The Federal Reserve Essay

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The Federal Reserve I'm broke. How many times have people said this? It is a common occurrence for myself as well as millions of more Americans in this day. But as a people, do we understand as to how and why it has become the norm? For the majority of Americans, it is thought that it is the choice of job that one has is the problem with not being able to meet personal financial needs. If one were to look at currency, money, or dollars at a different angle, they will be able to see that it really is not about the money you make and will see that it is the money is not worth what it was a decade ago. Starting with a dollar, one can find the origin of where to start their investigation. The printed paper has “Federal Reserve Note” written directly on the bill. The Federal Reserve has systematically interfered in the economy causing great detriment to the middle class and poor with no compassion for those most affected by their action. On July 13th of 2011, a hearing was held in Washington D.C. regarding monetary policy and the state of the economy before the Committee on Financial Services. Chairman of the House Domestic Monetary Policies Subcommittee, Doctor Ron Paul challenged Ben Bernanke on gold: Dr. PAUL. Do you think gold is money? Mr. BERNANKE. No, it is not money; it is a precious metal. Dr. PAUL. Even if it has been money for 6,000 years, somebody reversed that and eliminated that economic law? Mr. BERNANKE. It is an asset. Would you say Treasury bills are money? I do not think they are money either, but they are a financial asset. Dr. PAUL. Why do central banks hold it? Mr. BERNANKE. It is a form of reserves. Dr. PAUL. Why do not they hold diamonds? Mr. BERNANKE. It is tradition, a long-term tradition. Dr. PAUL. Some people still think it is money. I yield back. My time is up (16). This exchange directly shows that the Federal Reserve has no

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