by Paul-Martin Foss
Remarks delivered at the End the Fed rally in Washington, DC, November 22, 2008, across the street from the headquarters of the Federal Reserve Board of Governors.
Welcome, and thank you all for braving the cold weather to make it out here to today’s rally. My name is Paul-Martin Foss, and I am representing the office of US Congressman Ron Paul. Like many people in this country, I made it all the way through college without any knowledge at all of economics. While preparing for grad school, I began taking economics courses at George Mason University, where I received my first exposure to Ludwig von Mises, Murray Rothbard, and the Austrian School of economics. Through my study of Austrian economics, I grew aware of the grave danger posed to this country by the Federal Reserve.
Many of you here are undoubtedly familiar with the workings of the Federal Reserve, but for those of you who may be here out of curiosity, I will give a brief description of the Fed. Created in 1913, the Federal Reserve System is a government-chartered but privately owned national banking monopoly, with a presidentially-appointed Board of Governors, headquartered across the street. The Fed issues the paper currency we use in day-to-day transactions, which currency is given legal tender status. The Fed influences market interest rates by making (more…)
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