This is a concept that will take some time to develop. This post, of course, will be an evolutionary creature in that I will need time to grab various ideas and cobble them together. Yet, from the outset, this discussion must be built upon this simple argument: a federal bank, or a centralized bank, serves only to destroy the greater interests of the United States and its economy.
At its heart, at best well-intentioned, a centralized bank creates several issues. Here is the gist of why Andrew Jackson worked hard as president to destroy the Second Bank of the United States during his term:
- It concentrates the nation’s finances in a single institution
- This institution could be more easily manipulated, which made the government much more susceptible to foreign interests
- It was a vessel used only to make the rich richer
- It had great influence over the politicians as it was used to supply their interests
- At the time, it favored northern states over the southern and western states
Jackson’s distaste of the centralized bank was not unfounded. After all, Thomas Jefferson said:
The central bank is an institution of the most deadly hostility existing against the principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.
Greenspan comments on the existence of the Federal Reserve
Here is something else to consider – a documentary on what the Federal Reserve is. It has a biased message so consider it carefully. Then again, it coincides with the message of this post.
Yet, there are discussions out there that can save us from this mess. In fact, there was a politician running in the general election for president that was running under a major party’s ticket. That politician is Ron Paul and as a Republican, he holds values that are closer to Libertarian ideals.
There are others fighting to raise awareness. For instance, what if there was no law that enforced the payment of the federal income tax? What if this product of the IRS was unconstitutional?