Ron Paul: Federal Reserve Steals From the Poor and Gives to the Rich

2
1552

Ron-Paul-300-X-280The latest unemployment numbers show that “quantitative easing” is not benefiting the average American.

It is increasingly obvious that the Fed’s post-2008 policies of bailouts, money printing, and bond buying benefited the big banks and the politically-connected investment firms.

 

By Ron Paul

 

Last Thursday the Senate Banking Committee held hearings on Janet Yellen’s nomination as Federal Reserve Board Chairman. As expected, Ms. Yellen indicated that she would continue the Fed’s “quantitative easing” (QE) polices, despite QE’s failure to improve the economy. Coincidentally, two days before the Yellen hearings, Andrew Huszar, an ex-Fed official, publicly apologized to the American people for his role in QE. Mr. Huszar called QE “the greatest backdoor Wall Street bailout of all time.”

As recently as five years ago, it would have been unheard of for a Wall Street insider and former Fed official to speak so bluntly about how the Fed acts as a reverse Robin Hood. But a quick glance at the latest unemployment numbers shows that QE is not benefiting the average American. It is increasingly obvious that the Fed’s post-2008 policies of bailouts, money printing, and bond buying benefited the big banks and the politically-connected investment firms. QE is such a blatant example of crony capitalism that it makes Solyndra look like a shining example of a pure free market!

It would be a mistake to think that QE is the first time the Fed’s policies have benefited the well-to-do at the expense of the average American. The Fed’s polices have always benefited crony capitalists and big spending politicians at the expense of the average American.





By manipulating the money supply and the interest rate, Federal Reserve polices create inflation and thereby erode the value of the currency. Since the Federal Reserve opened its doors one hundred years ago, the dollar has lost over 95 percent of its purchasing power —that’s right, today you need $23.70 to buy what one dollar bought in 1913!

As pointed out by the economists of the Austrian School, the creation of new money does not impact everyone equally. The well-connected benefit from inflation, as they receive the newly-created money first, before general price increases have spread through the economy. It is obvious, then, that middle- and working-class Americans are hardest hit by the rising level of prices.

Congress also benefits from the devaluation of the currency, as it allows them to increase welfare- and warfare-spending without directly taxing the people. Instead, the increase is only felt via the hidden “inflation tax.” I have often said that the inflation tax is one of the worst taxes because it is hidden and because it is regressive. Of course, there is a limit to how long the Fed can facilitate big government spending without causing an economic crisis.

ERNENNUNG, NOTENBANK, US NOTENBANK, FEDERAL RESERVE BANK,
“Federal” Reserve Bank Chairman Nominee Janet Yellen

Far from promoting a sound economy for all, the Federal Reserve is the main cause of the boom-and-bust economy, as well as the leading facilitator of big government and crony capitalism.

Fortunately, in recent years more Americans have become aware of how the Fed is impacting their lives.

These Americans have joined efforts to educate their fellow citizens on the dangers of the Federal Reserve and have joined efforts to bring transparency to the Federal Reserve by passing the Audit the Fed bill.

Auditing the Fed is an excellent first step toward restoring a monetary policy that works for the benefit of the American people, not the special interests.

Another important step is to repeal legal tender laws that restrict the ability of the people to use the currency of their choice. This would allow Americans to protect themselves from the effects of the Fed’s polices. Auditing and ending the Fed, and allowing Americans to use the currency of their choice, must be a priority for anyone serious about restoring peace, prosperity, and liberty.


RELATED ARTICLES:

EDITORIAL DISCLOSURE
All content herein is owned by author exclusively.  Expressed opinions are NOT necessarily the views of VNR, authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network.  Some content may be satirical in nature. 
All images within are full responsibility of author and NOT VNR.

POLITICAL PARTY POLICY: We intentionally remove all references to political party affiliation when highlighting elected officials.  We believe in judging actions taken by politicians and NOT what party they belong to.  For the same reason, we are also advocates for removing reference to political party affiliation on all ballots nationwide.
Read Full Policy Notice - Comment Policy

2 COMMENTS

  1. ‘FEDERAL RESERVE’ EMBEZZLING ONE TRILLION DOLLARS ANNUALLY:
    Amended Complaint Federal Reserve whistleblower
    Published by Oldereb:

    ‘The Federal Reserve (FRBNY and BOG) are accused of hiding a Trillion Dollars Annually using their exclusive handling of records and disbursement of the Treasury security auction accounts. The Amended Complaint filed in a whistleblower suit in Federal District Court alleges the BOG is operating as a government contractor as defined by the Supreme Court and not as…

    The Federal Reserve (FRBNY and BOG) are accused of hiding a trillion dollars annually using their exclusive handling of records and disbursement of the Treasury security auction accounts. The Amended Complaint filed in a whistleblower suit in Federal District Court alleges the BOG is operating as a government contractor as defined by the Supreme Court and not as an agency. Further, their violation of the law that all profit of the Fed belongs to the government is alleged to negate any claim to government immunity.’

  2. The Treasonous ‘Federal Reserve’ is an Israeli ‘Weapon of War’ against the American People.

    The American People are fully aware that the treasonous ‘Federal Reserve’ is an instrument of War used by Israeli and the Sayan Jewish network of traitors that collaborate in the Talmudic conspiracy to overthrow of the United States and destroy the financial fabric of the nation by massively overprinting the dollar – which will cause a collapse of the economy and establish Martial by the AIPAC Zionist Regime of traitors that rule the Senate and Congress in the occupation of Washington, DC.

    A ‘State of War’ Exists By Israel Against the USA – and those Jewish ‘enemy combatants’ in Congress that would betray America by ratifying the ‘Federal Reserve Act’ that is due to expire on December 22, 2013 – are traitors that will eventually face charges of treason and espionage by a Patriotic American Tribunal.

    Appointing a Jewish woman to head the ‘Fed’ in the same deceitful process as appointing a woman to head the Israeli created ‘Department of Homeland Security’ – on the assumption that the American People are gullible and again less likely to challenge the appointment of a woman to such a high office – is a gross under estimation of the acumen of the newly awakened populace of the United States- who have learned from hard experience never get bitten by the same Jewish ‘mad dog’ twice…regardless of the gender.

    There should be a political rebellion by any loyal American in Congress against the AIPAC appointment of Jane Yellon – as an opening patriotic attack against the continuation of the Jewish sabotage of the treasonous ‘Federal Reserve’ – and also time to repeal the phony ‘Patriot Act’ as a continuing ‘Act of War’ by Israel and their treasonous Sayan collaborators.

    The criminal betrayal of Congress by secretly passing – the ‘Federal Reserve Act’ in 1913 – is the same act of treason and betrayal by the secret attempt of the present Jewish ‘US’ Congress to pass the treasonous ‘TPP” legislation – that violates the national sovereignty and the list of Freedoms endowed in the US Constitution.
    Sayan Jewish traitors must not be allowed to continue their treason against the USA.

    An essential move toward financial recovery in American – and freedom from the Jewish conspiracy to destroy the United States from within – is to dismantle the Jewish control of the banking industry – the major ‘Weapon of Mass Destruction’ used by Israel in their ‘Deceptive War’ against the USA. And the next best move – to place sanctions on Israel – the arch enemy of the American People – and the head of the snake that poisons America from within.

    Remember – 9/11 was an Israeli false flag attack on the USA – and a ‘State of War’ exists by Israel against the USA – and Sayan Jews are ‘enemy combatants’ that have betrayed the American People.
    Patriots join together and speak out against the continuing Jewish occupation of America – and expose the Sayan traitors in the ‘mass media’ that pretend to be patriot citizens – but whose real national loyalty is to Israel. The ‘Federal Reserve’ is a ‘Jewish Yoke’ on Americans.

    Let us not forget that Jewish Israel holds the Palestinian People in slavery and bondage – just as the Jews conspire to hold Americans…and there will be no freedom for mankind until both the American People and the Palestinian People are freed from their Jewish yokes of enslavement.

Comments are closed.