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.
Why does Ron Paul persist in acting like such a grown-up?
America is still enjoying the Great Credit Party, and Ron Paul comes in and says it’s time to go home. sheesh.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
God bless him and I hope he’s successful, unfortunately it’ll be Ron Paul against the Congress once again. Congress sold control of the US dollar to the Rockefellers and Morgans a long time ago, and our representatives today are 10 times as corrupt as they were back then.
“I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power should be taken away from the banks and restored to the people to
whom it properly belongs.”
- President Thomas Jefferson
“History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible to maintain control over governments by controlling the money and the issuance of it.”
- President James A. Madison
“We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.”
- David Rockefeller, June 1991 - Baden, Germany
“If the American people ever allow private banks to control the issue of our currency, first by inflation, then by deflation, the banks and the corporations that will grow up will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing of power should be taken from the banks and restored to the people, to whom it properly belongs.”
Jefferson
Good Luck!
Everyone here needs to view there movie.
America: Freedom to Fascism
http://www.freedomtofascism.com
Primary Objectives
Stop the polarization of America
Stop the domination of the Democratic and Republican parties over our political system
Shut down the Federal Reserve system
Return America’s gold to Fort Knox and have it audited
Have Congress and the IRS, in a public forum, reveal the law that requires Americans to pay a direct, unapportioned tax on their labor.
Make computerized voting illegal in all 50 states
Keep the internet free and out of the control of large institutions
Rescind the law called the Real ID Act so Americans never have to carry a National ID Card
Make it illegal to implant RFID chips in human beings
Educate juries to the fact that they have the right to determine the law as well as the facts of a case
Educate juries to the fact that they are not obligated to follow the instructions of a judge
Stop Globalization because it is the path to a one world government
Protect our borders
Restore the environment
Put an end to the Patriot Act
Sign up millions of Americans so we can accomplish our objectives
1. Who owns the member banks of the Fed/Reserve?
2. Since our money is not backed by anything of intrinsic value, what purpose does the gold reserve in Ft. Knox serve?
3. It is said that the Fed/Res is a “quasi” governmental institution. Which part is governmental?
4. If the Chairman of the Fed/Res decides to raise or lower interest rates, can anyone say no to him?
5. Foreign holders of dollars can exchange them for gold. Why can’t U.S. citizens do the same?
6. What causes inflation?
7. The President appoints the Chairman of the Fed/Res but who picks the nominee?
8. Why must the money be processed through the Fed/Res?
9. Who sets the amount of money a bank must hold in surplus assets?
The USD serves me as a measurement of inflation and as a vehicle to buy investments that cancel out or exceed that inflation.
And that inflation is way more than 3%, but the Fed has its way of measuring things and I have mine - the USD.
Seriously, the Federal Reserve is a private corporation. It may volunteer to return the unused profits of lending money it creates out of thin air to the government, but the shareholders are the National Banks and not the people in whose name the money incurs an obligation, the taxpayers of the United States.
If the Federal Reserve, as it has in the past, sets off to destroy the value of the currency by “borrowing money into circulation” (how the money is created out of thin air), the sad truth is that government has given up the ability to stop it.
But far worse, is that there is no free market in the shares of the Federal Reserve, a private corporation. 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?
The dirty secret here is that Congress and spend-happy presidents are addicted to the river of money that this illicit structure makes possible. The Federal Reserve, and supporters of fiat money/central banking, hoodwink us into thinking we are better off with deliberate inflation. What else should we call a “targeted” rate of inflation of 2%? It makes possible borrowing without ever having to repay. Why repay when you can inflate debt away?
But what happens when the Federal Reserve creates money? It is counterfeiting a proportionate fraction of our wealth, and to this extent, 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. Because government benefits when it counterfeits tokens of our wealth, the Federal Reserve facilitates grandest theft of private wealth in human history.
No Big Spender nor supporter of big and Bigger government will give Paul’s bill the time of day.
What is the date on those questions?
It would have to be before Nixon closed the gold window back in the early 1970’s.
Then he should have called for the abolishment of the Treasury. Ron Paul is a kook.
Where is it incorporated?
One of the main reasons Congress created the Federal Reserve was so it wouldn't have to rely on rich people like Morgan to bail out our financial system.
Where’s the text of the bill? Or is this it: “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?”
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit.The only truth to his statement is that he "unwittingly ruined" his country, only it had nothing to do with the Federal Reserve: he did it by nationalizing the railroads, which effectively nationalized coal, power, automobile, and other industries that were dependent upon the rails.
What upset him about the Federal Reserve was that it prevented him from formally nationalizing the banking industry, as well.
Thank you for posting this article. The country owes you a debt of gratitude for exposing another one of Ron Paul’s goofy ideas. The more people aware that this man is a loon, the better.
If you understood how the monetary policy works, you would understand that the treasury and fed are not the same thing and that what Ron Paul is trying to do, is give the treasury back the power it once had before 1913. Similar to e.o. 11110 introduced by kennedy...do some research before you speak...otherwise you just sound like a kook
was kennedy a loon?....know what you speak of, before you speak of it.
Any bank using the phrase, “National Bank” in its name must be a member of the Federal Reserve System. They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers’ savings account and checking account deposits in a Federal Reserve bank. All banks incorporated under a national charter are required to become members of the Federal Reserve System. Banks incorporated under a state charter may apply for membership......the federal reserve is composed of incorporated banks, making the fed incorporated....the member banks own stock in it....the only way to own stock in the fed is to own stock in a member bank......
The Treasury is still the institution that coins money. And like the Federal Reserve, the Treasury was created by an act of Congress. Why kooks like Ron Paul call for the abolishment of the Federal Reserve, but not the Treasury is beyond me. But trying to understand crazy people isn’t an easy thing to do.
from: http://www.sourcewatch.org/index.php?title=Federal_Reserve_Corporation
footnote link: http://www.maxexchange.com/ybj/chapter_1.htm
From: Lewis v. United States, 680 F.2d 1239 (1982):
“Federal reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors, federal reserve banks, though heavily regulated, are locally controlled by their member banks, banks are listed neither as “wholly owned” government corporations nor as “mixed ownership” corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .”
Futher: the Appeals Court “held that federal reserve banks are not federal instrumentalities for purposes of the Act, but are independent, privately owned and locally controlled corporations.”
see also:
http://www.monetary.org/federalreserveprivate.htm
This article notes that the Federal Reserve operates outside of the Constitution from the standpoint that just like GM or Microsoft, it is not organized under any of the three branches of government enumerated in the Constitution.
I can find no record that Federal Reserve has ever had an independent audit. That would be an excellent place to start. I would raise the issue of how Sarbanes-Oxley touches on how publicly listed shareholders of the Federal Reserve like Citibank can “mark to market” the value of their shares in the Federal Reserve corporation.
But where is the Fed incorporated? All private companies are incorporated somewhere.
That's bull. Dollars are backed by everything they can buy, which is quite a lot.
So does this mean that the Federal Reserve bank in Atlanta is incorporated in the state of Georgia?
somewhat wrong...the fed prints (”coins”)there own currency....aka federal reserve note....when the treasury did this, it was known an united states note.....there is a difference.....the only coinage that happens through the treasury are the actuall coins produced at mints.
here is some reading that kinda clarifies the issue....
http://www.earthnews.net/articles/thefederalreserve.htm
(Organizations like the Red Cross are called “Congressionally Chartered Organizations” or “Title 36 Corporations”. See:
http://www.llsdc.org/sourcebook/docs/CRS-RL30340.pdf)
A key to the status of all these organizations is simple: in whose name do they file lawsuits and who represents them in court? The Federal Reserve files suit in its own name and defends itself with its own attorneys, not ones in the employ of the federal government.
The court case I cited was decided over the issue of whether the Federal Reserve was an “agency” of the federal government for purposes of someone filing suit against it. The judge ruled it was not an agency of the federal government.
The article also notes that the Fed was created by Congress, and can be dismantled by Congress. Since the Constitution gives Congress broad powers over commerce and the monetary system, I'd say that makes it constitutional. The Treasury was also created by Congress, but I never see anyone complaining about that.
The article also whines that much money creation is done by the loan process of private banks. So what? That's the way it happened before the Fed was created. Some banks even used their own currency. If anything, the creation of the Fed put money creation more under the direction of the federal government.
OK, I accept that, but I wouldn't say that puts the Fed in the same category as private corporations. Or even in the same category as the Red Cross. The government still appoints and approves the majority of the Fed governors, and still maintains strict oversight with frequent congressional testimony.
how come the president cant attend any meeting that he wants too? Also, check out how the fed actually was passed by congress....christmas break...small group of congressman....in all honesty, to truly understand the situation you need to read a book titled “The Creature from Jekyll Island” really fascinating and full of information and what could be called prophecy....read the chapter about saddam and what would happen if we tried to get rid of him....it was dead on
read for later
bookmark
“was kennedy a loon?....know what you speak of, before you speak of it.”
Which Kennedy and campared to what?
Yes, and since these governors are then employees of the Fed and are almost impossible to remove once appointed, what does this mean with respect to *ownership*? The Fed is normally responsive to the political atmosphere, but it is disconnected from it by structure. This is called an “independent” central bank, as compared to a central bank full of political hacks which is what happened to various previous US government central banks.
Even so, the only real leverage that the President has on the Fed is to get Congress to change the law. To even touch on that threat touches political forces that go to the heart and core of power-oriented politicians, which is to say, almost every one of them.
The US Government does not hold any shares in the corporation, and never has. Indeed, when Roosevelt under Presidential Executive Order number 6102, confiscated all privately held Gold in the United States on April 5, 1933, he directed citizens to “exchange” their all their gold for Federal Reserve Notes. To whom did the financial benefit accrue? Only to the shareholders of the Federal Reserve corporation (the national banks) because the Federal Reserve was able to print money to pay for it.
This was not an inconsequential amount of gold. The Fort Knox Bullion Depository was constructed to provide the necessary storage for the flood of gold that was smelted into bar form.
Some followers of the history of fiat money/central banking in the United States call this forced liquidation a de-facto bankruptcy. With the addition of the outlawing of the “gold clause” in contracts, this forced citizens to only use Federal Reserve money as tender in their business transactions. Today with electronic money, in truth, all forms of dollars reside in sub-accounts of the Federal Reserve, meaning that the Federal Reserve owns all money in the US.
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.
If you own your car, you can paint it any color you want. It is a felony to do the same with US currency, even if you don’t change the face value or attempt to defraud anyone.
See: “Feds Call Silver Surfer Quarters Illegal” at: http://www.comicbookmovie.com/news/articles/3647.asp
I want to own FRN's to buy things, not to use as coloring books, or any other purpose. They do what they are supposed to do.
JFK, the only kennedy capable of issuing an E.O.
What are the supposed to do exactly....transfer wealth to those who already have it???
Oh I forgot, they are also an object of fascination for conspiracy kooks.
Tie the issuance of FRN to real physical reserves of gold/silver. The only difference between me and the fed is that I would go to jail for printing all the money I wanted.
Keyd, thank you for your post. Ron Paul is one courageous and honest man. God bless and keep him! There is no law saying a citizen must pay a federal income tax because the law was never properly ratified. the Income Tax is just a big scam and its lackeys have ruined many lives.
Right now in fact federal marshalls and other agents of the IRS have Ed and Elaine Brown under siege in New Hampshire. Check it out at youtube.com
Anyone wanting to know the truth about the legality of the IRS, the privately owned Federal Reserve Bank, or the invasive RFID chips, must see Aaron Russo’s DVD, “America: Freedom to Fascism. (God bless and keep Aaron too. He’s another courageous, intelligent man who also loves freedom.)
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.
“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.
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