Sunday, 26 April 2009

Americans Rally Nationwide to End the Fed

Written by  Thomas R. Eddlem

End the Fed rally“End the Fed” rallies were staged across the nation in more than two dozen cities April 25. Attendees protested in front of every one of the dozen Federal Reserve Bank branches and expressed support of Ron Paul’s H.R. 833, which would abolish the Fed, and H.R. 1207, which would provide an independent audit of the quasi-private central bank.

Peter Schiff keynoted the rally in New York City, noting of the current economic bust: “The Federal Reserve was behind all of it and we’re not going to get to the root of our economic problems unless we get to the root cause, which is the Federal Reserve and the phony monetary system we now have.” (See his speech here, and advance publicity for his address here.)

Indeed, Statistical Abstract of the United States demonstrates that average inflation-adjusted GNP/GDP annual growth rates for the United States have shrunk from 4.6 percent for the 46 years before the Federal Reserve was adopted to just 3.3 percent afterward. Growth has slowed to less than 2.2 percent in the past 20 years, roughly the rate of population increase. The United States has gone from a nation where every generation could expect to be materially better off than the past generation, to a nation where it's difficult for young Americans just to reach the heights their parents once had.

“Good afternoon would-be terrorists of America,” Harold Shurtleff of the John Birch Society opened remarks in the shadow of Boston’s Federal Reserve Bank building, referring to a Department of Homeland Security memo that painted liberty lovers as potential terrorists. “The real terrorists are behind us.” The Federal Reserve bankers destroy the economy, explained Shurtleff, the New England Coordinator for the John Birch Society. “Today, there are rallies like this all over the country. Millions of people are waking up.” The Boston rally had been sponsored by, and Ron Paul’s Campaign for Liberty.

Footage from some of the April 25 rallies is available on YouTube, including Los Angeles, Chicago, Boston, San Antonio, Detroit, and Indianapolis.

“The Federal Reserve is the biggest problem facing America.” Free Talk Live radio host Mark Edge told the Boston audience. “If the Federal Reserve doesn’t go away, America is going to be destroyed.”

But the Boston "End the Fed" rally, attended by this correspondent, was not negative. “Even if we don’t end it,” radio talk show host Dave Kopacz quipped in Boston, “they’re doing a pretty good job of self-destruction.” The Federal Reserve’s artificial lowering of interest rates created a false prosperity bubble that led to the current housing and financial crash. And that’s becoming more and more obvious, Kopacz pointed out. Sean Ryan, Boston Coordinator for Campaign for Liberty, explained that “our task is not as hard as it must have been for our ancestors” who fought the war for independence from Britain.

The April 25 rallies are a follow-up on earlier rallies on November 22 of last year.

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