From Newsgroup: alt.tv.star-trek.tos
From Address: jjme169@earthlink.net
Subject: Re: A Very Simple Plan to End The Federal Reserve
No, I'm not pathetic at all. I'm quite knowledgeable about the money
supply, something you are quite ignorant and misguided about because you
have a very misguided view about.
The money supply everywhere in the world is nothing but consensus pieces of
paper and metal that have nothing to do with what backs it up. To be blunt,
there is not enough gold that has ever been mined since the beginning of
history that even comes close to equaling the value of 1/8 of the currency
in circulation right now, and there never will be. Possibly if you pulled
all the gold out of circulation that has ever been mined (and stopped the
use of gold as an industrial metal, thus putting out of business all the
computer makers, all the electrical component makers, all the electrical
production and conduction providers that keep make our lives what they are
today), all the diamonds ever mined and all the other precious metals,
platinum, silver, etc ever mined, you might just come up with enough value
to equal the value of the currency of one industrialized nation. Forget
about every other nation that circulates money. There just isn't enough
value in anything, anywhere, anytime.
--
meport
"Pisano" wrote in message
news:4de6677c-691e-4069-aa3a-c2a931761be2@l13g2000yqb.googlegroups.com...
On Nov 26, 11:37 am, "meport" wrote:
> Just for the record - there is no such thing as a "federal reserve note".
> And for that matter there is no such thing as a "FEDERAL RESERVE".
>
> 1. Congress makes a determination of how much money, notes, cash, bonds,
> etc needs to be in circulation based on data received from at least 1000
> different sources.
>
> 2. Congress goes to the Controller of the Currency asks them "how much
> money do you have in reserve and how much more needs to be printed?".
>
> 3. The Controller of the Currency totes up the figures and sends an order
> to the Bureau of Engraving.
>
> 4. The Bureau of Engraving turns on the printing presses and prints money.
>
> 5. The money is loaded on trucks and sent to the FEDERAL RESERVE BANKS
> where it is held for distribution.
>
> 6. The FEDERAL RESERVE BANKS collects old, warn out money from MEMBER
> BANKS
> and sends them new money for distribution, or sends them new money based
> on
> the limits as specified by the Controller of the Currency and Congress.
>
> Read you 6th Grade Civics Book and maybe this will become more
> understandable to you.
> --
> meport
>
You are obviously either a pathetic victim of gross disinformation,
or are simply spewing it for a specific, pathetic purpose. Either
way, it's quite pathetic.
=-=
"Mr. Speaker, I rise to introduce legislation to restore financial
stability to America's economy by abolishing the Federal Reserve. I
also ask unanimous consent to insert the attached article by Lew
Rockwell, president of the Ludwig Von Mises Institute, which explains
the benefits of abolishing the Fed and restoring the gold standard,
into the record.
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
burst of the dotcom bubble last year, every economic downturn suffered
by the country over the last 80 years 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 the 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."
The Honorable Congressman Ron Paul
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