Paul Volcker, former Chairman of the Federal Reserve Bank, admitted that the current Federal Reserve Bank under Chairman Ben Bernanke, should be taken under review. Volcker made this admission under questioning whether the Federal Reserve Bank had bitten off more than it could chew, on Robert Wolf’s, Impact Players, television program.
"Is too much being centered in the Federal Reserve now, should there be a different arrangement? I'm not ready to take it away from the Federal Reserve entirely, but it deserves a look, it deserves a review of how we have organized the regulatory system," Volcker concluded.
“This is exactly what we’ve been talking about,” responded founder of Elect A New Congress (http://www.electanewcongress.com), Wm W. Fawell. “And this is why we released our study, The Orderly Removal and Replacement of the Federal Reserve Bank, earlier this week.”
“This shows it’s not just us and every other American citizen that is frustrated with the Federal Reserve as it continues to plague America with its continual bailouts of the 2B2Fail banksters and dragging America deeper into the abyss everyday,” Fawell pointed out. “Now it includes none other than the iconic Paul Volcker.”
“We’re not a reed in the wind, this is a growing storm that is sweeping the Nation.”
“Our study,” Fawell pointed, “lays out the terms and conditions required for the seamless and non-disruptive but necessary replacement of not only the mission statement of the Federal Reserve Bank, but also the Federal Reserve Bank. This would allow the essentially bankrupt Federal Reserve Bank to close its doors at 4:30 PM on Friday, and reopening the doors as an American Reserve Bank (ARB), the following Monday, at 8 AM.”
Key features of the FED’s removal and replacement are as follows:
· The new American Reserve Bank (ARB) would be publicly owned and traded, with 2/5ths of its stock being held in perpetuity by the United States Congress.
· The mission statement of the new ARB would be simply to enforce solvency and provide lender of last resort services to all the banks and similar institutions, that would be regulated by the ARB. The ARB would be modeled on the Suffolk Bank of New England (1816 to 1861). Investment banks would not be covered by the ARB, and would take sole responsibility for their risks.
· A classical gold standard would be committed to and phased in over the course of 4 to 5 years. The sole purpose of a classical gold standard, in stark difference to a “phony gold standard”, is to direct the regulation of credit to the market forces of the quantitative market force of the American public. Contrary to popular deceptions, this does not require Americans to carry gold coins. Technically and functionally, the only change American’s will notice are the words on the paper dollars in their pockets, which will now say “American Reserve Gold Certificate”, instead of “Federal Reserve Bank Note”.
· These 3 points create the stability of a tripod, as each one quantitatively compliments the strengths of both the others in synergy, replicating in the New England Suffolk Bank, the most stable and profitable monetary system to ever operate in North America. While thousands upon thousands of banks went bankrupt between 1816 and 1858, the Suffolk banking system saw less then 20, as America careened from feast to famine and war.
“Do you want to know why Paul Volcker has made his refreshing opinion available,” Fawell asked? “Because he sees America being destroyed before his very eyes. If America has a hope, the conversion offered in this study will begin the complete restoration of wealth and prosperity to all Americans in the first 180 days of operation, growing noticeably every day.”
“Volcker can see with his own eyes that QE III to Infinite by Ben Bernanke, is the beginning of the end for the dollar, a white flag of surrender. It merely institutionalizes the Great Depressions grip on America.” shared Wm W. Fawell.
“The removal and replacement of the Federal Reserve Bank as our study lays forth is the only way out of this Depression that is dragging America down. People might question us, but they generally believe Paul Volcker, and it is certainly high time.”
The entire study is available on the blog page of http://www.electanewcongress.com.