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24.12.2014
Is the Federal Reserve good for the United States?A  Is it evenA  possible to get rid of it?
One of the most impressive things about the career of now retiredA  Congressman Ron Paul was the national attention he drew to the Federal ReserveA  Bank.
Ben: For folks who dona€™t know the name, why is the book called a€?TheA  Creature from Jekyll Islanda€?? So when you take a dollar out of your pocket, look at what it saysA  at the top.A  This is a Federal Reserve Note, currency issued by the FederalA  Reserve Bank. These were United States Notes.A  As a result, of that executiveA  order, more than $4 billion in United States Notes were brought into circulationA  in $2 and $5 denominations. In February of 2014, Janet Yellen will succeed Ben Bernanke as FedA  chairman and has already said that her priority is to continue these programsA  even longer than was originally anticipated.
Whether that is true or not, here is something undeniable, in theA  100 years that the federal reserve bank has been in existence, the U.S. The purpose of creating the Federal Reserve was to protect theA  dollar.A  The Fed hasna€™t done that. Treasurya€™s vault, the government could introduce newA  money into circulation based on the silver bullion physically held there.


Griffin, is that Executive Order thatA  was issued by President Kennedy still active today? QE4, an attempt toA  continue to purchase securities and hold interest rates down until theA  unemployment rate drops to below 6.5%.
Yellen says that unemployment is aA  bigger problem than inflation so the for the Fed it will be business asA  usual. And thata€™s an interesting fact of historyA  that why should something as important as the Federal Reserve system be createdA  any place other than Washington D.C.
There was a clamor at that timeA  for legislative reform, therea€™s that word that we hear so much about.
Since 1913, the fed has ordered the printing ofA  currency and then loaned it back to the government charging interest. First it was absorbed into another Executive Order,A  it was consolidated into another order, and then finally it was repealed, IA  think Johnson himself got rid of it. WhatA  happened is that the banks decided that the public was going to get its reformA  one way or the other, so why should they just sit back and let it happen? TheA  government levies income taxes to, among other things, pay the interest on theA  debt.


But thata€™s really not the importantA  question whether ita€™s still standing or not because it never did represent whatA  many people thought it meant in my view. TheyA  decided to take the lead in that parade and make sure that they provide theA  so-called reform.
I checked into the allegation thatA  President Kennedy had taken a stand against the bank and that he was going toA  put an end to the fiat money and go back to government issued notes.
They were going to draft this legislation and of course, if itA  were known that they were the ones drafting the reform legislation, it wouldna€™tA  sell too well. UnfortunatelyA  or fortunately, whichever the case may be, the record really doesna€™t supportA  that at all. And every time I went to try and run down the origins of this mythA  as I call it, it just fizzled out unless somebody can give me some hardA  information that I havena€™t yet seen.




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