Forum Post: End The Fed! Plus a new music video to share.
Posted 13 years ago on Oct. 20, 2011, 9:42 p.m. EST by Mitch333
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End the Fed. Impeach Obama...with heavy music! new footage. http://youtu.be/WWS_lnd0Jp8 Seriously, can we talk about ending the Fed? Why we should and what America will be like when we do.
You asked for a discussion on what America would be like if the Glass-Steagall Act were restored and the Federal Reserve Act were to be repealed. Let's start that:
Without the Federal Reserve Act, Congress and Treasury would have full power and authority over creating, sustaining and regulating the dollar (a right granted by the Constitution anyway). At present, well, Treasury turned over the dollar to private central banking (Federal Reserve Bank) in 1951. 1999 saw the demise of the Glass-Steagall Act which, up until then, regulated banking practices.
If this were to happen and the system were restored, I believe it would be far more likely that the US Government could control its own currency, interest rates, inflation, deflation and so on. What it would translate into is capital gain for the US Government, rather than "profits" for central bankers. Those capital gains would probably allow for the repeal of the Income Tax Act as well as erase the deficit. That's just a thought, btw. I've done some homework but I'm hardly an economist.
Let's say that, hypothetically, it did work out like that. With capital gains paying entitlements and all other aspects of the budget, there wouldn't be a great need for a bloated, inefficient tax policy. Good news for everyone there.
The reality is that central banks report billions of dollars in profits per quarter, money that's rightfully due the US Government (since, after all, it is the US Government's currency being manipulated for gain). The Federal Reserve Bank reported a profit of $78 billion last year. Imagine what the US budget could have done with that, rather than it padding bank CEO and executive off-shore accounts. We certainly would not be in the same economic hole we're in nearly a year later.
Anyone else have a speculation or two?
Thank you for this. I am still doing some research myself. From what I have been learning the last two years, we need to end the fed. I hope more people get on board this movement -- from all walks of life. My biggest fear with this movement is it being overrun by socialists with a somewhat fascist, global agenda. We already have had 30 years of that..although subtle, but it will eventually destroy us. Also, it seems to me that the world wants to be like us..China and Russia too. So we must lead by example as a nation by fixing what is destroying us. The country is a business, we need to make sure that business benefits more people, protects our rights and helps when help is needed. We do not need phony wars and imperialism. At this point our help around the world is only helping the elite and their multinational corporations. So how do we reign in these corporations? More laws? They write the laws. We need to keep building new models (like natural capitalism and tribal business solutions) and new systems that actually work for the masses. We will need laws that work, but more than that we will need a different philosophy and a more intelligent population that does not rely on the mass media for their news or the public school system for education. Thanks again.
End the Fed. Sign the US petition (link to whitehouse.gov petition at bottom of page).
http://bjs3d.com/media/US_Petition.html
Thank you.