LETTER: Abolish the Federal Reserve

By Beacon Staff

The 98-year experiment of having a quasi-governmental, private banking cartel run our nation’s monetary system has been a near complete debacle. Since the Fed was given control of our monetary system through the Federal Reserve Act of 1913, our dollar has lost up to 96 percent of its value. The United States Constitution calls for Congress to allow money to be issued, interest free, and backed by gold and silver. The current system of Fractional Reserve Banking allows for the private Fed to print money (or create blip money on a computer screen) basically out of thin air, and then charge the government interest on this counterfeit money that has been created.

The recent government bailouts to Wall Street, foreign Banks, and several corporations increase the national deficit, inflate the currency, devalue the dollar and cause rising consumer prices. With Congress having the ability, through the Federal Reserve, to continually fund overseas unconstitutional wars abroad, dysfunctional welfare programs at home, and a bloated government bureaucracy, the America people are being bilked, looted, robbed, and bamboozled out of their hard-earned wages and savings, while tens of thousands die in overseas wars, and record bonuses and profits are being siphoned from “we the people” to fat cats on Wall Street. Enough is enough! Let us return the state of Montana to a sound money system and follow up with a movement to abolish the Federal Reserve Bank. Thomas Jefferson left us this warning:

“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks) will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”

David Milak

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