Archive for the ‘RESTORE THE DOLLAR’ Category

“The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.”

WHO created the FEDERAL RESERVE?

In November of 1910, Republican Senate leader Nelson Aldrich rode a private railway car alone from New Jersey to Georgia with only 6 other passengers. One of them being his personal secretary and the rest were businessmen fashioning a career (or even a family dynasty) in banking, with the intentions of creating a monopoly of money for the United States. According to memoirs written by several of these men years later, the trip was so secretive because if the American public knew a new financial institution was formulated by the big bankers tied to Wall Street, the Federal Reserve Act would never have passed. Once they reached Jekyll Island (privately owned at the time), they began to discuss & mold the infrastructure of a central bank. After approximately 10 days of deliberating, the Aldrich Plan was completed and overtime was renamed the Federal Reserve Act in order to pass the Congress in 1913.

WHAT does the FEDERAL RESERVE DO?

-Conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates

Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system

HAS THE FED ACCOMPLISHED ITS DUTIES?
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The troubles we experience today in resolving our economic turmoils stem from “patching up” our problems, rather than understanding how we got to this position in the first place. The reason our cost of living continues to soar and the value of our dollar continues to diminish is because of a failed monetary policy (in which the Federal Reserve continues to use). Besides the heavy spending that we need to cut overseas in foreign banks and militarism, we must end this operation between the Treasury and Federal Reserve where they, along with the big corporations (GSE’s), benefit from bailouts, interest rates and other intergovernmental transfers of printed/inflated money. They are indirectly monetizing the debt and it is slowly going to wipe out the middle and working class if we do not do something about this!

“Treating an interest expense as revenue when returned by the Fed to the Treasury is really an accounting shell game. Consider what the Fed has done. It has printed money by issuing one form of government debt to purchase other forms of government debt, Treasuries and MBS from government-backed Freddie and Fannie. The government (Treasury) pays interest to another government entity (Federal Reserve) on those assets, and when the funds are transferred back to the Treasury an expense is magically transformed into revenue. “ -Bob Eisenbeis, Cumberland Advisors’ Chief Monetary Economist (http://www.washingtonpost.com/business/economy/critiqueresponse-allan-sloan-addresses-bob-eisenbeiss-take-on-bailout-column/2011/07/20/gIQAnDpZQI_story.html)

End the Fed

Posted: September 4, 2011 in RESTORE THE DOLLAR

Congress has given all oversight of printing money to the Federal Reserve system, which they established in 1913. Similar to the current crises we face today with the ‘Super Congress’, our government established these organizations in order to dump the issues and power on them, rather than just have Congress deal with it (as written in the Constitution!). We need a newly reformed, limited government without unlimited spending across the globe, in which the US dollar can once again be prosperous.