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Saturday, August 11, 2012

How To End the Fed, and How Not To by Gary North

It would be very easy to end the Federal Reserve System. Congress would write the following bill. The President would sign it.

  1. The Federal Reserve Act of 1913 and all subsequent amendments to that Act are hereby revoked.
  2. The gold that belongs to the United States government, and which is kept on deposit with the Federal Reserve System, is hereby transferred to account of the United States Treasury.

If the Federal Reserve System has made any secret agreements with other central banks regarding the ownership of that gold, those arrangements would become legally null and void. The FED would own no gold of its own to deliver. Ownership would revert to the United States government.

Where is Ron Paul?

Posted via email from iPT Perpetual Traveler

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