Even the Wall Street Journal Says “Break up the Fed”

In a sign of the growing movement to end the Fed, the bastion of the economic status quo – the Wall Street Journal – published an OpEd today entitled “Let’s Break Up the Fed” and subtitled “The Federal Reserve has done a terrible job at financial regulation. Why give it more power?”.

Given that a new new Rasmussen poll shows that 75% of Americans want to audit the Fed, and a new Gallup poll shows that American’s trust in the Fed has plummeted, and that Ron Paul’s bill to audit the Fed has at least 276 co-sponsors in the House, and 19 co-sponsors in the Senate, even Bernanke’s charm offensive doesn’t seem to be working very well.

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  • http://Anonymousnoreply@blogger.com Anonymous

    The FED and the I.R.S. are both illegal operations, and should be not only shut down, but prosecuted under the R.I.C.O. Act., and those responsible for their continued existence all of these years, should be prosecuted. All deceased members of the U.S. government should have their stinking treasonous corpses 'exhumed' and then dumped in the landfills like the garbage that they are. And their offspring should be castigated and forced off U.S. soil if they continue in the same venue as their predecessors did.If 'We The People' don't overthrow the cabal that has destroyed America, then there is no hope for Liberty and Freedom on this continent, we might as well put a sign on the Statue of Liberty and change it into the Rothschilds Statue of Torturers, because that is exactly what this nation has become.It' is time to end this. It really is time.

    • Anonymous

      YES! I’m all for it. The people have to organize. We can’t just keep talking about it on these web boards. We’re not getting it done. What is the venue? Join the Occupy groups? Join a militia? Join the Tea Party? What? I’m in. Tell me.

  • http://Anonymousnoreply@blogger.com Anonymous

    Ending the Federal Reserve is not a call to have a global equivalent. Executive Order 11110 is still in effect and the US should go back to those RED United States notes. Funny how Kennedy was killed shortly after this event. Also Lincoln issued money after the civil war and did not borrow from a private bank. Funny how he ended up assassinated as well. Jackson put a fight and was targeted as well but the attempts failed. Quite a coincedence.

    • Anonymous

      This is off of Wikipedia, don’t know if it’s true:

      Revocation

      E.O. 11110 was not reversed by President Lyndon B. Johnson and the section added to E.O. 10289 remained on the books until President Ronald Reagan issued Executive Order 12608 on September 9, 1987 as part of a general clean-up of executive orders.[14] E.O. 12608 specifically revoked the section added by E.O. 11110 which effectively revoked the entire Order. By this time, however, the remaining legislative authority behind E.O. 11110 had been repealed by Congress when Pub.L. 97-258 was passed in 1982.
      In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of silver certificates for silver dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. All redemption in silver ceased on June 24, 1968.

  • http://classlink.lcusd.net/classlink/viewfiles.php?pid=4096 Carl Herman

    The editorial is, as Princeton Chair of Philosophy Harry Frankfurt wrote in his bestselling book, "bullshit." The author has no proposal other than a paragraph at the end of dividing authority of the Fed into monetary policy and regulation. This is no solution to the problems cited in the rambling essay.The solution is acknowledging the Fed system of fractional reserve banking costs the public a trillion dollars a year relative to the government creating money directly WITH COMPLETE TRANSPARENCY. For a brief on the topic of money creation, read the "Heart of Economics" by clicking on my name.

  • http://Anonymousnoreply@blogger.com Anonymous

    The sooner the better, however, what guarantee do we have that the bill will ever be voted on?Somehow " inconvenient " bills are not acted upon.Obama's birth certificate law suits just get thrown out of any court.What sort of democracy do we really have?

  • http://www.blogger.com/profile/00223188045543322944 st0rm1n

    Carl,Excellent summary of the monetary system.I am suprised you're allowed to teach this.

  • http://classlink.lcusd.net/classlink/viewfiles.php?pid=4096 Carl Herman

    Thanks, st0rm1n. I think I was allowed to teach the monetary system because so few people understood it. I appreciate your ongoing education. Feel free to share my paper if it's helpful.Where I got the complaints was my brief on our current wars, which you're also welcome to read and share. You're right that I did get fired, without comment or recourse, and am looking for employment like so many of our countrymen.

  • http://Anonymousnoreply@blogger.com Anonymous

    75% of Americans Want To Audit the Fed – Thousands Want to Abolish It!Read the petition and the angry comments at http://www.petitiononline.com/fed/petition.html Thanks,Ron

  • http://nyfinances.com/ nyfinances

    Wall Street Journal is a good newspaper, but it can't be compared with Financial Times, where I find the most interesting articles to read, about NY finances, and world finances altogether.

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