Critique of Ron Paul End the FedSubmitted by Shaka on Wed, 12/02/2009 - 19:30
Stephen Zarlenga writes:
Infrastructure repair would provide quality employment throughout the nation. There is a pretense that government must either borrow or tax to get the money for such projects. But it is a well enough known, that the government can directly create the money needed and spend it into circulation for such projects, without inflationary results.
First, incorporate the Federal Reserve System into the U.S. Treasury.
Second, halt the banks privilege to create money by ending the fractional reserve system.
Third, spend new money into circulation on infrastructure, including education and healthcare.
Richard C. Cook writes:
I worked with Steve [Zarlenga] on his first draft of the American Monetary Act. The time came when Steve and I began to meet with Congressman Dennis Kucinich, briefing him and others in Washington on monetary ideas.
So much has happened since then. So many more people have become aware of the evils of the debt-based monetary system. We have seen Congressman Ron Paul ignite a national wave of revulsion against the Federal Reserve System. There is now even hope that the American Monetary Act might be introduced on the floor of Congress.
Ron Paul writes:
While a gold standard would be a wonderful thing, we shouldn’t wait for one before we end the Fed… An end to the money-creating power and a transfer of remaining oversight authority from the Fed to the Treasury would be marvelous steps in the right direction.
So we see that Ron Paul’s proposal is essentially the same as that of Stephen Zarlenga and his man in Congress, Dennis Kucinich. Like Paul, Zarlenga also believes that a gold standard is a wonderful thing, provided that it does not have to actually be implemented. Since Paul has no concrete plans for implementing a gold standard, he and Zarlenga are united in their desire to incorporate the Federal Reserve System into the U.S. Treasury as quickly as possible.
Click here to read the rest of my critique.