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Bailing out Brazil – Or Robert Rubin?
WorldNetDaily ^
| August 14, 2002
| Pat Buchanan
Posted on 08/14/2002 1:03:51 PM PDT by arete
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To: Mr. Jeeves
JPM and Citi are the government.
Nah - just our money.
- The Federal Reserve (Fed) is a consortium of private banks.
- Our federal government has since 1913 ceded to the Fed the control of our money.
- The Government Printing Office, while nominally part of our government, only prints greenbacks on the instruction of and to be delivered to the Fed.
- Our government doesn't make money -- it borrows it from the Fed. When the government needs more money, it prints up a Bond (an I.O.U. with interest) and gives it to the Fed in exchange for some more money credited to the governments checking account.
- The Fed, by its reserve margins and short term rates and other loan policies controls how much money is available.
- The failure of a couple of major banks, such as JPMorgan and Citibank, would send this country into a major depression, for lack of money to service existing debt, much less promote further investment.
The banks own the dollar, they print the dollar, and they create dollars out of thin air.
Nice gig if you can get it.
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