Below is a repost of a letter I recently sent to my Congresswoman, asking her to support H.R. 2755 Federal Reserve Board Abolition Act. After reading this, I ask each one of you to study this matter, and urge your Congressman/Congresswoman in your state to co-sponser this bill!
Hello I wish to take the time to raise concern on a matter that has become of great concern to me. I wish to call attention to H.R. 2755 (Federal Reserve Board Abolition Act), which was introduced on 6/15/07 by U.S. Representative Ron Paul. To quickly summarize what Congressman Paul is advocating, he and a growing number of citizens are calling for a repeal of the Federal Reserve Act of 1913, which led to this nations third central bank.
Based on historical precedent, two powers are inherent to central banking. The first is the uninhibited ability to print a nations currency, and the control of interest rates. It’s very critical to point out that central banks do not just simply issue a governments money, this money is loaned at interest! In order to pay the debts on these loans, federal income taxes are taken directly from the paychecks earned by working citizens in the 50 states. This has since become one of the leading factors in the epidemic levels of personal debt in this country. These aforementioned powers have paved the way for the erosion of this nations gold standard, once acting as the most powerful means of ensuring the value of the US dollar, and simultaneously regulating unscrupulous government spending. At the end of the fiscal year in 1913 the national debt was at a total of 2,916,204,913.66*, and when the gold standard was finally abolished on 8/15/1971 by way of Executive Order 11615, the nations debt climbed to 424,130,961,959.95*. Currently the national debt is well over 9 trillion and counting! This information begs to ask the question as to exactly how much longer, will the United States economy last under this incredibly growing debt? The US dollar once redeemable in gold was reduced to fiat status thus ending a once honest system of money reducing the world’s biggest creditor, to the world’s biggest debtor in less than a century.
According to the Consumer Price Index, from 1800-2007 (http://www.westegg.com/inflation) what would only cost $100 in 1913 now cost $2123.01 in 2007. This inflationary trend has led to a tremendous increase in the cost of living for citizens, forcing many to maintain more than one job in a desperate attempt to keep up with the continued rise of inflation created by this hidden tax. However the effect of this same banking system has steadily undermined the profitability of American business. With increased production costs and declining profits, several businesses have uprooted themselves in this period to operate abroad making it more difficult for employees at home to land secure employment. Considering the above-mentioned historical trends, it’s clear to myself and to many that as long as we continue with a system of fiat money controlled by the banking elite, this nation will step ever closer and closer to the edge irreversible turmoil. Passing H.R. 2755 would prove to be a powerful first step towards economic recovery, a stabilized currency, and an improved standard of living for everyone.
I wish to end this letter by asking you to become a co-sponsor of the legislation presented by Congressman Paul, for I believe that the road to economic recovery is still in our midst.
*http://130.94.230.21/debt_history.htm
