H.R. 833 - The Federal Reserve Board Abolition Act

End the Fed

by Ron Paul

Statement of Congressman Ron Paul
United States House of Representatives

Statement on Federal Reserve Board Abolition Act

February 3, 2009

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 missallocation 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 freemarket 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.

Views: 82

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by 7R33SandR0P3S on February 10, 2009 at 5:21pm
De peples are wrestles - politicians, show us your colours, now.
Comment by truth on February 9, 2009 at 12:17pm
He has been trying thiis for decades, perhaps now someone will listen !

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

A Prelude to WW III ? It Seems There We Are Trailblazing Idiocy into More Blood and Destruction!

They're rolling out the 25th Amendment trying to stop Joe Biden from insanely thrusting the US in a…See More
4 hours ago
Less Prone posted a video

Chris Langan - The Interview THEY Didn't Want You To See - CTMU [Full Version; Timestamps]

DW Description: Chris Langan is known to have the highest IQ in the world, somewhere between 195 and 210. To give you an idea of what this means, the average...
23 hours ago
Doc Vega posted a blog post

RFK Jr. Appoinment Rocks the World of the Federal Health Agncies and The Big Pharma Profits!

The Appointment by Trump as Secretary of HHS has sent shockwaves through the federal government…See More
Tuesday
tjdavis posted a video

Somewhere in California.

Tom Waites and Iggy Pop meet in a midnight diner in Jim Jarmusch's 2003 film Coffee and Cigarettes.
Tuesday
cheeki kea commented on cheeki kea's photo
Thumbnail

1 possible 1

"It's possible, but less likely. said the cat."
Monday
cheeki kea posted a photo
Monday
tjdavis posted a blog post
Monday
Tori Kovach commented on cheeki kea's photo
Thumbnail

You are wrong, all of you.

"BECAUSE TARIFFS WILL PUT MONEY IN YOUR POCKETS!"
Monday
Tori Kovach posted photos
Monday
Doc Vega posted a blog post

Whatever Happened?

Whatever Happened?  The unsung heroes will go about their dayRegardless of the welcome they've…See More
Sunday
Doc Vega commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"cheeki kea Nice work! Thank you! "
Sunday
cheeki kea commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"Chin up folks, once the low hanging fruit gets picked off a clearer view will reveal the higher…"
Sunday
Doc Vega's 4 blog posts were featured
Saturday
tjdavis's blog post was featured
Saturday
cheeki kea commented on cheeki kea's blog post Replicon Started in Tokyo October 08, 2024
"Your right LP it's insane for sure and hopefully improbable, keeping an open mind. Checking…"
Saturday
rlionhearted_3 commented on tjdavis's blog post Bill Gates Deleted Documentary
Saturday
rlionhearted_3 commented on tjdavis's blog post Bill Gates Deleted Documentary
"The white dude in the center is Bill Gates!!! "
Saturday
Less Prone favorited tjdavis's blog post Bill Gates Deleted Documentary
Friday
Less Prone commented on tjdavis's blog post Bill Gates Deleted Documentary
"How can this scoundrel walk free? Because he's just one of the many similar ones."
Friday
Less Prone favorited Doc Vega's blog post What Will happen When Robot Brides Replace Human Marriage?
Nov 15

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted