Thursday, April 7, 2016

EBELING: Abolish the Fed!

Richard Ebeling emails:

Dear Bob,

I participated in the April 5, 2016 “Libertarian Angle,” webinar sponsored by the Future of Freedom Foundation, with the Foundation’s president, Jacob G. Hornberger, on the topic: “Abolishing the Fed.”

This week’s focus is on the Federal Reserve and why the case can be made for its abolition. Slightly over one hundred years old, the U.S. Congress created the Federal Reserve System in 1913, with the power to control and management the monetary system of the United States. A century of such monetary central planning has shown it to be a disaster.

Inflations, recessions, and the Great Depression is the historical legacy of the Federal Reserve, including having created the most recent boom-bust cycle of 2003-2008, from which the U.S. economy has still not completely recovered from.

The discussion was on why it is impossible for monetary planning to successfully manage and stabilize a complex market economy; it can only introduce policies that being about imbalances, distortions, and the monetary and interest rate manipulations that result in the “bust” following the unsustainable “boom” of the business cycle.

Also, explain is how a system of monetary freedom and competitive free banking would provide the sound and stable institutions to facilitate personal freedom of choice, more successful coordination of savings and investment, and prevent the disruptions of the boom-bust cycle.

The webinar runs for about 35 minutes.



  1. I was thinking: "How the heck would you start to end the Fed?". Then I remembered Ron Paul's instruction. Start by allowing alternative currencies. Obviously not bitcoin, but probably (for logistical reasons) some sort of E-Currency. Not perfect, but a start. What if Visa, for example, started making transactions in "V-Dollars". These could be pegged to gold, for example.
    Oh, and I wouldn't have to pay 28% on my REAL MONEY appreciation, since of course we would revert to a gold / silver standard by default.
    Hey, a guy can dream.

  2. In my money-oriented books on (Search on my name below), and at at part 2 in the left margin og my site, I include this phrase (in bold) several times; 'All central banks are created by and for politicians and bankers so they never run out of money'. The rest is just detail activity.
    Regards, Dave Redick, Madison, WI