HR 2755

After all the bailouts, we Americans are indebted to over $8 trillion now. This means the Federal Reserve has increased the supply by 75 percent. This money does not come from some rainy day fund tucked away in the budget somewhere – it is created from thin air, and devalues every dollar in circulation. Dumping money on an economy, as they have been doing, is not the same as dumping wealth. In fact, it has quite the opposite effect.

One key attribute that gives money value is scarcity. If something that is used as money becomes too plentiful, it loses value. That is how inflation and hyperinflation happens. Giving a central bank (Federal Reserve) the power to create fiat money out of thin air creates the tremendous risk of eventual hyperinflation.

People talk about toxic assets, but the real toxicity in our economy comes from the Federal Reserve System. Today’s bankers are poisoning the economy with accelerated fiat money creation. Fiat money is not based on gold, instead, the government (Federal Reserve) orders that the money must be accepted for payment--translation: all of our dollars equal NOTHING...it cannot be guaranteed by gold.

Throughout the ages, gold has stood the test of time as a consistently reliable means of exchange, and has frequently been referred to as “God’s money”, as only God can make more of it. Free people today should be sending the message to the Federal Reserve that this power and control over our money is no longer acceptable.

Our fiat currency system is crumbling and coming to an end, as all fiat currencies eventually do.

Congress should reject the central bank as a failure for its manipulations of money that have brought our economy to its knees. I hope the 111th Congress will support HR 2755 and abolish the Federal Reserve System so that the central bank can no longer destroy our money.

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