Sunday, December 6, 2009

Public Enemy Number One: The Federal Reserve

If we were in 1792, we would be calling for Ben Bernanke's head.

Ben S. Bernanke doesn't know how lucky he is. Tongue-lashings from Bernie Sanders, the populist senator from Vermont, are one thing. The hangman's noose is another. Section 19 of this country's founding monetary legislation, the Coinage Act of 1792, prescribed the death penalty for any official who fraudulently debased the people's money.

The article goes pretty deep into the history and machinations of our monetary system.

It's time to audit the Fed. Why is this even up for discussion? It is Congress's duty to coin money, but that job has been passed to the Fed, and our money supply is essentially controlled by a presidential appointment and his banker cronies.

Even Woodrow Wilson, who signed the 1913 Federal Reserve Act into law, later regretted his decision:

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.

The real tragedy is that so many Cassandras have tried to warn us, but have been ignored. Now we're paying the price for the hubris of 1913.


  1. I'm not a big fan of auditing the treasurey becasue it opens the way for it being politicized.

  2. It's too late for that, central banking has been an issue since the birth of the nation. Open it up and stop stealing our money.

  3. I actually think the treasurey has done a good job of staying apolitical given the context it lives in. Make it more accountable to to congress will most likely result in it become more political.