Protest the Fed?
That’s correct. This Saturday, at 2p.m. I will be joining my friends from the UM Constitutionalists in protesting the United States Federal Reserve Bank. Our protest will take place in Houston Texas, but similar ones will be held at all of the major institutions of “the Fed” around the country.
Why? Far be it from me to tell you what to or not to be complacent about, but I can’t help but feel like the Fed possesses qualities you might be unaware of. Why protest an institution that has stood the test of time, that has been with this country since it’s conception? I wouldn’t either; the truth is that this (the third manifestation since our nation came into being) Federal Reserve doesn’t even pre-date the house that I live in, in Laurel, Mississippi. The “Federal Reserve Act” of 1913 thrust this institution upon Americans.
To avoid the risk of mis-stating what I am about to mention, I am going to borrow (you know the way the government borrows our tax-money without asking and does what it pleases with it) the numerated purposes of the United States Federal Reserve from Wikipedia (these are cited, so I believe them to be valid).
- To address the problem of banking panics
- To serve as the central bank for the United States
- To strike a balance between private interests of banks and the centralized responsibility of government
- To supervise and regulate banking institutions
- To protect the credit rights of consumers
- To manage the nation’s money supply through monetary policy to achieve the sometimes conflicting goals of
- maximum employment
- stable prices
- moderate long-term interest rates
- To maintain the stability of the financial system and contain systemic risk in financial markets
- To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
- To facilitate the exchange of payments among regions
- To respond to local liquidity needs
- To strengthen U.S. standing in the world economy
This country is home to many men far wiser than myself that could explain to you the irony in each of these points much better than I can. However I think I should at least point out that none of these purposes is being accomplished, currently, by “the Fed” or any other institution. I believe that Americans suffer under the dillusion that the Federal Reserve simply serves as a printing press. The Federal Reserve has actual power. How much power? Again I’m going to slack on my intellectual duties a little bit and take the easy way out. We don’t know. You don’t. I don’t. Wikipedia doesn’t. We do not know exactly how much liberty “the Fed” takes with its work. We know what it is SUPPOSED to do. But judging by the state of our economy I don’t believe anyone should consider taking that bait anymore.
Should we not at LEAST know what our central bank, the bank of banks, if you will, does? Of course we should, and if you find my lack of evidence here to be suggestion of my case being weak, I challenge you to bring evidence of the Federal Reserve’s success, or transparency to the table by way of a comment below. The United States of America has thrice done without a central bank, which means it has twice done away with this system. I say the burden of proof is on those who would have Americans believe that “the Fed” is effective, transparent, or a good idea at all.
By the way, what do audits of “the Fed” tell us? They don’t tell us anything because they don’t occur. No legal body exists that can audit “the Fed.” Many laws exist in fact preventing disclosure of information on the part of “the Fed.” To me, this fact is disturbing. I give my thanks to Ron Paul for opening my eyes to this particular flaw in the system.
I am no financial genius. My argument here is very short, and it lacks the mountain of evidence that I am sure a reading dissenter would expect to respect my argument, but the truth is, what is there to say about an organization that discloses so little information to the public. My point is this, this central bank has more control over the financial workings of this country than one might imagine. Information about it is difficult to come by (sort of like specifics on the workings of government in general). I as an American am concerned about such things, and if a central bank (an idea which I am not particularly enchanted by anyway) must indeed exist in this country, then damnit I want to know something about it.
Saturday, I’ll join in the protest against the United States Federal Reserve Bank system. Consider the state of our economy, and learn what you can about “the Fed.” What you find (or don’t find) may shock you.
