Thursday, December 1, 2011
100 Reasons to End The Fed
1. The Federal Reserve System constantly decreases the value of our dollar by printing money out of thin air. (inflation)
2. Graph: The value of a $1 Federal Reserve Note in 1913 dollars (the year the Fed was created).
3. The Fed even recognizes its inflationary activity. The Federal Reserve Bank of Boston says: “When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.”
4. American economist Irving Fisher said: “Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.”
5. If you or I did what the Fed does when it prints money, we would be found guilty of counterfeiting and locked up for a very long time!
6. The reason you or I would be arrested for counterfeiting is it’s theft! Every bill you create in bad faith, which doesn’t actually represent the creation of real goods and services, real value that has improved life by directing resources to their most productive uses, is a lie and an appropriation of value from the rest of the world, which gives the counterfeiter goods and services in exchange for nothing, because he or she did not actually create anything of value in return.
7. This is true of what the Federal Reserve does: “Neither paper currency nor deposits have value as commodities, intrinsically, a ‘dollar’ bill is just a piece of paper. Deposits are merely book entries.” – Modern Money Mechanics Workbook, Federal Reserve Bank of Chicago, 1975
8. “The Fed creates absolutely nothing. It does not produce a single grain of wheat to feed people, a single drop of oil to power the engines of an industrial economy, nor a single ingot of metal from the ground to build the products and buildings that improve our lives.” -Wesley Messamore
9. This situation, in which you or I would be arrested for doing something the Federal Reserve does every day, is the hallmark of institutionalized theft and a legal system turned on its head. As French economist Frederic Bastiat said in the 19th century: “But how is this legal plunder to be identified? Quite simply… See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.”
10. The inflation that results from the Federal Reserve’s massive counterfeiting operation steals from hardworking Americans by diminishing the value of the money they earn.
11. This destroys the purchasing power of the American people by causing the price of everything (like groceries and gasoline) to rise.
12. In this way, inflation works as a hidden tax– one of the steepest and worst taxes Americans have to pay.
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