Forum Post: PETITION: Reforming the Federal Reserve System for our Posterity
Posted 12 years ago on Jan. 21, 2012, 3:10 p.m. EST by TheConstitutionist
(1)
This content is user submitted and not an official statement
Since the Ratification of the Federal Reserve Act of 1913 (Ch. 6: 38 Stat. 251), there has been tremendous controversy whether the establishment of a Central Banking System in the United States is adhering to the United States Constitution, and on top of that how its purely granted its Independency from the Federal Government. Throughout the 20th and 21st Century, the Federal Reserve has over stepped its Authority in the Matters of the American Economy in regards to the assumptions that its going to collapse in which they deliberately engaged in mischievous activities that played a crucial role in the overwhelming amount of recessions we, Citizenry had to live with. We, the Citizenry, demand that this Institution be consolidated for the Breach of the Peace amongst our Posterity.
Interested? Sign the Petition: http://bit.ly/ConsolidatetheReserve
Auditing the federal reserve is a good idea, but getting rid of it will not solve our problems. We don't tax upper earners enough, we don't tax capital gains enough, we have nothing like the value added tax most of our trading partners have, and we don't even have a border tax to serve as a counterbalance against the taxes charged on our exports (like value added taxes, and btw countries that impose value added taxes generally credit exports, but charge the tax on imports).
Add to this $700 billion in annual military spending, an expensive homeland security department, maintaining the largest prison system on earth, and it quickly becomes apparent that throwing darts at the federal reserve system, while it may deserve some critique, is a distraction (which overlooks our most profound problems).
I'd like to see an audit of the federal reserve because I like transparency, but not because I expect it to yield very much in terms of helping our economic fortunes. The dollar will be in trouble in the future, but not because of the federal reserve, rather, because we're running huge trade deficits with OPEC and China, and because we're wasting our money on all the wrong things.
This obviously has nothing to do with the need for new and robust financial regulations (including the restoration of Glass Steagall), which we urgently need to implement.
Overall, I rate the need for a fed audit as a low priority item. Yes we should do it, but political reform deserves far more attention, as does all the items I listed above.
The Fed is a monopoly, it prints dollars. And we have no choice. Having no choice isn't freedom. There should be competition. Competition in legal monies. We might get better value of our legal currency, if there were some competition. -Any- competition.
I just think that the people who set money policy should be voted in and out. As it is, the people have no recourse to hold the people setting monetary policy accountable, for anything. Yet, the decisions they make effect Everyone. Consider Ben Bernanke, Chairman of the Fed, recently admitted that inflation -is- indeed a tax, on the people. So why are they not elected.
Because congress insulated themselves from the responsibility of their monetary policies by creating the Federal Reserve, who's board of governors are Not Elected by the people. The power to print needs to be returned to congress where we can hold them accountable, where the books would be opened without having to push for audits, and where money could be printed at Zero Interest again, just by cutting out the middle man.
Cheap/Loose-Money Policy must be changed. The policy itself is flawed and must be addressed first. Reform will not amount to much without addressing the obvious failure of fractional reserve banking.
If America Insists on Relying on a Creditor, there can Be no Independence.
(this just in from zerohedge, by the way, as long as we are on the subject)
:::::::::::::::::::::::Will the Fed Bring Clarity or Confusion?:::::::::::::::::::::::
http://www.zerohedge.com/contributed/will-fed-bring-clarity-or-confusion
-01/21/2012-
(((Continue Reading Here))) http://www.zerohedge.com/contributed/will-fed-bring-clarity-or-confusion
Treasury Resumes Pillaging Retirement Accounts To Fund Deficit Spending Until Debt Ceiling Raised
http://www.zerohedge.com/news/treasury-resumes-pillaging-retirement-accounts-fund-deficit-spending-until-debt-ceiling-raised
-01/17/2012-
i kind of like the federal reserve system as it is, so far it has yet to run out of money. Sort of like an endless supply. LOL
Why reform it? Get rid of it. Reinstate Glass Steagall... things should be right as rain...
Glass Steagall Will divide them, Break up the Too Big To Save (Investment) Banks. Separate them from our FDIC Insured tax-payer backed commercial (Lending) Banks.
Impose Position Limits on the leverage that these Too Big To Save Investment Banks Can Take. Cap Leveraging by x10.
[Removed]
We are the 99%!
No, in a way, we are actually the 100%ers now!
:::::::::::: It's Official: US Debt-To-GDP Passes 100% $1 5, 1 3 1, 9 7 9, 2 6 4, 2 8 8. 8 0 ::::::::::::
http://www.zerohedge.com/news/its-official-us-debtgdp-passes-100
--12/21/2011--