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Shut Down the Federal Reserve?

What to do with the FED?

  • Shut Down the Federal Reserve

    Votes: 6 37.5%
  • Nationalize the Federal Reserve

    Votes: 3 18.8%
  • Make a full Audit before making a decision

    Votes: 5 31.3%
  • Keep the Federal Reserve secret and semi-private

    Votes: 2 12.5%

  • Total voters


New member
Jun 3, 2010
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Are the fraud allegations from the article urging to Shut Down the Federal Reserve accurate? Why is there so little education about the Federal Reserve in the media, schools and universities?

Why is the Government Accountability Office not allowed a full audit of the Federal Reserve? The position that something is very wrong with the Federal Reserve is even supported by some courageous Congressmen from both parties. If their accusations are unfounded, then why aren't the democratically elected Congressmen allowed to audit the Federal Reserve's alleged fraudulent activities and private ownership? The US Constitution in Article I, Section 8, Paragraph 5, states that Congress has the authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;".

Why is the Federal Reserve so secretive?

Shut Down the Federal Reserve
"The band aids will not help the economic crisis. There is a systemic problem. The Federal Reserve and all the central banks in the world that are designed on its model are defrauding the people of the world.

There is no rational reason why the U.S. Congress cannot print its own currency. The Congress was intimidated, bribed and blackmailed into creating and maintaining the Federal Reserve Bank. The Federal Reserve was awarded a contract to manage the currency in America. The cost of that contract to the U.S. has been $10 trillion in national debt.

To try to cover for the Federal Reserve's greedy fraud, many countries are being forced to pay into the Federal Reserve coffers to keep the world economy afloat. One of the ways they are being forced to pay is through devaluation of their currencies with respect to the U.S. dollar, which is a way of building up America at the expense of others in the world.

All of the band-aid measures will fail. The problem is the Federal Reserve, which concept is founded upon debt-based currency and fraud. It must be closed down or it will continue to suck the resources of the U.S. with its currency management contract. The American government could do the Federal Reserve's job for virtually nothing, and save the U.S. taxpayers between $200 and $900 billion each year in interest off a debt that will never be paid off."

Louis Thomas McFadden - Wikipedia, the free encyclopedia
"McFadden is also remembered for his criticism of the Federal Reserve, which he claimed was created and operated by European banking interests who conspired to economically control the United States. On June 10, 1932, McFadden made a 25-minute speech before the House of Representatives[2] , in which he accused the Federal Reserve of deliberately causing the Great Depression."

Huey Long - Wikipedia, the free encyclopedia
"Long was a staunch opponent of the Federal Reserve Bank. Together with a group of Congressmen and Senators, Long believed the Federal Reserve's policies to be the true cause of the Great Depression. Long made speeches denouncing the large banking houses of Morgan and Rockefeller centered in New York which owned stock in the Federal Reserve System. He believed that they controlled the monetary system to their own benefit, instead of the general public's benefit."

Rand Paul - Wikipedia, the free encyclopedia
"Paul opposes the Federal Reserve Act of 1913 and the Federal Reserve's control of the nations money supply and interest rates. He wants to allow the free market to regulate interest rates, and supports congresses constitutional role of controlling the money supply. Paul endorses H.R. 1207, the Federal Reserve Transparency Act, a bill introduced by Congressman Ron Paul mandating an audit of the Federal Reserve. Although Paul would abolish the Federal Reserve, he supports transparency and accountability of the semi-private institution. Additionally, Paul opposes inflation and supports "restoring the value of the dollar that has devalued by approximately 95% since the Federal Reserve's inception in 1913"."

Alan Grayson - Wikipedia, the free encyclopedia
"Grayson is a co-sponsor of the Federal Reserve Transparency Act of 2009, which would provide addition provisions to audit the Federal Reserve, including removing several key exemptions."
Whoa... Maybe THAT'S what's causing the economy to cripple so damn badly! The Federal reserve must be embezzling our tax money for their benefits. No wonder the national debt is impossible to pay off now.

This post could be biased.
Why abolish it - when Congress is taking considerable steps to make it more transparent?

The Financial Stability Improvement Act was combined, along with several other bills from the same committee, into the The Wall Street Reform and Consumer Protection Act of 2009 - Financial Stability Improvement Act of 2009 (H.R. 4173). The House passed the new bill on December 11, 2009 on a vote of 223-202. The vote was mostly along party lines, with no Republicans voting for the bill.[21] Paul, objecting to some of the provisions of the combined bill, voted against passage despite the inclusion of the audit provisions he had been proposing for years.[22]

This info was just one Link away from Alan Grayson's info page - he co-sponsored and pushed for the bill and now it's passed.
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And here I thought that it was the artificially low interests rates which predominantly led to the housing crash.

Not necessarily. While low interest rates contributed to the problem, they wouldn't have created the mess without the complete and utter abandonement of best conservative banking practices. Furthermore, if Freddie/Fannie weren't incentivizing additional loans and Wall Street providing large amounts of profit from securitization, this wouldn't have happened. Low interest rates by themselves added to the problem but in no way were the principle cause. Canada had low rates but did not abandon their banking practices. Do you see them suffering like us? No. Japan is still sitting at near zero. Did their housing and banking nearly collapse? No. Down under the rates are relatively low. Did they have the problems we have? No. This subject is more complex then you make it out to be.
And here I thought that it was the artificially low interests rates which predominantly led to the housing crash.

I don't buy that. Interest rates in the US have been decreasing for years along with the national savings rate. The US has had a persistant current account defecit, so that should give you a hint about where I think the money is coming from.
I think there should be a removal of the Federal Reserve but the removal should be in increments and along with legislation that helps make central banking obsolete. Legislation should include the opening and freeing of markets, allowing people to trade through bartering, gift economy and competitive currencies.

Central Banking and Fiat Currencies should be rejected on free market principles, not whether or not central banking is transparent or semi-private or if the fiat is supposed as being stable despite it's artificial nature due to the currency being based on nothing intrinsic.

If we had conservative banking practices, a free market and laws to protect us from economic aggression, why would we need the Fed? So that the state can continue to steal from it's residents and expand itself on "borrowed" money? Not a free enough market or society if that's the case.
Absolutely not. We need something like the Federal Reserve. Now it should be audited yearly, the results of which should be made public. It should be 100% controlled by Congress, as it is Congress's power to print and regulate the value of money. I do agree that there are problems with how the Fed is currently run and who owns it and things of that nature. But we need a fiat currency system, and a way to control it. It's necessary for a nation in today's world to have a currency they own and control in full. And the Fed is the device we use to control our currency. Revamping? I can agree. Stricter rules? K. But we can't just throw it away unfortunately.
I have only one thing to say, and it is quite obvious. The Federal Reserve is unconstitutional.
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