Posted: RestoreTheRepublic.com
By: Michael Vonasten
Photograph: A. Golden, eyewash design, c. 2008.
The Ron Paul movement swept the nation in 2007 and 2008 leaving a trail of well informed citizens in its wake. We all worked hard for the campaign, whether you stood on an over pass with a sign, handed out literature or screamed at the top of your lungs. The campaign did well. 1.2 million votes for the Good Doctor. We all received a taste of what it feels like to become true activists for a true cause.
The Doctor needs your help again.
Dr. Ron Paul has introduced HR 833 into congress entitled: To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.
The bill has been introduced and referred to committee on Monday Feb. 3rd. Currently the bill does not have co-sponsors.
According to GovTrack.us, “This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee.”
This is where we as American citizens come into play. Americans that are interested in preserving liberty and restoring our republic to it’s constitutional roots need to contact our Representatives in Congress to push them into co-sponsoring this bill.
This bill will be the only saving grace to our faltered economy. Below is a transcript of Dr. Ron Paul introducing this bill in front of Congress.RestoreTheRepublic.com will keep you updated on the Bill’s progress.
To contact you Congressman/woman, dial the D.C. switchboard at (202) 224-3121 or find your Representatives info at www.House.gov.
Federal Reserve Board Abolition Act Statement
Hon. Ron Paul
Madame Speaker, I rise to introduce legislation to restore financial stability to America’s economy by abolishing the Federal Reserve. 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 current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century 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 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.
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Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!
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