Friday, September 25, 2009

Alan Grayson blasts the Fed

Today was the congressional hearing for HR 1207, the Audit the Fed bill. If there is one goal that I have for the US in my lifetime, it would be to end central banking, and to amend the Constitution to prohibit a central bank, repeal the 16th Amendment, and return to a hard money standard. All of these have to be done at the same time in order to prevent thieves from attempting to steal again.

For several thousand years, commerce was conducted without central banks. Hard money or paper currency backed by hard assets strictly limited the use of credit and the debasement of money. The game in the US has lasted for nearly one hundred years. In that one hundred years, the dollar has lost 95% of its value. In that one hundred years, the government and the Street have concocted schemes that almost require you, an outsider, to play an insider's game of speculation. Instead of being able to hold onto your money, confident of its future purchasing power, you are required to take on risk in the myriad of securities in order to attempt to maintain purchasing power. Inflation and dollar debasement is a form of taxation without representation. The people do not have control over the Fed.

We are near the edge of what I would consider the endgame for the dollar. The Fed is furiously trying to balance a growing inverse pyramid of debt by counterweighting the edges of the pyramid as it begins to collapse. People are starting to wake up to the evils that are hidden in the Federal Reserve's secret meetings, currency arragements with foreign central banks, derivative positions, equity stakes in failed companies, etc. It needs to end now. END THE FED.

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