Poll: Should Congress Abolish the Federal Reserve?




Some economists have identified the Federal Reserve as the cause of the “boom and bust” cycle, while others insist that its continued existence is essential to preventing another Great Depression. What should Congress do? Abolish the Fed entirely, just make it more transparent, open it up to free-market competition, leave it as it is, or make it even more powerful?

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176 Comments:

  1. Speaking of road trips, what about Bohemian Grove?
    http://www.henrymakow.com/

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  2. Speculative bubbles have occurred throughout history, both with and without a Central Bank.

    "Most economists and politicians have questioned the federal reserves recent actions"

    Interesting, to admin's wit, there is another side for sure, and summarily discounting, while demonstrating your 'faith to the cause' so to speak is admirable to an extent, it is also just as scary:

    "Sixty-one percent of investors surveyed in the first Quarterly Bloomberg Global Poll say the world economy is stable or improving and almost 75 percent take a favorable view of the 55-year-old chairman. By almost a three-to-one margin, they say Bernanke has earned another four-year term when his current one expires in January.

    “He’s the best, maybe around the world,” said Wallace Lin, an investment manager with Euro Asset Management in Hong Kong, who participated in the poll. Investors ranked Bernanke higher than his counterparts at other major central banks, including European Central Bank President Jean-Claude Trichet."

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayUz0vNR2XGc

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    • Speculative bubbles, are rely on excess amount of debt, only a central bank can provide such an large amount of debt.

      Bernanke does not own the federal reserve. United States Government does not own the federal reserve. You cannot find out who owns the federal reserve. I like Bernanke, but he is just another puppet following orders, a well paid puppet to be honest.

      Matt, you are trying to confuse Bernanke with the privately owned central bank known as the fed. They one is a puppet, and the other is a Goliath, with so much money that nobody on earth can oppose.

      Matt, you are defending goliath, yet I stand here with rocks and a slingshot. Trying to get others to help out against the completely corrupt and self serving federal reserve. The federal reserve controls all of the money, and all of the congress. But God is not on their side, they are running clawing their way to maintain power and control over the world economy. I think the world is quick to their trickery, once the egg of their deception is cracked, it cannot survive for long.

      Decide now, will you stand up for good and honesty, or will you defend an all powerful central bank that has historically manipulated the world economy to it's own ends?

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      • Speculative bubbles can absolutely occur in the absence of a central bank - look up Tulip Mania back in the 1700's:

        http://www.damninteresting.com/the-dutch-tulip-bubble-of-1637

        Finally, lets say you eliminate debt completely and everyone has savings. What is to prevent those savings from being turned into speculative investments should the 'next big thing' come along? Free market implies speculation, and so long as there is speculation there will be momentum and momentum chasers.

        RE: The Fed, you are not the only one defending Goliath, but over 300 renowned economists have petitioned Congress and are doing so, but in a different way:

        ""The independence of U.S. monetary policy is at risk. We urge Congress and the Executive Branch to reaffirm their support for and defend the independence of the (Fed) as a foundation of U.S. economic stability," the statement said.

        "Central bank independence has been shown to be essential for controlling inflation," the statement added."

        http://www.reuters.com/article/businessNews/idUSTRE56E69R20090715

        Here is the petition being signed, quite a few luminaries:

        http://faculty.chicagobooth.edu/anil.kashyap/research/petition_signees.pdf

        Please understand, in this case I am not personalizing the matter, just trying to objectively present an opposing viewpoint.

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    • Buttered Bread

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    • Investors Love Ben
      http://onlinejournal.com/artman/publish/article_4934.shtml

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  3. We should introduce competing currencies again and just forget the idea of a central bank just like Montana has done......

    Phase out the Fed if we have to by introducing competition into the market again, so we have gold/silver, liberty dollars, and real currency again.

    The Federal Reserve wasn't a Jesuit scheme, it was a scheme by Zionist Bankers.

    A whole gaggle of Zionist Jews, Zionist Jesuits & Zionist Protestants......Mostly the former, created the Federal Reserve.

    That scheme has bankrupted and nearly indebted everyone as a slave state to foreign governments (IE: Israel, Turkey etc.) and that scheme has more than worn its welcome with America

    The Federal Reserve is a FRAUD
    http://home.hiwaay.net/~becraft/mcfadden.html
    Audit it immediately and get your senators on board. Find out what they're doing so we can act on real changes & not blind faith.....

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  4. Author: Mark
    Comment in part: "Children must be taught in detail from the earliest age about the United States Constitution, so that they have it in their heads, what freedom is, what are your rights! so as to never let this happen to America."

    If you want to leave your children with a legacy, this is how you do it. We should demand that our schools teach this the same as math and "English". Imagine a school where the kids say the Pledge of Allegiance every morning before class starts and then they enjoy an hour of "Constitution 101". There are private schools that do this very thing. Their students hold tops honors in ALL state competitions, they are more successful as small business owners, they have a drastically lower rate of incarceration or suicide, they have one tenth the divorce rate, and their children follow their example. No law enforcement agency tramples their rights simply because most of them know the constitution better than the average lawyer you see in court these days.

    Sadly I believe that we don't have that, because we don't demand that. Maybe we should introduce a proposal that would become law, that this is a required course for basic education or you don't graduate. That would truly be an investment in America.

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  5. I hope to god that we win this one. Kennedy was killed trying to save America, by giving the powers of the FED back to the government with that Executive Order (of which I don't remember the number) signed in June or July 1963. I believe that is the reason he was assassinated a few months later. And its funny, the conspiracy behind JFK's assassination, is very similar to that of 9/11.
    Not only should we abolish the FED but, we must arrest the Rockefeller's and the Rothchild's of this world. Let's let them know that they are not in charge, America belongs to the people! Hopefully it'll be "We the People" again, and not "We the Blind Sheep". God bless America, the great nation that I am so proud to be a citizen of, but that I have to see fall to pieces at the hands of those disgusting control freaks!
    Take care everyone.

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    • "Kennedy was killed trying to save America, by giving the powers of the FED back to the government"

      Your entire comment was very moving to me. I believe that Johnson was in it up to his "red Texas neck". Don't get me wrong....I have a new respect for Texas rednecks after the "Chuck Norris" experience....LOL...I was in a bar in Texas and saw a pair of boots in the corner with a shirt and a pair of jeans laying on them. I said what anyone red-blooded Yankee would say...."Hmmm...looks like a Texan with the shit kicked out of him"....There was not one Texan in that bar that wasn't involved in the ensuing fight that took place shortly after my comment was digested. After we all got out of jail we went straight to the "Big Boy" Restaurant to talk about all "the good parts" of the earlier fight. There was no shooting or stabbing, or later drive-bye shooting. Country folks don't do that in Texas. But they DO...still use iodine....ouch! And, the cops did tell me that for a Yankee, I held my own...pretty good.....LOL

      God bless Texas......and Ron Paul!

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      • Call ahead next time. We'll take you to a hayseed tailgate party. Fixin's strictly home-made.

        God Bless The Republic of Texas

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        • I might just do that. Ya know, I went to a concert in Chandler Texas...east of Tyler....And I was absolutely astounded at the beautiful girls that were just....raisin hell....at a country music concert. Even the elderly were good lookin.....LOL...I went to a barbecue the next day in Coffee City and expecting to see a grill and a couple of people. There was a 55 gallon drum cut in half longways, so that half was the lid, and the other half held the coals. There was a whole pig, a huge box of steaks, about 4000 beers and 150 people or more....neighbors I guess?

          Anyway, I had my guitar so I showed them how a yankee country boy does Garth, John Michael Montgomery, Travis Tritt, James House, Collin Raye, and a few others. I now have at least 100 places to stay when I visit Texas.

          In Texas I found out that Someone doesn't just die. "They open themselves up a worm farm". A scoundrel is "greasy as fried lard"; a summer day is "hotter than a fur coat in Marfa". Some women are "meaner than a skilletful of rattlesnakes". Some guys are "so low they'd steal the nickels off a dead man's eyes". Some women "make a hornet look cuddly". And some are "just meaner than a junkyard dog".

          One guy told the cop, I'd start a fight at the drop of a hat, "and then he'd drop it himself". Not sure what all that means but as long as they was buyin, I was drinkin.....LOL...Either way, I had a blast. And hey, thanks for the invite. I'll make sure I have my guitar.

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          • Coffee City !! Lake Palestine !!
            Have a house on the SE side of the lake.

            Play carefully with those Texas Girls.
            http://www.rhapsody.com/flaco-jimenez/partners/the-girls-from-texas/lyrics.html

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  6. Tell congress to Announce N.E.S.A.R.A, that'll take care of everything that our government and other sectors i,e BANKS have robbed from the people of this country

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  7. Maybe a good place to start getting people enlightened is to make them aware of the Federal Reserve Act of 1913, and how things were so different in this country prior to it. VERY few Americans today know anything about it.

    If they knew we'd still survive without the Fed, and without Federal Income tax, if they knew these ideas were not just the talk of some fringe kooks but were real ideas that could be possible once again, then maybe we'd get more folks onboard with us.

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  8. I'm in favor of a presidential executive order to abolish the FED and the IRS. :)

    While we're at it with our wish list... An executive order to charge those who received bonuses and bailouts to pay for the bailouts immediately. The responsible parties should pay for their misdeeds and mistakes.

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  9. acording to the constitution, ther is no such thing as the federal reserve bank.

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  10. There was the smell of blood,
    broken hearts and dying dreams
    in the air when Americans
    began to lose their jobs
    and were foreclosed on.

    The money, they said, had vanished
    into the maw of the financial “crisis”
    created so banks could suck up billions
    in 401Ks, mutual and pension funds

    in addition to the taxpayer bailout
    and regurgitate it into the mint julep glasses
    of CEOs and shareholders fanning themselves
    while sitting on the financial plantation’s veranda,
    living off the retirement
    of the Middle and Working Classes,

    and in the deep, dead of financial winter
    will drink hot toddies and imported brandy
    while wrapped in cashmere sweaters
    by the comforting fire
    of their remote and casual brutality.

    by Vi Ransel

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  11. I sure hope someone comes out with some books or documents that will teach us how to do it right. That is, after the fed is abolished. How will we pay our bills? What will we use to pay for groceries? Ah, so many questions. Anyone know where I can go for the answers?

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  12. It's a poll, not an article, and the introduction was written in a balanced way to present both sides of the issue. Many mainstream economists who were trained under the current system genuinely believe in the Federal Reserve, and simply accusing them of dishonesty without acknowledging or considering their point of view probably isn't the most efficient way to win the intellectual argument and bring them over to our side.

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    • To even suggest that the federal reserve did anything but create the great depression, would be to lie and mislead the population.

      Truth and justice cannot be achieved by giving the people of the world half truths. Ben Bernake is one of the many economists to clearly say that the great depression was directly caused by the federal reserves actions.

      admin, your have collected a nice site, and done well to get popularity off Ron Paul. Clearly you are not Ron Paul, and you do not have the full depth of understanding about the current and past economic history, that is needed to fully explain to readers the situation the united states is in.

      I hope your mistake in creating the poll summary was accidental rather than intentional.

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      • Most economists and politicians have questioned the federal reserves recent actions, and if the federal reserve inadvertently does more to destabilize the market than stabilize it. Historically, the market "booms and busts" are tied to the federal reserves manipulation of the interest rate and money supply. Others claim that America cannot live without the federal reserve. Since the fed's creation in 1913, many claim we are just too dependent on someone else controlling our money .

        What should Congress abolish the Fed entirely? Or should congress hope that after 70 years of mistakes and secrecy, that the federal reserve will magically become more open and transparent? Does congress have authority over the fed, or does the fed already have too much power over congress?

        There, i corrected it for you.

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  13. I forgot to add that the dollar when the Federal Reserve started is now worth 4 cents. That is the "BANKER TAX" that is leveled on each and every holder of a dollar. If you try to beat that in the fixed stock market, they will shear the sheep every 20 years or so. They are the biggest gangsters the planet has ever known. They make Hitler, Stalin, Mao look like corner thugs.

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  14. After getting rid of the Federal Reserve, we need to have the FBI investigate who is behind the criminal activity at the Federal Reserve, starting with the Traitor, Timmy G. They all need to be in prison, don't forget Paulson. He is one of the big crooks. Stole our future and gave it to Goldman Sachs.

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  15. Woodrow Wilson is not only the 'Great Satan' that gave us the Federal Reserve and Personal Income Tax, he gave us even worse with the 17th Amendment. Prior to it, States appointed our Senators to Congress rather than publically elected. This kept a balance of power between State and Federal gov't. With Senators loyal to their home states rather than special interests, there was great interest in preventing the Federal gov't from becoming too powerful. With the 17th Amendment, not only were Senate seats virtually for sale to the biggest private campaign donors, the Federal gov't was then free to expand to the growing monstrous bureaucracy it is today. Along with abolishing the Fed, we also need to abolish the 17th Amendment to truly get back on the path to the framework our founders had in mind.

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  16. Fed Liberation Army

    Open Letter to Congress and the Executive Branch

    Amidst the debate over systemic regulation, the proposed independence of the Federal Reserve's monetary policy is in danger. We urge Congress and the Executive Branch to work towards the full and unconditional independence of the Federal Reserve System so that it may become a valued and equal participant of the free-market economy. There are three specific risks that must be contained.

    First, political pressure and domination by its member banks have shown to be an essential factor in forcing the Federal Reserve to create unchecked inflation. Since the Federal Reserve's establishment in 1913, one of its products, the U.S. dollar, lost more than 96% of its value. When the Fed decides that it's time to turn on - or stop - the printing presses, it must be able to do so without interference, and be allowed to bear the full free-market consequences of its decisions.

    Second, as most other businesses, the Federal Reserve should be free to act in its own interest by selling, lending or donating its self-created foldable paper snippets to anyone it sees fit, without being subject to undue political interference. Possible beneficiaries could include its own member banks, foreign governments and officials, former and current business partners, personal friends and family members.

    Finally, calls to keep the Federal Reserve entrenched in the political and financial establishment are misguided and could easily backfire by perpetuating the infamous boom and bust cycle, wiping out the middle class and eventually bringing us hyperinflation.

    The free-market legitimacy of the Federal Reserve System is based on the well established principle of supply and demand. Let the consumer decide whether to use the Fed's products and services or not. Free the Federal Reserve from government oppression and allow it to compete on the open market. The Fed deserves to be free, as do we the people.

    FREE THE FED!

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    • I don't know where you got your information or how you came to this completely fictitional idea of reality but it sounds like you are from the socialist group that formed the Federal Reserve and is continuing to perpetuate its lies. The Fed is a privately owned entity with the purpose of protecting the owner's at the expense of the public. NO ONE person or group should be allowed to "create" or control currency. Man is greedy and will always work to take from others.

      The Fed that collects profit (interest) from all businesses on money it creates because all banks are forced to use it. It causes the illusion that prices are rising, hence inflation. The fact is that prices have not risen because the same goods and services bought for a designated amount of silver or gold 200 years ago cost the same amount in silver or gold today. The value of the dollar has dropped and decreased the public's buying power which is an imposed tax that the Fed is collecting. Do you think this is by accident?!!! Learn your history! This mess of inflation has happened 4 times in the early stages of this country and many more times in other countries throughout history when paper money is created with no base.

      Farmers have lost their lands and livelihoods because of the Fed. This type of deflation of currency creates a necessity for businesses to continually grow and accrue more debt to survive. Value of the money received for crops declined while the amount did not grow in proportion, the same as individuals income. They could never maintain the operation of a farm without having to buy more land and plant more crops. Their lands were taken over by corporations, who owe their existence to the Fed, for next to nothing. They now control your food supply.

      Silver needs to be reestablished as the national currency (371 grains pure = 1 USD). Conversion would be between 350-400 Federal Reserve Notes to $1 silver. All loans need to be converted to real currency. The government or central bank should never be allowed to create money. Paper currency should only represent a designated amount of a commodity, such as silver or gold.

      The Federal Reserve Act needs to be rescinded as well as all legislation concerning the Fed. Abolish graduated Federal Income Tax since it is only a tool of socialists to enslave the population.

      The Fed should be allowed to survive since it is a privately owned business. It will not survive on its own because it has no reserves except for the sweat of the American people. It should be used by the government only for repayment of the national debt, to be paid in Federal Reserve Notes while the public returns to a commodity currency of silver. Once the debt is paid they will fold on themselves just as the first Central Banks of the United States did.

      Banks are private businesses not government. They should be regulated as a deposit bank to save peoples' money for which they will receive a fee from the depositors. Or as a time deposit bank to be allowed to loan or invest up to 90% of the depositor's money and pay them interest.

      Banks should not be allowed to use loans as an asset to loan money that does not exist as they do now. This type of business is why bailouts have been taking place since the Fed was created. They loan money they don't have and have the public pay for bad investments, such as loaning money to USSR to feed their people while they spend all they have to develop nuclear weapons to destroy us. And we end up paying for it. The government knows this!!!

      Government programs need to end!!! Charity starts at home. Family takes care of family. Community helps itself just as San Leon, Texas after Ike. They took no Federal Disaster Aid and helped each other and are rebuilding their community. Donations should come from people on a voluntary basis NOT taxation. There would be more donations if people weren't taxed over 60% of their income.

      There are other steps that need to take place to free people to participate in trade freely.

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  17. I never said it would be easy...either way we go. It's not much easier to wake people up than it is to fight a war. You're just using different weapons.

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  18. subscribing to updates

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  19. I for one am going to keep buying gold and silver, to move away from the FED's broken system. And yes I think they need to be eliminated.

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  20. I want to abolish the fed but to get there we need go back to gold and silver backed money (you can't print gold). Since congress is addicted to spending we need term limits and every legislator needs to be required sign a document that he has read every bill and understands it on penalty of perjury if he lies. Also, we need to get back to the constitution where senators are appointed by state governors instead of popular vote. If you want to get rid of a senator you vote the governor out of office. This will encourage stronger state rights and discourage outside influence from other states/countries. Do I think this will happen? I don't think so, we are additiced to printing press money and that government can solve all problems. So the country will suffer a large economic correction.

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