Posted on 04/23/2008 5:53:14 AM PDT by Tolerance Sucks Rocks
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” -Thomas Jefferson
The Founding Fathers put Congress in control of the the U.S. monetary system. In 1913 Congress relinquished this awesome power and gave it to a private cartel with the passage of the Federal Reserve Act. For almost 100 years, Federal Reserve policy has swindled Americans out of unimaginable amounts of wealth; and it continues to this very day. It is the most appalling scam ever perpetrated on the American people, and most remain utterly unaware of its causes and consequences.
From Mike Whitney’s Message To Fed Chief Bernanke: “Enough With The Cuts, Already” at Information Clearing House:
“…in 2000, oil was $28 per barrel, the euro was $.87 on the dollar, gold was $274 per ounce, and the national debt was $5.9 trillion. Today, oil is a record $114 per barrel, the euro is nudging $1.60 on the dollar, gold is $945 per ounce, and the National Debt is $9 trillion. The country is presently engaged in a $2 trillion war in Iraq with no end in sight. The federal government has expanded over 30% …”
“The Federal Reserve has played a major role in America’s economic decline. Greenspan’s “weak dollar” policy pushed trillions of dollars of credit into the hands of people who had no realistic prospect of paying it back.”
“Fiat money inflations often bring on real estate booms followed by busts. These inflations are the common element in real estate cycles that span many countries and many centuries, and they put the lie to the hypothesis that bad lending practices are the culprit. Fraudulent money creation is the culprit, not faulty evaluation of the credit risks of borrowers.”
” The Fed’s monetary policies have triggered a run-up in commodities prices which is driving up the cost of everything from corn to copper…The media is blaming drought, high energy prices, and biofuels for the sudden rise in prices, but these are only secondary factors. Currency devaluation has played a bigger role than shortages or blight.”
“The Fed’s loose money policies have put the dollar at risk of losing its role as the world’s reserve currency. If the dollar falls from its perch, the empire will soon follow. The macroeconomic impact of Greenspan’s low interest rates will be seismic.” (emphasis added)
Stopped reading here.
I would like to see that demographic breakdown.
Actually they did not. Money was what it was. The Founding Fathers used the word "dollar" in a way that tells one that everyone back then knew what a dollar was; and it wasn't a piece of paper with a picture of a dead politician. The only roll Congress had was to turn money (that was gold and silver) into coins and to regulate the value or ratio between the two types of money being used and coined.
ML/NJ
I suppose this author would rather intricate monetary decisions be voted on by a 535 member board, most of whose members don’t know the first thing about banking and all of whose members are interested only in themselves.
And the handful of unknown international shysters who run the Federal Reserve are interested in you or me? I guarantee that if Congress were still running our monetary system that there would be a great many financial experts amongst them, because running the monetary system would be a major issue for Congressional candidates at election time.
“Paper money will…ruin commerce, oppress the honest and open the door to every species of fraud and injustice.” George Washington
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig Von Mises
ping
“I guarantee that if Congress were still running our monetary system that there would be a great many financial experts amongst them, because running the monetary system would be a major issue for Congressional candidates at election time”
The same way Congress is filled with experts on the myriad other things they run?
right because congress has done wonders with the budget and spending.
The Fed has to be the strict adult in the economy - they have to watch the banks like a hawk, they have to keep the economy from overheating, and they have to slow growth if that growth is based on unsound fundamentals. Greenspan neglected his duty starting in 1996 and started to actively work against the fed mandate in 2001. His worshiping of Ayn Rand and friendship with President Bush got the better of him.
The drawback to his failure (and President Bush) is there will be a lot more regulation of the Market, the Fed and a “free market knows best” conservatism will take a huge hit.
bttt
It is we, (that includes you), who elect our Congressmen. One thing about them running the monetary system is that they are known, and they can be replaced every four years. Are you aware that the Fed's Board of Governors are appointed for FOURTEEN YEARS? How are they held accountable for major screw ups?
Your good buddies who actually have the controlling interest in the Fed are the hugely trustworthy men of the :
Rothschild Banks of London and Berlin
Lazard Brothers Bank of Paris
Israel Moses Sieff Banks of Italy
Warburg Bank of Hamburg, Germany and Amsterdam
Kuhn Loeb Bank of New York
Lehman Brothers Bank of New York
Goldman Sachs Bank of New York
Chase Manhattan Bank of New York (Controlled By Rockefeller Family Tree)
It is these "hugely trustworthy" people, and the unknown shareholders, (the Fed does not trade publicly), who recieve the billions and billions of dollars the Fed earns yearly by charging us interest on money they have produced out of nothing.
And yes, if the Congress actually did run our monetary system, as they formerly did, many of them would need to have degrees in finance or economics in order to get elected. It, (their economic acumen), would become a major issue at each and every election, so holding degrees in finance would be a great asset to getting elected. It would also put the AMERICAN monetary system back in AMERICA.
Wow, thanks for telling us. I am really glad to know that people with real experience in banking are running the show versus picking up dolts off the street. Based on their history of running successful banks, yes, they seem far more trustworthy than all the kooks out there who condemn them from their mommy’s basements.
Take it to Stormfront asshole.
He’s gone.
Seems something was about to break. Goldbug ads were reaching a new level of excitement with gold reaching for 950 again and sure to go to 1200, 1500, 2000 very soon. Gold dropped back to 900 today, which was probably the expected break.
The FED is an abysmal failure.
The reason for its creation was argued to be to stop/control inflation and to minimize booms and busts.
Well from 1789 to 1913 (the year the fed law passed) TOTAL inflation in the united states was 8%.. no not 8% annually, a TOTAL of 8% that means if you burried a dollar in 1789 and dug it up in 1913, you’d need to find 8 more pennies to have the exact same buying power as you did about 130 years before.
Since the fed was created, inflation has been over 2100%... that means 1 dollar buried in 1913 dug up today would buy less than what a nickle would back then.
The fed is a complete scam and has robbed most every day americans from so much wealth and stability that its nearly incomprehensible.
IF you want to start to restore this country, you don’t start by executing the politicians, you start with the investment bankers.
I always wondered why the goldbugs were so willing to trade their precious gold for my fiat money. They were asking for my fiat money around every corner.
Yep!
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