The Federal Reserve System Must Be Abolished!
by Gary D. Barnett
by Gary D. Barnett by Gary D. Barnett
Recently by Gary D. Barnett: Beware the Recent Situation in Greece: It Will Happen Here!
We've all heard the talk but not enough have listened. Libertarians have hoped for the best, but have been left wanting. We've all watched while legislation to audit the Fed has been pushed aside, but considering our flawed political process, what other outcome was expected? The truth of the matter is this: The big-banking system in this country owns and controls the Congress, not the other way around, and the head of this banking system is the Federal Reserve. The head of the Federal Reserve System is the New York Fed. This is the progression; this is the problem!
Those who control the money control everything, including the government, and the full control of the monetary system in this country is in the hands of the Federal Reserve. With the abolishment of this system and a return to a sound money system backed by gold, we can look forward to more prosperity and freedom and a virtual end to inflation and business cycle booms and busts. In addition, without the power of the printing press, the tyrannical federal government will lose its teeth, and with this loss of power comes less war, less police state abuses, less forced welfare and entitlements, and a much more vibrant economy. Without the elimination of the Fed and a return to sound money, we will be left with economic turmoil, depression, wars and eventual collapse.
But where are we now? Ron Paul of course has exposed the Fed for what it is, and has brought light to its abuses since 1971. His work in this area has been tireless and his tenacity in his fight to stop the Fed admirable. His recent book, End the Fed has helped many to understand a subject that has for far too long been foreign to most all those except the Austrians. But after all the talk and all the attempted legislation, are we any closer to ridding ourselves of the chains of these evil bankers and their puppets in Washington D.C.? Maybe a little, but I don't yet see any real chance for getting rid of this all-powerful and thieving Albatross that is choking us to death.
The importance of the recent senate vote against auditing the Fed is telling. The Federal Reserve can only exist and thrive given that it is constantly cloaked in secrecy. The U.S. Senate declared with its vote that the secrecy of the Fed is intact, and at least for now protected by the trimmers who call themselves representatives of the people. In fact, the U.S. Senate, as well as most of the rest of the politicians in this country only represent themselves and their own interests, and do not give a rat's behind about the rest of us!
This attitude will only change due to real and ever-present pressure from the citizenry. A few political maneuvers will not accomplish the goal of auditing or eliminating the Fed unless the people are solidly behind that effort. There is certainly more opposition today than there has been in the past, much of that due to Ron Paul and others who have fought the good fight, but much more obviously needs to be done before enough stand up to the powerful money supplier and the nanny state it supports.
If the Fed is allowed to remain intact, eventually, possibly even in the near-term, we will face an economic meltdown. With the destruction of the dollar and the ensuing economic collapse, the Fed may implode on its own, but that is not a desirable way to rid us of the central banking system monopoly. This would cause much more economic pain and suffering than the much better alternative of simply ending the Fed now before such an event comes to fruition.
The Federal Reserve was created in 1913 with the passing of the Federal Reserve Act, and signed into law by the evil Woodrow Wilson. Since that time it has wrecked havoc with our money. The value of the dollar has plummeted continually, now worth only a few pennies as compared to that time. Currently, we are at risk of losing much more value but at a more accelerated pace. This should not be acceptable, but the attitude of our elected politicians is one of power and personal survival, and not one of right or prudent behavior. The obvious answer then would seem simple enough; just kick the bums out and replace them with another group. This is advocated by many including the Tea Party folks, and already the primary races have been devastating for the incumbents, but does this mean that because new faces are in place a different attitude will be evident? It most certainly does not! What have we been doing for the past 200 years or so and where has it taken us? The use of the political process has failed miserably, and relying only on that process will prove to be futile if the people are not willing to demand compliance to liberty by those they allow to represent them.
How many politicians have lied, cheated, bastardized the Constitution, and committed endless illegal sins in office, and how many have been impeached and forcibly removed? How many have been prosecuted for these and numerous other crimes against the country's citizens? How many have been thrown into prison for their corruption and desecration of human rights? How many Federal Reserve Chairmen have been held responsible and punished for the destruction of our wealth? Do you really want to know the answer to these questions? Until the people of this country decide to take matters into their own hands; demanding that any representative who harms them will be dealt with swiftly and harshly, then the political process will remain a dead letter. My attitude here is not cynical but realistic, and any who doubt this should simply wake up and look at our history!
The Federal Reserve System, which relies on fractional reserve banking, is a scourge that does not advance, but destroys any country that depends on this counterfeiting, extortionist, monetary system. Real prosperity and free markets fully depend on a monetary system backed by real money such as gold. Without this sound approach, long-term growth and sustained economic success is not possible.
For decades, great men like Ludwig von Mises and Murray N. Rothbard educated us about the perils of central banking. They taught us that open and free markets were the road to prosperity and that socialism would lead to the destruction of the economy. They taught us that without sound money, inflation would lead to economic collapse. These men devoted their lives to freedom and liberty, and in doing so awakened many to the miracle that is the freedom philosophy. They were exactly right then and they are exactly right now!
If we are to again gain our freedom; if we are again to be prosperous; if we are again to have a sound economy; then our first step should be to demand that the Fed be abolished! We have no other choice at this juncture, and we have little time left.
How do we accomplish this feat? I understand that the many follow the few, whether good or bad, as Leonard Read so eloquently pointed out, but the many have expanded, mainly due to a welfare state mentality, while the few are exhausted. Huge numbers are not necessary, but numbers nonetheless are important. More of us have to stand up to be counted instead of hiding in the den of societal bondage. This will require personal responsibility and a fearless attitude. What do we have to lose if we fail? Everything!
May 22, 2010
Gary D. Barnett [send him mail] is president of Barnett Financial Services, Inc., in Lewistown, Montana.
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