Gary Larson’s classic Far Side cartoon says it all. The Federal Reserve has heaved a gigantic brick through the window of our nation’s economy. Jobs are getting scarce, retirement savings and housing values are declining, and basic necessities are less affordable. Using the current crisis as an opportunity to further empower the Federal Reserve at the expense of the people is not the answer.
We need to restart past conversations, and restore a Constitutional money and banking system that removes moral hazard from the equation entirely. We cannot allow a private monopoly to create money out of nothing to loan to us at interest. The Federal Reserve is welcome to compete in a free market, but accepting private debt-based currency should not be compulsory — it should be voluntary, and other forms of money that facilitate trade and local economic growth should be welcomed.
Alan Greenspan noted that our money system is not a free market — the power over our money is centralized in the hands of the Federal Reserve.
The government is only authorized to establish a level playing field with accurate “weights and measures.” In particular, Congress was given the authority to coin money, and regulate its value — it is not authorized to delegate monopoly authority over our money to a private central bank.
Since 1913, however, our money comes from a monopoly run for the benefit of private banks. The banks have the power to create money through debt, and the people and our governments thus accumulate debt instead of wealth.
What should Congress do? Follow the Constitution: eliminate the money monopoly that is crippling our country.
Competition between different money systems keeps people honest, and elimination of fractional reserve banking and fraudulent “deposit insurance” keeps banks honest.
Relentlessly seeking another hit of debt will not cure our unsustainable addiction. The poison is not the cure.
It’s time to get off the treadmill of a collapsing debt-based currency and empower local economic growth through an honest, Constitutional money system that will strengthen communities by empowering local producers of real goods and services.
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