Just how much debt are we really in?

I've just read an article about the federal reserve banking system. Congress has basically given up the right to print money and given it to the federal reserve. It has lost value.

The current Federal Reserve banking system is modeled after the European central banking system Americans revolted against during their War of Independence.

Every dollar created under the present monetary system does not represent a tangible asset. It represents an I.O.U. from the government, and therefore the people, to the central bank. After three failed attempts, central bankers finally gained control the monopoly on the issuance of American money with the creation of the Federal Reserve in 1913.

There are two unavoidable results of the Federal Reserve System: (1) devaluation of the dollar and (2) accumulation of debt.
Devaluation

Since the establishment of the Federal Reserve, the U.S. dollar has lost over 95% of its purchasing power.

dollardaze.org...

Every dollar we have is an IOU and not a tangible asset. Basically, for every dollar printed now we go a dollar deeper in debt and the dollar becomes more and more worthless.

Exactly what is our real debt total?

Isn't this just the regurgitated argument of Ron Paul?

reply to post by prototism


Ron Paul is just one of the many that is criticizing the federal reserve act.

Do some research. Look up at google "Federal reserve act of 1913" then search for "gold standard 1933 and 1975" and you can see what has happened to the gold standard. Right now we're just on a fiat money system. We print paper money so technically every dollar we print we become more in debt.

Also, www.mises.org has a lot of good books on the economy. I really would recommend reading some literature about the economy because it would open your eyes up a little. Ron Paul isn't the only advocate here that supports abolishing the fed and a return to some hard standard.

reply to post by Frankidealist35

Right now we're just on a fiat money system.

Gold is Fiat as well. You take the Dollar off GDP peg and put it on a Gold peg which restricts movement.

Unless you know of some divine order giving Gold value?