First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value.
The most sinister of all taxes is the inflation tax and it is the most regressive. It hits the poor and the middle class. When you destroy a currency by creating money out of thin air to pay the bills, the value of the dollar goes down, and people get hit with a higher cost of living. It's the middle class that's being wiped out. It is most evil of all taxes.
The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation. It is this one-two punch - Congress spending more than it can tax or borrow, and the Fed printing money to make up the difference - that threatens to impoverish us by further destroying the value of our dollars.
We in the Congress have a moral and constitutional obligation to protect the value of the dollar and to understand why it is so important to the economy that a central bank not be given the unbelievable power of inflating a currency at will and pretending that it knows how to fine-tune an economy through this counterfeit system of money.
As recent as the year 2000 we won elections by saying we shouldn't be the policemen of the world, and that we should not be nation building. And its time we got those values back into this country.
You don't have a right to a house, you don't have a right to a job, you don't have a right to medical care.
If you're really serious about protecting people's incomes, you've got to consider how you're going to protect the dollar. If you don't have the dollar maintaining its value, no matter where you put the money you're not going to have any value.
The last line of defense in support of freedom and the Constitution consists of the people themselves. If the people want to be free, if they want to lift themselves out from underneath a state apparatus that threatens their liberties, squanders their resources on needless wars, destroys the value of the dollar, and spews forth endless propaganda about how indispensable it is and how lost we would all be without it, there is no force that can stop them.
Nothing good can come from the Federal Reserve. It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class.
When people become frightened, they look for things of real value. They will go to monetary metals, gold and silver, and they will buy other things, such as buying property. But no matter what we have, whether we have our gold coins or we have our property, if we have an authoritarian government, that is our greatest threat. So, I would like to think that there is no perfect protection, other than shrinking the size and scope and power of government, so that we can be left alone and take care of ourselves.
We need to take away the government's money power. The banking industry needs its welfare check ended. The dollar's soundness depends on its being untied from the machine that can make an infinite number of copies of dollars and reduce their value to zero.
Is it any more moral to dilute the value of the purchasing power of the money you hold in your wallet than it is for the farmer to dilute the milk supply with water?
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