Newsgroup: it.economia.borsa
Titolo: la barca affonda: proposta per eliminare la FED

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ON CAPITOL HILL
Bill to eliminate the Fed introduced
Rep. Paul: Legislation seeks to 'restore financial stability' to U.S.
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Posted: September 17, 2002
1:00 a.m. Eastern
By Jon Dougherty
Š 2002 WorldNetDaily.com 
A Republican lawmaker has introduced legislation to abolish the
Federal 
Reserve as a way to "restore financial stability" to the country and
re-
establish the once-used gold standard. 
"Since the creation of the Federal Reserve, middle and working-class 
Americans have been victimized by a boom-and-bust monetary policy,"
said 
Rep. Ron Paul, R-Texas, in a speech to colleagues on the House floor. 
"In addition, most Americans have suffered a steadily eroding
purchasing 
power because of the Federal Reserve's inflationary policies. This 
represents a real, if hidden, tax imposed on the American people," he 
said last week while introducing the bill. 
The Texas Republican went on to blame each economic downturn from the 
Great Depression of the 1930s to 2001's "dot-com bubble" on Fed
policies. 
"The Fed has followed a consistent policy of flooding the economy with
easy money, leading to a misallocation of resources and an artificial 
'boom' followed by a recession or depression when the Fed-created
bubble 
bursts," said Paul. 
On the gold standard, however, which the congressman described as
"stable 
currency," U.S. "exporters will no longer be held hostage to an
erratic 
monetary policy. 
"Stabilizing the currency will also give Americans new incentives to
save 
as they will no longer have to fear inflation eroding their savings,"
he 
added. 
"Those members concerned about increasing America's exports or the low
rate of savings should be enthusiastic supporters of this
legislation," 
he said. 
Paul's office did not return phone calls before press time. 
The libertarian lawmaker also introduced into the congressional record
a 
column by Llewellyn Rockwell, a former WND columnist and current 
president of the Ludwig von Mises Institute, a libertarian economic 
policy think tank based in Auburn, Ala. 
Entitled, "Why Gold?" Rockwell writes, "The Fed has been inflating the
dollar as never before, driving interest rates down to absurdly low 
levels, even as the federal government has been pushing a mercantile 
trade policy, and New York City, the hub of the world economy,
continues 
to be threatened by terrorism. ..." 
"The government is failing to prevent more successful attacks by not 
backing down from foreign-policy disasters and by not allowing planes
to 
arm themselves. These are all conditions that make gold particularly 
attractive," he said. 
But, he continued, "there is no stash of gold held by the Fed or the 
Treasury that backs our currency system. The government owns gold, but
not as a monetary asset. It owns it the same way it owns national
parks 
and fighter planes. It's just another asset the government keeps to 
itself." 
Rockwell said the dollar, which has not been based on gold for nearly 
three decades, is virtually worthless or, at most, whatever the Fed
says 
it's worth. 
"The dollar, and all our money, is nothing more and nothing less than 
what it looks like: a cut piece of linen paper with fancy printing on 
it," he wrote. 
Paul said he believed the system was inherently unfair to ordinary 
Americans. 
"Though the Federal Reserve policy harms the average American, it 
benefits those in a position to take advantage of the cycles in
monetary 
policy," he said. "The main beneficiaries are those who receive access
to 
artificially inflated money and/or credit before the inflationary
effects 
of the policy impact the entire economy." 
He also said most politicians used the Fed's "inflated currency" to
hide 
the "true costs of the welfare state." 
"It is time for Congress to put the interests of the American people 
ahead of the special interests and their own appetite for big 
government," said Paul. "Abolishing the Federal Reserve will allow 
Congress to reassert its constitutional authority over monetary
policy." 

in tema l'ultimo di US Equity & Macro LAB
http://www.usemlab.com/html/commenti/archivio_commenti/varie/VA_02_09_17.htm
Egg head
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