Ron Paul Speaks Before the House on Abolishing Federal Reserve

by Emilio Lizardo | February 5, 2009 at 06:51 am

566 views | 19 Recommendations | 10 comments

Carrying on in the grand tradition of John F. Kennedy, may he rest in peace, Congressman Ron Paul, R, TX, 14th Dist, on February 3rd again addressed the 111th Congress on the issue of abolishing the Federal Reserve System.

Last year Paul's bill, H.R. 2755: Federal Reserve Board Abolition Act, introduced during the 110th congressional session, had no cosigners and was never passed into law. Hence at the end of that session H.R. 2755 was cleared from the books. Paul's address of February 3 of the 111th session is his latest effort to build consensus on this monumentally important, albeit practically hopeless issue.

Now follows an exerpt of Paul's address -

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.

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Roy C

at 09:39 on February 5th, 2009

The Fed: this is one of the things I am trying to study to get a handle on it.

I don't like what I have learned so far.

Our currency is in the hands of a private bank whose head is appointed by the US prez. That is it??

Our housing bubble was caused by the Fed's easy money policy and the "greenlining" of areas which were designated for banks as neighborhoods where loans had to be given or the bank would be considered discriminatory.

Emilio Lizardo

at 10:28 on February 5th, 2009

It gets pretty technical, Roy.

Basically the Fed is a private corporation which sets monetary policy for the Federal Government. Confused yet ? I am ...

Start with Wikipedia and go from there. The rabbit-hole goes deeper and deeper. If you stay down there too long, or go too deep before coming up for air you will eventually need a prescription for anti-psychotic medication, which is probably exactly what the pharmaceutical industry had in mind in the first place ... hmmm, must be time for my meds ...

Thanks for the read and the comment.

Desanti (not verified)

at 09:36 on March 29th, 2009

Roy C:

The bankers were held out of the US by the original constitution writers deliberately, as they knew the Bank of England was controlled by the Rothschildes banking family as were all the other major governements of Europe. The Rothschilds would finance both sides of any war and them have both countries taxes as collateral pledged to them from their leaders (kings).

Andrew Jackson fought off several assasination attempts to keep the Rothschilds banker's 20 year charter in America from being renewed, Lincoln tried to print America's own greenbacks and was assasinated four days after the war by the same European Rothschilds seekeing to gain control of US as it had aof Europe. Two other presidents were also taken out for resisting them.

Woodrow Wilson unwittingly borrowed money from them to win the election by promising to sign their Federal Reserve bill when he was presdident. He did, in 1913, through the shady underhanded passing of it through congress, and Wilson signed us into slavery.

Eisenhower did alert the American people about the bankers' robbing of them of freedom without America really knowing or understanding what they were told.

Kennedy went so far as to have been groomed by the banking cartel and turned on them, by printing america's own money, bypassing the Federal Reserve and freeing it from crushing impossible to pay back debt. He was assasinated.

Regan sought to implement Kenndy's banking reform and was almost assasinated.

No other preseident has ever dared oppose the Feds now, and they are selected, and groomed by the Rothschilds-Rockefellers et al, ever since.

they have tightly owned every single president since Wilson and all those in Europe. No one dare oppose them now, and thye, plus all politicians, jump on their very lucrative bandwagon, and go along.

car1edb

at 16:02 on February 5th, 2009

So the whole system basically runs perpetually on a indebted currency. Using ponzi schemes on the robbing-peter-to-pay-paul fundamentals.

They don't want any of that H.R. 2755, as when things really hit the fan you don't want anything that might upset the plan.

Ron paul is certainly seems to be on the ball, pitty he never got the presidency.

Emilio Lizardo

at 20:30 on February 5th, 2009

Seminal Reference (1) for the Federal Reserve Act of 1913

Seminal Reference (2) for the Federal Reserve Act of 1913

Seminal Reference (3) for the Federal Reserve Act of 1913

René

at 21:22 on February 5th, 2009

Wrote about the Fed last year on NP:

The Fed is the problem, Not the solution.

Recession: What the Fed don't want you to know.

US Treasury and Federal Reserve involved in Mortgage-Securities Fraud.

I can't figure out how we can get out of their clutches.

Many in the past who have come close to successfully opposing the FED, have been killed, died under mysterious circumstances, been discredited, or had the heart taken from them.

Emilio Lizardo

at 08:28 on February 6th, 2009

Thanks for the links to your related work and for the comments, Rene. Much appreciated.

this may help (not verified)

at 22:17 on February 9th, 2009

fist movie in the series but also the zeitgeist addendum explains the works of the fed very well

http://www.youtube.com/watch?v=1AzdQNKkonc

Chris S. (not verified)

at 03:51 on March 22nd, 2009

While the complexity and confusion result from those "technical" details, the underlying principle behind the creation of the Fed and any other central banking system is relatively simple: the goal is to base the national currency upon debt accumulation rather than wealth accumulation. Debt accumulation can be created out of thin air by forcing people to accept the stated value of currency by fiat. Wealth accumulation can only be created by the production of real things upon which value is determined in a free market by a free people: things like food, oil, gold and silver.

NathanA

at 00:42 on April 13th, 2009

It is true that this time of long-term recession we can see the effect of this to many citizens that usually have an average income, they are now suffering much hardship in terms of financial, it is also because of the massive layoffs and with the nonstop ups and down of products prices. Lake Elsinore is a beautiful lakeside community in California. Lake Elsinore is also a great place to buy real estate, if you're in the market. The housing bubble bursting led to a drastic drop in demand, and prices, and even though you can't buy a house with payday loans alone, you can get one for dirt cheap (or at least what passes for it in California) if you can get the financing. California has been hard hit by the housing crisis, having one of the most expensive real estate markets in the nation. (Where else can you pay $400,000 for a house – and still live next door to Crips?)