Will the Fed end in 2012?
A theory circulating the interwebz suggests the charter the U.S Government granted the 12 private banks that run the Federal Reserve will expire on 22 12 2012. This is because the maximum duration of a United States Government charter is 99 years before it needs to be renewed. The Federal Reserve Act was enacted in the Congress on 23 12 1913 as this was when most congressmen had already left Washington for Christmas holidays.
The poetic justice is almost too good to be true. For this is the day after 21 12 2012, the date of the galactic alignment. On this occasion it seems that something that sounds too good to be true probably is. The act runs in perpetuity unless the Congress abolishes it.
Section 31. Reservation of Right to Amend
1. Reservation of Right to Amend
The right to amend, alter, or repeal this Act is hereby expressly reserved.
The recently retired U.S Congressman Ron Paul is pushing for an audit of the Fed with the view to its controlled wind-down and abolishment but with time hurtling towards 2013 via that most auspicious of dates there doesn’t appear to be any open plans, at least within Congress, at this stage.
H.R.1207 – Federal Reserve Transparency Act of 2009
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes
However, as pointed out by Ron Paul and others, the value of the U.S dollar has declined on average 1 cent for every year of the Fed’s existence. This trend suggests the dollar will become worthless in 2013. With U.S taxpayers $16,313,784,836,446.66 in debt and rising, and with other nations forming blocs and drawing up plans to replace the dollar as the world’s reserve currency their days appear to be numbered.
The Federal Reserve Note also faces a challenge from precious metals:
Ron Paul believes that the first step towards monetary freedom is to allow open competition in currencies. Once gold and silver are allowed as legal tender and can be sold without sales tax, everyone can use them to store their wealth and to pay for the things they want to buy. The Federal Reserve will finally have a very compelling motivation to stay honest and maintain the value of the dollar because if they don’t, they will simply lose all their customers.
The reason for The Federal Reserve’s existence in the first place was to ‘stabilize the economy’. Instead they have looted it. With Timothy Geithner and Helicopter Ben Bernanke printing paper measured in football pitches it is easy to see why Americans and the world are fast losing faith in the dollar. Once confidence in the system goes the confidence trick loses its power.
‘The Federal Reserve System is neither federal or a reserve, nor is it a system’