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Part 1 of 11 Reasons the Federal Reserve Should be Abolished

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Part 1 of 11 Reasons the Federal Reserve Should be Abolished Empty Part 1 of 11 Reasons the Federal Reserve Should be Abolished

Post by Horizon Mon May 20, 2013 5:56 pm

11 Reasons the Federal Reserve Should be Abolished Emailed to Recaps Part 1

05/20/2013
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11 Reasons Why the Federal Reserve Should be Abolished

http://drleonardcoldwell.com/2013/05/09/11-reasons-why-the-federal-reserve-should-be-abolished/

If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people.

The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy.

But why do we need a bunch of unelected private bankers to manage our economy and print our money for us in the first place? Wouldn’t our economy function much more efficiently if we allowed the free market to set interest rates?

And according to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”.

So why is the Federal Reserve doing it?
....


Sadly, this is the way it works all over the globe today. In fact, all 187 nations that belong to the IMF have a central bank. But the truth is that there are much better alternatives. We just need to get people educated.

The following are 11 reasons why the Federal Reserve should be abolished…

#1 The Greatest Period Of Economic Growth In The History Of The United States Happened When There Was No Central Bank

Did you know that the greatest period of economic growth in U.S. history was between the Civil War and 1913? And guess what? That was a period when there was no central bank in the United States at all. The following is from Wikipedia…

The Gilded Age saw the greatest period of economic growth in American history. After the short-lived panic of 1873, the economy recovered with the advent of hard money policies and industrialization. From 1869 to 1879, the US economy grew at a rate of 6.8% for real GDP and 4.5% for real GDP per capita, despite the panic of 1873. The economy repeated this period of growth in the 1880s, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled.

So if our greatest period of economic prosperity was during a time when there was no Federal Reserve, then why shouldn’t we try such a system again?

************

#2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar

The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created in 1913. If you do not believe this, just check out the inflation chart in this article.

The Federal Reserve systematically penalizes those that try to save their money. Inflation is a tax, and the value of each one of our dollars goes down a little bit more every single day.
But over time, it really adds up. In fact, the value of the U.S. dollar has fallen by 83 percent since 1970.
Anyone that goes to the grocery store on a regular basis knows how painful inflation can be. The following is a list that shows how prices for many of the things that we buy on a regular basis absolutely skyrocketedbetween 2002 and 2012…

Eggs: 73%
Coffee: 90%
Peanut Butter: 40%
Milk: 26%
A Loaf Of White Bread: 39%
Spaghetti And Macaroni: 44%
Orange Juice: 46%
Red Delicious Apples: 43%
Beer: 25%
Wine: 60%
Electricity: 42%
Margarine: 143%
Tomatoes: 22%
Turkey: 56%
Ground Beef: 61%
Chocolate Chip Cookies: 39%
Gasoline: 158%

Even the price of water has absolutely soared in recent years. According to USA Today, water bills have actually tripled over the past 12 years in some areas of the country.

So how can the Federal Reserve get away with claiming that we are in a “low inflation” environment?

Well, what Ben Bernanke never tells you is that the way that the government calculates inflation has changed more than 20 times since 1978.

The truth is that the real rate of inflation is somewhere between five and ten percent right now, but you will never hear about this on the mainstream news.

***********

#3 The Federal Reserve Is A Perpetual Debt Machine

The Federal Reserve system was designed to be a trap. The intent of the bankers was to trap the U.S. government in an endless debt spiral from which it could never possibly escape. But most Americans don’t understand this. In fact, most Americans don’t even understand where money comes from.
If you don’t believe this, just go out on the street and ask regular people where money comes from. The responses will be something like this…

“Duh – I don’t know. I’ve got to get home to watch American Idol.”

This is why it is so important to get people educated. I think that most Americans would be horrified to learn that the creation of more money in our system also involves the creation of more debt.

The following is a summary of money creation that comes from one of my previous articles…

When the U.S. government decides that it wants to spend another billion dollars that it does not have, it does not print up a billion dollars. Rather, the U.S. government creates a bunch of U.S. Treasury bonds (debt) and takes them over to the Federal Reserve.

The Federal Reserve creates a billion dollars out of thin air and exchanges them for the U.S. Treasury bonds.So what does the Federal Reserve do with those Treasury bonds? I went on to explain what happens…The U.S. Treasury bonds that the Federal Reserve receives in exchange for the money it has created out of nothing are auctioned off through the Federal Reserve system. But wait.There is a problem.

Because the U.S. government must pay interest on the Treasury bonds, the amount of debt that has been created by this transaction is greater than the amount of money that has been created. So where will the U.S. government get the money to pay that debt?

Well, the theory is that we can get money to circulate through the economy really, really fast and tax it at a high enough rate that the government will be able to collect enough taxes to pay the debt.
But that never actually happens, does it?

And the creators of the Federal Reserve understood this as well. They understood that the U.S. government would not have enough money to both run the government and service the national debt. They knew that the U.S. government would have to keep borrowing even more money in an attempt to keep up with the game.

Men like Thomas Edison and Henry Ford could not understand why we would adopt such a foolish system. For example, Thomas Edison was once quoted in the New York Times as saying the following…

That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt.

Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 — that is what it amounts to, with interest.

People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. That is the terrible thing about interest.

In all our great bond issues the interest is always greater than the principal. All of the great public works cost more than twice the actual cost, on that account. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost.

But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good.

Unfortunately, today most Americans don’t even understand how the system works. They just assume that we have the best system in the entire world.

Sadly, the reality is that the system is working just as the international bankers that designed it had hoped. The United States has the largest national debt in the history of the world, and we are stealing more than 100 million dollars from our children and our grandchildren every single hour of every single day in a desperate attempt to keep the debt spiral going.

************

#4 The Federal Reserve Is A Centrally-Planned Financial System That Is The Antithesis Of What A Free Market System Should Be

Why do we need someone to centrally-plan our financial system? Isn’t that the kind of thing they do in communist China?

Why do we need someone to tell us what interest rates are going to be?
Why do we need someone to determine what “the target rate of inflation” should be?
If we actually had a free market system, the free market would be the one “managing” our economy.
But instead, we have become so accustomed to central planning that any alternatives seem to be absolutely unthinkable.

For example, CNBC cannot possibly imagine a world where the Fed (or some similar institution) was not running things…

But suppose the law were taken off the books? The Fed’s job—in simple terms—is to manage the nation’s money supply and achieve the sometimes-conflicting tasks of full employment, stable prices while fighting inflation or deflation. How would the U.S. economy then function? Something has to take its place, right?

Global markets would also need some sort of economic direction from the U.S. The Fed manages the dollar — and as the world’s leading currency, a void left by a Fed-less America could throw those markets into chaos with uncertainty about who’s managing U.S. interest rates and the American economy.

I’ve got an idea – let’s let the free market “manage” U.S. interest rates and the American economy.
I know, it’s a crazy idea, but I have a sneaking suspicion that it just might work beautifully.

***********

#5 The Federal Reserve Creates Bubbles And Busts


Do you remember the Dotcom bubble?
Or what about the housing bubble?
By dramatically distorting interest rates and financial behavior, the Federal Reserve creates economic bubbles and the corresponding economic busts.
And guess what?
Now it is happening again. When will the American people decide that they have had enough?

If you can believe it, there have been 10 different economic recessions since 1950. And of course the Federal Reserve even admits that it helped create the Great Depression of the 1930s.

Perhaps it is time to try something different

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Part 1 of 11 Reasons the Federal Reserve Should be Abolished Images?q=tbn:ANd9GcQbUTUwRpDbhT-xIofJl3G31OXoGzOAJS3qKlCApR1lrvZghQYKngbnt9AnaQMakin' Plans...Part 1 of 11 Reasons the Federal Reserve Should be Abolished 7_6_8
 
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Post by Kevind53 Mon May 20, 2013 6:39 pm

Prior to the Federal Reserve act, we had a "panic" with an accompanying run on the banks every few years. The US currency was actually somewhat unstable as a result, and people had little confidence in the banks or in currency. IN truth, the first central bank was established in 1791 when George Washington was President, and Alexander Hamilton was Secretary of the Treasury. It leasted until it's charter expired in 1811. The renewal of the charter was narrowly defeated by congress despite the support of President Madison. (Interestingly, James Madison, like Jefferson was originally an opponent of the central bank, but changed his mind in the intervening years.) Chaos ensued, and in 1816 the bank was rechartered for 20 years. (BTW in an 1819 case, the SC upheld the constitutionality of the bank.) In 1836 the charter was not renewed and the central bank ceased to exist. It left in it's place a myriad of individual currencies of varying quality, worth and design. This was a recipe for disaster, and things became a real mess.

Various attempts to resolve this were made, with varying degrees of success, but it was not until a true central bank was reestablished with the Federal Reserve System that things began to level out and stabilize. Is it without it's problems? No. Is more transparency needed? Absolutely. Is it too powerful? Probably. Is it unconstitutional? Probably not, in fact I would say almost certainly not. Is it necessary? Unless you like chaos, yes.

Face it, it might be nice to talk about a precious metals based system, but given the values of precious metals today, it is not practical. Any surviving silver coins are worth way more than their denomination as scrap, never mind gold ... a dollar is worth (very roughly) about 1500th of an ounce of gold, or a 50th of an ounce of silver ... just not gonna work. That's not all, but it's all I have time for now ...

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Post by Terbo56 Mon May 20, 2013 6:41 pm

Hey, how about those Florida Gators, eh?Part 1 of 11 Reasons the Federal Reserve Should be Abolished 3508649203
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