Many Americans are seduced by the promise of entitlements and illusion of something for nothing. Each presidential candidate promises more than the other, so taxes must inevitably be raised and the real cost to taxpayers will be concealed through currency debasement and devaluation. Thanks to the Federal Reserve Board, a dollar once worth one-twentieth of an ounce of gold is now one-nine hundred fiftieth.
In 1913, Congress created the Fed and gave it a monopoly on printing money. Unbeknownst to Americans, it is independent of taxation, audits, Congressional supervision and the American voter. Former President Thomas Jefferson argued that a national bank is unconstitutional and that this “step beyond the boundaries thus specifically drawn around the powers of Congress is to take possession of a boundless field of power.” Congress, in its quest for boundless power for currency control and to break free of credit expansion restrictions, found how to create the illusion of money to fund their tax and spend schemes.
Consumer prices and the foreclosure crisis are tied to the dollar's demise. The dollar is no longer backed with gold reserves but IOUs of subprime loans and mortgages. In other words, our dollar is backed by the full faith and credit of the guy who could not handle his mortgage or car payments.
This economic truth is not taught in schools, unnoticed by pundits, unreported by journalists and ignored by the candidates. No amount of tax rebates, entitlements or stimulus checks can save our sinking dollar.
Ed Konecnik
Flushing
