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Jeff Becker: Full audit of Federal Reserve is warranted

Oct. 14, 2010 @ 11:15 PM

EDITOR'S NOTE: This is one of a series of columns written by candidates in contested races in the Nov. 2 general election.

Gasoline is 25 cents a gallon. It was 25 cents per gallon in 1964 and it still is today. At this point, you probably think I'm delusional. Read on. Let's talk about money.

The U.S. Coinage and Mint Act of 1789 defined the dollar as 371.25 grains of fine silver. This was based on an assay of the average metal content of one thousand Spanish "pieces of eight" coins -- the most common media of exchange in colonial America. With 480 grains of silver in a Troy ounce, our dollar was thus defined as more than three quarters of an ounce. Jump forward to 1964, which was the last year our circulating coinage contained lawful (read constitutional) quantities of precious metal. Starting in 1965, the quarter dollar was made out of nickel-clad copper tokens.

In June 1968, Silver Certificates were no longer honored for redemption in the silver coin for which they indicated deposit. In 1971, Richard Nixon took us off of the gold standard. Federal Reserve Notes, which are no more "federal" than Federal Express, could now be printed as needed with no controlling discretion. Folks, if you or I did this, we'd be jailed for counterfeiting!

As I write this, silver is exchanging for $23.28 Federal Reserve Accounting Unit Dollars per Troy ounce, which makes a lawful dollar equivalent to $18 FRAUDs. One quarter of that in the form of pre-1965 coin taken to any pawn shop will yield enough paper funny money to purchase at least a gallon of your favorite octane. You can perform this basic math on any of today's common consumer items. A hamburger is 6 cents, a steak dinner is $1, a new suit is $15, a new flat screen TV is $50, a new car is $1,500, and a new custom home is under $20,000. Just like the good old days.

Of course, in order to keep up with this FRAUD paper devaluation, we have to be paid in ever increasing wages and thus ever rising taxes, all part of the plan to keep us in bondage to the system. The Federal Reserve was created in secrecy and foisted upon us on Christmas Eve, 1913, with nary a half dozen congressmen in session. Blatantly unconstitutional, it is a private central bank with a trademarked corporate logo. Recall that Thomas Jefferson warned us about dangers that private banks presented.

As your next U.S. Senator, I will fight for passage of Senate Bill S604, the Federal Reserve Sunshine Act, which will require a full audit of the Fed for the first time in its history. I advocate a return to hard money and an end to banker bailouts. It is time to hold this shadowy organization accountable.

Jeff Becker is a Constitution Party candidate for the U.S. Senate from West Virginia.

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