying.

[wolfcreek]

Has anyone considered this might be exactly what the Fed and it's stakeholders want to happen?

Devalue the dollar to the point where it's worthless and bring about a NEW CURRANCY....the Amero.

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53350

http://www.propeller.com/story/2008/12/03/the-amero-is-being-printed-but-ron-paul-says-end-the-fed/