Disband the FED Now!

The Federal Reserve Bank (from now on FED) IS NOT AN ELECTED GOVERNING BODY. It is a private bank endowed by the US government the powers to regulate monetary policies and oversee proper and smooth operation of banks. It does not have any allegiance to the mass populace for which it is supposed to benefit. The FED has severe conflict of interest in its current form. Namely, many of the CEOs and Board of Directors from large investment banks and publicly traded companies (ie JP Morgan's CEO Jamie Dimon) sits as board members in New York Federal Reserve Bank. Is it any wonder that JP Morgan Chase got the exclusive rights to pillage and plunder Bear Stearns? Yes, at tax payer's expense no less. This is a prime example of the failure of the Federal Reserve Bank and the inherent conflict of interest. Housingpanic.blogspot.com recently posted an excellent blog regarding this plight. Namely, giving few individuals the immense powers to control the nation's monetary policy with so much conflict of interest will eventually destroy our great country.

What the FED and the Treasury did to FORCE the deal on Bear Stearns was illegal and a clear example of unchecked powers that have lead to this eventual outcome. Now, George Bush, Henry Paulson, and some of our elected and ignorant congressmen and senators seem to be backing the proposal for the FED to gain even more powers. This was inevitable I suppose, since the whole process by which the "BEAR STEARNS Bailout" was done illegally, without congress approval to use tax payer's money, and overtly stepping out of bounds of the powers of the FED. If the FED had done their job and regulated the greedy banks from perpetuating one of the greatest pyramid schemes of the 21st century, we would not be where we are today. The FED had clearly failed in their mandate. The irresponsible FOMC policies ranging from Alan Greenspan's tenure to the power hungry transformation of Ben Bernanke's FED capitalizing on the current credit fiasco continues to erode the economic, social, and basic rights of every citizens of the United States of America.

Thomas Jefferson was a vehement voice against a private bank regulating the monetary destiny of the country. In it, he repeatedly warned against such a rogue entity as the FED:

• "I sincerely believe... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
• "[The] Bank of the United States... is one of the most deadly hostility existing, against the principles and form of our Constitution... An institution like this, penetrating by its branches every part of the Union, acting by command and in phalanx, may, in a critical moment, upset the government. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in time of war! It might dictate to us the peace we should accept, or withdraw its aids. Ought we then to give further growth to an institution so powerful, so hostile?" --Thomas Jefferson to Albert Gallatin, 1803. ME 10:437
• "The principle of rotation... in the body of [bank] directors... breaks in upon the espirit de corps so apt to prevail in permanent bodies; it gives a chance for the public eye penetrating into the sanctuary of those proceedings and practices, which the avarice of the directors may introduce for their personal emolument, and which the resentments of excluded directors, or the honesty of those duly admitted, might betray to the public; and it gives an opportunity at the end of the year, or at other periods, of correcting a choice, which on trial, proves to have been unfortunate." --Thomas Jefferson to Albert Gallatin, 1803. ME 10:437

** The above sources were quoted from an excellent site Thomas Jefferson on Politics & Government

What is frightening is that the insights from one of the greatest presidents of our country's short history, Thomas Jefferson, had the foresight to warn against the Bank of the United States, which eventually transformed into the Federal Reserve Bank. Woodrow Wilson created the FED in which he publicly lamented the creation, "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men."

Now George Bush and Henry Paulson wants to give the FED even greater authority and power. Yet, clearly the FED has been proved inept. Just witness the plunge the value of the dollar, increasing inflation, erosion of American wealth among other things. They want to expand the FED powers to oversee the investment banks as well as diminishing the regulatory authority of the SEC. However, if the FED had done its job, and if their authority should extend to examination of the books of various banking and insurance entities, wouldn't the current banking crisis be averted because many of the banks would be rendered insolvent and driven out of business and their executives sent to jail? That's what happened to Enron. So what is so different from the greedy banks that have put our country and the world for that matter in such grave financial disaster? Why does the FED insist on saving and rewarding those that have perpetrated such heinous acts? And the leaders of our country wants to reward the FED with even greater powers to abuse, neglect, and plunder.

It is all lies. At our current course, our government, our way of life, our prosperity, and our national security will be destroyed by the FED and the treasury. These two entities know nothing about prudence. I suspect that the sweeping calls for change stems from their illegal acts. We cannot continue to print our way out of this problem regarding the current credit crisis. It never was and never will be the problem of liquidity. It is one of solvency and trust. In order to instill a resumption of normality in the credit markets, we must reexamine the role of the FED and the honesty of the treasury secretary Henry Paulson. We must abolish the inherent conflict of interest between the executives on Wall Street, banks, and the Federal Reserve. Every day, we lose a bit more of our hard earned prosperity, our right to personal freedoms, and the sovereignty of our great nation. All at the hands of few rogue bankers (FED) who are more detrimental to our country than any that has tried to dismantle the greatest society that ever lived. I am quite certain our founding fathers would roll over in their graves, especially Thomas Jefferson, if he knew what Ben Bernanke and Henry Paulson is up to.

What can we do? Spread the word of this disgraceful band of people. Write to your congressman and senators and educate them. Let them know of your concerns and become loud and boisterous because this is your future. We have the right to exist with our rights and prosperity intact. The Bush administration's continued blunders in war and now on domestic policy must be stopped. I voted republican all of these years and will not do so in the next election.

Sign the petition to let your voices heard.

We have a real revolution on our hands. The question is, whose revolution is it? The pigmen revolution or yours?