One of primary reasons for the American Revolution was “taxation without representation”.  This is exactly what it sounds like.  The colonists did not want to be taxed unless they had a say in it, via a representative who could convey their interests to the Crown.  Today, we are in a similar situation.  Our modern taxation without representation comes in the form of inflation. Must people have likely heard the term before, but few seem to understand it, or recognize the damage it causes.  Inflation is basically the creation of new money.  At first, this does not sound like such a terrible thing.  I mean, who wouldn’t like more money?  But we have to take into account that the US dollar is (like all other major currencies) fiat.  A fiat currency is one which derives its value entirely from the authority of the government.  In other words, the US dollar in its present form only has value and buying power because the US government says it does.  Essentially, the dollar in physical form is nothing more than paper, and coins made of common metals such as copper and nickel.  None of these physical materials have any particular sustaining or widely recognized […]

On Thursday Senator Bernie Sanders (I-VT) posted the results of a Government Accountability Office audit of the Federal Reserve on his Congressional website.  The audit was conducted by order of an amendment that Sen. Sanders had added to the Dodd-Frank Wall Street Reform and Consumer Protection Act which was passed a year ago this week.  The results of the audit should be of little surprise to opponents of the Federal Reserve as they only confirm long-held suspicions of the Fed’s surreptitious dealings. The 266 page report released by the Government Accountability Office identified a number of serious concerns regarding the Fed.  It outlines $16 trillion in secret loans made by the Federal Reserve to domestic and foreign corporations, as well as foreign banks.  To put this into prospective, the current national debt of the United States is around $14.5 trillion.  Sen. Sanders described this by saying: “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else”, an interesting statement, coming from Sen. Sanders, who is a self-proclaimed Socialist. The audit shows quite clearly that there is a serious problem with the way our economy is run in this country.  We must be in a […]