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October 16, 2009

Is Your Bank Shorting the Dollar?

Media Alert: Today (Friday), Jim Babka is scheduled to appear on Straight Talk w/ Jerry Hughes, 3:05 PM Eastern time (2:05 PM Central, 1:05 PM Mountain, 12:05 PM Pacific). Details are available at this blog post.

It doesn’t matter how many times you’ve sent Congress a letter on a given issue, or even if you sent one yesterday — every new fact we give you is a new opportunity to tell Congress what you want. Seize the opportunity!

Send Congress another letter telling them to break the Federal Reserve’s monopoly control over your money.

My sample letter to Congress gives you three new facts you can use for this purpose . . .

Last April the monetary base (which is the number of circulating dollars) stood at $830 billion. Since then the Federal Reserve has created nearly a trillion new dollars out of thin air. The monetary base now stands at nearly $1.8 trillion, and rose by nearly $100 billion in September alone.

This legalized counterfeiting is why I believe reports that oil producing nations are planning to abandon the dollar. They would be foolish to do otherwise.

The gold market seems to agree. The one-ounce price of gold has risen nearly $400 in the last year. People are trading their inflated Federal Reserve Notes for assets that will retain their value.

And even U.S. banks are fleeing the dollar. The New York Post reports that U.S. banks used to hold about 2/3rds of their reserves in dollars, but they’re now holding nearly 70% in Euros and Yen.

Foreign nations and powerful institutions can escape the dollar, but I don’t have the same freedom. Various federal laws force me to conduct my business in devaluing Federal Reserve Notes. I would prefer to use honest, free market money, like gold and silver, but if I attempt to do that YOUR laws threaten to point a policeman’s gun at my head.

You’re supposed to represent and protect me. You do not work for the Congressional leadership, the Federal Reserve, or the banks. You work for me. Please represent me. Please protect me. Please break the Federal Reserve’s monopoly control over my money. Introduce legislation to repeal the laws that force me to use Federal Reserve Notes.

END OF SAMPLE LETTER TO CONGRESS

You can send your letter to Congress using the proprietary Educate the Powerful System at DownsizeDC.org.

Spread the word to others.

Jim Babka, President
DownsizeDC.org. Inc.

Sources:

Federal Reserve report on the Monetary Base: http://research.stlouisfed.org/fred2/data/BOGUMBNS.txt
Historical Gold Prices: http://66.38.218.33/charts/historicalgold.html
New York Post report on bank reserves in Euros and Yen versus the dollar: http://tinyurl.com/yzxbphx

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