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Congressman Ron Paul’s bill, HR 2755, abolishes the board of directors of the Federal Reserve, repeals the Federal Reserve Act, allows chairman of the FED board to manage, liquidate all assets maximizing returns to the Treasury.
After satisfying all claims against the Board, any federal reserve bank accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury, deposited in the General Fund of the Treasury.
Once this process is done all other liabilities transfer to the Treasury, will be appropriated until all liabilities are satisfied. This process should scare the crap out of you.
Who appropriates? Congress. Trillions of dollars, borrowed money? Do we want the fox to continue to guard the hen house?
With the power the Treasury has been given these past few weeks, this bill continues to leave Congress in charge of the money supply. Congress cannot be trusted to borrow another penny.
What House Bill 2755 does not contain: What will be used for “money," how will this “money” will get into the market place? If gold and silver, how will it get into the market place, where will I get it? Is gold and silver going to be loaned at interest? Where is this “interest going to come from if “principle” money is the only money out there for me to get my hands on to pay back my interest? No mention of private sector loans and what is going to happen to them? When the assets of the FED are sold, with the Fed being abolished, what will the purchasers of those assets pay for them with?
I want answers. Don’t you?
Loma Wharton
Winston
After satisfying all claims against the Board, any federal reserve bank accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury, deposited in the General Fund of the Treasury.
Once this process is done all other liabilities transfer to the Treasury, will be appropriated until all liabilities are satisfied. This process should scare the crap out of you.
Who appropriates? Congress. Trillions of dollars, borrowed money? Do we want the fox to continue to guard the hen house?
With the power the Treasury has been given these past few weeks, this bill continues to leave Congress in charge of the money supply. Congress cannot be trusted to borrow another penny.
What House Bill 2755 does not contain: What will be used for “money," how will this “money” will get into the market place? If gold and silver, how will it get into the market place, where will I get it? Is gold and silver going to be loaned at interest? Where is this “interest going to come from if “principle” money is the only money out there for me to get my hands on to pay back my interest? No mention of private sector loans and what is going to happen to them? When the assets of the FED are sold, with the Fed being abolished, what will the purchasers of those assets pay for them with?
I want answers. Don’t you?
Loma Wharton
Winston
