Rogers was bombarded with an array of questions from 4 different CNBC hosts in an attempt to poke holes in his stance but they all failed. This is one of the only examples of the FED getting a bad name in the media.

On the “FED 101″ history page it says: “From December 1912 to December 1913 the Glass-Willis proposal was hotly devated, molded and reshaped. By December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law, it stood as a classic example of compromise– a decentralized central bank that balanced the competing interests of private banks and populist sentiment.”

This information is so misleading it is hard to call it true. Yes, the notion of a private central bank was hotly debated, but this statement makes it sound like the Federal Reserve act was the final consensus when that is far from the case. The Federal Reserve Act was passed in an underhanded manner, just before Christmas, when many congressmen weren’t in attendance. Also they neglect to mention the Wilson reportedly said that signing that act into law “ruined” his country. Then they further the distortion by saying the Federal Reserve Act stood as an example of a compromise; this is simply because it didn’t. A private banking system is a NEGATIVE thing for the people and a POSITIVE thing for private banking cartels. There is no two ways about it, and the bankers got their way to the detriment of the people.

“This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.

“Some people who think that the Federal Reserve Banks United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lender. In that dark crew of financial pirates there are those who would cut a man’s throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislatures; there are those who maintain International propaganda for the purpose of deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.

“These twelve private credit monopolies were deceitfully and disloyally foisted upon this Country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions. Those bankers took money out of this Country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace between Germany and Russia, and thus drove a wedge between the allies in World War. They financed Trotsky’s passage from New York to Russia so that he might assist in the destruction of the Russian Empire. They fomented and instigated the Russian Revolution, and placed a large fund of American dollars at Trotsky’s disposal in one of their branch banks in Sweden so that through him Russian homes might be thoroughly broken up and Russian children flung far and wide from their natural protectors. They have since begun breaking up of American homes and the dispersal of American children. “Mr. Chairman, there should be no partisanship in matters concerning banking and currency affairs in this Country, and I do not speak with any.

“The Federal Reserve Bank destroyed our old and characteristic way of doing business. It discriminated against our 1-name commercial paper, the finest in the world, and it set up the antiquated 2-name paper, which is the present curse of this Country and which wrecked every country which has ever given it scope; it fastened down upon the Country the very tyranny from which the framers of the Constitution sought to save us.

“Meanwhile and on account of it, we ourselves are in the midst of the greatest depression we have ever known. From the Atlantic to the Pacific, our Country has been ravaged and laid waste by the evil practices of the Fed and the interests which control them. At no time in our history, has the general welfare of the people been at a lower level or the minds of the people so full of despair.

“Recently in one of our States, 60,000 dwelling houses and farms were brought under the hammer in a single day. 71,000 houses and farms in Oakland County, Michigan, were sold and their erstwhile owners dispossessed. The people who have thus been driven out are the wastage of the Fed. They are the victims of the Fed. Their children are the new slaves of the auction blocks in the revival of the institution of human slavery.

Congressman McFadden served as Chairman of the Banking and Currency Committee for more than 10 years and was deemed best posted to speak on these matters. It seems nonsensical for this institution to still be at large when there are such strong reasons to remove it from power. It is even more amazing that this subject is given such little public spotlight when it affects absolutely everyone in our society.

On on interview for PBS’ News Hour the former Federal Reserve chairman was asked what was the “proper relationship between a chairman of the Fed and The President of the United States.”

Alan Greenspan replied, “Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t, frankly, matter.”

This is somewhat shocking news when you think of the implications of an organization that prints and regulates the money supply. The fact that currently the US operates on a fiat currency system with undefined limitations on how much currency can be produced multiplies the dangers of having a private institution print our money. When there is such a lack of oversight, as noted by Alan Greenspan, the ability for the FED to manipulate the money supply to the detriment of the people and to the benefit of wealthy bankers is frightening.

When the FED prints money it dilutes the money supply, lessens its buying power, and causes inflation. The FED can then lend this money that was created out of thin air and charge interest for a profit. The practice of fractional reserve banking furthers the dillision of the money supply and lessens the buying power of the dollars that reside in our pockets and bank accounts. Many opponents of the FED offer a gold standard where the money supply is controlled mainly through the manipulation of interest rates and doesn’t rely on a system of credit.

Congressman McFadden in a speech in 1934 on the FED said, “In 1913, before the Senate Banking and Currency Committee, Mr. Alexander Lassen made the following statement: “The whole scheme of the Fed with its commercial paper is an impractical, cumbersome machinery- is simply a cover to secure the privilege of issuing money, and to evade payment of as much tax upon circulation as possible and then control the issue and maintain, instead of reducing interest rates. It will prove to the advantage of the few and the detriment of the people. It will mean continued shortage of actual money and further extension of credits, for when there is a shortage of money people have to borrow to their cost.’ “A few days before the Fed passed, Senator Root denounced the Fed as an outrage on our liberties. He predicted: ‘Long before we wake up from our dream of prosperity through an inflated currency, our gold- which alone could have kept us from catastrophe- will have vanished and no rate of interest will tempt it to return.’

The war on the middle class is a touched upon in this video. Ron Paul speaks about the current system of constant inflation and how it most drastically affects the middle-low class. The cycle of expansion and recession in Ron Paul’s opinion hurts the middle class because when the recession comes the first people to feel the affects of rising prices are the same people that are inevitably losing their jobs as the busisness cycle causes companies to start cutting costs.

Ron Paul parallels our current system to counter-fitting and offers a 100% gold standard as a positive alternative.