Shots Across The Bow
March 28, 2011 by Bob Livingston
There are many shots now being fired across the bow of the Federal Reserve.
The latest occurred in Utah where the governor has a bill on his desk that would allow shops to accept gold Buffalo and Eagle coins, and silver Eagle coins as legal tender. The bill also ends State taxes on the transfer of gold.
There are at least 13 other State legislatures that have already begun consideration of or are about to consider similar bills, according to the Constitutional Tender Act website. They are Colorado, Georgia, Idaho, Indiana, Missouri, Montana, New Hampshire, North Carolina, South Carolina, Tennessee, Vermont, Virginia and Washington. Georgia’s seems to be the one closest to approval.
The Statists don’t like it—and neither does the Fed. They and their liberal mouthpieces in the media are dismissive of anyone desiring to follow the Constitution.
For instance, in an article in the News & Observer in Raleigh, N.C., the bill that would allow North Carolina to issue its own legal tender backed by gold and silver was covered this way:
“Mike Walden, an economics professor at N.C. State University, said the notion of North Carolina reverting to having its own currency is outlandish.
“‘We dealt with this issue about 100 years ago when the Federal Reserve was established,’ Walden said. ‘If North Carolina were to have its own currency, that would put us at an extreme competitive disadvantage vis-a-vis other parts of the country and other parts of the world.’
“State Treasurer Janet Cowell joked that Bradley’s precious metals proposal could increase efficiency in state government by providing a good use for her department’s old basement vault, which is currently used for storage.
“‘I look forward to engaging in an important public policy debate about whose face should be on the gold coin,’ quipped Cowell, a Democrat.”
Never mind that Article I, Section 10 of the United States Constitution reads: “No State shall… make any Thing but gold and silver Coin a Tender in payment of debts.” This means that every State in the Union has made some other “Thing” a tender by accepting Federal Reserve Notes.
Walden considers Constitutional currency outlandish. What is outlandish is what has happened to our wealth since the establishment of the Fed—an institution that is not a part of government and does not hold any reserves.
The Fed is a cartel of big banksters formed to steal the wealth of Americans. Begun under the auspices of stabilizing the economy—at least that is the claim of proponents from the time—it has presided over the crashes of 1921 and 1929, the Great Depression of 1929 to 1939, recessions in 1953, 1957, 1969, 1975, 1981, 1990 and 2008. So much for stabilizing the economy.
They called it the Federal Reserve in order to deceive the people who were opposed to a central bank. The people knew of the dangers of a central bank, but the elites were clever and used double-speak and sleight of hand to fool the masses.
As Thomas Jefferson wrote, “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”
Like all the big banksters and political elites, Fed Chairman helicopter Ben Bernanke loves inflation. He no longer tries to hide this fact. In fact, he said the last round of quantitative easing (QE2), begun last fall, was to spur inflation.
But inflation is a hidden tax on Americans. It is the way wealth is transferred from “us” to “them.” Bernanke believes he can control inflation. He thinks he is smarter than the money creators before him who caused inflation but let it get away from them to become hyperinflation.
It will not end well. Already inflation is getting away from Bernanke, but he doesn’t see it. He also didn’t see the crash coming until it was here. His track record is not good.
The dollar has lost 95 percent of its value since the Fed was formed in 1913. But States are fighting back. More and more people are becoming aware of the scam perpetrated almost 100 years ago.
Representative Ron Paul (R-Texas) has led the fight against the Fed. Paul’s followers chanted “End the Fed” at Paul rallies during the last Presidential primary. Now the States are taking up the fight as well.
Isn’t it obvious to all that the Fed has failed its charter? Isn’t it obvious to all the Fed must go?