Federal Reserve: 100 Reasons to End It

W. E. Messamore has put together an intriguing list of 100 reasons why we should end the Federal Reserve. Here are my pick of 10 thought provokers:

13. “Inflation has now been institutionalized at a fairly constant 5% per year. This has been determined to be the optimum level for generating the most revenue without causing public alarm. A 5% devaluation applies, not only to the money earned this year, but to all that is left over from previous years. At the end of the first year, a dollar is worth 95 cents. At the end of the second year, the 95 cents is reduced again by 5%, leaving its worth at 90 cents, and so on. By the time a person has worked 20 years, the government will have confiscated 64% of every dollar he saved over those years. By the time he has worked 45 years, the hidden tax will be 90%. The government will take virtually everything a person saves over a lifetime.” -American filmmaker and lecturer, G. Edward Griffin

16. Alan Greenspan wrote in one of his more sober moments before rising to Chair the Federal Reserve: “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation… This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

28. Before the creation of the Federal Reserve in 1913, economic contractions were called “Panics” and were usually very short lived. It was after the creation of the Fed, that the United States would sink into multiple, deep, and long-lasting recessions and depressions.

30. The Federal Reserve System pumps bank reserves full of paper “money” that it prints out of nowhere- as a result, banks over-lend because a bank lends on the basis of its reserves, and with an artificially-growing reserve, a bank will extend an artificially high amount of credit.

39. Meanwhile, the endless funding spigots of the Federal Reserve Bank serve as the source of the endless stream of “foreign aid” that Washington sends to its client states abroad by the tens of billions, despite having no money itself. This foreign aid mostly ends up in the hands of wealthy and corrupt military dictators like recently-deposed Egyptian President Hosni Mubarak.

54. As Congressman Louis T. McFadden said when speaking in the U.S. Senate: “The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers.”

56. “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” -Industrialist, Henry Ford

66. For instance: at the height of the financial crisis, from 2007 – 2010, the Federal Reserve created over $16 trillion out of thin air and loaned them out at functionally zero percent interest to foreign central banks and big Wall Street banks.

67. This might have been the largest single transfer of wealth in human history, the single greatest financial event to have ever happened, and it happened in secret, without your knowledge, without your consent, without your oversight, and when it was uncovered by the partial, one-time audit, even then it was hardly reported or discussed in the mainstream media.

93. “If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.” -U.S. President, Andrew Jackson

Thanks to Left Coast Rebel and Silver Underground where you will find the entire list of 100 reasons to End the Federal Reserve, written by 24 year old Wesley Messamore. Reread No. 13 above, and follow the link to No. 87.

Posted by Maggie @ Maggie’s Notebook