The Lone Libertarian

It seems that Ron Paul has introduced a bill this week to repeal the Federal Reserve Act, thus abolishing the US Federal Reserve Bank and the Board of Governors. H.R. 2755 was introduced on June 15, 2007. You can look at a summary of the bill here:
http://www.govtrack.us/congress/bill.xpd?bill=h110-2755

Now this is refreshing, a politician that actually does what they say they will do. A number of you may ask why would it be good to kill our nation’s central bank that has been in operation since 1913? I can give you a few reasons.

• The Federal Reserve is a private bank, not public, where the member banks are typically privately owned corporations
• These private entities and individuals control the United State’s money supply with little to no oversight from Congress
• The value of a dollar today is around $.04 (adjusted from 1913)
• The American Dollar is a fiat currency, which is backed by nothing other than “In God We Trust, which is subject to inflation and loses value year over year
• The Federal Reserve System routinely engages in fractional reserve banking, and creating money out of thin air for the Congress to use, and then charging the American public interest on it

Seeing as how most politicians are satisfied with the status quo, and wont rock the boat unless necessary, I don’t see this bill going far. However, Americans should know the true history and inner workings of how their monetary system works. I think Congressman Paul, if nothing else, is making a statement that will hopefully be heard by open-minded individuals whom will do their own homework on the matter.

Speaking of homework, here are a few videos of note on the topic:
YouTube Link - Ron Paul speaks about the Federal Reserve to Ben Bernanke (Fed Chair) during House Financial Services Committee, Feb 17, 2007

Google Video Link - America: Freedom To Fascism - A 2 hour documentary on the Federal Reserve and the Federal Income Tax, and the unconstitutionality thereof. (I highly recommend this video)

Google Video Link - The Money Masters - A 3.5 hour documentary of the origins of world banking systems, focusing on the US Federal Reserve Bank and the Bank of England.

Google Video Link - Zeitgeist, The Movie - I haven’t watched this one all the way through, and it seems like it has some wild conspiracy theory in it, but the Fed history seems mostly sound.