Should the Federal Reserve be abolished?

[eagle1462010]

Should the Federal Reserve be abolished?

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

WHY THE FED SHOULD BE ABOLISHED

1. The US Congress has the option to buy back the FED at $450 millions (per Congressional Records). When the Congress does this, it will own back the billions of US Government Bonds held by the FED. The US Government will actually PROFIT by buying back the FED! Also, the US government no longer has to pay interests to the FED owners on those bonds.

2. Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy. By controlling our interest rates and money supply, they can actually create economic disaster in the US , should the US disagree with them.

3. Although the FED directors must be confirmed by the Senate, the awesome lobbying power of the FED owners makes this process meaningless. The owners of the FED can and will put whoever they wish in the position.

4. Abolishing the FED will lead to lower inflation. At this moment, the FED prints as much money as needed to buy the US Government Bonds. Since the FED prints this MONEY out of THIN AIR, this leads to an INCREASE of MONEY SUPPLY, WITHOUT increase in GOODS/SERVICES. This, as all of us know it, leads to INFLATION.

If the general public buy those bonds with money that they EARNED by providing GOODS/SERVICES, the money supply level is contant in relation to the goods/services level. Thus, there is no inflationary pressure from selling these bonds. 5. Abolishing the FED will reduce the national debt level. By buying back the FED at $450 millions, the US Government will buy back the billions of dollars of bonds held by the FED. Thus, the net effect is a reduction in national debt. After buying back the FED, the US Government does not have to pay interest on those bonds it buys back, further reducing the national debt.

6. Abolishing the FED will lead to eventual balance budget. Today, even if the US Economy only grows by a meager 2% per year, the US Government should be able to put 2% of US-GDP dollars into circulation WITHOUT INFLATION.

Consider, if the goods/services grow by 2% and the money supply grows by 2%, the ratio of goods/services vs. money supply remains constant. Thus, no inflation is created.

The government can use this extra money supply to fund its project without raising taxes.
As long as the government does not print money more than the goods and services available in the US , there will be no inflationary pressures.
This had in fact been done with Executive Order 11110 of President Kennedy. Kennedy ordered the Treasury Dept. to print a US GOVERNMENT NOTES (vs. FEDERAL RESERVE NOTES). In effect, Kennedy bypassed the FED by making the Treasury Department printed REAL US MONEY, instead of selling bonds to the FED for almost free.

The sad fact is, the US Government does not do this anymore. Instead, the US Government sell bonds to the FED, which buys those bonds using money they don't earn. Thus, the US Government must now pay interest on those money that it "borrows" from the FED.

7. By point (6) above, the US Government can actually reduce taxes on everybody since it has more interest free money to spent in the amount equal to the growth of the US GDP. KEEP IN MIND, THIS MONEY WILL NOT CAUSE INFLATION, since the money is printed along with the growth of the goods and services.

What you can do to save the United States of AmericaThe FED should either be AUDITTED every year, or be abolished. I have done my part providing this information. It is up to you to decide the future of the US economy. Please do the followings:

 

[Contumacious]

should the federal reserve be abolished?

yes!!!!!

.

 

[eagle1462010]

President Kennedy, The Fed And Executive Order 11110

Executive Order 1110 gave the US the ability to create its own money backed by silver. ...
John-F-Kennedy.net - JFK, The Federal Reserve And Executive Order 11110 by Cedric X

On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous.

With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificats were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the gevernment the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver.

After Mr. Kennedy was assassinated just five months later, no more silver certificates were issued. The Final Call has learned that the Executive Order was never repealed by any U.S. President through an Executive Order and is still valid. Why then has no president utilized it? Virtually all of the nearly $6 trillion in debt has been created since 1963, and if a U.S. president had utilized Executive Order 11110 the debt would be nowhere near the current level. Perhaps the assassination of JFK was a warning to future presidents who would think to eliminate the U.S. debt by eliminating the Federal Reserve's control over the creation of money. Mr. Kennedy challenged the government of money by challenging the two most successful vehicles that have ever been used to drive up debt - war and the creation of money by a privately-owned central bank. His efforts to have all troops out of Vietnam by 1965 and Executive Order 11110 would have severely cut into the profits and control of the New York banking establishment. As America's debt reaches unbearable levels and a conflict emerges in Bosnia that will further increase America's debt, one is force to ask, will President Clinton have the courage to consider utilizing Executive Order 11110 and, ifso, is he willing to pay the ultimate price for doing so?

 

[Mad Scientist]

That Executive Order is probably what got Kennedy killed.

 

[Pennywise]

Yes, but unless you get a real free market president and a willing Congress it will never happen. So don't hold your breath.

 

[eagle1462010]

That Executive Order is probably what got Kennedy killed.

I have no doubt on that. The Silver Backs were taken out of circulation almost immediately after his death.

 

[eagle1462010]

Yes, but unless you get a real free market president and a willing Congress it will never happen. So don't hold your breath.

Unless we go for Convention and tell them to go fuck themselves.

We don't need Congress for that, and why do we pay them 6% to create and sell bonds?

It is the largest scam in the history of the world.

 

[Zander]

The Fed has destroyed the US Dollar.

 

[eagle1462010]

The Fed has destroyed the US Dollar.

Yes it has and continues to do so. We are in agreement.

 

[eagle1462010]

bump

 

[CrusaderFrank]

Abolished, then used to store nuclear waste

 

[westwall]

Absolutely YES!

 

[bendog]

holy Elders of Zion, Batman.

 

[Pennywise]

holy Elders of Zion, Batman.

And how is this drivel relevant?

 

[Contumacious]

The Fed has destroyed the US Dollar.

That is correct. The continuing criminal enterprise known as the US of A did destroy the Constitutional dollar.



Gold Seizure Court Cases

 

[eagle1462010]

The Money Masters

The Austrian School Got it Right
The monetarist school, of which Dr. Milton Friedman was the acknowledged head, has been rightly criticized by the Austrian school of economics for failing to recognize and deal with the fact that no fiat money system has ever lasted long before the government instituting it succumbed to the temptation to inflate the money supply as an indirect tax on the people, proportionately decreasing the value of their savings and wages, and transferring their wealth into the hands of the government. This is certainly a valid critique. The so-called “Great Recession” beginning in 2007, TARP, QE1, QE2 etc. and the staggering increase in the national debt has proven the validity of that critique – the Austrian school was right.

To be fair to Dr. Friedman, he did write that “we do need a commitment to sound money. The best arrangement currently would be to require the monetary authorities to keep the percentage rate of growth of the monetary base within a fixed range. This is a particularly difficult amendment to draft because it is so closely linked to the particular institutional structure. One version would be: Congress shall have the power to authorize non-interest-bearing obligations of the government in the form of currency or book entries, provided that the total dollar amount outstanding increases by no more than 5 percent per year and no less than 3 percent.”

However, given the near-impossibility of passing such a Constitutional Amendment, it can fairly be argued that Dr. Friedman really had no practical means (only the theoretical one, above) to offer to restraint the government from debasing the currency and inflating away the wealth of the people. That being so, we part company with Dr. Friedman’s conclusion that “It is neither feasible nor desirable to restore a gold-or-silver coin standard.” Again, to be fair to him, Dr. Friedman later softened his stance against gold and stated that it would be preferable to what we have, a fractional reserve banking system. To that shift in thought, we say, Amen. The Money Masters website will be updating information and the Monetary Reform Act to explain the Austrian school’s solution to the current economic crisis in the light of events the last 5 years. One thing both schools of economic thought agree upon, as does Dr. Ron Paul: End the Fed!

 

[occupied]

The Fed is pretty much evil incarnate but trying to do away with it would probably destroy the world economy and take decades to fully recover with something very much like the Fed having been reinvented by then. The plutocrats are going to have their broad economic manipulation at any cost to the rest of us, that's all there is to it. As long as vast individual fortunes exist there will be something like a Fed.

 

[eagle1462010]

The Fed is pretty much evil incarnate but trying to do away with it would probably destroy the world economy and take decades to fully recover with something very much like the Fed having been reinvented by then. The plutocrats are going to have their broad economic manipulation at any cost to the rest of us, that's all there is to it. As long as vast individual fortunes exist there will be something like a Fed.

And that statement is why they maintain that power. Because we as a people refuse to challenge them.

The Constitution gave us the power to stop them. Bypassing Congress through Convention.

If we only succeeded at ending the Federal Reserve at the end of the day, we would be fixing a VERY LARGE PART OF OUR PROBLEM.

 

[eagle1462010]

bump............

[ame=http://www.youtube.com/watch?v=MJ1ifi8wC5k]Remember Who We Are - YouTube[/ame]

 

[OohPooPahDoo]

Should the Federal Reserve be abolished?

And replaced with what?

2. Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy.

Foreign powers do not have "ownership" of the Fed you blubbering idiot.

4. Abolishing the FED will lead to lower inflation.

Then why the FUCK would we want to abolish it? Inflation has been crawling along the past several years, sorry but I don't want to live under my mortgage forever.

I'm guessing you have no debts because you have no credit - either that or you're a total moron that doesn't understand how money works.