Do you support Ron Paul in opposing the Federal Reserve printing money?

Question

Is the Federal Resrve a private Bank?

Answer 1

Ron Paul seems to be the only Congressman that understands economics, and has written several books on the subject of sound money, and yes I support him 100%.

This should give any reader an idea of the current banking system:

http://reactor-core.org/money-changers.html#chapter1

As economist Henry Pasquet noted:

"That's exactly correct; the Fed is a privately owned, for-profit corporation which has no reserves — at least no reserves to back up the Federal Reserve notes which are our common currency." [end snip]

There was a very important reason Thomas Jefferson & Roger Sherman included the Gold/Silver clause in the U.S. Constitution.
That reason is and always will be that "SOUND" money has to have a universal value!!!

Unfortunately the USA is in the same situation it was when it printed un-backed 'Continental dollars' to pay war expenses during the Revolutionary war,,,,and then printed 'Greenback dollars' to cover the expenses of the Civil war.....Both currencies eventually became worthless, because they had no 'Sound' backing.

During those times common Americians still used Silver & Gold as money if they could.

Ron Paul very wise-ly wants to return to sound money.[money backed by Gold/Silver}
Thank you.
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Answer 2

I do support his opposition to the Federal Reserve. I think that there is some confusion however on the question regarding it being a private bank.

In the strict sense of the word, the Federal Reserve is private. Its profits accrue to private individuals. However, it is hardly independent of the Federal government. Its money is "legal tender", and all persons subject to U.S. taxes are required to pay their taxes in Federal Reserve currency.

This grants the Federal Reserve a monopoly. Add to this, the foreign policy undertaken by the U.S. federal government to support the dollar, and the Federal Reserve is in a favorable position, indeed.

It's worth pointing out that the Federal Reserve was created at about the same time as the introduction of the 16th amendment and the creation of the IRS. I suspect that this is not accidental, and Ron Paul is on point to attack BOTH the Federal Reserve and the IRS.

I also would like to address some questions raised by other responders:

brewmaster_ga: I don't think that Ron Paul proposes to have Congress fill the role of the Federal Reserve. He wants to truly open up the banking function to the market. In addition, he would encourage (but not mandate) that money be backed by commodities. Gold and silver are usually assumed to fit this role. But substitutes could be suggested. The point is to not have money that is created from nothing.

To expound on a free market for banking, this means that you may open up a bank if you wish. People may accept your notes and coins or not. People would be wise to accept only notes backed by real commodities. [This is a safeguard against the bank manipulating the currency.] But the decision, I think would be up to every individual.

In the long run, you might see one currency gaining dominance. But we should allow the market (meaning the sum actions of individuals) dictate this - not politicians.

Now, to theropingeffect's questions: I think that I have addressed your first question regarding the desirability of the Fed being private. To answer the second, a dollar today is worth about 4 or 5 cents in 1913 dollars issued when the Fed was first created. This debasement is due to the Fed's creation of additional dollars that are not backed by real assets.

Answer 3

I support Ron Paul although I have a few questions of his monetary policy. What is wrong with the Federal Reserve being a private bank. Aren't all banks private? Also he says that the current dollar is worth 4 cents. How is that possible? What year could you buy something for 4 cents that now would be a dollar? Would you eat a burger that only cost 4 cents? I wouldn't trust that.

Answer 4

i dont want to dissolve the entire government like ron paul does but i would support him if i had the chance just to get rid of the federal reserve.

i like mike gravel but i still havnt heard him talk about the federal reserve. if he manages to switch us over to the fair tax system, im not sure what will happen based on the fact that the fair tax relies on a savings economy but the current money system relies on a spending economy. the good think about Gravel is that he is promoting the NI4D which means we can eliminate the system ourselves once we can make our own laws.

people think that if we pay off all debts we would be better off but the federal reserve has rigged it so that money represents debt instead of wealth so that we must continually borrow more money in order to pay off the interest on the previous debts. if the nation paid off all debts, there would be ZERO money left in the economy. and this is insane... and this is the reason that i think eliminating the federal reserve might be the most important issue the country faces, and the same goes for every other country in the world.

Answer 5

Yes... I support Ron Paul. He makes plenty sense when he states that continuously printing money is making U.S. dollars worthless. I don't know if the Federal Reserve is a private bank or not.

Answer 6

Very much support Ron Paul, and yes the federal reserve is a private bank .

Answer 7

We will never nominate the perfect candidate who appeals to 100% of the voters. Ron Paul has some very good proposals, but he also has some horrible proposals that border on radical. Same for all of the other candidates in the opinion of the voters. It's the candidate that appeals to the majority - with slogans such as "change" or "yes we can" or actual proposals that garner the most support. Once in office, we either suffer "buyer remorse" or are reasonably satisfied.

Answer 8

yes, and yes, do some research on the fed reserve, Ron Paul knows what's up, he's been in congress for over 20 years now

Answer 9

ron paul opposed the federal reserve because it is essentially a socialist institution.

Answer 10

Ron Paul is taking away everything and letting the free market run itself. GO RON PAUL GO