Posted on 06/18/2007 12:02:56 AM PDT by keyd
If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, where as the currency pays nobody but those who contribute directly in some useful way. Is it absurd to say that our country can issue $30 million in bonds and not $30 million in currency? Both are promises to pay, but one promise fattens the usurers and the other helps the people.” - Thomas Edison
“Banking was conceived in iniquity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit, and, with a flick of the pen, they will create enough money to buy it all back again. Take this power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this world would be a happier and better world to live in. But if you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit.” - Lord Stamp, Director of the Bank of England, 1940
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit.
We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.” - Woodrow Wilson, 1919 (Referring to the Federal Reserve and the transition to a debt-based economy)
“The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-21, 1929-33 and 1937-38. No other period in American history contains as many as three such severe contractions. This evidence persuades me that at least a third of the price rise during and just after World War 1 is attributable to the establishment of the Federal Reserve System… and that the severity of each of the major contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve Authorities… Any system which gives so much power and so much discretion to a few men, (so) that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank… To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.” - Milton Friedman, Nobel Prize winning economist.
Presidential candidate and Congressman Ron Paul (R-TX) introduced H.R. 2755 “To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.” This legislation would help to restore the U.S. Constitution, which mandates that only Congress can coin money (Article I, Section 8, Clause 5), and that US debts be settled in silver and gold Article I, Section 10, Clause 1).
This is the second time he has introduced legislation.
Given that one out of six Americans works for government (local, state and federal) or an organization/corporation that receives the majority of its revenues from government, it is easy to see why this news isn’t considered newsworthy for the mainstream press. Government workers are dependent upon the printing presses. Politicians certainly don’t want the dissolution of the Fed. They borrow money from the bankers and make your great grandchildren pay interest on the debt so they can “bring home the pork”. You did not participate in these loans, you receive no financial benefit from these loans, nor did you sign any contracts making you responsible for the debt, but you and future generations will be forced to pay until Congress dissolves the Fed or there is revolution. There is no other choice.
“As for you, Dugwayduke, I can only assume that you haven’t taken the time to learn the facts, or you are incapable of understanding truth. I hope you wake up and stop being a sheeple.”
I certainly hope that you take the time to research what happens to those who act upon this kind of ‘information’ about federal tax law. They wind up guests in federal confinement. You may make all th claims you like, but you will lose and lose badly. Please carefully consider the consequences before you take this kind of advice.
Everyone should see this movie “Money as Debt” best and very simple explanation of money and how to end up getting rid of the Fed..
http://video.google.com/videoplay?docid=-9050474362583451279
Should be part of basic education in our schools.
There is no influence on the future of our society more insidious than the existence of a debt based currency. When the monopoly of currency creation is turned over to a private, elite group of business, in whose expertise we all depend upon, it should be no surprise when their actions tend to benefit their own interests at the expense of the people at large. Debt and inflation benefit the INVESTOR class, the owners, and hurt the rest of us. See quote:
Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta Georgia, said:
“This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defect remedied very soon.”
And Hemphill made his statement in 1939. I'd say his prediction wasn't very timely.
By becoming an INVESTOR I am merely perpetuating an already corrupt system. Reform of money can, and someday will, change the world as we know it. Over the course of the last century we have enjoyed vast improvements in productivity through technology. These improvements should logically lead to a slow decrease in the pressure to produce upon each individual in the economy, but, rather than a decrease, we are suffering under an ever INCREASING amount of pressure for growth. This pressure is a direct result of mounting debt burdens spawned by the debt based nature of our currency. This burden will increase until critical mass or such time at the total interest obligation on the aggregate debt load in the economy finally surpasses the money supply and the entire system will collapse.
History records no successful example of a debt based, fiat currency. Not one, ever.
The choice is simple, a just system or an unjust one.
You'll probably have a stroke when you learn that only checking accounts require reserves these days.
What they create, though, is the principle ONLY. Therefore the interest paid by the borrower is a net drain on the local, state, federal and ultimately global economy. This interest tribute is paid to the banks simply because they create money, for no other reason. So not only is interest paid on loans a net drain on the economy, it is also UNEARNED.
What about the interest banks pay to depositors? How about the risk they assume for defaults? What about their expenses for computers, networks, buildings, security, electricity, maintenance, and employees? If you think banks are making money for nothing, then buy stock in them you conspiracy minded kook ;-)
I am aware that liberalized FED policies have reduced the reserve requirements to zero in most cases today, expanding further the banking system’s ability to create money and credit. This is a veiled attempt at forestalling the inevitable downfall of the dollar as foreign central banks are losing their appetite for US debt. When you talk about operating expenses and interest paid to bank customers you are failing to mention that banks sell a product they create out of thin air, therefore their profits will always be sufficient, notwithstanding the virtually endless fees they charge for almost every type of transaction.
This will be my last attempt at explaining this to you. To defend bank created money is to defend a system, ultimately based on fraud, that has existed in some form or another since the middle ages. History is replete with examples of an educated populace becoming aware of the injustice and forbidding the practice of fractional reserve banking. This prohibition only lasts a few generations though, because time distances from the minds of the people the evils of this pernicious injustice.
Whenever the banks are defeated they merely sit back and wait for the mindless sheep to forget the bank failures and economic chaos their system visits upon the people. Eventually they show up again, with government permission, and fill the economy with cheap credit, creating the illusion of growth until the people wake up or the system collapses.
Finally, estimates say that the American people are in debt to the tune of over $40 trillion at present. The total M3 money supply is around $10 trillion. In other words, between personal, corporate and government debt, we owe 4 times the amount of money that exists on earth. Considering that the only way to create NEW money is with NEW debt, how long do you think this set up can continue?
The money printed by the Fed does not incur an obligation by the taxpayers of the United States.
If Congress wanted to re-assert full control of the Fed by purchasing its stock back, how would you “mark to market” the value (in terms of dollars) the company that has the monopoly on creating dollars?
It's easy. If they bought $1,000,000 worth of stock, they have to sell it for $1,000,000.
It makes possible borrowing without ever having to repay. Why repay when you can inflate debt away?
I never knew that buyers of government debt were unaware of inflation and didn't add that to the interest rate they require.
when the Fed creates money, it allow government to purchase goods and services from the very citizens who created the wealth upon which the money supply is based.
The Fed doesn't give the new money to the government to spend. Did you write this silliness? Or did Ron Paul?
No Big Spender nor supporter of big and Bigger government will give Paul’s bill the time of day.
Neither will anyone who understands economics or the money supply.
Explain why we should care. Is money issued by the Fed somehow bad for America? Is money issued by the Treasury somehow good for America? Why?
I think the solution is for you to move to a country where there is full reserve banking or whatever system makes you happy. Islamic countries claim to have such a system, even though in practice that’s not the case. I’m perfectly happy to stay in a country that has a system where money is put to work, instead of the equivalent of being buried in a tomato can in the back yard.
Really? How many Congressmen voted? What were the results?
The shareholders don't get any of the "profits" earned by the Fed.
If you think that you own, in the full legal meaning of the word, the Federal Reserve Notes that are in your wallet, just change one of them, say by putting Alfred E. Newman’s drawing over Lincoln’s face, and then take it down to your local bank to deposit.
Deface your FRNs all you want. Don't expect someone else to accept your defaced bills.
Not enough gold and silver. Sorry.
They already teach enough crap in the schools. Adding "Money as Debt" is just piling on more crap.
That's why all those gold backed currencies are still around. LOL!
Right on
If I deposit $1000 into the bank, how much can the bank loan out based on my deposit? How much money can they "CREATE"?
Then how could a bank ever fail? Why did the S&L crisis require a Federal bailout? Why didn't they just "CREATE" money out of thin air?
Finally, estimates say that the American people are in debt to the tune of over $40 trillion at present.
Who came up with that estimate? Source?
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