In the last two weeks, we’ve seen that the Federal Reserve is a system of privately owned banks that creates money out of thin air; that our federal government has “borrowed” more than $15 trillion and we taxpayers will pay about $450 billion in interest this year alone; that bankers, not our government, control how much money is in circulation, leading to economic booms and busts; and that the U.S. government is not only capable of creating debt-free money, it is constitutionally mandated to do so, but doesn’t.
These are basic concepts that lie at the very heart of our nation’s economic problems: our roller-coaster economy, our exploding national debt, our continual budget deficits, unemployment and inflation. We’ll take a look at how you can help fix these problems a little later, but first, I’d like to make two more points.
First, if all the money in circulation in the U.S. was originally loaned to us by bankers charging us interest, we can never get rid of our debt. Let’s say that the total amount of money in circulation in the U.S. was $100, $15 loaned to us by the Federal Reserve and $85 loaned to us by banks, and they all charge 5 percent interest every year. At the end of the first year, there’s $100 in circulation, but we owe the bankers $105. How can we pay them back? The problem’s the same whether you’re talking about a $100 economy or $100 trillion, and one year or 100. There is built-in failure with this system and every 10 years or so, we have another round of recession and foreclosures. America, we need to rid ourselves of our debt-based money.
The second point is that the Federal Reserve Open Market Committee has a lot of control over whether our economy surges or sags. This committee has always been composed of bankers, but I think that it should also include members representing large corporations, small business, farmers, labor, homeowners and consumers. Everybody is affected by our economy; everybody should have a voice. I also think that these meetings should be televised live.
We Americans vote for judges, representatives and even the president of the United States, but we don’t really get to vote on the economy. I think we should. I’ve put together a petition online at http://www.change.org titled Fix the Fed and if you sign it, an email will be automatically sent to President Barack Obama asking him to: Order the U.S. Treasury to purchase the Federal Reserve; to have the Treasury issue debt-free U.S. currency; to instantly reduce our national debt by $2 trillion by shredding the Treasury Bonds currently held by the Fed; to pay down the rest of the national debt as quickly as possible, while keeping inflation below 4 percent; to have the Open Market Committee include members representing banks, large corporations, small businesses, farming, labor, homeowners and consumers; and to televise their meetings, live.
That would be a darn good start to fixing our broken economy.
Petitions have no legal basis to mandate change, but all elected representatives, from your city councilman to President Obama, pay attention to which way the political winds blow. There are tens of millions of voting Americans out there who understand that there is something dreadfully wrong with the Fed and our national monetary system. This petition can be your voice. If you agree, sign it and have everybody you know sign it, and everybody they know sign it, too. Go online and email this article.
I believe we Americans have the right to determine our own economic future. If you agree, vote.
Mike Kirchubel grew up in Fairfield and is the author of “Vile Acts of Evil: Banking in America.” He can be reached at [email protected]