In a democracy the responsibility for the Government's economic policies, which so affect the economy, normally rests with … - Wright Patman

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Assuredly it would be a pity if laughter should ever become, like rhetoric and the arts, a habit.

Wright Patman

In a democracy the responsibility for the Government's economic policies, which so affect the economy, normally rests with the elected representative of the people: in our case, with the President and the Congress. If these two follow economic policies inimical to the general welfare, they are accountable to the people for their actions on election day. With Federal Reserve independence, however, a body of men exist who control one of the most powerful levers moving the economy and who are responsible to no one.

Powerful, Moving, Responsibility, Congress, Independence

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In the United States we have, in effect, two governments. . . We have the duly constituted Government. . . Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.

Duly, Government, Governments, Independent, Money, Two

I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. . . I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue.

Believe, Country, Everyone, Government, Sitting, System

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U. S. Treasury. . . and has created out of nothing a. . . debt which the American people are obliged to pay with interest.

Air, Government, Nothing, People, Represents, Reserve

If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.

Believe, People, President, Public, Representatives

There are many reasons why the general public doesn't really understand our monetary system. In the first place, money is something that people tend to get emotional about. After all, money involves, and always has involved, something closely akin to faith-which probably explains why in many past societies the money system has been in the hands of a priesthood, the subject of magical rites, and the ceremonial services of the tribe's medicine man.

Emotional, Man, Medicine, Men, Wisdom