Yes, Abolish the Fed, But How?

Congressman Ron Paul has for many years been the lone voice crying in the “wilderness” of Congress for an end to the exploitative and disruptive central banking monetary system. Once again he has called for abolition of the Federal Reserve Banks and Board, and recently introduced a bill that would accomplish that. In his introductory remarks, he also called for government to issue only currency that is “backed by stable commodities such as silver and gold to be used as legal tender.”

While I agree with the need to abolish the Fed (and all similarly structured central banks that exist in most other countries around the world), and I agree that the power of the banks and the federal government to debase the currency needs to be curtailed, it is extremely unlikely that legislation adequate to that task can ever make it through Congress. Nonetheless, I applaud Congressman Paul’s efforts because they will at least accomplish the job of raising awareness in the public mind about the nature of the money problem.

Eventually, it may be possible to act effectively at the governmental level, but only after the people have strongly asserted their own power to mediate the exchange process using their own credit apart from banks and the political money system. Only that assertion can bring about the “true free-market economy” that Mr. Paul desires. The nature of this power and how we can assert it are thoroughly addressed in my upcoming book, The End of Money and Future of Civilization.(Due to be released in April, 2009 by Chelsea Green Publishing). – t.h.g.

The following was taken from http://www.lewrockwell.com/paul/paul504.html.

End the Fed

by Ron Paul

Before the US House of Representatives, February 4, 2009, introducing The Federal Reserve Board Abolition Act, H.R. 833.

Madame Speaker, I rise to introduce legislation to restore financial stability to America’s economy by abolishing the Federal Reserve. Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies. This represents a real, if hidden, tax imposed on the American people.

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial “boom” followed by a recession or depression when the Fed-created bubble bursts.

With a stable currency, American exporters will no longer be held hostage to an erratic monetary policy. Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings. Those members concerned about increasing America’s exports or the low rate of savings should be enthusiastic supporters of this legislation.

Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of special interests and their own appetite for big government.

Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.

In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.

In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans’ standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.

Dr. Ron Paul is a Republican member of Congress from Texas.

*************************************************************

Here is the bill as introduced in the House.

Taken from http://thomas.loc.gov/cgi-bin/query/z?c111:h833:

Federal Reserve Board Abolition Act

HR 833 IH

111th CONGRESS

1st Session

H. R. 833

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

February 3, 2009

Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Federal Reserve Board Abolition Act’.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

(c) Disposition of Affairs-

(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System–

(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks–

(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

(2) LIQUIDATION OF ASSETS-

(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.

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14 responses to “Yes, Abolish the Fed, But How?

  1. Pingback: Beyondmoney.net: 2010 in review « Beyond Money

  2. Here is another possible solution for the debt/private corporation/money debaser replacement. I totally believe abolishment AND the seizure of ALL of the 12 federal reserve total gold reserves and ALL of there assets here in the States have to happen first then put Congress/ U.S. Treasury back in charge of the issuance of Money. Whether it is Paper currency or Gold currency these two dept’s. should be the only ones with that power and no Banking person or anyone with a financial background in banking should have no part in legislation or regulation PERIOD. When this happens the next step is to have State banks to reinforce the Govt. issued debt free currency. The States should also use there natural resources to back up there commerce. If after this the congress or the treasury becomes bad stuards of this responsibility the States will have in place the State OWNED banking system with the Constitutional authority to create there own currency. Here is more of this story by Marilyn Barnewall. http://libertydefenseleague.com. the article says YOU SAY SOVEREIGN I SAY MAYBE NOT.

  3. Here is a video with audio EXPLAINING how to abolish the Federal Reserve. http://www.youtube.com/watch?v=nNumEm2NzQA If you notice he doesnt say in this video about using gold to back the currency. The reason for this is he says it is because The Federal Reserve Owns 90% plus of the worlds gold. I can believe this because of the speech that Louis T. Mcfadden made concerning criminal charges against the Federal Reserve in 1934. Here is the link to read the court transcript. http://hiwaay.net/~becraft/mcfadden.html. Here is another link exposing the fed but this speaker says going back to the gold standard is not impossible, you just have to announce to the world that you are accepting gold as lawful money. http://www.youtube.com/watch?v=xKzOiwNk5Ms this is 13 videos long.

  4. Should the Federal Reserve be abolished??

    My thought on this is (YES)

    Due to the fact that Congress created the Federal Reserve, without considering the constitutionality of the law before they created it. – or – Congress new that the Creation of the Federal Reserve was unconstitutional and totally ignored that fact prior to creating it.

    Congress knew or had reason to know that the creation of the Federal Reserve was unconstitutional under the current form of government. Congress created a new form of government within the government know as a quasi-government, which now allows the government to circumvent the law by matter of principle. Congress has given the government the authority to go beyond the Rule Of Law and breach the very intent and purpose of our Bill Of Rights as a matter of principle whenever they deem it is necessary for them to do so, in order to support their agenda which is the privatization of the government.

    Report for Congress Order Code RL30533
    “Time will tell whether the emergence of the quasi-government is to be viewed
    As a symptom of decline in our democratic government, or a harbinger of a new,
    Creative management era where the purported artificial barriers between the
    Governmental and private sectors are breached as a matter of principle”
    (Re: summary Section)

    CRS Report for Congress Order Code RL33777
    Privatization and the Federal Government
    “….Quasi governmental entities may be viewed as a form of privatization because
    They are substitutes for fully governmental agencies. They are private vehicles for
    Achieving a governmentally declared good.77 Policymakers have been attracted to
    Quasi governmental entities for a number of reasons, including the popular perception
    That the private sector is more efficient than government and budgetary constraints….”
    (Re: CRS-17)

    CRS Report for Congress Order Code RL33777
    Privatization and the Federal Government:
    “ The difference between having a governmental entity and a private firm perform an activity is significant. Privatization moves components of the provision of goods and services out of the governmental sector and into the private sector. These two sectors are not identical. As the National Academy of Public Administration noted, In point of fact,
    There are some fundamental differences between the [governmental and private sectors] ….
    Most basic, perhaps, is the [government’s] distinctive claim to exercise sovereignty, to enact and enforce binding laws, and to act on behalf of the nation or the community in certain constitutionally prescribed ways. “ (Re: CRS-20)

     The Attorney General has stated:
    “Agencies have no inherent lawmaking powers. They are not creatures of the Constitution. . . . .This means we should abandon the idea that there are such things as ‘quasi- legislative’ or ‘quasi-judicial’ functions that can be properly delegated to independent agencies or bodies. . . . .[F]ederal agencies performing executive functions are themselves properly agents of the executive. They are not ‘quasi’ this, or ‘independent’ that.”
    Address by Attorney General Edwin Meese III, Federal Bar Association, Detroit, Mich. Sept. 13, 1985).
    _____________________________________________________________________

    A Private Federal Corporation (PFC), also known as a Federal Government Corporation (FGC), is a corporation which has been established by the Federal Government. There are, of course, benefits to this, not the least of which would be the disbursement and management of funding by the corporation that would not be subject to Congressional oversight or monitoring. An additional benefit would be autonomy in operations. (Re: Wikipedia, the free encyclopedia )

    Independent Agencies and Government Corporations
    Independent establishments are created by Congress to address concerns that go beyond the scope of ordinary legislation. These agencies are responsible for keeping the government and economy running smoothly. (Re: USA.gov)

    Congress new or had reason to know that when they created the Federal Reserve as a Private Federal Corporation (which is an independent agency) and gave them autonomy in operations they created an unconstitutional agency. In other words Congress new or had reason to know when they the created the Federal Reserve and gave them autonomy in operations they violated the very intent and purpose of our Bill Of Rights. .

    The framers of our Constitution warned that if legislative power were combined with executive power, or if legislative power were combined with judicial power, our republic would become an oligarchy and the rights of the people would be sacrificed to achieve the selfish ends of those who govern. _______Madison wrote, “(the accumulation of all powers, legislative, executive, and judicial, in the same hands, whether of one , few, or many, and whether hereditary, self-appointed, or elected, may justly be pronounced the very definition of tyranny.” Typically of the Federalists who advocated ratification of the Constitution, Alexander Hamilton explained that the separation of powers was “itself, in every rational sense, and to every useful purpose, A BILL OF RIGHTS.” It would deny a single department autonomous governance. It would keep abuse of power in check by humbling those in government with the need to satisfy the dictates of competing power centers.

    It should be noted that autonomous governance and autonomy in operations has the same meaning.

    What does this mean!! It means Congress openly and blatantly violated their oath of office and/or violated the sovereignty of the people when they created the Federal Reserve. In other words Congress is now acting on behalf of the vast powerful (private) corporation known as the Federal Reserve instead of representing the will of the people.
    ________________________________________________________________________

    Congress has also been manipulating the laws pertaining to Federal Reserve Banks being federal agencies and/or federal instrumentalities of the government.

    It now appears there is two conflicting laws.

    1. Reserve Banks are deemed to be federal instrumentalities of the government for
    purposes of immunity from State taxation.

    2. Reserve Banks are not deemed to be federal instrumentalities of the government, for
    purposes of Federal tort Liability.

    See the following:

    Lewis v. United States, 680 F.2d 1239 (1982)
    “The Reserve Banks are deemed to be federal instrumentalities for purposes of immunity from state taxation. Federal Reserve Bank of Boston v. Commissioner of Corporations & Taxation, 499 F.2d 60 (1st Cir. 1974). . . .

    2. United States
    Federal reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors, federal reserve banks, though heavily regulated, are locally controlled by their member banks, banks are listed neither as “wholly owned” government corporations nor as “mixed ownership” corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .

    The two aforementioned laws make it very clear that Congress can create independent agencies which can be declared as federal instrumentalities of the government, which act as agents on the governments behalf. These said laws also makes it very clear that Congress has granted the government “immunity” from all liability pertaining to actions of the independent agencies, which were created to aid them in the conducting of their business.

    The creation of these laws clearly show how Congress can manipulate the laws to mean whatever they want them to mean whenever they deem it necessary to do so. Congress needs to revise these laws. Reserve Banks are either independent agencies which act as agents on the government’s behalf -or- Reserve Banks are not independent agencies which act as agents on the government’s behalf.

    In other words, Reserve Banks are either part of the executive branch of government, which has the lawful authority to act on the government’s behalf -or- Reserve Banks are privately owned and locally controlled independent corporations (agencies) acting unconstitutionally on behalf of the government.

    Several recent Supreme Court separations of powers decisions have noted that there are three, and only three, distinct branches of government; ‘independent’ agencies, therefore, either are in one of the three branches or they are unconstitutional. See Symposium on Administrative Law, The Uneasy Constitutional Status of Administrative Agencies, 36 AM. U.L. REV. 276 (forthcoming 1987). . . .

  5. The 2012 World strike to abolish money
    Economic and spiritual revolution
    To create
    A world
    Of
    Free Access
    Simply and peacefully done.
    The strike starts when the Olympic torch is lit for the 2012 Olympic games.
    We will return to work when
    All monetary units are made Illegal
    All statutes made null and void
    A return to common law
    We will return to work not for money but for goodwill, co-operation and the freedom and betterment of all human kind.
    We will return to work using the existing systems [while it suits us] but transforming and making those systems free and more fair.
    We will make it our priority
    That all human beings have access to adequate shelter, foods and health care
    We will uphold the common law
    On the return to work
    If you do not have work to go to [i.e. you were in the finance industry] , or you do not wish to return to your work, do not worry . You are now free. Free to jump on a jet plane, free to visit friends and family, free to party.
    Everything will be free
    Every human being on the planet will be free.
    Free from the fear of poverty, hunger, lack of shelter and lack of health care.
    There will be no sweat shops, no child labour, no drug cartels, no landlords, no fear of government agencies
    Travel will be free, shelter will be free, health care will be free, food will be free, every thing will be free
    For every human being on the planet
    All lawful human beings will be free.
    We will uphold the common law
    To be honourable
    Not to harm others
    Not to steal from others
    Not to deceive others
    We will all be free
    Strike, strike, strike, strike
    Make common sense and common law prevail
    After the strike, if you have no work to go to and you wish to work then offer your services to front line services.
    Front line services to include ;
    Production and distribution of food stuff.
    Providing health and social care.
    Upholding the common law.
    Builders, poets, mechanics , experimenters, scientists, shop keepers, law enforcers, carers , thinkers, researchers, peace keepers, statisticians, programmers , co-ordinators, teachers, doctors, nurses, minstrels, artists, farmers, drivers , pilots, all people.
    We are all free
    All equal under the law.
    The revolution is here
    There is enough food to feed the world, yet 5,000,000 people starve to death every year. Nearly half the worlds population live on less than 2 and a half dollars a day. With the abolition of money feeding and giving all people of the world a decent standard of living becomes purely a logistic problem. Economics and geo political forces will no longer stop or hinder the process.
    While billions go without, billions remain idle, we have an abundance of human resources wasted because of geo/political economic forces. While the need for money and wage labour remains we can no go forward, we can not implement technological advancements for fear of unemployment . [ see http://www.thezeitgeistmovement.com ] while money is here the drudgery of work will always be with us. Money enslaves us all and created huge social inequalities. Money has not and will not set us free.

    Abolish money and set the human race free.

  6. All proposals to tinker with the existing monetary system, such as Ron Paul’s proposal to eliminate the Federal Reserve, will in the end not solve the nation or the world’s real economic problem: capitalism cannot exist without a staircase wage structure necessary to make profits possible. Such a wage structure leds to economic class division, which in its most radical dimension is the root cause of all social problems.

    The solution is the Wealth Exchange System explained in my book of essays, Naked America. Abolish money, which is totally unnecessary for production. Replace it with a WES credit card that serves as a symbol of citizenship and community, and gives all holders the right to an equal share of society’s goods and services — if they work a job having to do with the production of life’s necessities and/or the generation of ideas and technologies that will allow humankind to survive.

    Such a system would eliminate all the superfluous jobs that distribute the limited supply of money inequitably, including financial services, most entertainment, professional sports and other bread-and-circus events, as well as the innumerable economic activities (e.g., bling, country clubs) designed to provide individuals with some alleged symbol of their superiority.

    In the moneyless economy and society, recognition and leadership will be earned as a reward for the superiority of one’s ideas and work, and that’s the only individual distiction worth having.

    An unsophisticated barter system worked in several ancient empires that lacked the technological tools that now exist to make it work efficiently and justly. The only real impediment to the moneyless economy is the selfish aspect of human nature.

  7. Wow, when someone can look back on a business venture that has cost so much wealth and opportunity and brought countless suffering and loss of life to so many and call it admirable, one has truly lost touch with his humanity.

    The evils of this international banking cartel are well documented. Do your research. In the pursuit of profit, these unscrupulous men, fund both sides of wars, execute anyone that stands in their way and routinely enslave countries, business and individuals through the use of debt creation via fractional reserve lending and currency manipulation.

    The central bankers of the world will undoubtedly continue their “business objectives” to streamline their product, increase market share and penetration yadda, yadda, yadda as you so eloquently point out. God help us when the currency is no longer the product, which is really the case in many countries.

    The paper, or gold, or oil or debt or whatever people are willing to trade for their needs is just that, another commodity. The issue and exchange of any currency is merely an agreement. When the vast majority of the people wake up to this fact… as is what is happening at this very moment around the world… they will at some point choose not to agree anymore. And then “all their money just buys another minute by”.

    The idea of peoples issuing their own currency and forming their own trade outside of the controls of these monopolies is a natural evolution of the awareness of humanity. This is inevitable. The central bankers know this, the one sure thing that they fear is our waking up to the fact that we don’t have to agree anymore. Once we make the choice to simply not value what they value… they are no richer than anyone else… as is always the case anyway.

  8. I always thought that a world wide Technate would be the best system in the world. An organized group of unbiased, nonpolitical, nonsectarian, non-for profit engineers and technical experts who would simply gather together and utilize all that they know about abundant FREE and clean ENERGY technologies and resources for the betterment of ALL by simply measuring the most effective and or energy efficient ways to operate the entire worlds production and distribution system without any form of political and or monetary interference getting in their way. But that’s way too real for people to get a grasp on, so we need believers in their to throw there two cents worth of ego into the fray and screw things up, so the next best system is a Constitutional Republic based on the principals of sound money, so we’ll have to figure out how to go back in time and de-evolve, and to do this we’ll need lots of gold which is already owned and controlled by the same interests that currently own the FED. So, I think we’re fooling ourselves into believing we can go back in time.

    I mean we’re not that stupid to believe that there’s still any gold left in Fort Knox after all those pirates took control of the monetary system in 1913, are we?

  9. BUY THE FED

    A bit outrageous?
    Unthinkable?

    Willing to look at ONE possibility?

    The thought of buying the Federal Reserve is most likely an outrageous statement to most. However, think: Congress created the privately owned Federal Reserve in 1913 (a bit suspiciously, I might add) therefore it can un-create the Federal Reserve as soon as it wants to…(or has the guts!)

    Recently Senator Dodd and Senator Schumer were rejected when they requested credit card companies to immediately halt retroactive interest rate increases from the Federal Reserve.

    Heck…I say…TELL THEM! Individuals in Congress have to start taking their leadership role and change the behavior of the Federal Reserve from transferring wealth to a few to all citizens of the United States.

    One of the reasons the Federal Reserve exists is to keep all of us including many nations in perpetual debt, something I let go of years ago.

    I believe the United States Government can also get out of debt. Here’s how!

    In 8 years, the greatest ECONOMIC IDEA ever to hit America could come to fruition!

    The Goal: For the United States to be out of debt and have global prosperity.

    How? On April 15, 2009, I sent the President eight seeds of rice and a check for $220 Trillion Dollars. The seeds were real, the check was not, but could be if the current President follows the revolutionary act of planting the seed at the White House and then creating “The Bank of the Greater United States.” (“Greater” because one seed is more powerful in its ability to regenerate interest than any paper money, especially the declining Federal Reserve Note!)

    In eight years, that one seed of rice planted in the White House Garden will produce 214 grains of rice. If they are planted in the spring of 2010 and all the grain is harvested and planted for seven years, then in the Fall of 2017 the United States will have 4 quintillion, 398 quadrillion, 556 trillion, 620 billion, 369 million, 714 thousand and 700 hundred grains of rice. Divide that by 20,000, the number of grains it takes to make a pound, and you have 219,927,831,018,485 lbs of grain. Say in 2017, rice is valued at a $1.00 a pound. The total value of the grain would be $220 Trillion. Now that truly is greater than what any man made derivative or credit swap can produce. It’s truly powerful. It’s Mother Nature’s bank yielding plenty.

    As a sovereign nation, the President or Congress can create “The Bank of the Greater United States” collateralized by “seed money” with the stroke of a pen and a few thousand newly employed people to manage, help plant, and harvest the grain.

    Currently the National debt is $12 Trillion. $220 TRILLION in 2016 could be enough to pay off the ever-increasing debt. (If not plant more seeds!) The new incoming President in 2017 would inherit a debt free country! Now that is a totally NEW ECONOMIC IDEA!

    All the current President has to do is plant one seed today….

    BUT WHY WAIT….If the President doesn’t PLANT IT….what about YOU? You could plant one seed of rice to yield plenty and create real value for yourself and others. On a massive scale the world population would prosper!

    For more info contact David at 617-964-2951 or davidsnieckus@hotmail.com

    David Snieckus
    99 Crescent Street
    Newton, MA 02466
    617-964-2951
    davidsnieckus@hotmail.com
    http://www.davidsnieckus.com

    The math:

    Plant 1 seed in the garden in the first year you will harvest 214 grains
    Plant 214 grains in the second year you will harvest 45,796 grains.
    Plant 45, 796 seeds in the third year and you will harvest 9,800,344 grains
    Plant 9,800,344 in the fourth year and you will harvest 2,097,273,618 grains
    Plant 2,097,273,618 in the fifth year and harvest 448,816,553,824 grains
    Plant 448,816,553,824 in the sixth year & harvest 96,046,742,518,33 grains
    Plant 96,046,742,518,336 in the 7th year = 20,554,002,898,923,904 grains
    Plant 20,554,002,898,923,904 in year 8 = 4,398,556,620,369,714,700 grains

    So at the end of the President’s eighth year in office there will be:

    · 4 quintillion,
    · 398 quadrillion,
    · 556 trillion,
    · 620 billion,
    · 369 million, 714 thousand and 700 hundred grains.

    Now divide that by 20,000 (number of grains per pound) and you have:

    The math is 4,398,556,620,369,714,700 divided by 20,000 equals 219,927,831,018,485.

    So at about a $1.00 per pound (in 2017), the grain will yield 219 trillion, 927 billion, 831 million, 18 thousand, 485 dollars. I rounded it off to $220 trillion.

    (My Calculations show that in the eighth year, only 3 million acres would need to be planted)…Hell there are 171,904, 640 acres in Texas!

    · $220 TRILLION could be enough to pay off the debt with a bit of pocket change for implementation AND give the incoming President in 2018 a debt free country. If not plant more seeds!

    To begin, all the President has to do is plant one seed today. OR

    You could to yield plenty and ultimate prosperity to be shared around the world.

    Contact me at 617-964-2951 or davidsnieckus@hotmail.com and we will work out the details.

  10. Pingback: FED Inspector Clueless — Where Has All the Money Gone? « Beyond Money

  11. Abolishing the Fed is a pointless exercise. If history is any indication (more on that later), the Fed would be back in one form or another. I like what Michael Rozeff proposes in his “Monetary Freedom” article:
    http://lewrockwell.com/rozeff/rozeff296.html

    I support his view that we need legal structure that gives citizens the freedom to use currency that suits their business and needs and then let the free market (competition) weed out the fakes.

    Understandably, there is a lot of resentment wrt the Fed these day. Ironically, nobody complained for the last 30 years when the USA and Europe benefited greatly from the Fed’s ponzi scheme which extracted fruits of labor from developing countries and left them with confetti (T-Bills, FRN). Now when it is obvious that the gravy train for the western middle class is about to crash and the top layer (bankers, purveyors) of the ponzi scheme are about to walk away with all the riches, we finally see the scheme for what it is and don’t like it.

    Abolishing the Fed will accomplish nothing for one simple reason: nobody really understands how the banking works, for whose benefit and what to replace it with.

    The banking industry is the best example of darwinism we have in the corporate world – the ability to compete, survive and reproduce. From an academic point of view, it is a great case to study and learn from.

    The present form of central banking was started (not invented) in Europe. The business was established by the Rothshields in Frankfurt about 250 yrs ago:
    http://www.rothschild.info/history/

    They started small, just like any other business i.e. Microsoft, developed a concept, perfected this concept and slowly expanded their franchise (just like McDonalds) into other countries where they secured exclusive rights, licenses and distribution channels from the national government. Basically, in their modest beginnings, they did what goldsmiths used to do – issued paper notes backed by gold or silver, or so they claimed.

    Anyway, this business model was later exported into USA (and most of the World) which after a few set-backs succeeded in the form of the Fed. When stripped of all the hoop-la, the Fed is nothing more than a glorified
    printing house. Since the Fed has exclusive rights, copyright and license to
    distribute FRN, they wield considerable level of influence but not as much as most think they do. And soon the Fed will have even less power and influence.
    Abolishing the Fed will be just symbolic as Obama already signed off on the creation of an international regulatory “authority” at the G20 meeting. And who is this “authority” ? It is the same authority that will manufacture fiat currency for the World:

    http://www.globalresearch.ca/index.php?context=va&aid=13239

    or (http://tinyurl.com/ddmtww) if above doesn’t work.

    Anyway, in spite of all the criticism from the citizenry, the Fed, being a private and independent corporation, has to, first and foremost, as any other business would, look after the interest of their private equity holders first and then see how their goals and interests jive with the needs of their customers (nation/tax-payers).

    While the Fed’s private stake-holders are US banks, the Fed answers to headquarters in London where the Rothshields, Loeb et. al. coordinate and implement their global printing strategy.

    In my opinion, the entire global central banking business is largely misunderstood for lack of information (the above holding company is a private group; thus, don’t need to file public statements re their holdings and performance) or general interest.

    In essence, global central banking business is just like any other business employing all the tools of well run companies. It is all about product, market penetration, product promotion, marketing, education, testimonials, distribution, advertising, management, etc. and most importantly PR to manage public perception regarding the perceived value of their product by numbering of what is essentially confetti of minuscule value. Or more so, the value of synthetic credit which are just digital bits in computer files.

    While the general perception of central banking is finance, the core business is printing and reproduction. The general product are paper notes the size around 7cm x 16cm customized and localized, i.e. product differentiation by language and images recognized by local markets (nations). The product penetration strategy is based on obtaining an exclusive license to print and distribute notes in targeted markets.

    For example, the Fed’s product, FRN, are promoted and advertised by the USGov’t and the distribution channel used are private banks. The local printing houses (Fed) are also responsible for protecting their markets, intellectual property rights, the product’s good image, quality and perception of confidence and durability. As a part of the FRN advertising, the printing houses also rely heavily on promotion of FRNs via education and testimonials of university lecturers who publish advertising brochures in the form of research papers on topics such velocity, liquidity traps, ratios, etc.

    Anyway, there is probably no need to go into the entire product and marketing strategy of central banking. The point is that central banking business is not given enough recognition in the study of well run global conglomerates. The fact that Rothshields et. al. built a monopoly on printing fiat currencies in their respective markets over the last 250 years is an example of business strategy well planned and executed.

    To continue and expand on that thought, I think every businessman and/or corporation strives to compete, conquer and eliminate competitors and become a monopoly that controls its markets. There is nothing unnatural about that process. And it is ‘natural’ for the monopoly to be depicted, by its customers, as sinister (which is the term most authors use in their articles), evil, conspiratory, taking over the World, etc. We don’t have to look too far for examples, i.e. that evil Bill Gates and Microsoft taking over the entire World with his Windows to seize control of digital information and enslave all of us in his grip to control our minds and communication.

    The fact that Rothshield et. al. had enough business acumen to turn a private bank headquartered in London into a global monopoly on the manufacture of fiat currency is admirable. Central banks, i.e. Federal Reserve, in each country are Rothshield’s local manufacturing (printing) facilities whose products (dollars, euros, kronas, etc.) are freely traded in forex markets.

    The success of Rothshield business model should be an exemplary business case study in every reputable business and economics university as that is one, if not ‘the’ most successful conglomerate in human history. Rothshield had firmly established his vision for his company, goals, plans, ideology, long term strategy and mission.

    Strictly from a business point of view, the House of Rothshield used a superb penetration strategy to built a successful printing business spanning the entire globe with printing facilities/subsidiaries in every country except the likes of Iran, North Korea, Cuba, etc.(soon to be conquered into submission just like Iraq anyway) and eliminated competition, most notably gold and local government’s ability to issue their own currency. Hats off to German ingenuity. They (Rothshield & Co.) have been around for over 250 years with this business. Is there any other global business that has been around that long? Aside from religion/church? It is a classic business case to be analyzed and admired for its success.

    Sure the Rothshields used questionable and unethical means to achieve their goals; however, as is said “It’s nothing personal, just business”.
    Needless to say, Gates w/ Microsoft wasn’t exactly the poster boy for ethical business practices once Microsoft attained enough size and momentum. And it would have gotten a lot worse had Microsoft not been tamed in time.

    Of course, as any monopoly, it (Fed) suffers from inertia and problems but overall they (Fed) have done tremendous job managing PR to get this far, for so long and benefit themselves that much.

    The present criticism of the Fed is valid as it put interests and strategy of the conglomerate run out of London ahead of interests of their customers (nations/taxpayers). Also, it is not clear whether the Fed “screwed up” or if this crisis was intentional. The history shows that in every banking panic, the power and influence of the central printing house was increased, not diminished. The present “crisis” may be just a part of a greater plan to consolidate the global printing business and streamline their product line, i.e. as Europe consolidated many paper notes under one product, the Euro. There is already talk about regional currencies, global currencies (link above) etc.

    This current discontent with the Fed may result that some individual states are allowed to secede (most notably Vermont) due to this financial crisis but God help them should they attempt to use their own currency, let alone gold/silver coins.

    What is really unfortunate is that instead of Rothshield banking monopoly being admired, he/the company is depicted as an evil conspirator with sinister goals and intentions, i.e.:

    http://iamthewitness.com/DarylBradfordSmith_Bankers.htm

    as that is a huge dis-service to all of us.

  12. RICHARD HEINRICH

    BUY BACK ALL OUTSTANDING GOVERNMENT BONDS WITH GOVERNMENT PRINTED MONEY. CAUSE THE FRACTIONAL RESERVE SYSTEM OF BANKING TO BE CHANGED TO A 100% RESERVE SYSTEM. END THE FEDERAL RESERVE NOW!

  13. Pingback: US economy in worst condition since World War 2 - Us Finance News

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