Abolish the Fed

[karl]

On March 15, Congressman Ron Paul (R-Texas) introduced and sponsored bill H.R. 1094 – the Federal Reserve Board Abolition Act, which calls for the complete abolition of the Federal Reserve System and the Federal Reserve banks, and for the repeal of the Federal Reserve Act of 1913.

Upon introducing H.R. 1094, Rep. Paul offered the following remarks in support of his bill to abolish the Federal Reserve. Paul stated:

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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.

Article I, Section 8 of the U.S. Constitution gives Congress, and Congress alone, the sole power to determine monetary weights and measurements for the coinage of money and the power to coin gold and silver as the nation’s legal tender. Nowhere is Congress authorized to establish a national or central bank and cede away its Constitutional powers that protect the integrity of sound money and free markets. This wisdom was understood and practiced by Thomas Jefferson, Andrew Jackson and Grover Cleveland. Now, H.R. 1094 lives up to that very same wisdom by calling for the abolition of the Federal Reserve System in its entirety and thus repealing the Federal Reserve Act of 1913.

Thomas Jefferson wrote extensively against central banks (which is what the Fed is)

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"...if the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."