Central Bank Revolution

"Why should I trade one tyrant three thousand miles away for three thousand tyrants one mile away? An elected legislature can trample a man's rights as easily as a king can."
--Benjamin Martin (The Patriot)

Interesting note by Judge N during his nightly screed, this one concerning government and money, that the American Revolution may have been motivated more by Bank of England tyranny than by King of England tyranny. Stated differently, the Revolution was driven more by tyrannical monetary policy than by tyrannical fiscal policy.

We face similar tyranny today. The Federal Reserve is an unelected, unconstitutional central bank that prints money at its discretion. Every dollar that it prints reduces the value of those in circulation. Meanwhile, those who get to use dollars fresh off the press enjoy 'first user advantage.' By being the first users of newly minted cash, entities like big banks, the government, and social welfare recipients obtain a claim on economic resources without directly producing those resources. As such, first user advantage results in wealth transfer from the productive to the unproductive.

Like the judge, I marvel at how little Americans seem to understand the Fed and its workings. Obviously, examination of the downside of central banking is not a priority item in most school syllabi.

Perhaps Ron Paul's presidential campaign will elevate awareness and inspire more people to ask questions. Until more people question the validity of the Federal Reserve, our path is mapped toward squalor.