Last updated on August 24, 2020
- Our currency is backed up by nothing but a wish and a prayer.
“A U.S. dollar is an IOU from the Federal Reserve Bank. It’s a promissory note that doesn’t actually promise anything. It’s not backed by gold or silver.”—P. J. O’Rourke
“Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you’ll always be able to buy more food with your gold.”—Peter Schiff
- Freshly printed money is used to sink us into more debt.
“It’s very difficult to explain to a normal working citizen the implications of what $18 trillion in debt means and what it means when the Federal Reserve buys the U.S. Treasury bonds to finance our loss every month.”—Steve Wynn
- Freshly printed money finances boondoggles and military adventures.
“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom.”—Marc Faber
- Encourages and facilitates profligate government spending and deficit financing.
“It’s absolutely critical that we audit the Fed so the American people can see what’s going on over there. Do it from top to bottom so that we can have transparency in this entity called the Federal Reserve. Hopefully, the American people will see that we need to go back to the gold standard, which I’ve introduced, and get rid of the Fed.”—Paul Broun
- Money is worth less over time, and therefore prices go up.
“Prices are going up. Unemployment continues to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system.”—Ron Paul
“When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker.”—Marc Faber
- Government central planning doesn’t work and creates unanticipated consequences.
“The broadest fact that few people grasp about central banking is that it is essentially central planning applied to the realm of money and banking.”—Richard Salsman
To learn more about the Fed, its origins, and alternatives, here are resources to help:
The Creature from Jekyll Island by G. Edward Griffin
Breaking the Banks: Central Banking Problems and Free Banking Solutions by Richard M. Salsman
End the Fed by Ron Paul
The Case Against the Fed by Murray N. Rothbard
RAHN: Fixing the Federal Reserve – Washington Times
Gold Standard Institute – Making the case for a gold standard
Jefferson’s Opinion on the Constitutionality of a National Bank, 1791. (Although the Federal Reserve didn’t exist back in Jefferson’s time, he knew the dangers that such a bank held for the country.”
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”—Henry Ford