It is not the Fed’s responsibility to manage the economy of the United States. It is the power of the Congress, under Article One, Section 8 of the United States Constitution to coin money and regulate its value. By one of the most shocking insider-trading deals in history, the Federal Reserve Act of 1913 offered stock, the unsold portion of which would be owned by the United States. Overnight, the bankers who sold the Federal Reserve Act to an unknowing Congress and a deceived President Wilson, snatched up all the stock in the private Federal Reserve Bank. Woodrow Wilson said, of this debacle:
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation,therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely
controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by
conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
It is time to nationalize the Federal Reserve Bank and put an end to the looting of the economy of the United States.
How troubling that Mr. Krugman can only come up with the confirmation of Ben Bernanke as the lesser of bad alternatives. The Federal Reserve Bank itself is the worst of all alternatives. Those who forget history are doomed to relive it.
As poet/philosopher George Santayana said: “Those who cannot remember the past are condemned to repeat it.”
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