This could be one of the most important bills introduced to Congress in some time. It would protect American citizens both by limiting the potential economic damage policy makers could bestow on their constituents and by limiting American military adventurism. It would put out of business a private organization that has been fleecing this country for far too long and allow our government to return to its Constitutionally-mandated role of printing and issuing its own stable currency backed by gold and/or silver. Contact your representative and urge them to support this bill to end the Federal Reserve!
Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833.
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.
Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.
In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans’ standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.
if this bill goes thru, what would be the effect on the gold/silver prices? and to what percentage would the currency be backed by gold?
its time dollar gets some value some how.
finally a bill to end the fed.
Ron Paul has the courage to say and do what is RIGHT — do WE have the courage and independent thinking to support and follow this true patriot’s efforts (with our own).
WE THE PEOPLE — Ron Paul is trying to get our collective voice heard.
Ron Paul is NOT your typical politician…THANK YOU, sir.
Right on Ron Paul;
The Fed is a criminal system that creates trillions out of nothing, then turns around and charges the American public interest….
SHUT DOWN this criminal gang!
These are thieves behind a monstrous conspiracy!
We owe them NOTHING, NOTHING, NOTHING – “o”
Get rid of this scam gang asap!
John Brouwer
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Mr. Paul,
I admire your courage, but re-
member what happened to Repre-
sentative Luis McFadden after
he pushed for the disolution of
the Federal Reserve Bank and
called for the impeachment of
Herber Hoover in the early 30′s
blaming both Hoover and the Re-
serve for the depression. Well
sir, he was shot at twice on his
way to a hotel restaurant in the
city of New York, and after the
two shots failed to hit or harm
him, he was poisoned at lunch in
that same hotel restaurant saved
by his companion-doctor who hap-
pened to have accompanied him to
lunch and pumped out McFadden’s
stomach! McFadden died under controversial circumstances some
weeks later. This is all available on the Google Search
Engine on Luis McFadden, repre-
sentative from Pennsylvania and
Chairman of the United States
House of Representatives Committee on Banking and Finance. Another piece of American History untaught (along with most of the truth about our
history)in our putrid educational systems.
Watch your back sir, this is not a safe country for people who
stand apart from the path of conformity!
E. Tippett
Chicago, Illinois
I was standing in front of Walmart giving out copies of the “MONEY MASTERS”. Although the DVD calls for a United States Dollar, not backed by gold, it still very provoking. Now if people want to do something tell them about The Federal Reserve Board Abolition Act, H.R. 833.
It is dangerous for individuals such as Alan Greenspan and Ben Bernanke to wield so much power and authority as they do under our Federal Reserve system. Interest rates should be established by the free market system and unredeemable paper IOUs should be abolished. Passage of H.R.833 will take the power out of the hands of the few and allow natural market forces to take effect with a resulting financial stability.
The debt wouldn’t disappear but is my understanding that rather than pay interest to the majors shareholders (private grey eminence)of the Federal Reserve, we will pay the interest to the U.S. treasury therefore keep the money at home and for sure stimulating the savings.
Considering The Fed is a private institution, abolishing it would be like Congress calling for the abolition of Wal Mart (which probably wouldn’t be a bad idea). It was Congress that allowed this scam to start in 1913. And it doesn’t end with The Fed–whose governor is not an employee of the U.S. government–it goes back to the IMF. We think we got free from The Crown, but we’ve been paying tribute in one way or another to the Old World. There’s a reason why Greenspan was knighted. Ron Paul makes nice noises, but he knows as well that The Fed is only one part of a global network that has its clutches firmly around the necks of the peoples of all nations. He gets points for style but not for substance. We all got screwed a long time ago, and it was the whores in D.C. that made it possible. Nothing’s changed . . . except it’s gotten worse.
Good for Ron Paul. If only a few more people understood the mess we’re in and the role the fed has in it. To add to the Luis McFadden comment above, Lincoln was also advocating to revert to a government-printed money supply when he was assassinated. I recently read that the main reason we pay income taxes is to pay the interest on the federal debt (not deficit) that is due to the fed loaning money to the govt. If the gov’t printed its own money and made loans directly, then we would have no federal debt and the interest paid on those loans would pay for government functions and programs. Voila, no federal debt, no income tax. Sounds pretty good to me…
Good for Ron Paul. He has courage. But if the people don’t stand behind this resolution (and not just behind Ron Paul), then the Fed Reserve will abolished. But what next, nothing is clear as far as the solution. With the inflationary process at work now, everyone is becoming pacified. There has to also be a clear-cut solution to abolishing the Fed, otherwise, we are sacrificing the goose for the gander…or the apple tree for the apple.
Go deeper Ron, and give us a clearer solution to the aftermath, otherwise, you only become another distraction.