Abolish the Federal Reserve

The Federal Reserve was created in 1913 as a central bank with a mandate from Congress to move interest rates up and down, it’s purpose was to keep prices stable and inflation low.

Thomas Jefferson said “I believe that banking institutions are more dangerous to our civil liberties than standing armies”. “If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

The current Fed Chairman Bernanke, doesn’t agree. In recent discussions of the administration’s proposed new financial regulations the Chairman said the Federal Reserve needs independence from Congressional oversight to keep politics out of the nation’s monetary policies.

Current Federal Reserve policies include the Fed doling out 80 billion for AIG, trillions for banks and financial institutions, yet the Fed didn‘t have the 40 billion needed to fill the hole in Lehman Brothers whose failure was the beginning of this global recession. Wall Street investment banks have recently posted billions in profits, was there political motivation in allowing Lehman to fail?

William Greider stated in the Nation magazine- “The Feds favoritism toward bankers is embedded in its DNA”.

President Wilson said after creating the Federal Reserve that “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men.” We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world -- no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”

We should abolish the Federal Reserve; they are the reason we’re in this recession and why Jefferson’s predictions ring true today.