The Federal Reserve System

The Federal Reserve: "Whoever controls the volume of money in our country is absolute master of all industry and commerce and when you realize that the entire system is very easily controlled, one way or another, by a few power full men at the top, you will not have to be told how periods of inflation and depression originate."- James A Garfeild Point 1: The constitution and constitutional money: Article 1 Section 8 Sentence 5 of the constitution clearly states: Congress shall have the power; to coin money, regulate the value thereof, and of foreign coin, fix the standard weights and measures. This meant that congress would issue the money, this is very simple to understand, fix the standard weights and measures, however, is not, the phrase standard weights and measures is what people in the 1700s called the gold standard, this put the power over the economy into the hands of the people, gold or silver certificates were issued based on coin being deposited by people, which meant that certificate issue was based on the people and coin supply, coin supply was controlled by congress who ordered minting, and gold/ silver miners who provided gold and silver, and congress/ the treasurer were elected by the people, the people also chose which establishment"s to support, this gave 100% of the economic power to the people. Though the constitution allows for amendments, the Federal Reserve Act was not an amendment, it was just a unconstitutional law. The Federal Reserve ended this, it does not back its money by gold or silver so it is not dependent upon miners, it is separate from the government and the board of governors are not elected, which makes them not accountable to the people, and they will bail out any corporations which people choose not to support, preventing companies from shutting down effectively entrenches said corporations, exterminating any chance for new companies to be established. This has effectively eliminated our free market, creating a command economy, or in layman"s terms- communism. Point 2: The power of the Federal Reserve: Power tends to corrupt, absolute power corrupts absolutely In 1956, during the Korean war, steel mill workers decided to strike, so president Harry S Truman decided to send the US Military, and seize the steel mill, he was obcourse called a communist for infringing the right to property, and for just reasons, because he was in fact infringing the right to property, so the US Supreme court had hearings, and decided: A state of national threat does not give the president a blank check A spectator saw the seizure as; More power than any good man would want, or any bad man should have In 2009, the Federal Reserve said that in the case of an economic emergency, they can implement a martial law of a sort, that they do quite literally have a blank check as to how much money they can print, how much money they can give away, how low they can make interest rates, and how much inflation they can cause. Yet we see no Supreme Court trials calling them communists even though they are a communist agency considering the type of power they have. Point 3: History and the History of Central Banks: There is nothing new under the sun. The first recorded central bank was the bank of England, the Bank of England was created by a group of British bankers who proposed the bill so that the British Government could loan money to finance the French and Indian war. The British crown ended up knee deep in debt, and had to raise extreme and unfair taxes to pay it all back, and this resulted in the reasonable revolt of the thirteen colonies. The second bank in recorded history was the first bank of the United States, which was founded during the Hamilton Administration, in 1807, our economy fell apart as a result. And yet, we attempted this same system by which we sell shares in our nation"s economy through a central bank; we founded the Second Bank of the United States, but in 1832 President Jackson vetoed a bill to recharter the bank with the reasonable concern of such an establishments power over elections by the money system, he was shot at in 1835. In 1837 we suffered the backlash with yet another recession. In the booming 20"s the Federal Reserve implemented loose monetary policy, causing low interest rates and a lot of money, which caused people to invest in stocks, with loaned money. The Federal Reserve implemented strict monetary policy, causing people to be unable to pay their loans, causing bank runs, causing the great depression. The same happened in 2009, the only difference is that people invested in houses rather than stocks. We can now conclude that a central bank in no way has ever benefited any economy. The very existence of this money trust offends me, that any system would attempt to proclaim sovereign and absolute power over our economy that offends me, this is ac system based on the division of powers, free trade, and the idea that all people ought to have a equal shot, well not really, but that's what the history books say, and that's the way it is supposed to be so what if.