Fed Pros And Cons

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Ron Paul: Fed up with the Fed Abraham Lincoln once stated, “I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe” (History). Lincoln had every right to fear the government’s control of our nation’s currency more than the Southern Army he was facing in the Civil War. Ever since the establishment of the First Bank of the United States by Alexander Hamilton in 1791, the government has created a monopoly on our monetary system. The Federal Reserve is at the heart of this government control, however, the “Fed,” as it is informally known, is not regulated by the government. The Board of Governors for the Fed are chosen by the President and approved by the Senate, but all of the decisions that are made are independent from the government. This independence allows the Fed the power to control the flow of currency in our nation, thus giving them control over the value of the dollar. Today, the value of the dollar is at an all-time low. The goods and services that were offered for $1.00 in…show more content…
If the current society were based on moral principles, then there would be no need for a central bank to manage our finances. Contracts would be upheld, there would be no need for insurance policies and interest rates, and words such as “fraud” and “embezzlement” would be unknown to the human language. Unfortunately the American government does not practice moral behaviors. Members of Congress overlook these heinous acts because of the benefits they receive from it, just as the public overlooks Congress’s oversight because of the benefits that they receive from the government (loans, lines of credit, etc.). Ron Paul states very blatantly in his book “End the Fed” that “cooperation of the people, the politicians, and the counterfeiters at the Fed is based on the immorality of fraud, deceit, and ignorance
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