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Well, after reading “The Creature from Jekyll Island”, one realizes the sole purpose of the so-called Federal Reserve Bank (three lies in one actually, because it’s not “Federal”, there are no reserves, and it’s not a bank) is to allow banks to take unwarranted gambles and then bail them out with fiat currency when they INEVITABLY fail. It was recognition of the “inevitably” part that prompted the creation of the “bank” by the banksters in the first place.

However, in order to receive its Congressional “charter” and maintain its existence, the “bank” had to offer Congress something that Congress couldn’t get in any other way, namely, the ability to print fiat currency. The U.S. Constitution explicitly prohibits Congress from issuing fiat currency, but did give Congress the power to borrow. So Congress created a special “bank” it could borrow from, a bank which printed the fiat currency FOR Congress, exchanging this fiat currency for Federal promissory instruments of various kinds issued by Congress under its power to borrow money.

Too late, Thomas Jefferson realized how this scam would work, and said that if he could go back and change only a single thing in the Constitution, he would eliminate the power of Congress to borrow money.

As with all fiat currencies, their trajectory takes them to zero value at their end point. And that ALWAYS happens! Since the creation of “The Fed” in 1913, U.S. currency has lost 96% of its value.

Federal Reserve Bank (three lies in one actually, because it’s not “Federal”, there are no reserves, and it’s not a bank).

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Good comments overall.

I visited the Georgia coast a few years ago and was at the Jekyll Island Club. I saw the room in where the Fed was “hatched” and immediately had this strange urge to start spending money. :)

so-called Federal Reserve Bank (three lies in one actually, because it’s not “Federal”, there are no reserves, and it’s not a bank)

"The Three Musketeers": There were four, and they fought with swords, not muskets.

The YMCA (Young Mens Christian Association) is full of menopausal atheist women doing water areobics.

-- The U.S. Constitution explicitly prohibits Congress from issuing fiat currency, but did give Congress the power to borrow. --

The constitution doesn't prohibit the federal government from issuing fiat currency. It prohibits the states from doing that.

The federal government has the powers "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures"

The problem is the issuance of bills of credit, i.e., "paper currency."

"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts ..."

Fiat currency was well understood at the time of the founding, and many states had done so.

See Federalist 44. So, why grant a charter to the private Federal Reserve Bank? Accountability avoidance on the part of Congress, for one thing. Cronyism, for another. Woodrow Wilson is the figurehead of US entry into the scheme of one-world government.

There has been an interesting evolution in the area of paper currency, too. Look at a Federal reserve note from 1950. That note was redeemable in lawful money at the US treasury or any Federal reserve bank. "This note is legal tender for all debts ... AND is redeemable in lawful money".

So, the note is not, itself, lawful money.

The scam is amazing. The Fed says the government can print money. So the government prints money and says it's a loan from the Fed, a privately held entity, and it has to "pay them back" and it counts as US debt. So not only does money that does not really exist prop up the stock market, it plus some interest get "paid back" to the Fed. Even if it's 0% they're getting back something that isn't there's. That's money into the hands of the very rich, very mysterious elite bankers class. Meanwhile, US citizens can't accumulate savings at near-0% rates. They can't borrow from local banks because local banks lose out in this scam.

I must be missing something here, but why don't governments globally just void all money owed to "Federal Reserve Banks" (or whatever other countries call them), stop printing money they don't have, and be surprised how quickly local economies figure it out?