On November 22, 1913, Representatives Robert L. Owen and Carter Glass introduced HR 7837. A bill that, (after a month and various modifications) became the Federal Reserve Act. Since then, the dollar has lost over 99% of its value as measured in gold, which had been the basis of the dollar for more than a century. Since that time, we’ve seen the value of 1/21-oz. of gold go from $1 to $83.44
The worse example of Federal intrusion into, and collusion with, a special interest is the Federal Reserve System. As a federally sanctioned cartel of privately owned banks, the Fed has unparalleled privileges. The deal is further sweetened by the appointment of its Chair by the President, giving it the prestige of a fourth branch of government. I would re-introduce legislation to audit and retire this institutional leach on American prosperity.
I would vote in favor of a comprehensive audit of the Federal Reserve System, repeal legal tender laws, ban the creation of new credit (out of thin air) by Federal Reserve member banks, and dissolve the Board of Governors of the Federal Reserve System.
The governments roll should be to prevent fraud concerning financial instruments, by setting standards as enumerated in Article 1 Section 8. A free market of currencies that would ultimately follow a gold standard is the best option, though a treasury certified gold standard on backed currency would be constitutional, and be better than the current approach.
I have been opposed to the Federal Reserve System for decades and have been actively campaigning against it since 2008:
The establishment has been able to pull wool over people’s eyes by making them think it is too complicated for mortals to understand. Here is an informative cartoon to break down such barriers: