The Founding Father’s Premonition

“Its an ominous power. There is no other power greater than the power over money, the power to create and contract the money supply, the power to control the purchasing power of your money. Throughout history this has proven to be the most sought after monopolistic power of man,” said Ron Paul at the Capital Hill Gold Standard Conference in Washington, D.C. in 1983.

The Federal Reserve is the United States’ central bank. How much money exists?

Fractional reserve banking can’t answer that question because there is no limit to the amount of money that can be printed. Through history gold has proved itself to be the champion currency. Yet on July 13 Federal Reserve chairman, Ben Bernanke, was asked by congressman Ron Paul: “Do you think gold is money?”

To which Bernanke replied: “No. It’s an asset.”

The federal income tax was ushered in with the Federal Reserve back in 1913. Congressman Ron Paul believes there should be no federal income tax. Some of America’s Founding Fathers opposed the idea of a central bank.

Thomas Jefferson once said, “I believe that banking institutions are more dangerous than standing armies. If the American people ever allow private banks to control the issue of currency, the banks and corporations will deprive the people of their property until their children wake up homeless on the continents their fathers conquered.”

In 1913 American currency was a ratio to gold and silver. On Aug. 15 1971 the Federal Reserve broke all ties to gold or silver. The Constitution reads: “To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.”

Congress has essentially given up its responsibility to coin and regulate the value of American currency and has given it to the partially private Federal Reserve, unconstitutionally created on Dec. 24, 1913.

There are 12 branches of the Federal Reserve that protesters today find to be the root of most economic problems. Currently, the Occupy Movement has numerous signs asking for the end of the Reserve.

There have been times in history where the paper currency became worthless and eventually obsolete; people literally burned money to keep their house warm. No one thinks they will be throwing a few hundred dollars in the fire place anytime soon, but don’t bet your gold on it.