Monday, December 23, 2013

Federal Reserve Century Marked by Booms, Busts, and Fraud

Staff Writer, DL Mullan
News / Economics

As of December 23rd, 1913, the Federal Reserve was created by an act of Congress. "The House passed the bill 298-60 on the evening of Dec. 22, 1913.3 The Senate began debate the following day at 10am, and passed it 43-25 at 2:30pm.4" Later, "President Wilson signed the Currency Bill into law in an 'enthusiastic' public ceremony on Dec. 23, 1913."

Unfortunately for the American people, the Federal Reserve was created constitutionally. Even though approved by Congress, the Federal Reserve has not been the best policy in regards to our economic and national security.

In the article "On The 100th Anniversary Of The Federal Reserve Here Are 100 Reasons To Shut It Down Forever," the website, The Economic Collapse, outlines how the Federal Reserve has repeatedly failed the United States. 

But as a simple synopsis, the article states:
Since the Federal Reserve was created, there have been 18 recessions or depressions, the value of the U.S. dollar has declined by 98 percent, and the U.S. national debt has gotten more than 5000 times larger.  
The question becomes: why is the United States dependent on this private institution instead of making its own currency? Congress is supposed to: 
Article I Section 8
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Why in the world was the Federal Reserve ever created? In light of the Federal Reserve's terrible track record, why is the United States still tied to this private institution?

Many Americans are asking the same question: why? Capitol Hill is remiss to answer.

The United States faces many challenges. We have wars, terrorism, and a police state. All of which could be eliminated by placing the National Security of the United States above the need for foreign banks and bankers. 

Without an endless supply of fiat money that is no more relevant than children's play money produced on the computer and printed out on their parent's desk, the United States would not be able to: create endless wars, invade sovereign nations to seize their natural resources, maintain black operations sites and prisons (like Gitmo) to create terrorists, or give out billion dollar no-bid military contracts.

Nevermind, we just found out why.