If there is one issue that both the left and right would miraculously agree on is the abolition of the Federal Reserve. From Ralph Nader to Milton Friedman, to even former Fed Chairman Paul Volcker, the Fed has heard its share of intense criticism and scrutiny. That’s because it is ultimately and directly responsible for one tax the rich and poor alike end up paying – inflation. And it’s a well-hidden tax at that.
The Federal Reserve’s policies and its somewhat difficult to understand process of creating money, which at times seems to be out of thin air now that we are officially off the gold standard, is an issue which is rarely addressed in the media. That’s because it’s hardly understood by most. Which is why it’s so difficult to prove whether the Fed’s inflationary machinations are caused with malicious intent, or simply unintended consequences that arise from convoluted economic policies.
What is more interesting than this quasi-public/private institution’s process of creating and ultimately controlling our money supply – by depositing cash into member banks and then charging the banks for this newfound money by directly dictating the discount rate at which they repay the Fed (not to be confused with simply setting interest rates which it targets by selling or buying Treasury bills) or something like that – are the conspiracy theories that abound regarding the Federal Reserve.
Was John F Kennedy assassinated because of his tampering and questioning of the Fed? Hmm. Or what about Abraham Lincoln whose assassination is attributed to earlier money lenders led by the Rothschilds? You know, the five Jews that secretly run the world and may (or may not) happen to run every bagel shop in the country.
But certain facts are well, certain. The Federal Reserve was created in 1913 as was the birth of the income tax we’re stuck with every paycheck. And it’s to the chagrin of other critics such as former 2008 presidential candidate Ron Paul that the Federal Reserve continues to exist. It was not for nothing hundreds gathered at an “End the Fed” rally this past weekend in the Financial District led by Congressman Paul’s Campaign for Liberty organization to do just that.
Though ending the Fed anytime soon is highly unlikely, this Monday April 27 is the day to “melt the switchboards” by calling Congress at 877-851-6437 and insisting your Senators and Congressional district representatives push forward HR 1207, a bill that will finally audit the Federal Reserve. It may (or may not) resolve John F Kennedy’s assassination, but it will most certainly force open the books to this private institution that somehow answers to no one, even every time it raises a tax nobody should have to pay.