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Books about Politics and Current Events in The Radical Academy Bookstore Click Here for New & Used College Textbooks at Discount Prices Click Here for College Education Information & Study Resources Shop Amazon Stores in the Radical Academy Bookstore Magazine Outlet Music Store Classical Music Store Video Store DVD Store Computer Store Camera & Photo Store Computer/Video Games Software Store Musical Instruments Outlet Store Cellular Phones Toys & Games Tools & Hardware Automotive Store Outdoor Living Consumer Electronics Home & Garden Kitchen & Housewares Baby Superstore Apparel & Accessories Gourmet Food Grocery Store Sporting Goods Jewelry & Watches Health & Personal Care Beauty Store		February 6, 2009   End the Fed by Rep. Ron Paul, MD   Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833: Madame Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. 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. From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. 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. With a stable currency, American 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. Those members concerned about increasing America's exports or the low rate of savings should be enthusiastic supporters of this legislation. Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. 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. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of special interests and their own appetite for big government. Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy. In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy. In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve. Paul Archive   Dr. Ron Paul is a Republican member of Congress from Texas. Because The Radical Academy publishes essays and articles on its website does not imply acceptance or approval of the comments or opinions expressed by the author of the material. Nor is the Academy responsible for any misrepresentation of the facts included. It is your job to be a critical reader.   Enrich Your Life With A Book About Politics & Current Events Enrich Your Life With A Politics & Current Events Magazine Academy Showcase Specials Politics Resource Center Main Page
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