End the Fed!

[BeckyWalker]

I hope we can spread understanding about the importance of ending the Federal Reserve.  "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."  Thomas Jefferson  (...Look at what is happening in our country and around the world.)  The 99% need to take back their power to issue currency and never again let it be in the hands of a private bank.   

[LibertyPhoenix]

I strongly second this proposal and will be bringing it up at the general assembly today for it to be adopted as one of the chicago grievances. the federal reserve and the practice of fractional banking has been a poision to this country ever since the powers that be snuck it in on christmas eve in 1913.

[NickGhizas]

I strongly agree with this post as well. The Federal Reserve is the culmination of most of the issues I have seen within this movement. For example, without the Federal Reserve being allowed to print money behind closed doors, the big banks on Wall St. would not be able to run rampant and control our money supply. Any time these big banks need capital, the Federal Reserve prints the money and loans it to them. The same goes for our government. Any time our government needs money for one of the many wars we are involved in, the Federal Reserve prints the money and loans it to our government on interest. This instantly creates debt for our sovereign country and instantly creates wealth for the 1% (banks make money on interest and gain power from holding debt). The central banking system is the core of "benefiting the few at the expense of the many" and the Fed stands to make massive amounts of money by seeing our country in a state of debt and war. Overturn the Federal Reserve Act of 1913 and the first and most massive step toward saving our country and economy will have been taken.

[BeckyWalker]

Thank you both!  It's time to take back our COUNTRY!  ;)

[UndyingFlame]

Great idea.  Please come up with specific wording for the grievance, and I will add my support to it.

[NickGhizas]

Okay, good idea. Here are my grievances:

1. In article 1 section 8 of the U.S. Constitution, it specifically states Congress has the power "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;". Currently Congress is not using that power, they have given that power to the Federal Reserve, who regulates and fixes the value of our currency behind closed doors. Congress is only using their power (also from article 1 section 8) "To borrow money on the credit of the United States;" and they are borrowing it from the Federal Reserve, creating unnecessary debt and losing necessary power. We need to overturn the Federal Reserve Act of 1913 which granted the Federal Reserve these powers in the first place and return to a government issued, asset-backed currency.

 

2. The repeal of provisions of the Banking Act of 1933 (also known as the "Glass-Steagall Act") by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banks which issued securities and commercial banks which accepted deposits. This allowed Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks owned or created by the investment firms. We need to demand that Congress pass HR 1489 to repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933 before it was revised.

[ramblerboy369]

We need more people to read the book "The Creature From Jekyll Island".......so people understand what the Fed does.  Most people aren't educated regarding this matter. 

 

The Fed is the cancer. 

[Guest1250]

CLOSE YOUR BANK ACCOUNTS!  Stop supporting big bankers and corporations!  

 

Keep your gold at home and become SELF-SUFFICIENT!

If you take away their money, they will not be in power!

 

Grow your own food and trade with your neighbor.  CLOSE YOUR BANK ACCOUNTS!

[hclasalle]

This means that we would end up with a new federal currency.

If the OWS movement is able to pull off the abolition of the Fed, then as part of our long term strategy we should encourage our state legislators to use the power that the Constitution gives Illinois to mint our own gold- and silver- based currency, in fact Utah, South Carolina and several other states are already in the process of developing their Plan B. 

We can also push forward proposal for a community currency in parts of Chicago that have strong merchant associations and begin to propose the idea to non-profit credit unions and community banks and to local Chicagoland merchants and farmers. If we seriously want to protect the wealth of our Chicagoland region, I would suggest a local currency whose value isn't tied to the dollar (like most complementary and community currencies are, unfortunately).

The berkshares that are in use in Southern Massachussetts are widely in use but their value is tied to the dollar which makes it vulnerable.  Cape Cod has implemented instead a new 'seashell' currency backed by copper (apparently they mine copper in the vecinity) so that its value isn't tied to the value of the Federal Reserve note.

Another reason why I like the idea of community copper currencies is because:

1. States can only produce gold and silver currencies, according to the Constitution.

2. There's only so much gold and silver in the U.S. and our economy can only grow so much if we stick to those two assets.

3. It's important to have DIVERSIFIED tangible assets tied to our set of complementary currencies, so that if one set of assets suffers volatility and loss of value then the others provide leverage: adding copper, not as a state but as a community currency in various parts of the country makes sense. 

Otherwise, there will be huge social and economic chaos when we find ourselves temporarily without a currency.  Also, nearby regions will want to join our currency network if and when the Federal Reserve notes are no good, therefore strengthening our economy even further.

http://www.opencurrency.com/

[freedomfighter]

Representative Ron Paul has been an opponent of the fed for over 30 years. He has recently introduced HR 1098, the Free Competition in Currency Act. This does not end the fed per se, but it would end their government backed monopoly on the production of money.

I encourage all of you to write your representatives and encourage them to co-sponsor/support this bill.

Another great book out there is The Case Against the Fed by Murray N. Rothbard. I've provided a link here: http://mises.org/books/fed.pdf