Tag Archives: LETS

On Ron Paul, The Federal Reserve, And What To Do About Banking

I like Ron Paul. I always have. I particularly like his philosophies on the reduction of the Federal Reserve Banking System’s influence on the Treasury and federal monetary policies.

That is essentially where it ends.

Ron Paul used to be in favor of nationalizing the Federal Reserve; he is no longer in favor; I still am.

The Constitution of These United States of America States (in Article I Section 8), verbatim:

Section 8 – Powers of Congress

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States; […]

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; […]

… and so to impugn or disguise this under any other authority is clearly in breach. Firstly, I would prefer to strictly nationalize the Federal Reserve Banking System and place its powers back squarely under the purview of the Congress Assembled. For those who disagree on the basis of that the powers would be therfore politicized, I give you the last 25 years of the history of the Fed from Greenspan/Reagan.

The monetary policy of this nation will always be politicized, and naming one chair under the auspice of a clearly partisan president to further the economic and monetary policy of the entire nation is not solution. It never was.

Secondly, the Glass–Steagall Act must be re-enacted, so that speculation is controlled, banking institutions have control over banking, investment institutions have control over investments, the FDIC is not left holding the bag, and so that securities can become more secure, as overseen by the proper agency in charge, the SEC.

If banks want to betray their investors by giving billion or million dollar golden parachutes to failed CEOs, it will then be up to the stockholders, and certainly no more the taxpayers, to bail on or to revive those commercial institutions.

Thirdly, I would like to see, a hedge to the US Dollar’s performance overseas, a new plethora of local currencies, to be governed by those who participate in their creation.

These would be patterned after various LETS systems and would be wholly autonomous, as in the days of the independent banks which where in abundance during the days of the presidency of Andrew Jackson.

With all these reforms in place, we as a People could certainly initiate a more abundant and populous-serving system run in conjunction with the People and the State.

Comments Off on On Ron Paul, The Federal Reserve, And What To Do About Banking

Filed under Banking, Reform