Why It’s Time to END the FED
On October 1, 2023
The time is now to end the FED! The Federal Reserve, commonly known as the FED, has long been a subject of scrutiny and criticism. Its role in managing the economy and its track record of creating boom-bust cycles have raised concerns among economists and citizens alike.
In this article, I present a compelling argument for canceling the Federal Reserve Bank’s charter in the United States, highlighting the need for a new approach to monetary policy.
- The Federal Reserve has been in operation since 1913.
- The FED’s policies have contributed to a series of boom-bust cycles and economic crises.
- Central banking systems throughout history have caused economic turmoil and instability.
- The FED’s actions played a role in triggering the Great Depression of the 1930s.
- The dot-com bubble and the housing market collapse in 2008 were influenced by the FED’s policies.
- The FED has eroded the value of the dollar, leading to rising prices and diminished purchasing power.
- The cumulative rate of U.S. inflation between 1913 and September 2021 is approximately 2,452.6%.
- The FED’s practices have contributed to growing wealth inequality in society.
Canceling the Federal Reserve Bank’s charter opens the opportunity for alternative monetary policies prioritizing transparency, accountability, and long-term economic sustainability.
The Problem with the FED
Since its establishment in 1913, the Federal Reserve has been plagued by mismanagement and questionable practices. Its ability to manipulate interest rates and control the money supply has resulted in a series of economic crises. The boom-bust cycles fueled by the FED’s policies have brought about financial instability and wreaked havoc on the American economy.
A History of Failed Central Banking
The history of central banking is riddled with examples of its detrimental effects on economies.
From the Bank of England’s inflationary practices to the hyperinflation under the Bank of North America and the First Bank of the United States, central banks have repeatedly caused economic turmoil.
The Second Bank of the United States, despite its attempts to curtail excessive lending, only led to the nation’s first depression. These experiences demonstrate the inherent flaws and dangers associated with central banking systems.
The FED’s Legacy of Economic Crises
The Federal Reserve’s track record speaks for itself. In the past century, the FED has contributed to numerous financial crises that have had far-reaching consequences.
Whether it was the Great Depression of the 1930s or the more recent dot-com bubble and the housing market collapse in 2008, the FED’s policies have consistently played a role in triggering and exacerbating these crises.
The resulting economic hardships have affected millions of Americans, undermining their financial security and stability.
Devaluation of the Dollar: A Key Reason to End the FED
One of the most alarming aspects of the FED’s operations is the steady devaluation of the U.S. dollar.
According to the U.S. Bureau of Labor Statistics’ inflation calculator, the cumulative rate of inflation between 1913 and September 2021 is approximately 2,452.6%.
This means that what could be purchased with $1 in 1913 would require about $25.53 in 2021 to maintain the same purchasing power.
This devaluation of the dollar over time has resulted in rising prices and decreased the value of savings and wages.
This devaluation has disproportionately affected those on fixed incomes and has contributed to growing wealth inequality in our society.
The Need for a New Approach
It is evident that the current system, with the Federal Reserve at its core, is flawed and detrimental to the well-being of the American people.
To secure a more stable and prosperous future, it is imperative to end the FED and explore alternative monetary policies that prioritize transparency, accountability, and long-term economic sustainability.
Just End the FED: It’s the Right Thing to Do
The time has come to seriously consider canceling the Federal Reserve Bank’s charter and effectively end the FED. It’s history of mismanagement, the recurring boom-bust cycles, the devaluation of the dollar, and the negative impact on the American economy cannot be ignored.
It is crucial to reevaluate our monetary framework and explore alternative solutions that prioritize the best interests of the American people.
By ending the FED, we open the door to a new era of financial stability, economic growth, and prosperity for all.
Contributing article: EJ Antoni and Peter St.Onge via The Epoch Times,
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