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Public Statements

Issue Position: Banks and Federal Reserve

Issue Position

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The Federal Reserve is one of the chief parties responsible for today's economic crisis. Over the years, it has caused the boom-bust cycles that produce unstable economic conditions, lead to inflation and periodically cause economic meltdowns.

"All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation." John Adams

For generations few Americans felt it necessary to understand what it is that the Federal Reserve does. But when the Federal Reserve made the bailouts possible, in spite of the overwhelming public demand against doing so, people wanted to know more about this secretive institution. Now, more Americans are learning each day how the Federal Reserve, the current U.S. version of a central bank, works and why it's time to rethink our monetary system.

Between the hidden inflation tax (loss of purchasing power) and the continuous loss of savings via the boom-bust cycle, all central banks destroy wealth. But given the dollar's statues as the world reserve currency, the Federal Reserve has unprecedented capability to wreak havoc on a global scale.

The inflation tax results from the act of creating money out of thin air, an authority reserved for the Fed, which is nothing more than legalized conterfeiting.

I support:

-Backing the dollar with gold.
-Parallel currency by enforcement of contracts that use metals as payment.
-Ending sales and capital gains taxes on gold and silver.
-HR 1207, The Federal Reserve Transparency Act of 2009.

Would you put money in a bank that wasn't audited?


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