The Federal Reserve Bank: World’s Greatest Counterfeit Machine

Posted on February 4, 2010 by admin

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The Federal Reserve Bank: World’s Greatest Counterfeit Machine

San Jose State economics professor Jeffrey Rogers Hummel tells all his students that the easiest way to understand the Federal Reserve is to think of it as a giant, legalized counterfeiter. Why would he teach his students that?

Ron Paul Economics

Legalize Competition with the Federal Reserve
Balance the Budget by reducing spending
Change our foreign policy to non-intervention
Regain respect for civil liberties and privacy
Abolish crony capitalism
Eliminate the income tax, inheritance tax

“None of this can happen if we expect the federal government to take care of us from cradle to grave…”

Legalize Competition with the Federal Reserve - If that were to happen, Ron Paul feels that FRN’s - Federal Reserve Notes - would quickly become extinct. Who wants something backed by nothing?

Listen to what else Ron Paul has to say about the Federal Reserve Bank: World’s Greatest Counterfeit Machine… this is super interesting….

“First of all, no one should be compelled by law to operate in Federal Reserve notes if they prefer an alternative. We should repeal legal tender laws and allow Americans to conduct transactions in constitutional money. Only gold and silver can constitutionally be legal tender, not paper money. Instead, it is illegal to conduct business using gold and silver instead of Federal Reserve notes. Simply legalizing the Constitution should be a no-brainer to anyone who took an oath of office. Consequently, private mints should be allowed to mint gold and silver coins. They would be subject to fraud and counterfeit laws, of course, and people would be free to use their coins or stay with Federal Reserve notes, as they see fit. Finally, we should abolish taxes on gold and silver, which puts precious metals at a competitive disadvantage to paper money.

The Federal Reserve is a government-sanctioned banking cartel that has held far too much power for far too long and is in the end stages of running the dollar into the ground, and our economy along with it. The very least Congress can do, if they are not willing to abolish the Fed, and perhaps not even conduct a serious audit of it, is to allow citizens the freedom to defend themselves from being completely wiped out by their monopoly power.”

What do you think the best option for the USA monetary system is?