Congressional Candidate - The Federal Reserve Should Be Abolished
By John W. Wallace / News Blaze
Many Americans today wrongfully believe that the Federal Reserve is somehow part of the federal government, possibly even the Treasury Department. Many do not know that the Federal Reserve is actually a cartel of private banks that was given the power to be the sole issuer of U.S. money, with full control over its quantity and thus its value. Since this group of private bankers (the Fed) provides credit to the U.S. government when we spend money we don't have, the Fed also is able to profit handsomely from the ever-increasing national debt. Because the Fed makes more money when the country goes deeper into debt, there is no incentive for the Fed to support any reductions in federal deficit spending. The more credit we need, the more money this cartel of private banks will make. ... I support legislation introduced by Congressman Ron Paul, of Texas, entitled "Federal Reserve Board Abolition Act (H.R. 2755) that will restore financial stability to America's economy by abolishing the Federal Reserve.
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Posted by Editor at March 17, 2008 09:49 AM
