Tuesday, January 12, 2010

End the Federal Reserve

http://finance.yahoo.com/news/Fed-posts-record-profit-of-apf-231123775.html?x=0

In reading this article reminds me why the constitution was to be followed and when congress was given the duty to regulate currency coined only in gold and silver amongst the states and other nations they passed the duty to a group of collected big bankers in 1913 who control the money of our country and the regulations surrounding them. These bankers allowed themselves to partake in fractional banking which is legally stealing ten times the amount you have. This privately owned corporation owned by banks bailed themselves out while still making a profit through the federal reserve. They charge our government aka the US taxpayers a percent for letting dollars be printed further devaluing the dollar. If congress stayed within the constitution and took this responsibility instead of the far reaching parts of the new deal and healthcare which are not allowed by the constitution maybe those items would cost less for all like they do with everything congress buys costing double and triple what the private sector pays. If we had gold and silver tender as outlined in the constitution we could never run a deficit because it wouldn't be acceptable by other countries. I used to be very mad at China for pegging their currency to ours until I realized why they do. It actually helps us because we owe them so much money it isn't funny and if they floated their money it would double the debt we owe them over night. Instead of 1 trillion we would literally owe them 2 trillion the day after they floated their money. They have a huge stock of Federal Reserve notes and if the federal reserve was abolished our debt would actually lower by a significant percent.

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