In this article, George Ford Smith takes a critical look at the Federal Reserve’s role in the U.S. economy, arguing that its very existence contradicts its stated purpose. While the Fed claims to fight inflation, Smith points out that its main function—money creation—inevitably leads to inflation and a devaluation of the dollar. He highlights how fractional reserve banking, legal tender laws, and government reliance on debt financing all contribute to economic instability, war, and loss of freedom.
Key takeaways:
- The Fed was created to stabilize the dollar, yet the dollar has lost 97% of its value since the Fed’s inception in 1914.
- Legal tender laws and fractional reserve banking artificially expand the money supply, leading to inflation and wealth erosion.
- The Federal Reserve has financed war efforts and government overreach through debt monetization.
- Smith advocates for repealing the Federal Reserve Act of 1913 and returning to a gold standard, citing the economic prosperity of the late 19th century as an example of monetary stability without central banking intervention.
Read the full article here.
