The American public should be following HR 1207 very closely. This is talk about the credit card held by the government. The credit card that has fourteen trillion dollars racked up on it.
Abolishing the Federal Reserve would be like cutting up the credit card. Ending the Fed is a monumental move. It's a societal change along the lines of the emancipation proclamation. It's like throwing the one ring into the fiery pit. That's not what this bill does, of course, but it's a step in the right direction. It's like a couple that has overspent on ten credit cards sitting down and looking it in the face: how did we end up in this much debt? Where did the money go?
At this time, I believe the banking system is the source of most of the world's problems. Yes, I just said that. War and Poverty can be mostly traced to banking and manipulation of the money. It is the Root.
I'm not the only one that is thinking this turns out. I came to my conclusion, or at least a critical question, just walking down the main street of my small town: there are ten huge, well-landscaped bank buildings squatting on prime real estate. What are they doing there? What are they contributing that is so important?
I am currently wracking my brain trying to figure out a way to cut the banks out of the loop of my life. It's going to take a while to pull the cables out of my spine.
Here is an interesting blog post that echoes (to some degree, especially the part about feeling like a neophyte) my own sentiment:
Too complicated to go over in a blog. You need to go to mises.org and start buying books. Or get a paid subscription to garynorth.com and start learning. It's been a 10 year road for me and I'm still a neophyte. Fractional reserve banking is fraud pure and simple. If you loan money that you do not have, and earn interest on it, it's fraud. It's no different than selling products that you don't actually own.
What you must understand is that whomever creates the money will get full value out of it. As it filters through the economy it will lose value through inflation and thus the users of that same money later in the process are being robbed.
Ex. I print $100. There is only $1000 in circulation at the time I print it. I use it to buy things at the current price. As more money is available to more people, they start buying things and prices go up. I got full value from the money-- the last people to use it will get 10% less for the same $100 because now there's $1100 to go around for the same goods. Of course this is very simple, but if the money supply increases faster than goods and services expand, we get higher prices.
So, i am evil in this scenario. I received the fruit of others labor without toiling for it myself. I just printed it. It's even worse if I were a bank and loaned it out at interest. It's money that I didn't earn, and I make more money on it through interest and I do it on someone else's back. I make money from "fiat money" that I spent almost no effort or expense to create. Simple fraud. Just ask Andrew Jackson.