March 9, 2011
By Gary North
Things are not always as complicated as they seem. With respect to the Federal Reserve System, it is a deliberate mystery. It was deliberately designed in 1910 to deceive the public, who were opposed the idea of a central bank. The conspirators who met on Jekyll Island in November 1910 knew this. They did good work from their point of view. They concealed the beast.
The general public today knows little about the FED. Prior to Ron Paul’s Presidential run in 2007-8, far fewer people understood it.
I have been asked: “How could we get rid of the Federal Reserve? What will replace it?” The answer: either the free market or Congress.
People who think of themselves as free market people often are not. The tax-funded public schools and the state-regulated and accredited university faculties have taught that the modern system of intrusive civil government is necessary for an orderly society. People cannot imagine a market-based society.
There is an old saying, “You can’t beat something with nothing.” But the free market social order is not nothing. It is expanding around the world, which is why the world is getting richer.
At the Federal level, a free market social order in banking existed prior to 1914. That was back when the dollar was worth over 20 times what it is worth today. On this point, see the inflation calculator of the Bureau of Labor Statistics.
We can go back to that system. We will go back to it. The question is: When? The other question is: At what price? Read More
