Posted on 10/22/2010 1:31:48 AM PDT by citizenredstater9271
Rothbard's account of the origins of the Federal Reserve. You MUST watch this. All Americans need to know how the FED is not only unconstitutional but also destroying our economy.
bump to watch later.
VERY INTERESTING, but BUMP for after first cup of coffee.
Another bump for later reading
The FED is America's fourth try at a central bank, 1690 - 1764 Massachusetts financing the fight with Quebec with a virtual orgy of printing bills of credit resulted in price inflation in the 1750's ...
It was British Parliament who stepped in... unforeseen by the promoters of fiat money ... a miracle boom of prosperity occurred ... forced use of fiat money had compelled everyone to hoard their real money (gold coins) and use the worthless paper instead ... now that the paper was in disgrace ... prices rapidly adjusted to reality, and commerce returned to a solid footing.
WOW, I just posted this article below in another thread, but I think everybody should read it and learn because it backs up everything you just said here.
Money
What is it?
http://www.hiddenmysteries.org/themagazine/vol14/research/money-what-is-it.shtml
It’s why we have an Income Tax, and is a source of evil and mischief.
The Federal Reserve has nothing to do with the passage of the Income Tax.
No it doesn't.
(look up: Article I, Section 10, Clause 1).
Good idea
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; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
See, the proof of his error is right there in Article I, Section 10, Clause 1
I think you should investigate further.
Or you could post your proof.
The income tax was needed to service the massive yearly interest for the debt brought on by the Federal Reserve.
Or five times. I suspect that had more to do with WWI than the creation of the Fed.
The income tax was needed to service the massive yearly interest for the debt brought on by the Federal Reserve.
The Federal Reserve doesn't "bring on debt". That'd be Congress.
OK, here’s a simplistic answer: The income tax and the Federal Reserve system came into existence together. The 16th Amendment was proposed in 1909 and ratified in 1913, the year the Federal Reserve system was instituted. The Federal Reserve would not be nearly as “worthy” an enterprise without an income tax and government goons to extort it from us.
The Federal Reserve system allows privately held banks to print our currency, essentially creating money out of thin air, and sell it to the government. (The Fed prints fiat paper currency for three or four cents a bill.) In effect, they lend the money back to us at face value, but more importantly finance the government’s debt. The government confiscates our property through the income tax to pay it back.
So what?
The Federal Reserve would not be nearly as “worthy” an enterprise without an income tax and government goons to extort it from us.
Huh? The Fed could exist just fine without an income tax.
The Federal Reserve system allows privately held banks to print our currency,
Private banks can't print currency.
essentially creating money out of thin air,
Private banks can't create money out of thin air.
and sell it to the government
Why does the government need newly printed money?
In effect, they lend the money back to us at face value
It's true, the government borrows too much money.
but more importantly finance the government’s debt.
The Fed holds less than $825 billion in Treasuries. Not enough to even finance last years deficit.
The government confiscates our property through the income tax to pay it back.
The government makes a profit from the Fed.
Have it your way. Who prints our money?
It's not my way, it's the truth.
Who prints our money?
The Bureau of Engraving and Printing.
You’re right, the BEP does the actual printing - for the Federal Reserve! The Fed is a system of privately held banks. That’s the truth.
That states that “no state” shall coin money [paper or metal] but I don’t see how that says that the US Government is able to.
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