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ORIGINAL: Real0ne
quote:
ORIGINAL: CuriousLord
So, in short, the Federal Reserve Board Abolition Act is up for consideration. This act proposes to disband the "Board of Governors of the Federal Reserve System" and their federal banks. For one such as myself, who doesn't know who these people are or why this would be a good thing, would you care to explain?
Well understanding the money system is one thing, understanding how it can be used as a weapon against the average working citizen of this country is another and frankly takes a lot of work to fully understand.
I'll try my hand at a layman's explanation here:
Our current monetary system is based on debt, through the Federal Reserve Bank. In other words, every single Federal Reserve Note is an IOU. That's right, we are passing nothing but IOUs back and forth to each other. This is the exact opposite of Lincoln's Greenbacks, or Kennedy's United States Notes (red seals)... which did not add to the national debt, or subject the nation to pay interest on the money.
The Federal Reserve Bank is no more "Federal" than Federal Express. The name was most likely chosen to deceive an unknowing public (working class) into believing that it is a government entity. "Quasi-Government" entity is how it is frequently defined today. The fact is, it's a privately held entity owned by private shareholders. And this is the entity that issues our money, and lends it out at interest.
Had the working class known back in 1913 when the FRB was voted into law (during a holiday, attendance-abbreviated Congressional Session) that the Federal Reserve Bank is a privately held entity, it's quite possible that a public outrage would have ensued. The FRB may very well have never gotten off the ground had the bank been named the Morgan-Kuhn-Loeb Bank of NY. (These three were involved with the creation of the FRB).
The alleged function of the FRB is to regulate the money supply, and to temper both inflation and bust and boom monetary cycles. However, a close study of history proves other wise. Since 1913, the value of the Dollar has decreased by over 95%. And I doubt that anyone here would be foolish enough to argue that the Great Depression wasn't a bust of catastrophic proportions.
The reality of the situation is that the current system is what enables an unlevel playing field which is slanted in favor of the elite. It enables 5% of the population to own 95% of the wealth. It enables war at whim, and the financing for it. It enables the hidden taxation of what little wealth you have managed to save, via inflation. It enables the illusion that you need the government to take care of you, when all the vast majority of us really need is a level playing field.
Termin8or mentions some scary predictions here. Yes, we would pay more for imported commodities. But let's look at it more closely.
What would our futures really be like, if 95% of us weren't scraping and clawing over each other for the 5% of the crumbs that are left over under our current system?
What would life be like without a secret government (PTB) creating boogeymen worldwide to control their natural resources and to support the PTB's current monetary system?
What if most (or even half) of the billions that currently go into the defense fund to protect us from these boogeymen, and meddle in the affairs of other nations, went to the people instead? (Isn't odd how the defense budget never waivered, even after the Big Bad Red Menace collapsed along with the Soviet demise?)
What if the interest paid on created money went to the people (via the government) instead of to an elite few?
Hopefully, this helps.
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RE: Federal Reserve Abolition Act H.R.2755 (Introduced ... - 
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