I wrote this in college about four years ago. I didn’t get a passing grade but my information here is sound.
The Federal Reserve is the central bank to the United States. This Federal reserve was signed into law in December of 1913. The Federal Reserve Act was signed by Pres. Woodrow Wilson. This was meant to be a centralized bank that would be in control of our monetary system. This was a carefully planned out endeavor and should be abolished.
The creation of the Federal Reserve was not organic in how it came to be. The people who created the Federal Reserve were bankers who had a monopoly on almost everything. In 1913 a group of bankers got together and created a cartel of sorts and got the federal government be involved as a partner. This Act that was signed was because the people were getting weary about a looming financial crisis. The Federal Reserve acts as a hybrid organization in that it is both a private and a federal organization. The big major banks have ownership of the bank but since Congress is a partner they also have some ownership. There are not very many organizations like the Federal Reserve.
The big names that met to form this cartel were JP Morgan, and William Rockefeller and there were five others involved. They had to meet in secret aboard a private railroad car and then onto a fairy that took them to a privately owned island named Jekyll Island. This island was and is a privately owned club. During the time it took to get to the island they stayed away from reporters, they went to a train station and took a private railcar on the rail car they did not address each other by their names. When they got to Georgia to take a fairy. While on the fairy they changed the waiting staff so no one would talk about what was going to happen. They even denied that a meeting ever took place. They only addressed what happened after the Federal Reserve was firmly in place.
Since Congress is a partner with the bankers, they help protect the Federal Reserves banks profit margins. It uses taxpayer dollars that it gets from taxation to help bail out the banks when they are going belly up. Congress likes to spend money they don’t have and when they have to spend money on things that would normally raise tax rates they go borrow from the Federal Reserve. The Federal Reserve does not have the money they print but they print it anyway. They use the term loan or lend because it seems better than what actually happened. Congress can still run the way its running with the national debt into the trillions as long as they keep allowing a thing called inflation to happen. This inflation is a hidden tax on the people that is caused by the Federal Reserve having the ability to create money out of nothing. People don’t know they are paying a hidden tax because they think it’s just the cost of a good going up. Those who have the least amount of money are paying the highest rate of inflation.
The biggest reason to abolish the Federal Reserve is that it is not for the people. It only serves the people that created and the bankers that make their money from it. The national debt won’t get better because of some new interest rate that the Federal Reserve has set. It is all Fiat money that is created out of thin air, backed by nothing.
The people of America have been duped into thinking that this system has helped them or will help them in the future. This is wrong, because the system was rigged in the favor of those who created and run the Federal Reserve. If every single dollar and coin was taken back the people would be left with nothing, it would be a horrible recession that we would probably never get out of. If we also were to abolish it the people would be free to put our dollar back on the gold standard making our money actually mean something and not be a piece of paper with slogans on it. It was created by very dubious people and should be trashed for that simple reason, it was created to make bankers have power over people without having to worry about government influence. Therefore, it has no morals to stand on and should be abolished.