The Federal Reserve came into existence in 1913. Before then there were several failed attempts to establish a centralized banking system dating back to the 1790s.
A private bank, the Federal Reserve's true nature was revealed in award-winning director Aaron Russo's documentary, Freedom to Fascism and the 2002 book by G. Edward Griffin, The Creature from Jekyll Island: A Second Look at the Federal Reserve. The book is named after Jekyll Island, GA, where seven bankers and economic policymakers representing the financial elite met in private on November 22, 1910. The Federal Reserve was the product of this secret meeting.
Although the Federal Reserve was created following the panic of 1907 to prevent economic depressions, American Nobel Laureate economist Milton Friedman argued that the Federal Reserve caused the Great Depression and made it worse by contracting the money supply when the markets needed liquidity.
So, the Federal Reserve failed to accomplish its main purpose. Even worse, it essentially creates money out of thin air. It devalues the money currently in circulation, creating a "hidden tax."
Your tax dollars aren't paying for the bailouts. The money is being created by the Federal Reserve.
Before he was assassinated, President John F. Kennedy wrote Executive Order 11110 that essentially nullified the Federal Reserve by allowing money to have silver backing once again. The order succumbed with the president.
Congressman Ron Paul (R-TX) introduced H.R. 2755: Federal Reserve Board Abolition Act on June 15, 2007. Currently, it has languished in the House Committee on Financial Services.
Centralized banking and a fiat currency could topple this great nation. You don't have to take my word for it. I urge whoever may read this to research it for yourselves. I also plead with you to contact your elected officials to tell them to support Ron Paul's legislation.
Commentary by Kevin Dunbar