The Federal Reserve is a private corporation owned by a consortium of private banks. The owners are the infamous "international bankers" who have controlled western money for many centuries and who financed all sides of every war since the middle ages. Federal Reserve Notes ar enot really money, they are notes, debt instruments. The notes are loaned to the Unuited States at full face value plus interest. The interest is paid by the personal income tax. This makes every American taxplay a slave to private banking intersts. It is time to end that economic slavery.
Nationalize the Federal Reserve. Call is the United States Reserve. Issue United States Notes, debt free money created by the US government. Let banks that are now members of the Federal Reserve join the United States reserve and borrow as they do now from the Fed. Let the interest on that pay for the costs of govrenment and government programs instead of it enriching the bankers, who do nothing for the money except manage the debt scam. Take it over!
Comments (5)
THIS IS EXTREMELY IMPORTANT TO THE US ECONOMY. GET RID OF THE FEDERAL RESERVE AS SOON AS POSSIBLE!!!!!
THOSE IN CHARGE ARE ESSENTIALLY THIEVES AND CAUSED THIS LAST FINANCIAL CRISIS. THEY HAVE NO REAL INTEREST IN THE UNITED STATES OR ITS PEOPLE.
The Federal Reserve was to stay in the people's hand's not the governments! Look how bad they screw everything else up!! We need to get it out of the hands of the Bilderberg Group and the Trilateral commission. But please, no one but the people should have any control.
Who would EVER recommend that the Fed be nationalized? I'd like to see it dismantled permanently. Ron Paul explains it best :
Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833.
Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial "boom" followed by a recession or depression when the Fed-created bubble bursts.
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 free-market 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.
See the Ron Paul File
The Federal Reserve sets interest rates for the banking system. It has been shown repeatedly that if governments are given direct control of this process they keep interest rates low (because that makes the voters happy) and results in high levels of inflation.
The main reform that I think is needed at the Fed is to expand its mandate to include asset inflation.
Some say abolish the Federal Reserve and I agree, but it has to be replaced by something, so I propose that the name be changed to the United States Reserve and that American citizens own all the stock.