Video - Dennis Kucinich - May 31, 2011
Brilliant 1-minute clip. Kucinich takes to the House floor.
Kucinich is correct. The rationale for the Fed's existence is that Congress couldn't be trusted with the power to coin money, given their penchant for irresponsible spending. The thinking goes that whichever party were in power would utilize massive spending (since deficits would no longer exist) as a means to guarantee (buy) their continued existence as the majority party. So the Fed was created and the Constitutional authority to print our currency was handed to a group of private bankers.
The result was that all Federal deficits had to be borrowed and interest paid to the Federal Reserve, all to prevent the destruction of the dollar through wanton spending and printing by Congress via the U.S. Treasury.
I'm sure you see where I'm going here...
In the past 4 years, the Fed has completely abdicated their duty and charter to protect the dollar. The Fed now prints with reckless abandon, under the guise of saving the economy, but the money is going to Wall Street and big banks in stealth QE maneuvers (and so-called emergency bailout programs), and NOT to the people.
It's time for that experiment to end. Our nation's 3rd central Bank (the Federal Reserve) needs to suffer a quick and excruciatingly painful death. Congress couldn't do any worse of a job destroying the dollar and we would no longer owe anyone interest on the debt. For example, a $1.5 trillion deficit could be printed away by Congress essentially for free.
Yes, there are dangers inherent in this proposal. Banksters might also end up being the recipients of Congressional largesse in the same way they are the beneficiaries of Bernanke's helicopter, but after 4 years of money-printing for Wall Street, it's high time to give it a shot.
Honestly, at this point, and in the opinion of this author, it couldn't be any worse than Bernanke's never-ending, Wall Street-loving, QE-managed trainwreck.