americanfreepress.net
The
trillion-dollar Wall Street bailout plan negotiated by the White House
and Congress has reinvigorated the debate about Texas Republican Rep.
Ron Paul’s Federal Reserve Board Abolition Act (HR 2755), which
was introduced into Congress in June 2007.
In the halls of
Congress, legislators have yet to bring Paul’s bill to the floor.
It is currently languishing in the House Committee on Financial
Services.
However, there has been a great deal of discussion
about this landmark legislation on the Internet and in the alternative
press. Constitution Party presidential candidate Chuck Baldwin has even
made abolishing the Fed one of the top planks in his platform.
Paul’s
measure, as it is now, would kill the Federal Reserve Act and would
then phase out the Federal Reserve one year after the bill becomes law.
The Federal Reserve Act, passed by Congress in 1913, laid the
foundation for the creation of a privately owned and controlled central
bank and gave private bankers the power to control the nation’s
money supply.
Nearly 100 years later, the role the central bank
has played in the financial scandal has been widely reported in the
mainstream. Former Federal Reserve chairman Alan Greenspan, once
heralded as “the maestro,” has been feeling the heat for
supporting the deregulation of financial institutions and flooding
markets with cheap dollars.
U.S. News & World Report
had a recent commentary titled “From Enron to the Financial
Crisis, With Alan Greenspan in Between” excoriating Greenspan,
who as the nation’s top banker, repeatedly downplayed the risks
associated with derivatives even after the collapse of Enron in 2002.
On September 27, The New York Times
also hit Greenspan for his failure to watch over and regulate greedy
banks. To its credit, the Times also blasted Congress for dismantling
important safeguards, including the Glass-Steagall Act, which kept
commercial and investment banks at a safe distance.
“Now we know that an entire ‘shadow banking system’ has grown up,” wrote the Times, “without rules or transparency, but with the ability to topple the financial system itself.”
Even
the cable news shows are getting in on the game. NBC’s cable news
show interviewed well-known investor Jim Rogers, who made a fortune
betting on commodities markets.
“How much money does the
Federal Reserve have?” asked Rogers. “I know they can run
their printing presses forever, but that is not good for the world.
Inflation is not good for the world. A collapsing currency is not good
for the world. It means worse recession in the end. . . . I would
abolish the Federal Reserve.”
Neo-conservative talk show
host Glenn Beck has also assailed the Federal Reserve for its role in
the financial crisis. On September 15, Beck had a lively debate about
who exactly owns the Federal Reserve.
“The Federal Reserve
has nothing to do with the government,” said Beck.
“It’s a separate, global banking system. . . . And when
everyone was meeting with our Secretary of Treasury Henry Paulson, I
thought to myself: ‘Who the hell is representing us, the American
people?”
Ron Paul financial advisor Paul Schiff responded:
“The Fed got us into this mess. It drives me crazy to see Alan
Greenspan on television talking about this ‘100 year
flood,’ like the events that are taking place today are random
and have nothing to do with his monetary policy. He blew up the bubble,
and now it’s burst.”
Wall Street Journal editorial writer Steven Moore added: “And by the way, who elected Ben Bernanke? Who elected Alan Greenspan?”
Now
is the time for Americans to fan the flames. Call your congressman and
two senators and ask them to support Paul’s bill, which would
abolish the Fed. There can be no end to these manufactured financial
crises until the government gets rid of the Fed and replaces it with
honest, debt-free money.
The
trillion-dollar Wall Street bailout plan negotiated by the White House
and Congress has reinvigorated the debate about Texas Republican Rep.
Ron Paul’s Federal Reserve Board Abolition Act (HR 2755), which
was introduced into Congress in June 2007.
In the halls of
Congress, legislators have yet to bring Paul’s bill to the floor.
It is currently languishing in the House Committee on Financial
Services.
However, there has been a great deal of discussion
about this landmark legislation on the Internet and in the alternative
press. Constitution Party presidential candidate Chuck Baldwin has even
made abolishing the Fed one of the top planks in his platform.
Paul’s
measure, as it is now, would kill the Federal Reserve Act and would
then phase out the Federal Reserve one year after the bill becomes law.
The Federal Reserve Act, passed by Congress in 1913, laid the
foundation for the creation of a privately owned and controlled central
bank and gave private bankers the power to control the nation’s
money supply.
Nearly 100 years later, the role the central bank
has played in the financial scandal has been widely reported in the
mainstream. Former Federal Reserve chairman Alan Greenspan, once
heralded as “the maestro,” has been feeling the heat for
supporting the deregulation of financial institutions and flooding
markets with cheap dollars.
U.S. News & World Report
had a recent commentary titled “From Enron to the Financial
Crisis, With Alan Greenspan in Between” excoriating Greenspan,
who as the nation’s top banker, repeatedly downplayed the risks
associated with derivatives even after the collapse of Enron in 2002.
On September 27, The New York Times
also hit Greenspan for his failure to watch over and regulate greedy
banks. To its credit, the Times also blasted Congress for dismantling
important safeguards, including the Glass-Steagall Act, which kept
commercial and investment banks at a safe distance.
“Now we know that an entire ‘shadow banking system’ has grown up,” wrote the Times, “without rules or transparency, but with the ability to topple the financial system itself.”
Even
the cable news shows are getting in on the game. NBC’s cable news
show interviewed well-known investor Jim Rogers, who made a fortune
betting on commodities markets.
“How much money does the
Federal Reserve have?” asked Rogers. “I know they can run
their printing presses forever, but that is not good for the world.
Inflation is not good for the world. A collapsing currency is not good
for the world. It means worse recession in the end. . . . I would
abolish the Federal Reserve.”
Neo-conservative talk show
host Glenn Beck has also assailed the Federal Reserve for its role in
the financial crisis. On September 15, Beck had a lively debate about
who exactly owns the Federal Reserve.
“The Federal Reserve
has nothing to do with the government,” said Beck.
“It’s a separate, global banking system. . . . And when
everyone was meeting with our Secretary of Treasury Henry Paulson, I
thought to myself: ‘Who the hell is representing us, the American
people?”
Ron Paul financial advisor Paul Schiff responded:
“The Fed got us into this mess. It drives me crazy to see Alan
Greenspan on television talking about this ‘100 year
flood,’ like the events that are taking place today are random
and have nothing to do with his monetary policy. He blew up the bubble,
and now it’s burst.”
Wall Street Journal editorial writer Steven Moore added: “And by the way, who elected Ben Bernanke? Who elected Alan Greenspan?”
Now
is the time for Americans to fan the flames. Call your congressman and
two senators and ask them to support Paul’s bill, which would
abolish the Fed. There can be no end to these manufactured financial
crises until the government gets rid of the Fed and replaces it with
honest, debt-free money.
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