Thursday, February 5, 2009

The Only Honest Man in a Den of Thieves and Liars

And he got up before Congress yesterday and introduced THE ONLY BILL capable of ending our so-called economic crisis:

Before the US House of Representatives, February 4, 2009, introducing

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.

Any guesses on who this might be?


Elusive Wapiti said...

Uhh, Mr Smith goes to Washington?

In all seriousness, it is sad that they keep treating Dr. Paul like a kook. He's just pissing upwind. Unfortunately.

But at least those of us with knowledge of history and awareness can point to our modern-day Cassandra and say that we were warned and given plenty opportunity to fix the situation.

Anonymous said...

Unappreciated brilliance...

When will people stand up against expanding government? When will people elect those who'd protect our rights? When will we return to an HONEST money supply? And most importantly:

Who is John Galt?

Anonymous said...

You can see the full text of the bill on THOMAS.

You can track it on

The only way to fix our society is to educate people of its flaws. We must spread the news of this bill and educate people what it is going to fix.

I know no safe depository of the ultimate powers of the society but the people themselves; and if we think them not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education.
-Thomas Jefferson

MarkyMark said...

Sounds to me like it's Ron Paul...

Anonymous said...

Anyone who seriously pursues the disbanding and dismantling of the Federal Reserve has the right idea. Unfortunately, the people who benefit from it would have that person killed, no doubt about it. People are not going to stand up and probably die as well until things get so bad, they have nothing to lose literally. It's sad but true, but folks are not willing to fight City Hall unless they have no other choice.

. said...

People living under bridges often come to the conclusion that they have nothing left to lose.

And they don't.