The Federal Reserve System is a plague on free enterprise, on capitalism, and on democracy.
There’s only one way to free America of the increasingly powerful and manipulative future a private central bank yokes us to.
That’s to revoke the Federal Reserve Act of 1913 and all subsequent amendments to the act.
The Simple Solution to Our Dire Federal Problem
I’ll be brief, only because this isn’t a history lesson, it’s about the here and now and our future.
The Federal Reserve owns all the money in your purse. Look at any bill in your wallet. It says right on top, Federal Reserve Note.
Most people believe the U.S. Treasury owns America’s money supply. They don’t. They have the exclusive contract to print the Fed’s money. For legitimacy, the Secretary of the Treasury gets his signature on newly printed money, to make it look like the U.S. Treasury owns it.
Not only does the Federal Reserve own the money it has the Treasury print, it can have them print as much as the Fed wants.
That works for the Fed because they disperse money into the economy through the biggest banks in America that own and ultimately control the Fed.
The banks, of course, make their money by lending out Federal Reserve Notes.
They’re “notes” because a note is loan. It’s a legal document that serves as an IOU from a borrower to a creditor or to an investor, and collect interest, lots of interest, in perpetuity under the grand scheme.
The Fed’s “mandate” used to be overseeing stable prices, meaning not letting inflation erode the value of a dollar’s spending capacity. Then in the 1970s they got another mandate to foster full employment. The two tasks became known as the Fed’s “dual mandate.”
In short, their mandate to stabilize prices comes from their own interest in shepherding the value of their money and their own dollars. Their mandate to foster full employment came from legislators who couldn’t control stagflation and recession in the 1970s and were losing elections. So, the legislators punted their responsibilities to the Fed so they could lay the blame off on them when Americans lost jobs.
Then in December of last year the Fed gave themselves another mandate. To not let markets crash, or even correct, or really ever be free again to do what free markets need to do for the sake of price discovery and for the sake of clearing dead wood from the economy.
After manipulating rates too low for too long allowing bubbles to build across the economy, primarily in the subprime mortgage market, the Fed then came to the rescue of insolvent banks (all the big banks that call on the Fed to rescue them when their greed kills them).
Plus, the reeling economy was bleeding America’s middle class of whatever life they had left by manipulating interest rates down to practically zero (that’s zero cost to borrow for the banks that needed money, not you and me).
After all that muddling, the Fed finally started working on “normalizing” the interest rate structure in the economy.
That is, until they rose rates a tiny bit again last December as the stock market was “correcting.”
Then, seeing the panic they were told they were causing, and fearing they’d be taken to task for sinking the bull market and the economy, the Fed backtracked and reassured markets they’d be on hold and at the ready to lower rates if necessary.
Nothing had happened. The stock market was seeing a bout of profit taking. A normal function for all markets that rise, especially after rising for ten years.
Without any solid data, the “data-dependent” Fed made economic policy and market policy, again.
How can America be a free country, how can our markets, our economy, and our capitalist democracy be free if it is all manipulated by a private central bank owned and controlled by the biggest banks in the country?
We’re not free. We’re controlled by a cabal of oligarchs.
And it must end.
Congress can revoke the Federal Reserve Act and all subsequent amendments to it, but the chance of them doing that are exactly between slim and none. That’s because most, not all, of our legislators are bought and paid for by the oligarchs and their emissaries that thrive under the Federal Reserve’s umbrella.
One reason there isn’t much talk about abolishing the Fed is that there isn’t a substitute system everyone, or anyone, can agree on to replace it.
But there is a simple solution. A mathematical solution that can be managed when there are “exigent” circumstances. I use the word exigent because that’s the word the Fed uses in order to give it every power it needs to do whatever it thinks it needs to do under exigent circumstances.
Something like a Taylor rule that ties the money supply to growth or contraction of the economy and to inflation makes perfect sense.
We don’t need a private central bank owning our money supply and doing whatever it wants with it, as it sees fit, for the benefit of its constituent banks.
We don’t need a private central bank manipulating interest rates in the interest of controlling markets and the economy for the benefit of its constituents.
We don’t need the Federal Reserve System for anything.
The American people should own America’s money and it should be managed for the benefit of America.
So, are you a fed lover, or a lover of true freedom?
I’d like to hear from you exactly what you think.
Because there’s only so much you can do to get away from the Fed controlled state of markets.
But to get true financial freedom, there are three events quickly coming that could create the opportunity unlike anything you’ve seen already.
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Click here for the full story.