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Neither Federal Nor Reserve
Written By: Todd McGreevy
Section: Commentary/Politics

Category: Editorials

2009-02-04 08:03:34

The Federal ReserveFebruary 4, 2009's  cover story - The Future of Money?: With the Economy a Wreck, Alternative Currencies Could Gain Traction - explores local and national currency systems that have emerged as alternatives to Federal Reserve Notes - commonly known as U.S. dollar bills. It is my firm belief that the Federal Reserve system - with its fractional reserve lending, lack of accountability to the people (via Congress) and the market (via price fixing of interest rates) - is going lead to the total devaluation our currency and the destruction of our nation's economy. What will fill that vacuum, without these alternative currencies, is subject for another column.


[June 5, 2009: Since this was published the Federal Reserve Transparency Act of 2009 has been introduced by Congressman Ron Paul and co-sponsored by over 180 House members from both sides of the duopoly, Republicans and Democrats. Even if the bill passes the house it faces a royal battle from the Senate, who is even more so in the pockets of the banksters on Wall Street,with such senate luminaries in finance as Chris Dodd and Chuck Grassely.]


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