Ron Paul: After 100 Years of Failure, It’s Time To End The Fed!

fedA week from now, the Federal Reserve System will celebrate the 100th anniversary of its founding
We are reaping the noxious effects of a century of loose monetary policy, as our economy remains mired in mediocrity and utterly dependent on a stream of easy money from the central bank. A century ago, politicians failed to understand that the financial panics of the 19th century were caused by collusion between government and the banking sector. The government’s growing monopoly on money creation, high barriers to entry into banking to protect politically favored incumbents, and favored treatment for government debt combined to create a rickety, panic-prone banking system. Had legislators known then what we know now, we could hope that they never would have established the Federal Reserve System.
Today, however, we do know better. We know that the Federal Reserve continues to strengthen the collusion between banks and politicians. We know that the Fed’s inflationary monetary policy continues to reap profits for Wall Street while impoverishing Main Street. And we know that the current monetary regime is teetering on a precipice.
One hundred years is long enough. End the Fed.

 

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By Dr. Ron Paul:

A week from now, the Federal Reserve System will celebrate the 100th anniversary of its founding. Resulting from secret negotiations between bankers and politicians at Jekyll Island, the Fed’s creation established a banking cartel and a board of government overseers that has grown ever stronger through the years. One would think this anniversary would elicit some sort of public recognition of the Fed’s growth from a quasi-agent of the Treasury Department intended to provide an elastic currency, to a de facto independent institution that has taken complete control of the economy through its central monetary planning. But just like the Fed’s creation, its 100th anniversary may come and go with only a few passing mentions.

Like many other horrible and unconstitutional pieces of legislation, the bill which created the Fed, the Federal Reserve Act, was passed under great pressure on December 23, 1913, in the waning moments before Congress recessed for Christmas with many Members already absent from those final votes. This underhanded method of pressuring Congress with such a deadline to pass the Federal Reserve Act would provide a foreshadowing of the Fed’s insidious effects on the US economy—with actions performed without transparency.

Ostensibly formed with the goal of preventing financial crises such as the Panic of 1907, the Fed has become increasingly powerful over the years. Rather than preventing financial crises, however, the Fed has constantly caused new ones. Barely a few years after its inception, the Fed’s inflationary monetary policy to help fund World War I led to the Depression of 1920. After the economy bounced back from that episode, a further injection of easy money and credit by the Fed led to the Roaring Twenties and to the Great Depression, the worst economic crisis in American history.

But even though the Fed continued to make the same mistakes over and over again, no one in Washington ever questioned the wisdom of having a central bank. Instead, after each episode the Fed was given more and more power over the economy. Even though the Fed had brought about the stagflation of the 1970s, Congress decided to formally task the Federal Reserve in 1978 with maintaining full employment and stable prices, combined with constantly adding horrendously harmful regulations. Talk about putting the inmates in charge of the asylum!

Now we are reaping the noxious effects of a century of loose monetary policy, as our economy remains mired in mediocrity and utterly dependent on a stream of easy money from the central bank. A century ago, politicians failed to understand that the financial panics of the 19th century were caused by collusion between government and the banking sector. The government’s growing monopoly on money creation, high barriers to entry into banking to protect politically favored incumbents, and favored treatment for government debt combined to create a rickety, panic-prone banking system. Had legislators known then what we know now, we could hope that they never would have established the Federal Reserve System.

Today, however, we do know better. We know that the Federal Reserve continues to strengthen the collusion between banks and politicians. We know that the Fed’s inflationary monetary policy continues to reap profits for Wall Street while impoverishing Main Street. And we know that the current monetary regime is teetering on a precipice. One hundred years is long enough. End the Fed.

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Comments

  1. It’s so easy to view the fed having been created as a “mistake” of judgement that has brought us to this point. I believe it was the plan from the it’s inception, by the bankster elite, to take this country, and perhaps the global economy DOWN! It’s all bankster run, transfer of wealth, in your face conspiracy to enslave us all. This is why metals are so smart……..it releases those who hold them, from that train wreck that is coming as sure as the sun will rise tomorrow. I have to say, I have worked quite hard to alert those whom I have contact with, of the calamity that is likely, and how they can at least defend themselves a little bit against it……………..to absolutely no avail. Sadly, I have given up and am now just glad that I have prepared enough to mitigate disaster for my family members at least, even though they have also not heeded my warnings and suggestions. It does not take a lot to, at the very least, store some food and water. Nobody listens. Even if they don’t believe a global disaster is imminent, a hurricane could be the catalyst for such a need. Alas, I have resigned myself that I will be the only one withing a “stone’s throw” of being able to weather the storm. I know that many here are on top of it too, hope you are having an easier time of it than I.
     
    I have to wonder how Paul Revere fared after his ride………..actually, people were smarter back then, that’s why we are still here kicking and thrashing…..LOL

    • Silver Slicker, It was a planned event from the meeting at Jekyll Island off the coast of Georgia in 1900. The original planners,  Rockefeller, Morgan, Rothchild and others met in NewYork in secret and traveled to the island in secret. It did take the group almost 13  years of politics to get through, but yes it was a planned event.

  2. The magical Bitcoin is in a downward spiral again, glad for the wealth that was made by those who took the profits……sad for the wealth that will be lost by those who believe in magic..

  3. ..

  4. Well hell the Fed will be probably ending in the coming months as the Currency Reset is supposed to happen in the coming weeks and the dollar will be losing 30% of it’s value with a new currency replacing the almighty dollar and our leaders know it. So hopefully you folks are prepared. KEEP STACKING

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