The Fed Must Be Stopped

End the Fed 


End the Fed

Author: Congressman Ron Paul

Written by: Ron Paul 

Our country currently finds itself in the midst of the worst economic crisis since the 1930s and, as during all economic crises, people search for the answer as to why this has happened.  Not only have large financial firms been affected, but also mainstays of American industry such as GM and Chrysler, all the way down to the Mom & Pop stores on Main Street.  The easy way out is to blame the traditional scapegoats: foreign governments, fraudulent businessmen, and greedy speculators.  But the real villain is far more sinister; the organization entrusted with maintaining a stable dollar and touted as the guarantor of economic stability – the Federal Reserve.   

In the United States, monetary policy has been the domain of the Federal Reserve since its inception in 1913.  Since that time we have had a number of cyclical recessions, each one following a boom caused by the Federal Reserve's loose monetary policy.  The problem with the Federal Reserve is that it interferes with market pricing functions.  Interest rates are a price just like any other and arise because of the fact that people prefer to consume in the present rather than in the future.  The extent to which people defer present consumption is reflected in interest rates, which in a free market are determined by the spontaneous interactions and decisions of millions of people. 

Fed intervention to set prices throws markets and interest rates out of equilibrium.  When the Federal Reserve pushes interest rates below what the market rate would be, everyone wants to borrow money for long-term projects.  Shortages of loanable funds would occur, except that the Federal Reserve has the ability to create bank balances out of thin air.  The Fed can create a bank ledger on paper, or on a computer, establish a balance of millions or billions of dollars, and then spend these dollars out into the economy. 

Loans become cheap, and the result of these lower interest rates is an economic boom which eventually manifests itself as a bubble.  Beginning in 2001, the Federal Reserve pushed interest rates to as low as one percent, which after adjusting for inflation meant that the real interest rate was negative, so businesses were actually making money by taking out loans.  This was the fuel for the housing bubble and the reason there are 19 million empty houses today. 

Because of this awesome power to create money out of thin air, the Fed has jumped in to stabilize ailing financial firms by pledging over $7 trillion through various guarantee programs and credit facilities.  This is equivalent to over half of the entire nation's GDP.  Over $1 trillion of this is already in play, propping up banks and other institutions that should be allowed to fail.  All of this has taken place with no oversight by Congress.  The Fed was created by Congress, and it is unconscionable that we have allowed it to act in such a way without our oversight.  Currently the Federal Reserve's credit facilities, open market operations, and agreements with foreign governments and central banks are all exempt from any sort of audit or oversight.  Earlier this year I introduced the Federal Reserve Transparency Act, HR 1207, that would remove all restrictions on Federal Reserve audits and call for a f ull audit of the Federal Reserve System to be completed by the end of 2010.  At this writing, 245 of my fellow Congressmen have cosponsored this bill and we hope to have hearings in the near future. In the Senate, Republicans Jim DeMint, Mike Crapo and David Vitter have cosponsored S. 604, companion legislation introduced by Bernie Sanders. I am very encouraged by the tremendous growing momentum on Capitol Hill. 

Our Founding Fathers never intended for a single entity such as the Federal Reserve to have this much power.  In fact, there is no authority in the Constitution for the federal government to create a central bank, to enact legal tender laws, or to print paper money.  The Tenth Amendment is quite clear that “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”  The states themselves are prohibited from emitting bills of credit, i.e. paper money, arising from the Founders' negative experiences with paper money during the Revolutionary War.  Cheap, un-backed, easily counterfeited paper money nearly lost the Revolution, until the government returned to minting gold and silver coins.  Unfortunately, like too many other lessons learned by the Founders, the painful experiences of paper money have been forgotten by those living in the pres ent.  We even ignore the experiences of Germans in the 1920s, Argentines in the 1980s, and Zimbabweans over the past decade.  The Fed doubled the monetary base last fall in a matter of months, and God help us if any of this high-powered money begins to make its way through the economy.   

An audit of the Fed is only the first step towards returning to where our Founders intended this country to be.  The Founders knew that paper money could ruin a country, and drafted the Constitution in such a way that they thought would ensure sound, commodity-backed currency.  Unfortunately, the Constitution was dispensed with long ago, and we find ourselves now suffering under an unconstitutional regime of un-backed paper money.  Until we abolish the Federal Reserve and return to a stable currency that is not able to be manipulated to create boom and bust cycles, we will continue down the path of economic ruin. 

Congressman Ron Paul serves the fourteenth district of Texas and is honorary chairman of Campaign for Liberty. His new book, End the Fed (Grand Central Publishing) will release on September 16th and is available for pre-order on Amazon.

Roger Stone is kind of a scumbag but the outrage over his commutation by President Trump has gone off the rails. Thus far in his presidency, Trump has commuted the sentence for 11 individuals while in comparison, Bill Clinton had 61. Even worse, Barack Obama commuted the sentence of 1,715 criminals! Just by the numbers, the outrage is insane. But then add in that both Obama and Clinton commuted or pardoned the sentence of terrorists and/or "friends" of the the president and the double standard is outrageous.

Here is a list of just a few of the worst offenders:

Bill Clinton Pardons/Commuted sentences

Terrorists

  • Commuted the sentences of 16 members of the FALN, a Puerto Rican paramilitary organization that set off 120 bombs in the United States, mostly in New York City and Chicago. There were convictions for conspiracy to commit robbery, bomb-making, and sedition, as well as firearms and explosives violations.
  • Linda Evans and Susan Rosenberg were both commuted and both were members of Weather Underground and the May 19 Communist Movement, and were convicted on weapons and explosives charges.

Case similar to Trump/Roger Stone

  • Susan McDougal was sentenced to 18 months in prison on contempt charges for refusing to testify about Clinton in the Whitewater scandal only to have Clinton pardoned her.

Pardons/commutations that look like a response to bribes

  • Carlos Vignali was convicted for cocaine trafficking. Almon Glenn Braswell was convicted for mail fraud and perjury, and was under investigation for money laundering and tax evasion. Vignali was commuted while Braswell was pardoned, but they were also both caught paying approximately $200,000 to Hillary Clinton's brother, Hugh Rodham, to represent their respective cases for clemency.
  • Marc Rich fled the U.S. after he was caught owing $48 million in taxes and was charged with 51 counts for tax fraud. Everyone was surprised when Clinton pardoned him. It was later revealed that Rich's wife made substantial donations to both the Clinton library and to Hillary Clinton's senate campaign.

Pardon for a member of Clinton's family

  • Clinton pardoned his brother, Roger Clinton, who had been convicted on drug charges. A year after the pardon he would be charged for Drunk driving and disorderly conduct.

Drug Cartel lawyer

  • Clinton commuted the sentence for Harvey Weinig, a former NY lawyer who was sentenced in 1996 to 11 years in prison for facilitating an extortion-kidnapping scheme and helping launder at least $19 million for the Cali cocaine cartel.

Obama Pardons/Commuted sentences - the most since Truman: Obama granted clemency to nearly 2,000 individuals, including 212 pardons and 1,715 commutations.

Terrorist

  • Obama commuted the sentence of another FALN terrorist, Oscar Lopez Rivera.

Traitors

  • Chelsea Manning: the former Army Intelligence analyst was convicted of leaking documents that revealed classified information on military and diplomatic activities all around the world only to have her sentence commuted.

Case similar to Micheal Flynn or Roger Stone

  • Obama pardoned General James Cartwright, who had been convicted for lying to the FBI (sound familiar?!). Cartwright was considered "Obama's favorite general".

On his Wednesday night special, Glenn Beck goes where the Left and the media don't want us to go. The protests, riots, pandemic — it's all one big distraction being weaponized to shield the Deep State from the big reveal.

The case against General Michael Flynn is bigger than a phone call with the Russian ambassador; it exposes everything. Glenn reveals multiple cogs in the Deep State wheel that tried to destroy Donald Trump's presidency.

This story has everything: secret meetings, spies, glamorous European locations. Glenn puts all of the pieces together and interviews the man who was an eyewitness to all of it — former Trump campaign adviser George Papadopoulos. Specifically targeted by this Deep State coup, his reputation and life may never be the same. He reveals the names of those he believes were behind his setup and the coup against the president.

Watch a preview of the full episode below:


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The Washington Post wants Native Americans to hate the name "Washington Redskins" so badly that that it is willing to mock its own study that proved otherwise.

On the radio program Tuesday, Pat Gray and Stu Burguiere (filling in for Glenn Beck) discussed the "woke insanity" of the WaPo's most recent poll, which, like its 2016 counterpart, found that the vast majority of Native Americans are not offended by the NFL team's name.

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As the left tries to erase America's history and disparage nearly everything about our nation's founding, Glenn Beck set the record straight about the Declaration of Independence, what it really says, and why he believes it is the "greatest mission statement of all time."

On the radio program Monday, Glenn read something you've probably never heard before: a section of the earliest known draft of the Declaration of Independence, written by Thomas Jefferson in July 1776 and lost for more than a century and a half.

"This wasn't found until 1947; the original draft of the Declaration was found in a bunch of Thomas Jefferson's writings, in a box in the Library of Congress," Glenn said. "This takes everything that you have learned about Thomas Jefferson and turns it upside down. It also explains why we didn't eliminate slavery. It also explains that our Founders felt passionately about slavery, that they tried to end slavery. I want to read just this paragraph to you. This changes absolutely everything."

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