December 20, 2013 § Leave a comment
IT’S THE YEAR of Tax and Monetary Truth: that’s what I (only twelve months late) am proclaiming 2013.
The following opinion, written by former Illinois banker Edward Mrkvicka, appeared in the April 7, 1992 edition of the Chicago Sun-Times. Since that time it has resided in one of several boxes comprising my morgue (that’s what they call a clipping file in the newspaper business. Hey kids — you’ve heard of newspapers, right?) I’m posting it here because it doesn’t seem to be available anywhere else on the Internet.
Return power to the people
By Edward F. Mrkvicka Jr.
Article I, Section 8, Clause 5 of the Constitution states, “The Congress shall have Power … To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standards of Weights and Measures.”
In 1913, Congress passed the Federal Reserve Act, which, in seeming violation of Article I, gave the power to regulate money to a handful of unelected private bankers.
America has been paying the price ever since.
Our founding fathers knew this basic truth: Those who control a nation’s money control the nation. That’s why the Constitution gave ultimate authority for our currency to the people. The passage of the Federal Reserve Act handed our economic future to an unsupervised private corporation called the Federal Reserve.
The issue of repeal is worthy of review for many reasons, the most pressing being our close to $4 trillion national debt (what more proof is needed that present policy is a failure?). This intolerable, crushing financial obligation threatens our very existence. And the prime force that has brought us to the edge of the insolvency abyss is the Federal Reserve Act.
As the Federal Reserve is a private banking institution, every time Congress requisitions money it creates a debt obligation. There have been thousands of these monetary transactions since 1913; i.e., a transfer of cash from the Fed in exchange for U.S. bonds, resulting in taxpayers paying untold billions of dollars in interest every year with no hope of ever being able to reduce the principal. By controlling our money, private Federal Reserve bankers have indebted us forever.
Repealing the act offers almost unfathomable economic rewards. A government that prints its own money cannot be indebted. Taxes could be slashed and the savings used by consumers. Government, instead of being forced to spend substantial tax dollars to pay interest, would be able to pay, not borrow, for housing, education, mass transit, health care and other critical social problems. By eliminating the Federal Reserve middleman, we would be able to create a debt-free, productive government at all levels.
Of course, Congress could abuse its recovered power and cause, for example, runaway inflation. However, if it does, we can exercise our right to vote members out of office. We are unable, by any means, in any manner, to affect the Fed.
America, while not the economic power it once was, is still the richest nation in the world. Yet average Americans have virtually none of the wealth. Thomas Jefferson was prophetic when he stated, “if the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered.” *
Repealing the Federal Reserve Act, while perhaps sounding extreme, is a concept produced by a belief in constitutionally mandated capitalism. Conversely, the Federal Reserve is a tool of totalitarianism. It has allowed a small number of private bankers to financially enslave America.”
– Edward F. Mrkvicka, Jr., who lives in Marengo, is author of The Bank Book.
- And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. (Letter to John Taylor, 1816)
- Bank-paper [credits from private banking institutions printed and circulated as money] must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.”
Now back in the ’90s, Mrkvicka was on record as a supporter of the Sovereignty Proposal for debt-free United States Treasury money. He since threw his support behind Stephen Zarlenga, Dennis Kucinich and their proposal for Treasury-created interest-free money. I myself lean more toward the Monetary Reform Act.