The Federal Reserve must be abolished

8 04 2008

I have recently finished reading the book ”The Creature from Jekyll Island“, by G. Edward Griffin. This is a superb book about the profoundly negative effects the Federal Reserve and its fiat money have in our lives. It is also about the dire consequences that await us if we do not abolish both of them (Fed and fiat money supply) as soon as possible.

The importance of reading this book and understanding its contents cannot be overemphasized. Please read it! And if you don’t have time for that, then I suggest that you at least get introduced to the topic by, for instance, clicking on the link above or watching the third part of the movie “Zeitgeist“.

Let me show you here some of the important conclusions the book reaches after a very thorough and compelling analysis. First of all, here are the seven reasons why, according to the author, the Fed must be abolished (for a detailed justification of these reasons, please refer to the book):

R1. The Federal Reserve is incapable of accomplishing its stated objectives.

R2. It is a cartel operating against the public interest.

R3. It is the supreme instrument of usury.

R4. It generates our most unfair tax.

R5. It encourages war.

R6. It destabilizes the economy.

R7. It is an instrument of totalitarianism.

In connection with this, the author also puts forward a set of five “natural laws of human behavior in economics”, which together demonstrate why fiat money inexorably leads to the enslavement of mankind by the very few men who control the money supply. Here are the laws (again, go to the book for deeper understanding):

L1. Long-term price stability is possible only when the money supply is based upon the gold (or silver) supply without government interference.

L2. For a nation to enjoy economic prosperity and political tranquility, the monetary power of its politicians must be limited solely to the maintenance of honest weights and measures of precious metals.

L3. A nation that resorts to the use of fiat money (i.e. paper money without precious metal backing that people are required by law to accept) has doomed itself to economic hardship and political disunity.

L4. Fractional money will always degenerate into fiat money. It is but fiat money in transition.

L5. When men are entrusted with the power to control the money supply, they will eventually use that power to confiscate the wealth of their neighbors.

In my modest opinion, the last law is the most profound one. Essentially, the whole problem boils down to the fact that our money supply is controlled by these few guys from the Fed and their close associates, and that these people use this immense power (granted to them under very dubious circumstances, as the book explains) for their own benefit and at the expense of the vast majority of the population.

As time goes by, the confiscation referred to in L5 proceeds even further, so we must stop it now before we find ourselves stripped of all our possessions, rights and liberties.

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31 01 2010
The Quigley Formula « Ubi Dubium ibi Libertas

[…] G. Edward Griffin, author of the superb book  ”The Creature from Jekyll Island” (see my post on it) and founder of “Freedom Force […]

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