Herbert G Peters for US Senate, California
We should repeal the federal reserve act.
Jackson also successfully fought to rid the Country of the “Too Powerful over our
Economy” National Bank.
- Today; we should rid ourselves of the current national
bank; "The Federal Reserve System." It has failed us in it
mission to provide full employment and to promote the goals of maximum
employment, stable prices and moderate long-term interest rates."
- The executive branch and the congress are the real problem;
they must end the idea that they can “help” the economy.
- The executive branch lies to us giving rosy unemployment
rates; recently 4.9% unemployment, but they ignore the long term
unemployed who are not counted. The real unemployment rate is about 23%.
- Regarding stable prices, in 1970 a house in Carson CA cost $33,500 26
years later inflation was such that a 2 year old used Lexus cost -
- The rule of thumb, we must end central planning of the
economy by the congress. During the democrat regimes of the 19th
century we usually had a good economy – but, because congress allowed the
banks to grow the money supply with bank loans and 10% reserves; we had
all to often bank runs. About 90% of the people using those failed banks
lost all their money.
- This was a terrible problem for those who lost all their
- The FDIC was a lame fix; invented by the congress. What congress
must do is declare bank money created in the loan process as counterfeit.
- This would end inflation.