The Federal Reserve is a Symptom of a Much Bigger Problem

By Robin Itzler

Editor's Note:    This is a grouping from the commentaries in Robin's weekly newsletter Patriot Neighbors.  Any cartoons will have been added by me.   If you wish to get the full edition, E-mail her at PatriotNeighbors@yahoo.com to get on her list, it's free. RK 

1913 was a seminal year for America with passage of laws that became slow walking disaster for the nation.  In that year the 16th Amendment was passed giving the federal government the right to steal as much as they could from Americans.  It's called income tax.  The 17th Amendment was passed destroying the balance of power between the federal government and the states, pretty much making the 10th Amendment, states rights, fundamentally meaningless.  Originally Senators were chosen by their states to in effect be de facto ambassadors representing their state at the federal level in order to keep the federal government from getting out of control.  And we can see how ending that has worked out. 

In that same year Congress passed, and Democrat President Woodrow Wilson, America's first fascist President, signed the Federal Reserve Act to make sure the United States maintained a sound banking system and a healthy economy. Until then, any time there was a panic (real or imagined), people rushed to their bank to withdraw all their money. That, of course, had a domino effect.

There are 12 regional banks across the United States that make up “the Fed.” Since 1977, the Federal Reserve has been charged with making decisions that promote maximum employment and stable prices. As you know from the news, the Federal Reserve’s independence in setting interest rates frequently comes under attack. President Trump calls its current chairman Jerome “Too Late” Powell because he and many economic observers believe that interest rates should have been lowered months ago.

There were many who didn’t believe a Federal Reserve was needed. For instance, in 1932, Pennsylvania Congressman Louis T. McFadden, Chair of the House Banking Committee, said:

“We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it.”

The disaster of 1913 didn't occur overnight. Just like socialism, it was a slow walk through the institutional structure of America, and now we're facing an out of control Deep State which has passed regulations that make the federal government the absolute moral authority upending parental rights and controlling every aspect of our lives, spending billions of dollars the nation doesn't have on insane and wasteful programs, a national debt that's around 37 trillion dollars, and a federal judiciary filled with radical political hacks destroying the rule of law. 

The FED is a symptom of a government that's out of control and is in serious need of adjustment.