What if Obama declared the Fractional Reserve System bankrupt?
Right now would be a perfect time for Obama to wake up and declare the fractional reserve system a primary systemic cause of the economic problems we are having. Steady inflation is by far not steady value. This was one principle the Federal Reserve was founded upon. Congress is the only body capable of regulating the value of money, according to the Constitution of the United States.
Inflation is actually theft of value from everyone else. The value represented by a dollar reduces ever so slightly for the new dollars being created to have their value. This can also be seen as a tax to keep inflation going. This is incredibly idiotic that we should pay the banks value like this. This is so that they can lend the value back to us with interest? In return for the banks stealing/taxing us, we become more in debt. This debt is what we call money. We are really trading each others debt to the banks.
What's a bit nutty is that we all try to amass as much bank issued debt as possible. Our bank account is just the money a bank issued for a loan.
Inflation is a special tax though. This is a tax without representation. Yeah, so the Federal Reserve Chairperson is confirmed by the President and Congress. You don't see any of them yelling for change to the fractional reserve system. Ron Paul, Alan Grayson, and Dennis Kucinich seem to be the only ones with the faintest clue what's going on. All the traditional party lines on both sides support this unrepresented tax.
It's also not like you can just stop paying the tax... they take it without your control or knowledge. It's best to hide things in plain day-light. If you say "well, but that's the way it's always been!" then you're rationalizing being screwed your entire life. This all started with the Federal Reserve Act in 1913.
So, Obama, if you're listening, now is the right time to declare the Federal Reserve System a fraud, Fractional Reserve Banking as morally bankrupt, accuse Congress of unconstitutionally giving their money powers away. Here's the kicker. You can't lose to the truth. It would be very, very, slick to get FBI, CIA, or some other agency to get in there to collect evidence. The Federal Attorney General could sue the Federal Reserve or Congress for their unconstitutional ways. Of course, the problem is that there are wackos in the conservative wing that might just "read the constitution" in some novel, uninformed way. Any judge that supports the Fractional Reserve System should be impeached. The Constitution clearly states that the Congress should be doing this.
One can dream... How about locking the lot of the robber-barrons in jail with Madoff?