2008-12-31 / Editorials

End Federal Reserve

To The Editor:

Most Americans think it is Congress that creates money and regulates monetary policy. In fact, it is the Federal Reserve Bank and its bankers that create and play "Monopoly" with our money, set interest rates [and] grant loans and bailouts to other bankers. Our economic circumstances are the result of the machinations and decisions imposed by a privately owned and operated Federal Reserve Bank. The government ceded its Constitutional responsibility "to coin money and regulate the value thereof" by an act of Congress establishing the Federal Reserve Bank in 1913. It is exempt from all taxation, independent from audits and Congressional supervision and most significantly, independent of the American voter; yet it has the greatest power of any institution in the country, the power to create and control the nation's money supply.

President John F. Kennedy knew Federal Reserve Notes issued by the Federal Reserve Bank were not backed by anything of intrinsic value. Few Americans are aware that in June 1963, he issued and signed Executive Order 11110 which ordered the U.S. Treasury to issue United States Notes against any silver bullion and silver dollars held by the Treasury. After his assassination, his United States Notes "Silver Certificates" were immediately taken out of circulation, even though they were backed by silver and more valuable than the Federal Reserve Notes. (Type in "JFK Federal Reserve" for an Internet search.)

Thomas Jefferson counseled, "I sincerely believe that banking institutions, having the issuing power of money, are more dangerous to liberties than standing armies. The issuing power should be taken from the banks and restored to the people where it properly belongs."

A few years after signing the Federal Reserve Act into law, Woodrow Wilson wrote, "I am a most unhappy man. I have unwittingly ruined my country. The growth of the nation, therefore, and all our activities are in the hands of a few men."
Ed Konecnik
Flushing

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