Posted on 07/08/2006 4:44:32 PM PDT by churchillbuff
While millions of Americans look with awe to the Federal Reserve to protect the nation's financial well being, millions more mistrust the Fed, seeing it as an unaccountable, private banking cartel siphoning off citizens' wealth and manipulating America's economy for the benefit of a hidden elite.
Where does the truth lie? That's the question that's asked – and answered in-depth – in the July issue of WorldNetDaily's acclaimed monthly Whistleblower magazine.
Titled "THE FEDERAL RESERVE: FRAUD OF THE CENTURY," Whistleblower documents authoritatively and with uncommon clarity how the "Federal Reserve" – which is neither part of the federal government, nor does it rely on monetary reserves – is an unconstitutional, unelected cartel that literally creates the devastating problems it was supposed to prevent.
Today, the entire Western financial world holds its breath every time the Fed chairman speaks, so influential are the central bank's decisions on markets, interest rates and the economy in general. Yet the Fed, supposedly created to smooth out business cycles and prevent disruptive economic downswings like the Great Depression, has actually done the opposite.
"From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble" in 2001, charges U.S. Rep. Ron Paul, "every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy."
While many Fed defenders claim it worked valiantly to prevent or minimize the ravages of the Great Depression, in reality the Fed caused the Depression and greatly increased the severity of its effects.
In fact, as July's Whistleblower documents, the Fed's new chairman, Ben Bernanke, admits that the Federal Reserve was responsible for the Great Depression. "We did it," Bernanke said, adding, "We're very sorry."
But the Fed's sins go way beyond the Great Depression. "Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy," said Paul, the congressman best known for his steadfast commitment to the U.S. Constitution.
"In addition," said the Texas Republican, "most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people."
And that's just the beginning. In this special Whistleblower issue , the crucial subject of economics and money – often deliberately made overly complicated and confusing – is laid out in the clearest way possible.
Whistleblower takes readers on a stunning time-travel journey back to 1913, to a train on its way to Jekyll Island, just off the coast of southern Georgia, where America's wealthiest and most influential bankers got together in secret and hatched their plan for creating the private banking cartel that would control the American economy. It would deceptively be named the Federal Reserve to create the impression it is part of the federal government.
Without resorting to financial jargon or doubletalk, Whistleblower explains in plain, commonsense language exactly how the Fed works and how Americans' formerly gold-backed currency has been corrupted and much of their buying power lost, thanks to the Fed, and how this continues into the present.
Although today the governors of the Federal Reserve are literally the gods of the nation's money supply and financial policy, in previous eras of American history, leaders warned specifically against an unaccountable, unelected central bank:
"I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." – Thomas Jefferson
"Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." – Daniel Webster
"Whoever controls the volume of money in any country is absolute master of all industry and commerce." – James A. Garfield
"All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." – John Adams "For this issue of Whistleblower," said David Kupelian, managing editor of WND and Whistleblower, "we tried to remedy John Adams' concern over Americans' 'ignorance of the nature of coin, credit, and circulation.' So we worked very hard to come up with the most credible, most understandable, yet comprehensive analysis of the Fed possible."
Kupelian added. "This issue will go a long way toward giving you the understanding you need – not only regarding this nation's extraordinarily deceitful banking and money system, but also, to help you make better financial and life decisions for the sake of yourself and your family."
In the mid-1960s, Republicans were decrying 2 percent inflation under LBJ as outrageous. Today, we think it's fine -- even though it means a steady erosion of the value of our money. The Fed sanctions - causes? - this devaluing of our purchasing power. And the fed caused the stock boom-bust, and then a housing "boom" which is really a spectacular example of Weimar-like inflation that has made a home unaffordable for young people in many parts of the country. How long before the bust?
There are very good reasons for those "booms" and "busts". For example, after WWII, "boom" after increased production. During the 70s, "bust" due to inflation and whatever. It's supposed to be that way. It's not going to be "boom" forever.
Bump
If you think the Fed is bad, then just give the politicians direct control of the money supply. Then you'll see the dollar become as sought after as the Turkish Lira.
Fed apologists want us to believe that's the only alternative -- as if there was no such thing as a Gold Standard to offer a real path to sound money. A sound dollar - that used to be the platform of the Republican Party. Now, we're fine with inflation - something that used to be the tool of the Democrats. I've heard Rush praising the "booming" housing market - as if 30 percent per year inflation is a good thing. That's out-of-control inflation, and it can only hurt people in the long run. It's nothing to be applauding - but Rush is a parrot for the Republican establishment, not an independent, genuinely conservative thinker.
Reducing an American's purchasing power reduces his power overall.
And it's not like the US economy was some sort of stable magical paradise before the Fed, and before the end of the Gold Standard; vicious depressions before the "Great Depression" were a fairly regular occurence.
WingNutDaily gets sillier by the minute.
The article started well, but then devolved into kookery as most articles about the Federal Reserve do.
Eh, actually anything that whines about going off the Gold Standard is basically 100% kookery, guaranteed.
Whatever? Can you be more precise?
In the 1970's a new word had to be invented, stagflation, to describe what was going on because the usual scapegoats of full employment, and economic overheating couldn't be blamed. All inflation can be traced back to government policy, anyway. And yes, the Federal Reserve is the cause of cycles in our modern economy, at least since the early 1980's when Paul Volcker went way too far raising rates.
What is a boom anyway? Why can't the economy grow at a steady 5% or more with technological innovation and productivity improvements?
If the Federal Reserve kept the domestic value of the dollar steady using market indicators, and the government emphasized supply side economic incentives our economic growth and increases in standard of living would be unprecedented.
The big downside would be for the federal government, because there would be less of a role for it as more people become wealthy and self sufficient in every economic class.
O.K. First, it's from Wing-Nut Daily, and then their first quote is from Ron Paul. Sorry, but had to stop reading right there.
Moonman62 wrote:
> The article started well, but then devolved into kookery as most articles about the Federal Reserve do. <
Yep, the only thing missing is a description of how the Rothchild family has managed to gain control of the world's Black Helicopter industry as well as the world's financial system.
To read the article, you might think the situation is so dire that we need Pat Buchanan to call out the pitchfork brigade!
Speaking of fraud.......how's the veracity of WND?
The Federal Reserve is part of an international banking conspiracy to sap and impurify all of our precious bodily fluids.
Well beside the fact that libertarians and conservatives have spoken against the Fed since its inception (not Republicans or Democrats however), the only thing World Nut Daily has missed is that they're about 90 years late to the party.
I take one look at a modern $300,000 house I think , who ever buys this plywood and vinyl shack is really getting taken. Does anyone think these houses will still be standing 100 years from now?
You've got THAT right. I wish it were possible to jail for 130 years every politician who acquiesced to this Ponzi scheme. It makes everything other financial crime tiny by comparison.
We have had the Fed for 93 years. Why have we never been given an audit of its activities?
The Fed's actions affect every single American.
They have been given extraordinary, and extraconstitutional powers.
Why is there no accountability?
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