Ron Paul speaks on Economics

Ron Paul speaks to local business and financial leaders at Lake Union Crew, Seattle on January 31, 2008.

One of the biggest scams ever brought about against the American people has been the Federal Reserve System, fraudulently created in 1913.

It is not federal and it has no reserves. It is a group of private bankers who basically print money out of thin air and then loan it to the United States government at interest. They also control the interest rates for our economy. The "booms" and "busts" of our economic cycles are scientifically created by the "Fed." Their goal is to make a profit for their shareholders. This powerful entity has never been audited.

Our Constitution states that Congress is to be the one to coin our money and regulate its value. We don't need the private bankers as "middlemen" who have fleeced American citizens out of trillions of dollars over the years.

The Federal Reserve has continually created more and more money over the years, causing inflation. The purchasing power of a 1913 dollar has declined to a value of about one penny today.

The federal income tax was also fraudulently created in 1913. The 16th Amendment was never fully ratified. There is no law stating that we have to pay a tax on our wages. The bankers have tricked us into believing that these taxes fund the government, instead of their inflationary scheme of creating money out of nothing. A commission set up by President Reagan admitted that not one dime of our income tax goes to run the government. It all goes to pay the debt to the private bankers of the Federal Reserve.

Of the current presidential candidates, only Ron Paul is talking about this issue. He understands the "hidden inflation tax" on Americans and the unnecessary and unconstitutional Federal Reserve system. He would phase this system out and eliminate the IRS and the income tax. Our ailing republic needs Ron Paul's monetary expertise now more than ever.