Should we End The Federal Reserve System?
Debate Rounds (3)
Although I think it will be difficult to argue in favor of an institution that has enslaved this country, Please, give it all you've got. Good luck to my opponent.
- Conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices.
-Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers.
-Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
-Providing certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and playing a major role in operating and overseeing the nation's payments systems.
As you can see, the Federal Reserve does a lot of good in our country. Imagine how many banks would be closing down, how much money people would be losing, and even how little people would trust the government and therefore destroy the sense of adventure this country was built on. Yes, the Federal Reserve could do a better job of stabilizing the economy, but if it was disbanded, we would be in far worse conditions. The Federal Reserve also employs a lot of people, so you would be seeing tons of people out of work, Just like when Post Offices started closing down. In closing, if you look at it, the Federal Reserve does more good then harm and should not be disbanded. Thank you and God Bless America!
But with all due respect your argument is baseless. Let's begin with your statement that the Federal Reserve was created with "Good Intentions" and that if we "Bring it back to what once was, it would be a great resource." As if to say that the Federal Reserve has changed since 1913! The Federal Reserve is a private institution controlled by private interests, for the sole purpose of there private profit. The Fed was created under the guides of deceit by an active congress in 1913. But is it Federal? Is it even part of the United States government? There is nothing Federal about the Federal Reserve, the name is a deception, created back before the Federal Reserve act was passed back in 1913 to make Americans THINK that it operated in the public interest. The Fed is a privately owned for profit operation, and operates outside of the control of congress and manipulates the credit of the United States.
Need proof of this? "The Federal Reserve is an independent agency, and that means there is no other agency of government which can overrule actions that we take." - former Fed Chairman Alan Greenspan
Threwout U.S history we have been fighting a battle for who gets to print Americans money, Why is who gets to print the money so important? think of money as a commodity. If you have a monopoly on a commodity that everyone needs & everyone wants, and nobody has enough of, there are lots of ways to make a profit, while having tremendous political influence. In U.S history the money power has gone back & forth between congress & some sort of privately owned central bank.
The Founders knew the evils of a Privately owned central bank. They had seen how to British central bank had run up the British national debt. The founders were aware of the dangers of banking & bankers accumulation of wealth & power. Thomas Jefferson put it this way:
"I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks to and restored to the people to whom it rightfully belongs."
That statement is is the solution all of our economic problem today, it warrants repeating, the issuing power over money should be taken from the banks & restored to the people to whom is belongs. James Madison Agreed:
"History records that the money changers have used every from of abuse, deceit, intrigue, and violent means possible, to maintain there control over government by controlling money & it's issuance."
Give private individuals the power over money & they will not care who makes the nations laws. Jefferson explained:
"If the American people, ever allow private banks to control the issue of there currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until there children wake up homeless on the continent there fathers conquered."
When Andrew Jackson was elected president he was determined to destroy the Second Bank Of The United States at the first chance to do so, but the banks 20 year charter did not come up for renewal until 1836, the last year of Jackson's seconds term IF he could survive that long. But the bank brought a renewal bill before congress early. The banks headman, Nicolas Biddle, in a stunning fit of honesty admitted that the bank was going to make money scarce to force congress to restore the bank.
"Nothing but widespread suffering will produce any effect of congress. Our only safety is in pursuing a steady course of firm restriction, and I have no doubt that such a course will ultimately lead to the restoration of the currency and the recharter of the bank."
This is a stunning revelation, this was the pure truth, Biddle intended to use the money contraction powers of the bank to cause a massive depression until America gave in. Biddle made good on his treat & the bank sharply contracted the money supply. A Financial panic ensued followed by a deep depression. It is important to note that even the current chairmen of the Fed says that the Great depression of 1929-1940, was caused by a sharp contraction of the money supply, when asked what caused the depression, Bernanke responded:
"The Fed let the money supply contract..."
The Fed didn't "Let" anything happen, The depression was not an accident from the Fed, take this quote from Head of the Banking committee in the Depression days:
"It was not accidental, it was a carefully contrived occurrence. The international bankers sought to bring a condition of despair here so that they may emerge rulers of us all." - Lewis T. McFadden.
From 1929-1933 the Fed continued to reduce the money supply by an additional 33%! So the Fed causes the business cycle, and can cause ressesion & depressions, and inflation at there will simply by expanding or contracting the moeny supply. I contend that the Fed is more powerful than the Congress, the president & the courts.
The Federal Reserve is the source of all of our debt problem. The Fed buys U.S Government bonds, and loans the government money AT INTEREST, running up unlimited debts. But, months before the Federal Reserve Act was passed in 1913 the income tax as passed. Why is this so important? It has been known for century's, that it is much more profitable to loan to nations & kings, then it is to loan to private individuals, not only because the loans were bigger, but because the loans were secured by the nations tax's. The same fundamental applies with the Federal Reserve System & The Income tax. The income tax was enacted to be the pipeline with which the private bankers at the FRS would collect there plunder, and so the U.S government could pay of the enormous debt's it would accumulate the Fed.
The fed bill was even written by a private group of profiteers. Including JP Morgan, John D. Rockefeller & European banking interests. They secretly convened on an island just off the coast of Georgia to write the bill that would take control over American's money. During the time period of the early 1900's (Pre Federal Reserve) The nations economy was so strong, businesses were starting to finance expansions out of profits instead of taking out huge loans from large banks, In the first 10 years of the new century 70 percent of corporate funding came from profits, meaning American industry was becoming independent of international bankers, that had to stop.
In closing, The Federal Reserve has complete control over money in this country, when the constitution states "Congress shall have the power to coin money & regulate the value there of." The power over money needs to be taken from the bank, if we do this was can issue our own DEBT FREE Government issued currency, using these notes to pay off our national debt & be free of debt forever.
Good luck to my opposition.
iEconomics forfeited this round.
PopeJordan forfeited this round.
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