What if We Didn’t Have the Fed? 10 Things That Would Be Different…

January 13th, 2011

The Federal Reserve is the central bank’s third round of existence in the U.S. First it was the First Bank of the United States from 1791-1811, then came the Second Bank of the United States which eased the debt amounts from the War of 1812.  The Second Bank’s lifeline was 1816-1836…similar to the First Bank’s 20 year span.

How were the first two disposed of? Congress voted NOT to renew the charter of the First Bank (by only one vote did this pass) and Andrew Jackson refused to renew the Second Bank’s charter.  Both instances focused on the unconstitutionality of the central banks.

The Economic Collapse Blog covered the top 10 things that wouldn’t be so if we had nipped our current Federal Reserve’s being in the bud:

So how would America be different if we could go back to 1913 and keep the Federal Reserve Act from ever being passed? Well, the following are 10 things that would be different if the Federal Reserve had never been created….

#1 If the U.S. government had been issuing debt-free money all this time, the U.S. government could conceivably have a national debt of zero dollars. Instead, we currently have a national debt that is over 14 trillion dollars.

#2 If the U.S. government had been issuing debt-free money all this time, the U.S. government would likely not be spending one penny on interest payments. Instead, the U.S. government spent over 413 billion dollars on interest on the national debt during fiscal 2010. This is money that belonged to U.S. taxpayers that was transferred to the U.S. government which in turn was transferred to wealthy international bankers and other foreign governments. It is being projected that the U.S. government will be paying 900 billion dollars just in interest on the national debt by the year 2019.

#3 If the U.S. government could issue debt-free money, there would not even have to be a debate about raising “the debt ceiling”, because such a debate would not even be necessary.

Continue reading with The Economic Collapse Blog…

h/t LewRockwell.com


About the Author: megan

Megan is the Marketing Manager for Silver Circle who spends endless amounts of time on making sure the word gets out about this film and graphic novel! As a liberty activist since '08 she also has gained a passion for advancing liberty in her personal life and helping others to do the same. Questions about getting involved with the film, events, liberty, and hip-hop can go straight to her!