that would effectively be a takeover monetary policy by the Congress.
repudiation of the independence of the Federal Reserve which would be highly
destructive to the stability of the financial system the dollar and our
national economic situation we don't the Federal Reserve does not own any gold at
all we have non owned gold since 1934
Oh
all our lives we've been told that economics is boring it's dull
it's not worth the time it takes to understand it and all our lives we've
been lied to
war poverty revolution they all hinge on economics and economics all rests on one
key concept money money it is the economic water in which we live our
lives we even call it currency it flows around us carries us in its wake
drowns those who are not careful we use it every day in nearly every transaction
we conduct we spend our lives working for it worrying about it
saving it spending it pinching it it defines our social status it compromises
our morals people are willing to fight die and kill for it but what is it where
does it come from how is it created who controls it it is a remarkable fact that
given its central importance in our lives not one person in a hundred could
answer such basic questions about money as these so if you were planning a
family you'd want to know where babies come from and this is a lot about
banking so let me ask you where does money come from
where does the money come from where does anyone prints it prints it off
where does money come from I was new money created by labor
people work reduce well than that and the money is supposed to match that well
where does money come from well I have a pretty different outlook on money it
actually comes from like trees right but why is this how could we be so ignorant
about a topic of such importance where does money come from is a basic
childlike question so why is our only response that childlike answer meant as
a joke it grows on trees such a profound state of ignorance could not come about
naturally from the time we are children we are curious about the world and eager
to learn about the way it works and what could lead to a better understanding of
the way the world works than a knowledge of money its creation and destruction
yet discussion of this topic is fastidiously avoided in our school years
and ignored in our daily life our monetary ignorant is artificial a
smokescreen that has been erected on purpose and perpetrated with the help of
complicated systems and insufferable economic jargon but it doesn't take an
economist to understand the importance of money deep down we all know that the
wars the poverty the violence we see around us hinges on this question of
money it seems like a thousand-piece jigsaw puzzle just waiting to be solved
and it is the puzzle pieces taken together create an image of the Federal
Reserve America's central bank and the heart of the country's banking system
despite its central importance to the economy
relatively few have heard of it and fewer still know what it is despite the
bank's attempts at self description our economy runs on a complex system of
exchange of goods and services in which money plays a key part point currencies
savings and checking accounts the overall supply of money is managed by
the Federal Reserve
money is the medium through which economic exchanges take place and money
as a standard of value helps us to set prices for goods and services the job of
managing money monetary policy is to preserve the purchasing power of the
dollar while ensuring that a sufficient amount of money is available to promote
economic growth the Federal Reserve also promotes the safety and soundness of the
institutions where we do our banking it ensures that the mechanisms by which we
make payments whether by cash cheque or electronic means operate smoothly and
efficiently and in its fiscal role acts as the banker for the United States
government now these duties comprise the major
responsibilities of our central bank but in order to really understand the
Federal Reserve we must first understand its origins in context we must
deconstruct the puzzle the first piece of that puzzle lies here in the White
House this is where the Federal Reserve Act then known as the currency bill was
signed into law after passing the House and Senate in late December 1913 the New
York Times of Christmas Eve 1913 described the festive scene
the Christmas spirit pervaded the gathering
while the ceremony was a little less impressive than that of the signing of
the tariff act on October 3rd last in the same room the spectators were much
more enthusiastic and seized every occasion to applaud their in the white
house that fateful December evening President Wilson signed away the last
veneer of control over the American money supply to a cartel a well
organized gang of crooks so successful so cunning so well-hidden that even now
a century later few know of its existence let alone the details of its
operations but those details have been openly admitted for decades of course
just as we've been taught to find economics boring we have been taught
that this story is boring this is the way the Federal Reserve itself tells it
the United States was facing severe financial problems at the turn of the
century most banks were issuing their own currency called bank notes the
trouble was currency that was good in one state was sometimes worthless in
another people began to lose confidence in their money since it was only as
sound as the bank that issued it fearful that their bank might go out of business
they rushed to exchange their banknotes for gold or silver by attempting to do
so they created the panic of 1907 during the panic people streamed to the
banks and demanded their deposits the banks could not meet the demand they
simply did not have enough gold and silver coin available many banks went
under people lost millions of dollars businesses suffered unemployment rose
and the stability of our economic system was again threatened well this couldn't
go on if the country was going to grow and prosper some means would have to be
found to achieve financial and economic stability to prevent financial panics
like the one in 1907 President Woodrow Wilson signed the Federal Reserve Act
into law in 1913 but this is history as told by the victors a revisionist vision
in which the creation of a central bank to control the nation's money supply is
merely a boring historical footnote about as important as the invention of
the zipper or an early 20th century hoola-hoop craze the truth is that the
story of the secret banking Conclave that gave birth to that Federal Reserve
Act is as exciting and dramatic as any Hollywood screenplay or detective novel
yarn and all the more remarkable for the fact that it is all true
we pick up the story appropriately enough under cover of darkness it was
the night of November 22nd 1910 and a group of the richest and most powerful
men in America were boarding a private rail car at an unassuming railroad
station in Hoboken New Jersey the car waiting with shades drawn to keep on
lookers from seeing inside belonged to senator Nelson Aldrich the father-in-law
of billionaire heir to the Rockefeller dynasty john d rockefeller jr. a central
figure on the influential Senate Finance Committee where he oversaw the nation's
monetary policy Aldrich was referred to in the press as the general manager of
the nation joining him that evening was his private secretary Shelton
and a who's who of the nation's banking and financial elite ap at Andrew the
assistant Treasury secretary Frank Vanderlip president of the National City
Bank of New York and repeat Davison a senior partner of JP Morgan Company
Benjamin strong jr. an associate of JP Morgan and president of Bankers Trust Co
and Paul Warburg heir of the Warburg banking family and son-in-law of Salomon
lobe of the famed New York investment firm Kuhn Loeb & Company the men had
been told to arrive one by one after sunset to attract as little attention as
possible indeed secrecy was so important to their
mission that the group did not use anything but their first names
throughout the journey so as to keep their true identity secret even from
their own servants and waitstaff the movements of any one of them would have
been reason enough to attract the attention of New York's voracious press
especially in an era where banking and monetary reform was seen as a key issue
for the future of the nation a meeting of all of them
now that would surely have been the story of the century and it was their
destination the secluded Jekyll Island off the coast of Georgia home to the
prestigious Jekyll Island Club whose members included the Morgans
Rockefellers Warburg's and Rothschilds their purpose
Davison told intrepid local reporters who had caught wind of the meeting that
they were going duck hunting but in reality they were going to draft a
reform of the nation's banking industry in complete secrecy G Edward Griffin the
author of the best-selling the creature from Jekyll Island and a longtime
Federal Reserve researcher explains what happened is that the bank's decided that
since there was going to be legislation anyway to control their industry that
they wouldn't just sit back and wait and see what happened and cross their
fingers that have be okay they decided that to do what so many cartels do today
they decided to take the lead and they would be the ones calling for
regulations and reform they like the word reform and the American people are
suckers for the word reform has put that into any corrupt piece of legislation
call it reform and people's own I'm all for reform and so they vote for it
aren't accepted so that's what they were doing they decided we will reform our
own industry in other words we will create a cartel and we will give the
cartel the power of government we'll take our cartel agreement so that we can
self-regulate to our advantage and we'll call it the Federal Reserve Act and then
we'll take this this cartel agreement to Washington and they convinced those
idiots there to pass it into law and that basically was the strategy it was
brilliant strategy because we see it happening all the time and certainly in
our own day today we see the same thing happening in other cartelized industry
right now we're watching it unfold in the field of healthcare but at that time
it was banking alright and so the the banking cartel wrote their own rules and
regulations called it the Federal Reserve Act got it passed into law and
it was very much to their liking because they wrote it and then in essence what
they had created is a set of rules which made it possible for themselves to
regulate their industry but they went even beyond that in fact it's clear to
me when I was reading their letters and their conversations at the time and the
debates that they never dreamed that Congress would go along and also give
them the right to issue the nation's money supply I mean not only were they
now going to regulate their own industry which is what they started out as
wanting to do but they got this this an incredible gift that they didn't dream
would be given to them although they were negotiating for it and that was
Congress gave them the authority to issue the nation's money and Congress
gave away the the sovereign right to issue the nation's money to the private
banks and so all of this was in the Federal Reserve
Act and the American people were joyous because they were told and they were
convinced that this was finally a means of controlling this big creature from
Jekyll Island amazingly enough they were successful not just in conspiring to
write the legislation that would eventually become the Federal Reserve
Act but in keeping that conspiracy a secret from the public for decades it
was first reported on in 1916 by birdy Charles Forbes the financial writer who
would later go on to found forbes magazine but it was never fully admitted
until a quarter century later when Frank Vanderlip wrote a casual admission of
the meeting in the February 9th 1935 edition of The Saturday Evening Post I
was a secretive indeed as furtive as any conspirator I do not feel it as any
exaggeration to speak of our secret expedition to Jekyll Island as the
occasion of the actual conception of what eventually became the Federal
Reserve System over the course of their nine days of deliberation at the Jekyll
Island Club they devised a plan so overarching so ambitious that even they
could scarcely imagine that it would ever be passed by Congress as Vanderlip
put it discovery of our plan we knew simply must not happen or else all our
time and effort would be wasted if it were to be exposed publicly that our
particular group had got together and written a banking bill that bill would
have no chance whatever of passage by Congress so what precisely did this
Conclave of conspirators devise at their Jekyll Island meeting a plan for a
central banking system to be owned by the banks themselves a system which
would organize the nation's banks into a private cartel that would have sole
control over the money supply itself at the end of their nine-day meeting the
bankers and financiers went back to their respective offices can
what they had accomplished the details of the plan changed between its 1910
drafting and the eventual passage of the Federal Reserve Act but the essential
ideas were there but ultimately this scene on Jekyll Island 2 is just one
piece of a larger puzzle and like any other puzzle piece it has to be seen in
its wider context for the bigger picture to become visible to understand the
other pieces of the puzzle and their importance in the creation of the
Federal Reserve we have to travel backward in time the story begins in
late 17th century Europe the nine years war is raging across the continent as
louis xiv of france finds himself pitted against much of the rest of the
continent over his territorial and dynastic claims King William the 3rd of
England devastated by a stunning naval defeat commits his court to rebuilding
the English Navy there's only one problem
money the government's coffers have been exhausted by the waging of the war and
Williams credit is drying up a Scottish banker William Paterson has a banker's
solution a proposal to form a company to lend a million pounds to the government
at 6% +5000 management fee with the right of note issue by 1694 the idea has
been slightly revised a 1.2 million pound loan at 8% plus 4000 for
management expenses but it goes ahead the magnanimously titled Bank of England
is created the name is a carefully constructed lie designed to make the
bank appear to be a government entity but it is not it is a private bank owned
by private shareholders for their private profit with the Charter from the
king that allows them to print the public's money out of thin air and lend
it to the crown what happens here at the birth of the Bank of England in 1694 is
the creation of a template that will be repeated in country after country around
the world a privately controlled central bank lending money to the government at
interest money that it prints out of nothing
and the jewel in the crown for the international bankers that creates this
system is the future economic powerhouse of the world the United States in many
important respects the history of the United States is the history of the
struggle of the American people against the banksters that wish to
control their money by the 1780s with colonies still fighting for independence
from the crown the bankers will get their wish in 1781 the United States is
in financial turmoil the Continental the paper currency issued by the Continental
Congress to pay for the war has collapsed from over issue and British
counterfeiting desperate to find a way to finance the end stages of the war
Congress turns to Robert Morris a wealthy shipping merchant who was
investigated for war profiteering just two years earlier
now as superintendent of Finance of the United States from 1781 to 1789 in
America next to General Washington in his capacity as superintendent of
Finance Morris argues for the creation of a privately-owned central bank
deliberately modeled on the Bank of England that the colonies were
supposedly fighting against Congress backed into a corner by war obligations
and forced to do business with the bankers and just like King William in
the 1690s acquiesces and charters the Bank of North America as the nation's
first central bank and exactly as the Bank of England came into existence
loaning the British crown 1.2 million pounds the BNA started business by
loaning 1.2 million dollars to Congress by the end of the war Morris has fallen
out of political favor in the Bank of North America's currency has failed to
win over a skeptical public the BNA is downgraded from a national central bank
to a private commercial bank chartered by the state of Pennsylvania but the
bankers have not given up yet before the ink is even dry on the Constitution a
group led by Alexander Hamilton is already working on the next
privately-owned central bank for the newly formed United States of America so
brazen is Hamilton in the forwarding of this agenda that he makes no attempt to
hide his aims were those of the banking interests he serves
a national debt if it is not excessive will be to us a national blessing he
wrote in a letter to James Duane in 1781 it will be a powerful cement of our
union it will also create a necessity for keeping up taxation to a degree
which without being oppressive will be a spur to industry opposition to Hamilton
and his debt based system for establishing the finances of the u.s. is
fierce led by Jefferson and Madison the bankers
in their system of debt enslavement is called out for the force of destruction
that it is with Thomas Jefferson writing the spirit of war and indictment since
the modern theory of the perpetuation of debt has drenched the earth with blood
and crushed its inhabitants under burdens ever accumulating still Hamilton
proves victorious the first bank of the United States is chartered in 1791 and
follows the pattern of the Bank of England and the Bank of North America
almost exactly a privately owned central bank with the authority to loan money
that it creates out of nothing to the government in fact it is the very same
people behind the new bank as were behind the old Bank of North America it
was Alexander Hamilton Robert Morris's former aide who first proposed Morris
for the position of financial superintendent and the director of the
old Bank of North America Thomas willing is brought in to serve as
the first director of the first bank of the United States meet the new banking
bosses same as the old banking bosses in the first five years of the bank's
existence the US government borrows 8.2 million dollars from the bank and prices
rise 72 percent by 1795 when Hamilton leaves office the incoming Treasury
secretary announces that the government needs even more money and sells off the
government's meager twenty percent share in the bank making it a fully private
corporation once again the US economy is plundered while the private banking
cartel laughs all the way to the bank that they created
by the time the bank's charter comes due for renewal in 1811 the tide has changed
for the money interests behind the bank Hamilton is dead shot to death in a duel
with Aaron Burr the bank supporting Federalist Party is out of power the
public are wary of foreign ownership of the central bank and what's more don't
see the point of a central bank in time of peace accordingly
the charter renewal is voted down in the Senate and the bank is closed in 1811
less than a year later the u.s. is once again at war with England after two
years of bitter struggle the public debt of the US has nearly tripled from forty
five point two million dollars to one hundred nineteen point two million
dollars with trade at a standstill prices soaring inflation rising and debt
mounting President Madison signs the Charter for the creation of another
central bank the second bank of the United States in 1816
just like the two central banks before it it is majority privately owned and
has granted the power to loan money that it creates out of thin air to the
government the 20 year bank charter is due to expire in 1836 but still in his
first term President Andrew Jackson has already vowed to let it die prior to
renewal believing that Jackson won't risk his chance for re-election in 1832
on the issue the bankers forward a bill to renew the
bank's charter in July of that year four years ahead of schedule remarkably
Jackson vetoes the renewal charter and stakes his re-election on the people's
support of his move in his veto message Jackson writes in no uncertain terms
about his opposition to the bank whatever interest or influence whether
public or private has given birth to this act it cannot be found either in
the wishes or necessities of the executive department by which present
action is deemed premature and the powers confirmed upon its agent not only
unnecessary but dangerous to the government and country
it is to be regretted that the rich and powerful too often bend the acts of
government to their selfish purposes if we cannot at once
injustice to interests vested under improvident legislation make our
government what it ought to be we can at least take a stand against all new
grants of monopolies and exclusive privileges against any prostitution of
our government to the advancement of the few at the expense of the many and in
favor of compromise and gradual reform in our code of laws and system of
political economy the people side with Jackson and he's reelected on the back
of his slogan Jackson and no bank the president makes good on his pledge in
1833 he announces that the government will stop using the bank and will pay
off its debt the bankers retaliated in 1834 by
staging a financial crisis and attempting to pin the blame on Jackson
but it's no use On January 8 1835 President Jackson
succeeds in paying off the debt and for the first and only time in its history
the United States is free from the debt chain of the bankers in 1836 the second
bank of the United States charter expires and the bank loses its status as
America's central bank it is seventy-seven years before the bankers
can regain the jewel in their crown but it is not for lack of trying
immediately upon the death of the bank the banking oligarchs in England react
by contracting trade removing capital from the US demanding payment and hard
currency for all exports and tightening credit this results in a financial
crisis known as the panic of 1837 and once again Jackson's campaign to kill
the bank is blamed for the crisis throughout the late 19th century the
United States is rocked by banking panics brought about by wild banking
speculation and sharp contractions in credit by the dawn of the 20th century
the bulk of the money in the American economy has been centralized in the
hands of a small clique of industrial magnates each with a near monopoly on a
sector of the economy there are the asters in real estate the Carnegie's and
the Schwab's and steel the Harriman's Stanford's and Vanderbilt's and
railroads the melons and the Rockefellers in oil as all of these
families start to consolidate their fortunes they gravitate naturally to the
banking sector and in this capacity they form a network of financial interests
and institutions that centered largely around one man banking Scion and
increasingly Americans informal central banker in the absence of a central bank
John Pierpont Morgan John Pierpont Morgan or Pierpont as he prefers to be
called is born in Hartford Connecticut in 1837 to Junius Spencer Morgan a
successful banker and financier Morgan rides his father's coattails into the
banking business and by 1871 is partnered in his own firm the firm that
was eventually to become JP Morgan and company it is Morgan who finances
Cornelius Vanderbilt's New York Central Railroad it is Morgan that finances the
launch of nearly every major corporation of the period from AT&T to General
Electric to General Motors to DuPont it is Morgan who buys out Carnegie and
creates the United States Steel Corporation
America's first billion-dollar company it is Morgan who brokers a deal with
President Grover Cleveland who saved the nation's gold reserves by selling
sixty-two million dollars worth of gold to the Treasury in return for government
bonds and it is Morgan who in 1907 sets in motion the crisis that leads to the
creation of the Federal Reserve that year Morgan begins spreading rumors
about the precarious finances of the Knickerbocker Trust Company a Morgan
competitor and one of the largest financial institutions in the United
States at the time the resulting crisis dubbed the panic of 1907 shakes the US
financial system to its core Morgan puts him
forward as a hero boldly offering to help underwrite some of the faltering
banks and brokerage houses to keep them from going under after a bout of
hand-wringing over the nation's finances a congressional committee is assembled
to investigate the money trust the bankers and financiers who brought the
nation so close to financial ruin and that wield such power over the nation's
finances the public follows the issue closely and in the end a handful of
bankers are identified as key players in the money trusts operations including
Paul Warburg Benjamin strong jr. and JP Morgan Andrew Gavin martial editor of
the people's book project explains at the beginning of the 20th century there
was an investigation following the greatest of these financial panics which
was in 1907 and this investigation was on what was called the money trust which
found that three banking interest JP Morgan National City Bank and the City
Bank of New York I believe it was basically controlled the entire
financial system so three banks and the public hatred towards these institutions
was unprecedented there was an overwhelming consensus in the country
for establishing a central bank but there were many different interests in
pushing this and everyone had sort of their own specific purpose behind
advocating for a central bank so to represent the most people you had farmer
interests populist progressives who were advocating a central bank because they
couldn't take the recurring panics but they wanted government control of a
central bank they wanted it to be exclusively under the public control
because they despised and feared the New York banks as wielding too much
influence so for them a central bank would be a way to curb the power of
these private financial interests on the other hand those same financial
interests we're advocating for a central bank to serve as a source of stability
for their control of the system also to act as a lender of last resort to them
and so that they would never have to face collapse but also in order to exert
more control through a central bank the private New York banking community
wanted a central bank under the exclusive control of them there's a
shocker so you had all these various different entry interests which converge
of course the most influential happened to be the New York financial houses
which were more aligned with the European financial houses than they were
with any other element in American society
the main individual behind the founding of the Federal Reserve was Paul Warburg
who was a partner with Kuhn Loeb & Company European banking house his
brothers were prominent bankers of Germany at that time and he had of
course close connections with every major financial and it's really big
industrial firm in the United States and most of those existing in Europe and he
was discussing all these ideas with his fellow compatriots in advocating for a
central bank in 1910 the Warburg with they caught the support of senator named
senator Aldrich who later whose family later married into the Rockefeller
family again I'm sure just a coincidence but Aldrich invited Warburg and another
number of other bankers to a private secret meeting on Jekyll Island just off
the coast of Georgia where they met in intend to discuss the construction of a
central bank in the United States but one which of course would be owned and
serve the interests of the private bankers Aldrich them in 1911 presented
this as the Aldrich plan or the Aldrich bill in US Congress and it was actually
voted out the public suspicious of senator Aldrich is banking connections
ultimately reject the Jekyll Island cabal's Aldrich plan the cabal does not
give up however they simply revise and rename their plan giving it a new public
face that of Senator Robert Owen and representative Carter glass in the end
the money trust that was behind the panic of 1907 uses the public's own
outrage against them to complete their consolidation of control over the
banking system the newly retitled Federal Reserve Act is signed into law
on December 23rd 1913 and the Fed begins operation to the next year
so how does the Federal Reserve System work what does it do who owns and
controls it these are the basic questions that would get to the heart of
the fundamental question what is money and that is why the answer to these
questions have been shrouded in impenetrable economic jargon even the
Federal Reserve's own educational propaganda which has an unusual tendency
towards cutesy animation and talking down to its audience has a difficult
time summarizing the feds mission and responsibilities according to the Fed to
achieve these goals the Fed then and now combine centralized national authority
through the Board of Governors remember that on the map with a healthy dose of
regional independence through the Reserve Banks a third entity the Federal
Open Market Committee brings together the expertise of the first two in
setting the nation's monetary policy precisely what imaginary gaggle of
schoolchildren is this economic gibberish aimed at the simple truth
hidden behind the sleight of hand of economic jargon and Magisterial titles
is that a banking cartel has monopolized the most important item in our entire
economy money itself we are taught to think of money as the pieces of paper
printed in government printing presses or coins minted by government mints
while this is partially true in this day and age the actual notes and coins
circulating in the economy represent only a tiny fraction of the money in
existence over 90% of the money supply is in fact created by private banks as
loans that are payable back to the banks at interest although this simple fact is
obscured by the Wizards of Wall Street and gods of money who want to make the
money creation process into some special art of alchemy carefully overseen by the
government the truth is not hidden from the public in December 1977 the Federal
Reserve Bank of New York published another of its dumbed-down cartoon
written information pamphlets for the general public attempting to explain the
functions of the Federal Reserve System there in black and white they care
explain the money creation process commercial banks create checkbook money
whenever they grant a loan simply by adding new deposit dollars to accounts
on their books in exchange for a borrower's IOU banks create money by
monetizing the private debts of businesses and individuals that is they
create amounts of money against the value of those IOUs there it is in plain
English the vast majority of money in the economy the checkbook money in our
accounts of the bank and that we use in our electronic transfers and digital
payments is created not by a government printing press but by the bank itself it
is created out of thin air as debt owed back to the bank that created it at
interest this means that bank loans are not money
taken from other bank depositors but new money simply conjured into existence and
placed into your account and the bank is able to create much more money than it
has cash to back up those deposits the Fed claims to be the entity overseeing
and backing up the banking industry it was established according to its own
propaganda to stabilize the system and prevent bank runs like the panic of 1907
from happening again throughout much of the eighteen hundreds almost any
organization that wanted and could put its own money as a result many states
banks even one New York druggist did just that in fact at one time there were
over 30,000 different varieties of currency in circulation imagine the
confusion not only were there multitudes of currencies some were redeemable in
gold and silver others were backed by bonds issued by regional governments it
was not unusual for people to lose faith both in the value of their currency and
in the entire financial system with many people trying to withdraw
their deposits at once sometimes the banks didn't have enough money on hand
to pay their depositors then when the funds ran out the banks suspended
payment temporarily at some even closed people lost their entire savings
sometimes regional economy suffered obviously something had to be done and
in 1913 something was and that year President Woodrow Wilson signed into
effect the Federal Reserve Act this Act created the Federal Reserve System to
provide a safer and more stable monetary and banking system if that was indeed
its aim it signally failed to do so in running up one of the greatest bubbles
in American history to that point in the 1920s just a decade after its creation
the popping of that bubble of course led directly into the Great Depression and
one of the greatest periods of mass poverty in American history
economists have long argued that the Fed itself was the cause of the depression
by its complete mismanagement of the money supply as former Federal Reserve
Chairman Ben Bernanke admitted in a speech commemorating Fed critic Milton
Friedman's 90th birthday regarding the Great Depression you're right
we did it we're very sorry but thanks to you we won't do it again
price stability is another sighted tenant of the Federal Reserve's mandate
but here too the Fed has completely failed to live up to its own standards
aside from the banking system the Federal Reserve has another
responsibility that's probably even more important it's in charge of something
called monetary policy basically it means trying to keep prices stable to
avoid inflation say you buy a CD today for $14 but what if next year the price
of the CD jumped to $20 or $50 not because of a change in supply or demand
but because all prices were going up that's inflation there are a lot of
different causes of inflation but one of the most important is too much money the
Fed can adjust the money supply by injecting money into the system he like
or by withdrawing money from the economy think of it the Federal Reserve has the
ability to create money and make it disappear what's most important is what
happens as a result anytime the supply of money is altered the effects are felt
throughout the economy the feds methods have changed over time
to take advantage of the latest computers and electronics but its
mission remains the same to aim for stable prices full employment and a
growing economy 100 years ago in 1913 the Fed was created and we've marked it
with a vertical line their consumer prices now are about 30 times higher
than they were when the Fed was created in 1913 paper money too is the
responsibility of the Federal Reserve hence the dollars in circulation are not
Treasury notes not Bills of credit but Federal Reserve notes debt-based notes
backed up ultimately by the government's own promise to pay its sovereign bonds
backed up by the taxpayers themselves at one time the Federal Reserve Banks were
legally required to keep large stockpiles of gold in reserve to back up
these notes but that requirement was abandoned and today the notes are backed
up mostly by government securities the Fed no longer keeps any actual gold on
its books but gold certificates issued by the Treasury and valued not at the
spot price of $1300 per troy ounce but an arbitrarily fixed statutory price of
42 and 2/9 dollars per ounce but you get one question during the crisis or any
time that you're aware of has the Federal Reserve or Treasury participated
in any gold swaps arrangements we don't the Federal Reserve does not
own any gold at all we have not owned gold since 1934 so we have not engaged
in any gold swaps but it appears on your balance sheet that you hold go what
appears on our balance sheet is gold certificates when we turn to in in
before 1934 we did the Federal Reserve did own gold we turned that over by by
law to the Treasury and received in return for that gold certificate if if
the Treasury entered into because under the exchange Stabilization Fund I would
assume they probably have the the legal authority to do it they wouldn't be able
to do it then because you have the securities for essentially all the gold
no we have no other interest in the gold that is owned by the Treasury we have
simply an accounting document that is called gold certificates that represents
the value at a statutory rate and still that we gave to the Treasury in 1913
still measured at 42 dollars an ounce which makes no sense whatsoever
clearly there is a discrepancy between what we are led to believe is motivating
the Fed and what it actually does to understand what the Fed is actually
intended to do its first important to understand that the Federal Reserve is
not a bank per se but a system this system codifies institutionalizes
overseas and undergirds a form of banking called fractional reserve
banking in which banks are allowed to lend out more money than they actually
have in their vaults of the whole process starts the process of decay and
corruption starts with something called fractional reserve banking that's the
technical name for it and what that really means is that as the banking
institution developed over several centuries starting of course in Europe
it developed a practice of legalizing a certain dishonest accounting procedure
in other words in the very very beginning if you want to go all the way
back people would bring their gold or silver to the banks for safekeeping and
they say give us a paper receipt and we don't want to guard our silver and our
gold because you know people could come in in the middle of the night and they
could kill us or or tie us up them and threaten us enough get our gold and
silver so we can't really guard it we'll take it to the bank and have them
guarded and we just want a paper receipt so that we can take the receipt back and
get our gold anytime we want and so in the beginning and you know
money was receipt money they could then instead of changing or exchanging the
gold coins they could exchange the receipts and people would expect that
accept the receipts just as well as the gold knowing they could get the gold and
so these paper receipts being circulated were in essence the very first examples
of paper money well the banks turned early on that game that here they were
sitting on this pile of gold and all these paper receipts out there people
weren't bringing the receipts in anymore very few of them maybe maybe 5% maybe 7%
of the people would bring in their paper receipts and ask for the gold
so they said aha why don't we just sort of give more receipts out than we have
gold they'll never know because well they never we only asked at the best 7
percent of it so we can we can create more receipts for gold and we have and
and we can collect interest on that because we'll loan that into the economy
no charge interest on this money that we don't really have and it's a pretty good
gimmick don't you think and they well yeah of course and so that's how
fractional reserve banking started and now it's institutionalized and they
teach it in school they never no one ever questions the integrity of it or
the ethics of it they say well that's just the way banking works and isn't it
wonderful that we now have this flexible currency and we have prosperity and all
the sort of things so it all starts with this concept of fractional reserve
banking the trouble is with that as it works most of the time but every once in
a while these there are a few ripples that come along that are a little bit
bigger than the other ripples and maybe one of them is a way
and more than 7% will come in and as for the goal maybe 20% will come in or 30%
and we'll now the banks are embarrassed because the the fraud is exposed they
said what we don't we don't have your goal what do you mean you don't have my
gold I gave it to you and put it on deposit you said you'd safeguarded well
we don't have it we loaned it so then the court gets out and everybody in
their uncle comes and lines up for their gold and of course they don't have it
the banks are closed their bank holidays of people the banks are embarrassed they
go out of business people lose their savings and you have these these
terrible banking crashes that were ricocheting all around the world prior
to this time and that is what that's what caused the concern one of the
things that caused the concern of the American people they didn't want that
anymore they wanted to put a stop to that and that was the whole purpose
supposedly of the Federal Reserve System is to put a stop to that
but since the people who designed the plan to put a stop to it were the very
ones who were doing it in the first place
you can not be surprised that their solution was not a very good one insofar
as the American people were concerned their solution was to expand it not to
control it but to expand it see a prior to that time this little game of
fractional reserve banking was localized at the state level each state was doing
its own little fractional reserve banking system each state in essence had
its own Federal Reserve central banks were authorized by state law to do this
sort of thing and that was causing all this problem and so the Federal Reserve
came along and said well no no we're not going to do this at the state level
anymore because look at all the problem it's causing we're gonna consolidate it
all together and we're gonna do it at the national level the key to this
system of course is who controls this incredible power to regulate the economy
by setting reserve requirements and targeting interest rates the answer to
this question too has been deliberately obscured the Federal Reserve System is a
deliberate leakin using mishmash of public and private
interests reserve banks boards and committees centralized in Washington and
spread out across the United States so
you have the Federal Reserve Board in Washington appointed by the president
that's the only part of this system that is directly dependent upon the
government for input that's the Federal part that the government the president
specifically gets to choose a few select governors the 12 regional banks the most
influential of which is the Federal Reserve Bank of New York essentially
based in Wall Street to represent Wall Street is a representative of the major
wall street banks who own shares in the private not federal but private Federal
Reserve Bank of New York all the other regional banks are also private banks
they vary according to how much influence they wield but the Kansas City
Fed is influential the st. Louis Fed the Dallas Fed but the the New York Fed is
they're really the center of this system and precisely because it represents the
Wall Street banks who appoints the leadership of the New York Fed so the
New York Fed has a lot of public of power but no public accountability it
has no oversight it does not answer to Congress the way that the chairman of
the Federal Reserve Board of Governors does and even then the chairman of the
Fed of the Federal Reserve Board who is appointed by the President does not
answer to the president he does not answer to Congress he goes to Congress
to testify but the policy that they said is independent so they they have no
input from the government government can't tell them what to do
legally speaking and of course they don't do you think it would cause
problems for the Fed or for the economy if that legislation was to pass a my
concern about the legislation is that if the GAO is auditing not only
the operational aspects of our programs and the details of the programs but is
making judgments about our policy decisions that would effectively be a
takeover monetary policy by the Congress a repudiation of the independence of the
Federal Reserve which would be highly destructive to the stability of the
financial system the dollar and our national economic situation the Federal
Open Market Committee is responsible for setting interest rates now this
committee which is enormous ly powerful has as its membership the governor and
vice chair of the Federal Reserve Board but the Federal Open Market Committee
most of the membership is the presidents of the regional Federal Reserve Banks
representing private interests so they they have significant input into setting
the interest rates interest rates are not set by a public body they're set by
private financial and corporate interests and that's whose interests
they serve of course the reason that the Federal Reserve goes to such great
lengths to make its organizational structure as confusing as possible is to
cover up the massive conflicts of interest that are at the heart of the
system the fact is that the Federal Reserve System is comprised of a Board
of Governors twelve regional banks and an Open Market Committee the
privately-owned member banks of each Federal Reserve Bank vote on the
majority of the Reserve Bank's directors and the directors vote on members to
serve on the Federal Open Market Committee which determines monetary
policy what's more Wall Street is given a prime seat at the table with tradition
holding that the president of the powerful New York Federal Reserve Bank
be given the vice chairmanship of the FOMC and be made a permanent committee
member in effect the private banks are the key determinants in the composition
of the FOMC which regulates the entire economy according to the Fed its
monetary policy decisions do not have to be approved by the President or anyone
else in the executive or legislative branches of government
does not receive funding appropriated by the Congress and the terms of the
members of the Board of Governors spend multiple presidential and congressional
terms or in the words of Alan Greenspan what is the proper relationship what
should be the proper relationship between the chairman of the Fed and a
President of the United States well first of all the Federal Reserve is an
independent agency and that means basically that there is no other agency
of government which can overrule actions that we take the Fed goes on in its self
mythologize ation to state that it is not a private profit-making institution
this characterization is dishonest at best and an outright lie at worst the
regional banks are themselves private corporations as noted in the 1928
Supreme Court ruling instrumentalities like the national banks or the Federal
Reserve banks in which there are private interests are not departments of the
government they are private corporations in which the government has an interest
this point is even admitted by the Federal Reserve's own senior counsel we
our regulations do specify overall terms for the the lending but the day-to-day
operation of the banking activities are conducted by the Federal Reserve banks
they are banks and indeed they do lend
their persons under FOIA each Federal Reserve Bank at the stock
is owned by the member banks in the district 100 percent privately held
their private boards of directors majority of those sports are appointed
by the independent banks private banks in the district they are not agencies
these private corporations issue shares that are held by the member banks that
make up the system making the banks the ultimate owners of the Federal Reserve
Banks although the feds profits are returned
to the Treasury each year the member Bank shares of the Fed do earn them a 6%
dividend according to the Fed the fixed nature of
these returns means that they are not being held for profit
despite the dishonest nature of this description however it is important to
understand that the bankers who will in the Federal Reserve indeed do not make
their money from the Fed directly instead the benefits are much less
obvious and much more insidious the simplest way that this can be understood
is that as a century of history and a specific example of the last financial
crisis shows the Fed was used as a vehicle to bail out the very bankers who
owned the Fed banks in the most obvious example of fascistic collusion
imaginable a handful of financial institutions have enriched themselves as
a result of institutional speculation on a large scale as well as manipulation of
the market and secondly what they have done is that they have then gone to the
to their governments and said well we are now in a very difficult situation
and you need to lend us you need to give us money so that we can retain the the
stability of the financial system and who actually lends the money or brokers
the public debt the same financial institutions which are the recipients of
the of the bailout okay and so what you have is the secular process it's a it's
a diabolical process you're lending money you're not you're not lending
money you're handing money to the to the large financial institutions and and
then this is leading up to a mounting public debt in the trillions okay and
then you say to the to the to the financial institutions we need to
establish a new set of of Treasury bills and and government bonds etc which of
course are sold to the public but they are always broken through the financial
institutions which establish their viability and so on so forth and the
financial institutions will will will probably buy part of this
public debt so that in effect what the government is doing is financing its own
indebtedness through the bailouts it it hands money to the banks but to have to
hand the money to the data to the banks it becomes indebted to those same
financial institutions and then it says well we now have to emit large amounts
of public debt please can you help us and then the banks will say well you
your your books are not quite in order and then the government will say well
obviously they're not in order because we've just we've just handed you 1.4
trillion dollars of bailout money and we're now in a very difficult situation
so we need to borrow money from from the people who are in fact the recipients of
the bailout so this is really what we're dealing with we're dealing with a
circular process
the 2008 crisis and subsequent bailouts are merely the latest and most brazen
examples of the fundamental conflicts of interest at the heart of America's
privately-owned central banking system beginning with the collapse of Lehman
Brothers in September of that year the Federal Reserve embarked on an
unprecedented program of bailouts and special zero interest lending facilities
for the very banks that had caused the subprime meltdown in the first place by
the cartel is a ssin of the Federal Reserve structure and thus not by
accident it was the very bank presidents who had overseen their banks lending
practices that ended up in the director positions of the Federal Reserve banks
that voted on where to direct the trillions of dollars in bailout money
and unsurprisingly they directed it toward their own banks
a stunning 2011 Government Accountability Office report examined 16
trillion dollars of bailout facilities extended by the Fed in the wake of the
crisis and exposed numerous examples of blatant conflicts of interest Jeffrey
Immelt chief executive of General Electric served as a director on the
board of the Federal Reserve Bank of New York at the same time the Fed provided
16 billion dollars in financing to General Electric JP Morgan Chase chief
executive Jamie Dimon meanwhile was also a member of the board of the New York
Fed during the period that saw 391 billion dollars in federal and
incorrectly - his own Bank in all Federal Reserve Board members were tied
to four trillion dollars in loans to their own banks these funds were not
simply used to keep these banks afloat but actually to return these fed
connected banks to a period of record profits in the same period that the
average worker saw their real wages actually decrease and the economy on
Main Street slowed to a standstill Ben Bernanke at that time the chairman
of the Federal Reserve Board of Governors was confronted about these
conflicts of interest by senator Bernie Sanders upon the release of the GAO
report in June 2012 the senator D raised an important point which is that this is
not something the Federal Reserve created this is this is
in the statute this Congress in the Federal Reserve Act said this is the
governance of the Federal Reserve and more specifically that bankers would be
on the board and six out of knowing sorry six out of nine in the regional
banks are come free from the banking in that's correct that and that is in the
law and right I'll answer your question though my answer but your question is
that Congress set this up we have tried I think we've made it something useful
and valuable we do get information from it but if Congress wants to change it
you know of course we will work with you to to find alternatives Bernanke is
completely right these conflicts are in fact a part of the institution itself a
structural feature of the Federal Reserve that was baked into the Federal
Reserve Act itself over 100 years ago by the bankers who conspired to Carta lies
the nation's money supply you could not ask for a more succinct reason why the
Federal Reserve itself this admitted cartel of banking interests needs to be
abolished but you could get one
you
we now know that for centuries the people of the United States have been at
war with the international banking oligarchs that war was lost seemingly
for good in 1913 with the creation of the Federal Reserve with the passage of
the Federal Reserve Act President Woodrow Wilson could sign the American
population to a century in which the money supply itself has depended on the
whims of the banking cabal a century of booms and busts bubbles and depressions
has led to a wholesale redistribution of wealth toward those at the very top of
the system at the bottom the masses toil in relative poverty single income
households becoming double income households out of necessity their
quality of life being slowly eroded as the Federal Reserve notes that pass for
dollars are themselves devalued worse yet the fraud itself perpetuates
Alexander Hamilton's persistent myth that a national debt is necessary at all
the u.s. is now locked into a system whereby the government issues bonds to
generate the funds for their operations bonds that are backed up by the taxation
of the public's own labor the perpetrators of this fraud meanwhile
remain in the shadows largely ignored by a general public that could instantly
recognize the latest Hollywood heartthrob or pop idol but have no clue
what the head of Goldman Sachs or the New York Fed does let alone who they are
this cabal bear allegiance to no nationality no philosophy or Creed no
code of ethics they are not even motivated by greed but power the power
that the control of the money supply inevitably brings with it after a person
has all the money in the world as you could possibly use to buy anything you
want what's left to capture your imagination and the answer of course is
power power over people now money is power over people but there's another
power over people as well and that is the the political power the social power
and I think this has now become the dominant driving force of these people
they've already got the money they got it locked down
now they're striving for this new world order as they're named for it they want
all of the world and into one political unit which they dominate not only with
money but with military and psychological means and education and
media and propaganda they want total control over every human on the planet
and by golly they're moving pretty rapidly in that direction it did not
take long for this lust for power to rear its head in 1921 just seven years
after the Fed began operations the same JP Morgan connected banking elite that
founded the Federal Reserve incorporated an organization called the Council on
Foreign Relations with the goal of taking over the foreign policy apparatus
of the United States including the State Department in this quest it was
remarkably successful although there were only about 4,000 members in the
organization today its membership has included 21 secretaries of defense 18
Treasury secretaries 18 secretaries of state 16 CIA directors and many other
high-ranking government officials military officers business elite and of
course bankers the first director of the CFR was John W Davis JP Morgan's
personal lawyer and a millionaire in his own right
together with its sister organizations in Britain and elsewhere around the
world these groups would work together toward what they called a new world
order of total financial and political control
directed by the bankers themselves as carroll quigley noted Georgetown
historian and mentor of Bill Clinton wrote in his 1966 work tragedy and hope
a history of the world in our time the powers of financial capitalism had a
far-reaching aim nothing less than to create a world system of financial
control in private hands able to dominate the political system of each
country and the economy of the world as a whole this system was to be controlled
in a feudalist fashion by the central banks of the world acting in concert by
secret agreements arrived at infrequent private meetings and conferences
the apex of the system was to be the Bank for International Settlements in
Basel Switzerland a private bank owned and controlled by the world central
banks which were themselves private corporations this is why the bankers and
their partners in government and business conspired to bring about the
2008 crisis not for the pursuit of money but power in the same way the bankers
used the panic of 1907 to consolidate their control over the money supply they
hope to use the 2008 crisis and subsequent panics which they themselves
have created to consolidate their political control the International
summit for the global financial crisis has been expanded from g7 to g20 because
the leading in Semin developed countries cannot solve the crisis alone this
expanded meeting raises the question whether a new global financial system
will be created so is this some sort of a new world order which is which Gordon
Brown kind of alluded to British Prime Minister Gordon Brown has described the
quote unquote guiding principles to be addressed at the summit they are
transparency sound banking responsibility integrity and get this
global governance unquote I think the new world order is emerging and with it
the foundations of a new and progressive era of international cooperation the
inevitable conclusion one that flows necessarily from the true understanding
of this situation is that the Federal Reserve System needs to be consigned to
the dustbin of history after a century of enslavement it is time for the
American public to finally throw off the bankers debt chains if there was ever a
point in human history to start questioning alternatives this would be
it and to think that where we are and simply say oh well this is the best of
our options how many of the best options lead to self-destruction doesn't sound
like a best option I think that with a world of seven billion people
we can probably come up with something better than a system in which a few
thousand people benefit so much at the expense of everything else on this world
and at the expense of the potential for the future of mankind they're leveraging
our future and so long as we accept this way of thinking so long as we accept
these institutions as having dominance that's the direction we'll be going so I
think reform is a good way to try and stall and to push back directly against
the expanding and evolving power structures but a radical change is
what's really needed and that has to be built from the bottom up but I think
that these two process can and should go together in parallel if you've made it
this far congratulations you are now better informed on the economic history
of the United States and the truth about the Federal Reserve than 99% of the
population if you do nothing else than just working to get those around you
educated on this information alone will have a profound effect once they learn
of the scam many are motivated to do something about it and they in turn
inform others this is the viral nature of suppressed truth and it is the reason
that more people are aware of and energized by the issue of the Federal
Reserve and the nature of money than ever before perhaps even more amazingly
this movement is spreading to other parts of the globe
recognizing the interlocking nature of the modern global economy and the
International nature of the banking oligarchy movements to abolish the
Federal Reserve have sprung up in Europe where protests against the cart alized
central banking system are taking place in over 100 cities attracting 20,000
people on a weekly basis I started this movement because I realized that
the Federal Reserve Act in my opinion is one of the most worst loss in the whole
world so a private banking company is lending America the money and in my
opinion America is not any more democratic the Federal Reserve tells
government what to do and that's a problem it's a very big problem
especially in the US why is it a global issue and why are people doing it here
in Germany because when you realize that this finance system it's a global system
you have to go to the really beginning of the system and then my opinion it's
also the World Bank and the International Forum of currencies and
stuff like this but at the beginning of all this it's a law from 1913 Woodrow
Wilson scientist and this is the beginning of all this hardcore
capitalism we are suffering right now from and the only way to stop this is
maybe to break this law but what if the burgeoning movement to end the Fed is
successful what system do people propose as the answer there have been several
proposals along different lines by various researchers some argue for a
return to America's colonial roots of debt-free money issued by state-run
banks pointing to the Bank of North Dakota as one already functioning
successful model of this approach we've had to to banking systems ever since the
1860s with the the state bank system and the federal bank system and the federal
bank system are the big Wall Street banks particularly they dominate the
federal system so they're taking over right now I mean in California I don't
we don't even have any local banks where I am there there now we had to and I had
accounts in both of them and there now one of them is Chase Bank and the other
is u.s. bank so they're both big Wall Street banks now they've been taken over
so if you can keep each the local banks that have an interest in serving the
local business the big banks have no interest in making loans to local
business it's too risky why should they bother they've got this virtually free
money they can get from the Fed and from each other
and it's much more lucrative to them either to speculate in commodities or
other things abroad or what's what works very well for them is to buy long-term
government bonds at 3% because these have no capital requirement the capital
requirement for government bonds are zero so they can buy all of those that
they want whereas if they if they buy let's say mortgages or if they make I
mean if they make loans for mortgages or they make loans to businesses then they
have to worry about the capital requirement and as soon as they've used
up all their capital in other words you know eight dollars of capital I'll get
you a hundred dollars of loans then they can't make any more loans they have to
wait for 30 years to those loans get paid off so what they do if they do buy
mortgages is Salamah to to investors and so that's that's what's the whole
mortgage-backed security scam that that we've seen I mean they had no motivation
to make sure that these borrowers were actually sound borrowers they just
wanted to make a sale so they sold the stuff to the unwary investors who might
be somebody in Iceland or Sweden or you know or pension funds yeah so that
didn't work out so well so so a state bank with partnering with the local
banks can provide the capital can help them with capital of the in North Dakota
the state bank guarantees the loans of the local banks allowing them to make
much bigger loans than they could otherwise and they provide the state
bank provides liquidity to the small banks that's why the small banks the
local banks aren't making loans to small business right now because they don't
they aren't they don't know that they can get money from the other banks as
needed the way banking works is they make a loan first I mean if you have
credit lines to abut many different businesses and if they all hit up their
credit lines at once you're gonna run out of money so you don't dare do that
unless you know that you can get short-term loans from the other bang
and what's happening right now even though there's 1.6 trillion and excess
reserves sitting on the books of the big big banks they're not available to the
little banks and the reason is because the Fed is paying 0.25 percent interest
on those reserves so the banks have no no incentive to lend them to the little
banks why let go of them when you can make just as much keeping them and then
you still have your reserves and you can use them as collateral to buy bonds or
something that'll make you more money so the whole system is messed up and in
North Dakota this the Bank of North Dakota provides the liquidity for these
local banks others advocate a decentralized system of alternative and
competing currencies that greatly reduce or even eliminate altogether the need
for a central bank 22 years ago in Ithaca New York I noticed a lot of
people friends particularly had schools and time that were not being employed or
respected by the prevailing economy and while we had much desire to create
things and trade them with each other and many services we could provide to
each other we didn't hand out money so since I have a background in graphic
design journalism and arrogance I went to my computer and design paper money
for if you can they are design pretty colorful money with pictures of children
waterfalls and trolley cars and denominated in hours of labor
one hour note half hour quarter a sour note to our note and then began to issue
to each of the Pioneer traders would agreed to be listed in the directory a
specific starter amount and the game began an hour was worth has been worth
an hour basically or 10 US dollars which at that time 20 years ago was double the
minimum wage people who usually more than $10 per hour of their service
can charge multiple hours per hour but the denomination puts between us as
residents of our community that reminder that we are fellow citizens not merely
winners or losers scrambling for dollars and it introduces us to each other on
the basis of these skills and services that we have that we are more proud to
provide for each other than often is the case with a conventional job just the
stuff we have to do to get the money to pay the bills so through that trading
process a more intimate scale process um within the community we're more easily
able to become friends and lovers and political allies it's an inspiring story
and and and tell people about the how much how much money has circulated
through this community I mean it's important for people to understand just
how successful this has been he comes we're not a computer system we don't
have a specific volume of trading recorded but by the grapevine by phone
surveys and over the years watching the money move we were able to guess very
reliably at several million dollars equivalent of this money has transacted
over those years making loans without charging interest up to thirty thousand
dollars value which is the fundamental monetary revolution in our system then
as well making grants of the money to over a hundred community organizations
some argue for currencies whose mathematical nature prevent them from
being merely conjured into existence whenever a federal government wants to
wage another war of aggression or forge another link in the seemingly endless
train of governmental tyranny and abuse what people have to understand about
Bitcoin is that it's a completely decentralized network there's no central
server there's no controlling company there's no office it's just free
software that anyone can download and start running on their computer anywhere
in the world and that the bitcoins themselves can be transferred to or from
anyone anywhere in the world and it's impossible for any bank or government or
entity to block you from sending or receiving those bitcoins there's a
limited supply of those bitcoins that will never ever ever be more than 21
million bitcoins and so because like everything the price is set based on
supply and demand because the supply of bitcoins is limited and the demand is
increasing as more and more people start to use them and more and more websites
start to accept them the price of bitcoins in terms of dollars is going to
have to increase even a lot more than the $500 per Bitcoin that it is today
are there any drawbacks at all to the idea of using the cryptocurrency if
you're part of the the current power elite that can just print money at will
to spend on whatever you feel like then yeah the world's switching over to
Bitcoin is probably not going to benefit you but if you're one of the normal
people that aren't working for you know the Federal Reserve or any central bank
that's printing money to pay to your friends and that sort of thing then a
Bitcoin world is a wonderful thing for you sound money crypto currencies state
banks let's programs self issued credit these
and many other solutions have all been proposed and many of them are in use in
different localities today information on all of these ideas and how they are
being applied in various parts of the world are widely available online the
point is that the question of what money is and how it should be created is
perhaps the single greatest question facing humanity as a whole
and yet it is one that has been almost completely eliminated from the national
conversation until recently
paper
and so the rest of the story is now in our hands
once we understand the scam that has taken place the gradual consolidation of
wealth and power in the hands of an elite few banking oligarchs and the
growing impoverishment of the masses all in the name of banking funny money
created out of nothing and loaned to the public at interest we can choose to get
active or to do nothing at all for those who choose to get active there are some
steps that you can take to help change the course of the system first follow
the links and resources from the transcript of this documentary at
corbettreport.com slash Federal Reserve to familiarize yourself with the history
the connections and the functions of the Federal Reserve System if you can't
explain this material to yourself then you will never be able to teach it to
others secondly begin reaching out to others to bring them up to speed on the
issue it can be as simple as broaching this conversation in the Monday morning
water cooler talk or passing out a copy of this documentary or sending out links
to this information to your email list insert this topic into your
conversations when people start talking about the national debt or the state of
the economy or other political talking points get them to question the roots of
these issues and why there is a national debt at all thirdly when you are able to
find or create a group of like-minded people in your area who are engaged with
the issue start a study group on the issue and its solutions the study group
can help source alternative or complementary currencies in the local
area or if none exists already the group can
form the basis for a community of local businesses and customers who are willing
to start experimenting with ways to wean themselves off of the Federal Reserve
notes fourthly use the resources at corbettreport.com including the Federal
Reserve information flyer or hold DVD screenings to attract interest in your
group and draw others into studying the true nature of the monetary system the
work of building up an alternative to the current system can seem daunting
even at times overwhelming but it is important to keep in mind that the
Federal Reserve System that seems so monolithic today has only been around
for one century central banks have been defeated
in America before and they can be defeated again the question of how we
decide to change this system is not rhetorical it will either be answered by
an informed engaged active population working together to create viable
alternatives and to dismantle the current system or it will be answered by
the same banking oligarchy that has been controlling the money supply and indeed
the lifeblood of the country for generations now one century after the
creation of the Federal Reserve System we have a choice to make whether the
next century like the one before it will be a century of enslavement or
transformed by the actions and choices that we make in the light of this
knowledge a century of empowerment
you
you
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