Those who expect to reap the benefits of freedom, must, like men, undergo the fatigue of supporting it. – Thomas Paine

Saturday, June 6, 2009

End the Fed

Below is a short article written by Adam Kokesh that I thought I would share:

The Federal Reserve System, a central bank, was created by an unconstitutional act of Congress in 1913. Thomas Jefferson warned us of the dangers of such a system. “If the American people ever 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.”

In 1800, what you could purchase with a dollar, would only cost you fifty-eight cents in 1913. This is the natural generation of wealth from a free market which encourages the kind of savings and production that made America an economic phenomenon. The Fed was pitched to the American people as a way to stabilize the dollar. Since then, it has lost 96% of its value.

This depreciation of the dollar is a tax on every American with a dollar in their pocket. In recent testimony before Congress, Fed Chairman Ben Bernanke actually admitted that inflation was a tax. Not only does the inflation tax allow government to go to war by debasing the money instead of raising taxes, it also benefits the banks that can borrow money created by the Fed at an artificially set interest rate as well as the corporations that Jefferson predicted would grow up around them.

This system needs to end and America must return to an honest currency. Congressman Ron Paul has done an incredible job raising awareness on this issue, and I wholeheartedly support his efforts to begin this process by auditing the Fed as laid out in his bill, HR 1207.

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