Again Ron Paul is a man of his word...so this is FYI

June 17, 2007

H.R. 2755 to Abolish the Federal Reserve

If our nation can issue a dollar bond, it can issue a dollar bill. The
element that makes the bond good, makes the bill good, also. The
difference between the bond and the bill is the bond lets money brokers
collect twice the amount of the bond and an additional 20%, where as the
currency pays nobody but those who contribute directly in some useful
way. Is it absurd to say that our country can issue $30 million in bonds
and not $30 million in currency? Both are promises to pay, but one
promise fattens the usurers and the other helps the people.” - Thomas
Edison

“Banking was conceived in iniquity and born in sin. Bankers own the
earth; take it away from them but leave them with the power to create
credit, and, with a flick of the pen, they will create enough money to
buy it all back again. Take this power away from them and all great
fortunes like mine will disappear, and they ought to disappear, for then
this world would be a happier and better world to live in. But if you
want to be slaves of bankers and pay the cost of your own slavery, then
let the bankers control money and control credit.” - Lord Stamp,
Director of the Bank of England, 1940

“I am a most unhappy man. I have unwittingly ruined my country. A
great industrial nation is now controlled by its system of credit.

We are no longer a government by free opinion, no longer a government by
conviction and the vote of the majority, but a government by the opinion
and duress of a small group of dominant men.” - Woodrow Wilson, 1919
(Referring to the Federal Reserve and the transition to a debt-based
economy)

“The stock of money, prices and output was decidedly more unstable
after the establishment of the Reserve System than before. The most
dramatic period of instability in output was, of course, the period
between the two wars, which includes the severe (monetary) contractions
of 1920-21, 1929-33 and 1937-38. No other period in American history
contains as many as three such severe contractions. This evidence
persuades me that at least a third of the price rise during and just
after World War 1 is attributable to the establishment of the Federal
Reserve System… and that the severity of each of the major
contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable
to acts of commission and omission by the Reserve Authorities… Any
system which gives so much power and so much discretion to a few men,
(so) that mistakes - excusable or not - can have such far reaching
effects, is a bad system. It is a bad system to believers in freedom
just because it gives a few men such power without any effective check
by the body politic - this is the key political argument against an
independent central bank… To paraphrase Clemenceau, money is much too
serious a matter to be left to the central bankers.” - Milton
Friedman, Nobel Prize winning economist.

Presidential candidate and Congressman Ron Paul (R-TX) introduced H.R.
2755 “To abolish the Board of Governors of the Federal Reserve System
and the Federal reserve banks, to repeal the Federal Reserve Act, and
for other purposes.” This legislation would help to restore the U.S.
Constitution, which mandates that only Congress can coin money (Article
I, Section 8, Clause 5), and that US debts be settled in silver and gold
Article I, Section 10, Clause 1).

This is the second time he has introduced legislation.

Given that one out of six Americans works for government (local, state
and federal) or an organization/corporation that receives the majority
of its revenues from government, it is easy to see why this news isn’t
considered newsworthy for the mainstream press. Government workers are
dependent upon the printing presses. Politicians certainly don’t want
the dissolution of the Fed. They borrow money from the bankers and make
your great grandchildren pay interest on the debt so they can “bring
home the pork”. You did not participate in these loans, you receive no
financial benefit from these loans, nor did you sign any contracts
making you responsible for the debt, but you and future generations will
be forced to pay until Congress dissolves the Fed or there is
revolution. There is no other choice.

http://www.youtube.com/watch?v=A4kxTkhwR_Q
http://www.govtrack.us/congress/bill.xpd?bill=h110-2755

Let's stick a spear into this bloated hog...

Dream on.............

I have to agree with jeb. This sounds like a waste of congress's time. I
dont think it stands a chance to pass and they have a lot more pressing
matters to decide on!

Hey, doggie turned cat

How are you?

I have to agree with you, it's all a waste of time.

Hey andrea!
How are you?

waste of time?....all change and or movements start with an idea..
got news for everyone..the status quo is not working...

I think those who believe that the Federal Reserve system is not worth
trying to change, or eliminate, do not understand the very system we
live under. It is sometimes very difficult to understand because it
involves many areas of knowledge and expertise that the majority of
people are not familiar with. For example: How many under the age of
30 could even begin to tell you what the 'gold standard' really means?
How many of anyone can tell you exactly what is actually the basis of
the money that is printed that we use every day?

So let's bring it down just a bit to something that affects a large
portion of society and will surely very adversely affect our young
adults. CREDIT. The government is so in love with the idea of credit
and so dependent on it that it infiltrated society at large. So
volatile is the business of personal credit that the Federal Reserve has
initiated regulations that are geared toward protecting these corporate
monsters while the American people are allowed to continually fall into
the vicious cycle of credit to live.

Here are but a few examples. Remember that credit cards are issued by
mail and require very little else but a phone call to initiate them,
also that once initiated, with each charge and with each on-time minimum
payment the credit limit rises. At some point millions of people find
themselves unable to continue to pay. When the CC corps, realized that
lawsuits were too expensive and were literally uncollectable, even if a
suit was won, they were faced with closing themselves.

In came the FRS - now the credit companies will work with you. They
will offer you such a great deal. They will take a debt, let's say
$5,000, and offer you a $2700.00 discount, if you will pay the
difference in X number of payments. And of course if you do not accept
the conditions, they offer a terrible lawsuit, obviously this is enough
to encourage poeple to accept the offer.

What actually happens in such an offer is this. The amount of the
discount is some ratio of numbers, equated to what you're original debt
was, interest accumulated, fees, cost to continue collection efforts.
Now, most have already paid the greatest portion of this debt if not all
of it, just by making minimum payments - the debt amount paid you see
was mostly interest (up to 50% of the debt each payment).

Now you will only have to pay $2700 of the $5000 due. But at the end of
the year you suddenly get a 1099 in the mail for the amount of $2,300.
You OWE TAXES on this amount, why? Because the CC company is allowed to
say it is PAYING YOU BACK that much. Yes, giving YOU a payment. NOW,
they can deduct that $2300 from their own taxes, from the interest of up
to 50% that they charged. AND if that's not enough the FRS subsidises
their loss - the $2300 by allowing another 50 cents on every dollar that
they paid you.

They pay you - tax deduction for them tax payment for you
They also deduct, as a loss $.50 on the dollar.

The FRS wants us to think they did this for the consumer, so they would
not get sued or have to file bankruptcy, but that is utter BS.

Get rid of the Federal Reserve System and you will get rid of credit,
get rid of credit and you tie the hands of those bureaucrats who use the
system for their own gain.

Maybe this is the way to get money mongers out of government, and get
honest working people into power. Dissolve the FRS, and you will see
the powers of the handful of major corporations who feed the greed of
bureaucrats flounder.

This is an issue, like it or not, understand it or not, it is an issue
that can, is and will destroy us.

thanks redy...

can also add that the fed reserve has not been audited that I know
of..plus...they have stopped reporting to congress or anyone exactly how
much money they are printing...??? cant believe they get away with this
crap...

Damn I feel like I am stuck in a time warp, every time I log into this
forum it's the same old drivel. Where the hell is Gary/Gina when we
need them to liven up this place.

henry ford said that if the people knew the truth about the federal
reserve system there would be rioting in the streets.
it aint federal, its private,(look it up in the phone book its in the
business section, not the govt. section) and it has no reserves. as
soon as they print the money, we the people owe it to them with
interest. think about that. if thers 100 dollars in the country and you
borrow it all, you would then owe more than exixts. this is exactly what
is happening, its a number game. money needs to be based on something
tangeble. could be coffee beans for all i care. you should mbe able to
redeem your paper at the bank for whatever its based on. our current
system is based on debt. Whats a note? accoprding to Blacks law
dictionary, it is an IOU, A promise to pay. pay what? paper?
for more info, read the creature from jeckyl island. it is truly one
of the top three scams being pulled on us now. its a house of cards that
will eventually have to fail one of the govts few lawful jobs is
comptroller of the currency.

wish everyone understood like you rambill....98% have no idea

I totally see it your way too Ram - so what the hell happened to all the
gold anyway? Is it still being stored somewhere or are there a million
jewelers in on this too? sorry being silly, but not about the gold -
what has happened to it all?

I have a Question? How could about three men pass the Federal Reserve
Act during Christmas vacation , while Congress was out of session? Near
as I can remember, that is what I read. Does any one have any
information on that? About 1913 ?

I also read that Kennedy's assassination had to do with his printing of
U.S. Notes and that he planned to get rid of the federal reserve and the
national debt, because US notes would not have interest added and also
he wanted the people to know what the govt. knew about (real truth)
aliens. And after his death , the US Notes started disappearing, I
remember seeing US Note printed on the bills.

SMO ...have you been reading my books?...welcome aboard...
be prepared to be declared insane for your beliefs...
I'm with you on all this stuff...

The Federal Reserve System (also the Federal Reserve; informally The
Fed) is the central banking system of the United States. The history of
central banking in the United States begins with the Bank of the United
States, which received its charter in 1791 from the U.S. Congress -- a
charter signed by President George Washington. The Bank's charter was
designed by Secretary of the Treasury Alexander Hamilton, modeling it
after the Bank of England, the British central bank.

Since 1791, the Fed Reserve has went through many changes and upgrades.
These include the Great Depression and a complete overhaul in 1913.
However, it has withstood the test of time and remained at the top of
the Worlds financial institutions until recently when the Euro surpassed
the American dollar in circulation. This does not mean it is a better
system only that there are now more Euros than Dollars in circulation.

The whole system is so large and complicated that the large mass of the
population could never understand it. (I will admit I cant)

Criticism

A large and varied group of criticisms have been directed against the
Federal Reserve System. One critique, typified by the Austrian School,
is that the Federal Reserve is an unnecessary and counterproductive
interference in the economy, Other critiques include arguments in favor
of the gold standard or beliefs that the centralized banking system is
doomed to fail. Some critics argue that the Fed lacks accountability and
transparency or that there is a culture of secrecy within the Reserve.
Finally, various groups and individuals make claims — rejected by the
great majority of scholars and historians on the subject, but accepted
by others such as Louis T. McFadden, the Chairman of the House Banking
and Currency Committee from 1920-31—[33] - that one or more large
scale conspiracies operate to conceal the true nature of the Federal
Reserve System from the public. Some claim that the Federal Reserve
System is a scheme to enrich a few wealthy bankers at the expense of the
public.

Finally, various groups and individuals make claims — rejected by the
great majority of scholars and historians on the subject,

Finally, various groups and individuals make claims — rejected by the
great majority of scholars and historians on the subject,

Finally, various groups and individuals make claims — rejected by the
great majority of scholars and historians on the subject,

Finally, various groups and individuals make claims — rejected by the
great majority of scholars and historians on the subject,

Biding my Ignorance of the complex system of the Fed Reserve, I believe
I will leave it up to the great majority of scholars and historians on
the subject!!!

Besides, with all the problems faced by this country, internally, I
think it is a waste of time for Congress to sit around for the next
decade debateing the subject.

If it aint broke dont fix it!!!!!

in 1913 it was handed over to private bankers unlawfully ....owners of
the federal reserve include many of the old money families of europe and
america...it is not part of the government..thus it is illegal under the
constitution...

google the video money masters a good jumping off point...

In 1913, it was not handed over to illegaly. It was reorganized so that
professionals good properly run it. The President can fire at any time
the person in charge. Anytime! The power is distributed among 16 banks
run by committees that the head of which can serve no longer than one,
14 year term.
Like I said I do not understand the financial structure of it all, but
neither do 99 out of 100 people.
In today's specialized society, I believe it is run by the right people,
and I dont think it would be in their best interest to run it in the
ground.
In today's specialized society, Ron Paul is by profession a Doctor, not
a banker, and I doubt he understands it as well as the Heads of the
major financial institutes in the world. I dont know your qualifications
and thus can not comment on you knowledge or authority, but the majority
of scholars and historians disagree with Ron Paul, which puts him in a
minority. Since his qualifications do not compare to theirs, I believe I
will take the word of the majority of experts on the system and agree
that if it aint broke why fix it!

Ron Paul has been in congress for 12 yrs....believe he knows what he is
talking about...
and I'm not sure Fanta what my qualifications have anything to do with
having an opinion..
I have a college degree..graduated cum laude...does that make it ok to
express my beliefs?..
I do read history...and think I recognize propaganda when I see it..
________
Three years after the initiation of the Federal Reserve, Woodrow Wilson
said:

"The growth of the nation ... and all our activities are in the hands of
a few men ... We have come to be one of the worst ruled; one of the most
completely controlled and dominated governments in the civilized world
... no longer a government of free opinion, no longer a government by
conviction and the free vote of the majority, but a government by the
opinion and duress of a small group of dominant men."

In 1919, John Maynard Keynes, later an advisor to Franklin D. Roosevelt,
wrote in his book The Economic Consequences of Peace:

"Lenin is to have declared that the best way to destroy the capitalist
system was to debauch the currency ... By a continuing process of
inflation, governments can confiscate secretly and unobserved, an
important part of the wealth of their citizens ... As the inflation
proceeds and the real value of the currency fluctuates wildly from month
to month, all permanent relations between debtors and creditors, which
form the ultimate foundation of capitalism, become so utterly disordered
as to be almost meaningless..."

Congressman Charles August Lindbergh, Sr., father of the historic
aviator, said on the floor of the Congress: "This Act establishes the
most gigantic trust on Earth ... When the President signs this Act, the
invisible government by the Money Power, proven to exist by the Money
Trust investigation, will be legalized ... This is the Aldrich Bill in
disguise ... The new law will create inflation whenever the Trusts want
inflation ... From now on, depressions will be scientifically created
... The worst legislative crime of the ages is perpetrated by this
banking and currency bill."

Rep. Henry Cabot Lodge, Sr. said of the Bill (Congressional Record, June
10, 1932):

"The Bill as it stands, seems to me to open the way to vast expansion of
the currency ... I do not like to think that any law can be passed which
will make it possible to submerge the gold standard in a flood of
irredeemable paper currency."

On December 15, 1931, Rep. Louis T. McFadden, who for more than ten
years served as Chairman of the Banking and Currency Committee in the
House of Representatives, said: "The Federal Reserve Board and banks are
the duly appointed agents of the foreign central banks of issue and they
are more concerned with their foreign customers than they are with the
people of the United States. The only thing that is American about the
Federal Reserve Board and banks is the money they use..." On June 10,
1932, McFadden, said in an address to the Congress:

"We have in this country one of the most corrupt institutions the world
has ever known. I refer to the Federal Reserve Board and the Federal
Reserve Banks ... Some people think the Federal Reserve Banks are United
States Government institutions. They are not Government institutions.
They are private credit monopolies which prey upon the people of the
United States for the benefit of themselves and their foreign customers
... The Federal Reserve Banks are the agents of the foreign central
banks ... In that dark crew of financial pirates, there are those who
would cut a man's throat to get a dollar out of his pocket ... Every
effort has been made by the Federal Reserve Board to conceal its powers,
but the truth is the FED has usurped the government. It controls
everything here (in Congress) and controls all our foreign relations. It
makes and breaks governments at will ... When the FED was passed, the
people of the United States did not perceive that a world system was
being set up here ... A super-state controlled by international bankers,
and international industrialists acting together to enslave the world
for their own pleasure!"

and anytime there is a war in the world you will find these same banks
with a pipeline to both sides of the war...sucking money out of winners
and losers alike...
-------
If we are to compare references on this it is pointless...you think
things are great the way they are....I dont...references can be found
for both points of view...

I di not mean to insinuate you were un educated. I just wondered if it
was in a financial and economic sense. There are many important fields
of study, and that is what is meant by specialized society.
Have you ever heard the saying, "Jack of all Trades and master of none?"
The Federal reserve and the financial state of affairs in this country
are very complex studies that can not be learned in just a few days or
years! Ron Paul is a doctor, that too can not be learned in just a few
days or years. I am studying Electronic Engineering, and believe me that
can not be learned in a few days or years either. No instead I am
informed I will have to study everyday for the rest of my life to become
proficient, and keep up with the constant changes to the proffession.
That is why I said, we should leave it to the experts and they say,
various groups and individuals make claims, which are rejected by the
great majority of scholars and historians on the subject.

I have listened to Ron Paul speak on this subject, but he is a doctor,
or was, and not a financial expert. I doubt without advisors, that he
would even know where to begin to fix the Federal Reserve. A sytem
which, Broken, I dont think so, but there are some problems, bent is
what I would say.

I also think we have a lot worse problems to put Congress to work on
instead of tying them up debateing this, which I doubt many of them have
any knowledge on other than hear-say from advisors that they employ.
Hell, we cant even get them to agree on Immigration, How the hell do you
propose they agree on the Federal Reserve? I was trying to explain why I
think this is a waste of time. Im sorry you took offense, for all I know
you may be an expert in finance.
Even if Ron Paul were a banker, and not a doctor. I would still have to
follow the majority of experts and they disagree with him, the sources
you quoted, and you. I myself have no problem admitting that I am not an
expert in this field, or that I would have no idea how to fix it if it
were broken. I dont really see it as broken though, and besides a few
extreme cases, actually one(RON Paul) I dont hear anyone else *****ing
about it as a major issue!