Topic: Federal Reserve
HR 833 Federal Reserve Board Abolition Act Introduced Did you hear about HR 833's introduction before the House of Representatives on February 3rd? Many did not and yet it is important for everyone committed to liberty and personal responsibility to take notice and action to help push this legislation forward.by Gary Wood
(conservative libertarian)
Thursday, February 5, 2009
Did you hear about HR 833's introduction before the House of Representatives on February 3rd? Many did not and yet it is important for everyone committed to liberty and personal responsibility to take notice and action to help push this legislation forward.
Dr. Ron Paul (R TX) introduced the legislation and it has been forwarded to the House Financial Services Committee. It carries the full title as follows: "To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes." A lofty goal many will write off as an unimaginable or radical piece of legislation. It garners little press during a time when the issues raised by the resolution are critical to understanding and correcting failed monetary policies driving our economic challenges for nearly a century.
Study the resolution and the words used to present it. If you can embrace the principles and goals of this important legislation it is your duty, as a guardian of our Constitution, to contact your representatives and urge them to co-sponsor this bill. Also, you should contact the members of the House Financial Services Committee and urge them to move it forward as most bills never leave committee and this one must.
Listen to the words; strive to hear their meaning as Dr. Paul introduced the bill on Tuesday . His presentation flows with historical understanding.
"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."
Remember our history, not our modern traditions that are moving us toward representative democracy. Here is some recommended reading to help begin the stirring of our memory. Study these with friends and family as if you were studying the scriptures of your religion or the stats of your favorite sports team.
The views expressed in this
article are those of Gary Wood only and do not represent
the views of Nolan Chart, LLC or its affiliates. Gary Wood is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
Want to comment on this
article? Leave your comment here. Your email address is
required to track your comment. However, we will neither
publish your email address nor distribute it to other
organizations or persons. The only reason we might use
it would be if we needed to contact you regarding your
comment. All comments are subject to our
terms of use policy.
