Century of Enslavement – Corbett report on the FED
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Century of Enslavement – Corbett report on the FED

January 19, 2020

hi I’m buck your personal tour guide to
the Federal Reserve I’m here to introduce you to one of the most complex
but effective institutions in the United States but don’t worry I’ll explain it
all in plain English just beside me is a roadmap of where we’re going together
we’ll walk through the Federal Reserve System literally and along the way I’ll
show you just what goes on around here and why it’s important by the end of
this tour you too will be able to explain the Federal Reserve in plain
English that would effectively be a takeover monetary policy by the Congress
a repudiation of the independence of the Federal Reserve which would be highly
destructive to the stability of the financial system the dollar and
our national economic situation we don’t when the Federal Reserve does not own
any gold at all we have not owned gold since 1934 all our lives we’ve been told that
economics is boring it’s dull it’s not worth the time it takes to understand it
and all our lives we’ve been lied to war poverty revolution they all hinge on
economics and economics all rests on one key concept money money it is the
economic water in which we live our lives we even call it currency it flows
around us carries us in its wake drowns those who are not careful we use
it every day in nearly every transaction we conduct we spend our lives working
for it worrying about it saving it spending it pinching it it defines our
social status it compromises our morals people are willing to fight die and kill
for it but what is it where does it come from how is it created who controls it
it is a remarkable fact that given its central importance in our lives not one
person in a hundred could answer such basic questions about money as these so
if you were planning a family you’d want to know where babies come from and this
is a lot about banking so let me ask you where does money come from where does
the money come from where does anyone ever mint prints it
sprinted off where does money come from house new money created by labor people
work reduced well than that and the money is supposed to Blatt match that
well where does money come from well I have a pretty different outlook on money
it actually comes from like trees right but why is this how could we be so
ignorant about a topic of such importance where does money come from is
a basic childlike question so why is our only response the childlike answer meant
as a joke it grows on trees such a profound state of ignorance could
not come about naturally from the time we are children we are curious about the
world and eager to learn about the way it works and what could lead to a better
understanding of the way the world works than a knowledge of money its creation
and destruction yet discussion of this topic is fastidiously avoided in our
school years and ignored in our daily life our monetary ignorant is artificial
a smokescreen that has been erected on purpose and perpetrated with the help of
complicated systems and insufferable economic jargon but it doesn’t take an
economist to understand the importance of money deep down we all know that the
wars the poverty the violence we see around us hinges on this question of
money it seems like a thousand-piece jigsaw puzzle just waiting to be solved
and it is the puzzle pieces taken together create an image of the Federal
Reserve America’s central bank and the heart of the country’s banking system
despite its central importance to the economy
relatively few have heard of it and fewer still know what it is
despite the bank’s attempts at self description our economy runs on a
complex system of exchange of goods and services in which money plays a key part
point currencies savings and checking accounts the overall supply of money is
managed by the Federal Reserve money is the medium through which
economic exchanges take place and money as a standard of value helps us to set
prices for goods and services the job of managing money monetary policy is to
preserve the purchasing power of the dollar while ensuring that a sufficient
amount of money is available to promote economic growth the Federal Reserve also
promotes the safety and soundness of the institutions where we do our banking it
ensures that the mechanisms by which we make payments whether by cash cheque or
electronic means operate smoothly and efficiently and in its fiscal role acts
as the banker for the United States government now these duties comprise the
major responsibilities of our central bank but in order to really understand
the Federal Reserve we must first understand its origins in context we
must deconstruct the puzzle the first piece of that puzzle lies here in the
White House this is where the Federal Reserve Act then known as the currency
bill was signed into law after passing the House and Senate in late December
1913 the New York Times of Christmas Eve 1913 described the festive scene the
Christmas spirit pervaded the gathering while the ceremony was a little less
impressive than that of the signing of the tariff act on October 3rd last in
the same room the spectators were much more enthusiastic and seized every
occasion to applaud there in the White House that fateful December evening
President Wilson signed away the last veneer of control over the American
money supply to a cartel a well-organized gang of crooks so
successful so cunning so well-hidden that even now a century later few know
of its existence let alone the details of its operations but those details have
been openly admitted for decades of course just as we have been taught to
find economics boring we have been taught that this story is boring this is
the way the Federal Reserve itself tells it the United States was facing severe
financial problems at the turn of the century most banks were issuing their
own currency called banknotes the trouble
was currency that was good in one state was sometimes worthless in another
people began to lose confidence in their money since it was only as sound as the
bank that issued it fearful that their bank might go out of
business they rushed to exchange their banknotes for gold or silver by
attempting to do so they created the panic of 1907 during the panic people
streamed to the banks and demanded their deposits the banks could not meet the
demand they simply did not have enough gold and silver coin available many
banks went under people lost millions of dollars businesses suffered unemployment
rose and the stability of our economic system was again threatened well this
couldn’t go on if the country was going to grow and prosper some means would
have to be found to achieve financial and economic stability to prevent
financial panics like the one in 1907 President Woodrow Wilson signed the
Federal Reserve Act into law in 1913 but this is history as told by
the victors a revisionist vision in which the creation of a central bank to
control the nation’s money supply is merely a boring historical footnote
about as important as the invention of the zipper for an early 20th century
hoola-hoop craze the truth is that the story of the secret banking Conclave
that gave birth to that Federal Reserve Act is as exciting and dramatic as any
Hollywood screenplay or detective novel yarn and all the more remarkable for the
fact that it is all true we pick up the story appropriately enough under cover
of darkness it was the night of November 22nd 1910 and a group of the richest and
most powerful men in America were boarding a private rail car at an
unassuming railroad station in Hoboken New Jersey the car waiting with shades
drawn to keep on lookers from seeing inside belonged to senator Nelson
Aldrich the father-in-law of billionaire heir to the Rockefeller dynasty john d
rockefeller jr. a central figure on the influential Senate
ants committee where he oversaw the nation’s monetary policy Aldrich was
referred to in the press as the general manager of the nation joining him that
evening was his private secretary Shelton and a who’s who of the nation’s
banking and financial elite ap at Andrew the assistant Treasury secretary Frank
Vanderlip president of the National City Bank of New York Henry P Davison a
senior partner of JP Morgan Company Benjamin strong jr. an associate of JP
Morgan and president of Bankers Trust Co and Paul Warburg heir of the Warburg
banking family and son-in-law of Solomon Loeb of the famed New York investment
firm Kuhn Loeb & Company the men had been told to arrive one by one after
sunset to attract as little attention as possible
indeed secrecy was so important to their mission that the group did not use
anything but their first names throughout the journey so as to keep
their true identities secret even from their own servants and waitstaff the
movements of any one of them would have been reason enough to attract the
attention of New York’s Horatius press especially in an era where banking and
monetary reform was seen as a key issue for the future of the nation a meeting
of all of them now that would surely have been the
story of the century and it was their destination the secluded Jekyll Island
off the coast of Georgia home to the prestigious Jekyll Island Club whose
members included the Morgans Rockefellers Warburg’s and Rothschilds
their purpose Davison told intrepid local reporters who had caught wind of
the meeting that they were going duck hunting but in reality they were going
to draft a reform of the nation’s banking industry in complete secrecy G
Edward Griffin the author of the best-selling the creature from Jekyll
Island and a longtime Federal Reserve researcher explains what happened is
that the bank’s decided that since there was going to be legislation anyway to
control their industry that they wouldn’t just sit back and wait and see
what happened and crossed their fingers that it would be okay they decided that
to do what so many cartels do today they decided to take the lead and they would
be the ones calling for regulations and reform
they like the word reform and American people are suckers for the word reform
you just put that into any corrupt piece of legislation call it reform and people
say oh I’m all for reform and so they vote for it or it accepted so that’s
what they were doing they decided we will reform our own industry in other
words we will create a cartel and we will give the cartel the power of
government we’ll take our cartel agreement so that we can self-regulate
to our advantage and we’ll call it the Federal Reserve Act and then we’ll take
this this cartel agreement to Washington and they convinced those idiots there to
pass it into law and that basically was the strategy it was brilliant strategy
of course we see it happening all the time and certainly in our own day today
we see the same thing happening another cartelized industry right now we’re
watching it unfold in the field of health care but at that time it was
banking alright and so the the banking cartel wrote their own rules and
regulations called it the Federal Reserve Act got it passed into law and
it was very much to their liking because they wrote it and then in essence what
they had created is a set of rules which made it possible for themselves to
regulate their industry but they went even beyond that in fact it’s clear to
me when I was reading their letters and their conversations at the time and the
debates that they never dreamed that Congress would go along and also give
them the right to issue the nation’s money supply I mean not only were they
now going to regulate their own industry which is what they started out as
wanting to do but they got this this an incredible gift that they didn’t dream
would be given to them although they were negotiating for it and that was
Congress gave them the authority to issue the nation’s money and Congress
gave away the the sovereign right to issue the nation’s money to the private
banks and so all of this was in the Federal Reserve
and the American people were joyous because they were told and they were
convinced that this was finally a means of controlling this big creature from
Jekyll Island amazingly enough they were successful not just in conspiring to
write the legislation that would eventually become the Federal Reserve
Act but in keeping that conspiracy a secret from the public for decades it
was first reported on in 1916 by Bertie Charles Forbes the financial writer who
would later go on to found forbes magazine but it was never fully admitted
until a quarter century later when Frank Vanderlip wrote a casual admission of
the meeting in the February 9th 1935 edition of The Saturday Evening Post I
was a secretive indeed as furtive as any conspirator I do not feel it as any
exaggeration to speak of our secret expedition to Jekyll Island as the
occasion of the actual conception of what eventually became the Federal
Reserve System over the course of their nine days of deliberation at the Jekyll
Island Club they devised a plan so overarching so ambitious that even they
could scarcely imagine that it would ever be passed by Congress as Vanderlip
put it discovery of our plan we knew simply must not happen or else all our
time and effort would be wasted if it were to be exposed publicly that our
particular group had got together and ridden a banking bill that bill would
have no chance whatever of passage by Congress so what precisely did this
Conclave of conspirators devise at their Jekyll Island meeting a plan for a
central banking system to be owned by the banks themselves a system which
would organize the nation’s banks into a private cartel that would have sole
control over the money supply itself at the end of their nine-day meeting the
bankers and financiers went back to their respective offices content in what
they had accomplished the details of the plan changed between its 1910 drafting
and the eventual passage of the Federal Reserve Act but the essential ideas were
there but ultimately this scene on Jekyll Island too is just one piece of a
larger puzzle and like any other puzzle piece it has to be seen in its wider
context for the bigger picture to become visible to understand the other pieces
of the puzzle and there hortence in the creation of the Federal
Reserve we have to travel backward in time the story begins in late 17th
century Europe the nine years war is raging across the continent as louis xiv
of france finds himself pitted against much of the rest of the continent over
his territorial and dynastic claims King William the third of England devastated
by a stunning naval defeat commits his court to rebuilding the English Navy
there’s only one problem money the government’s coffers have been
exhausted by the waging of the war and Williams credit is drying up a Scottish
banker William Paterson has a banker’s solution a proposal to form a company to
lend a million pounds to the government at 6% plus 5,000 management fee with the
right of note issue by 1694 the idea has been slightly revised a 1.2 million
pound loan at 8% plus 4000 for management expenses but it goes ahead
the magnanimously titled Bank of England is created the name is a carefully
constructed lie designed to make the bank appear to be a government entity
but it is not it is a private bank owned by private shareholders for their
private profit with the Charter from the king that allows them to print the
public’s money out of thin air and lend it to the crown what happens here at the
birth of the Bank of England in 1694 is the creation of a template that will be
repeated in country after country around the world a privately controlled central
bank lending money to the government at interest money that it prints out of
nothing and the jewel in the crown for the international bankers that creates
this system is the future economic powerhouse of the world the United
States in many important respects the history of the United States is the
history of the struggle of the American people
against the banksters that wish to control their money by the 1780s with
colonies still fighting for independence from the crown the bankers will get
their wish in 1781 the United States is in financial turmoil the Continental the
paper currency issued by the Continental Congress to pay for the war has
collapsed from over issue and British counterfeiting desperate to find a way
finance the end stages of the war Congress turns to Robert Morris a
wealthy shipping merchant who was investigated for war profiteering just
two years earlier now as superintendent of Finance of the United States from
1781 to 1789 in America next to General Washington in his capacity as
superintendent of Finance Morris argues for the creation of a privately-owned
central bank deliberately modeled on the Bank of England that the colonies were
supposedly fighting against Congress backed into a corner by war obligations
and forced to do business with the bankers and just like King William in
the 1690s acquiescence and charters the Bank of North America as the nation’s
first central bank and exactly as the Bank of England came into existence
loaning the British crown 1.2 million pounds the BNA started business by
loaning 1.2 million dollars to Congress by the end of the war Morris has fallen
out of political favor in the Bank of North America’s currency has failed to
win over a skeptical public the BNA is downgraded from a national central bank
to a private commercial bank chartered by the state of Pennsylvania but the
bankers have not given up yet before the ink is even dry on the Constitution a
group led by Alexander Hamilton is already working on the next
privately-owned central bank for the newly formed United States of America so
brazen is Hamilton in the forwarding of this agenda that he makes no attempt to
hide his aims were those of the banking interests he serves a national debt if
it is not excessive will be to us a national blessing he wrote in a letter
to James Dwayne in 1781 it will be a powerful cement of our union it will
also create a necessity for keeping up taxation to a degree which without being
oppressive will be a spur to industry opposition to
Hamilton and his debt based system for establishing the finances of the US is
fierce led by Jefferson and Madison the bankers and their system of debt
enslavement is called out for the force of destruction that it is with Thomas
Jefferson writing the spirit of war and indictment since the modern theory of
the perpetuation of debt has drenched the earth with blood and crushed its
inhabitants under burdens ever accumulating still Hamill
proves victorious the first bank of the United States is chartered in 1791 and
follows the pattern of the Bank of England and the Bank of North America
almost exactly a privately owned central bank with the authority to loan money
that it creates out of nothing to the government in fact it is the very same
people behind the new bank as were behind the old Bank of North America it
was Alexander Hamilton Robert Morris’s former aide who first
proposed Morris for the position of financial superintendent and the
director of the old Bank of North America
Thomas willing is brought in to serve as the first director of the first bank of
the United States meet the new banking bosses same as the old banking bosses in
the first five years of the bank’s existence the US government borrows 8.2
million dollars from the bank and prices rise 72 percent by 1795 when Hamilton
leaves office the incoming Treasury secretary announces that the government
needs even more money and sells off the government’s meager 20 percent share in
the bank making it a fully private corporation once again the US economy is
plundered while the private banking cartel laughs all the way to the bank
that they created by the time the bank’s charter comes due for renewal in 1811
the tide has changed for the money interests behind the bank
Hamilton is dead shot to death in a duel with Aaron Burr the bank supporting
Federalist Party is out of power the public are weary of foreign ownership of
the central bank and what’s more don’t see the point of a central bank in time
of peace accordingly the charter renewal is voted down in the Senate and the bank
is closed in 1811 less than a year later the u.s. is once again at war with
England after two years of bitter struggle the public debt of the US has
nearly tripled from forty five point two million dollars to one hundred nineteen
point two million dollars with trade at a standstill
prices soaring inflation rising and debt mounting President Madison signs the
Charter for the creation of another central bank the second bank of the
United States in 1816 just like the two central banks before it it is majority
privately owned and has granted the power to loan money that it creates out
of thin air to the government the 20 year bank charter is due to
expire in 1836 but still in his first term President Andrew Jackson has
already vowed to let it die prior to renewal believing that Jackson won’t
risk his chance for re-election in 1832 on the issue
the bankers forward a bill to renew the bank’s charter in July of that year four
years ahead of schedule remarkably Jackson vetoes the renewal charter and
stakes his re-election on the people’s support of his move in his veto message
Jackson writes in no uncertain terms about his opposition to the bank
whatever interest or influence whether public or private has given birth to
this act it cannot be found either in the wishes or necessities of the
executive department by which present action is deemed premature and the
powers confirmed upon its agent not only unnecessary but dangerous to the
government and country it is to be regretted that the rich and powerful too
often bend the acts of government to their selfish purposes if we cannot at
once injustice to interests vested under improvident legislation make our
government what it ought to be we can at least take a stand against all new
grants of monopolies and exclusive privileges against any prostitution of
our government to the advancement of the few at the expense of the many and in
favor of compromise and gradual reform in our code of laws and system of
political economy the people side with Jackson and he’s reelected on the back
of his slogan Jackson and no Bank the president makes good on his pledge in
1833 he announces that the government will stop using the bank and will pay
off its debt the bankers retaliated in 1834 by
staging a financial crisis and attempting to pin the blame on Jackson
but it’s no use On January 8 1835 President Jackson
succeeds in paying off the debt and for the first and only time in its history
the United States is free from the debt chain of the bankers in 1836 the second
bank of the United States charter expires and the bank loses its status as
America’s central bank it is seventy-seven years before the bankers
can regain the jewel in their crown but it is not for lack of trying
immediately upon the death of the bank the banking oligarchs in England react
by contracting trade removing capital from the US demanding
payment and hard currency for all exports and tightening credit this
results in a financial crisis known as the panic of 1837 and once again
Jackson’s campaign to kill the bank is blamed for the crisis throughout the
late nineteenth century the United States is rocked by banking panics
brought about by wild banking speculation and sharp contractions in
credit by the dawn of the 20th century the bulk of the money in the American
economy has been centralized in the hands of a small clique of industrial
magnates each with a near monopoly on a sector of the economy there are the
Astor’s in real estate the Carnegie’s and the Schwab’s in steel the Harriman’s
Stanford’s and Vanderbilt’s in railroads the melons and the Rockefellers in oil
as all of these families start to consolidate their fortunes they
gravitate naturally to the banking sector and in this capacity they form a
network of financial interests and institutions that centered largely
around one man banking Scion and increasingly America’s informal central
banker in the absence of a central bank John Pierpont Morgan John Pierpont
Morgan or Pierpont as he prefers to be called is born in Hartford Connecticut
in 1837 to Junius Spencer Morgan a successful banker in financier Morgan
rides his father’s coattails into the banking business and by 1871 is
partnered in his own firm the firm that was eventually to become JP Morgan &
Company it is Morgan who finances Cornelius Vanderbilt’s New York Central
Railroad it is Morgan that finances the launch of nearly every major corporation
of the period from AT&T to General Electric to General Motors to DuPont it
is Morgan who buys out Carnegie and creates the United States Steel
Corporation America’s first billion-dollar company
it is Morgan who brokers a deal with President Grover Cleveland to save the
nation’s gold reserves by selling sixty-two million dollars worth of gold
to the Treasury in return for government bonds and it is Morgan who in 1907 sets
in motion the crisis that leads to the creation of the Federal Reserve that
year Morgan begins spreading rumors about the precarious finances of the
Knickerbocker Trust Company a Morgan competitor and one of the largest
financial institutions in the United states at the time the resulting crisis
the the panic of 1907 shakes the US financial system to its core Morgan puts
himself forward as a hero boldly offering to help underwrite some of the
faltering banks and brokerage houses to keep them from going under after a bout
of hand-wringing over the nation’s finances a congressional committee is
assembled to investigate the money trust the bankers and financiers who brought
the nation so close to financial ruin and that wield such power over the
nation’s finances the public follows the issue closely and in the end a handful
of bankers are identified as key players in the money trusts operations including
Paul Warburg Benjamin strong jr. and JP Morgan andrew gavin marshall editor of
the people’s book project explains at the beginning of the 20th century there
was an investigation following the greatest of these financial panics which
was in 1907 and this investigation was on what was called the money trust which
found that three banking interest JP Morgan National City Bank and the City
Bank of New York I believe it was basically controlled the entire
financial system so three banks and the public hatred towards these institutions
was unprecedented there was an overwhelming consensus in the country
for establishing a central bank but there were many different interests in
pushing this and everyone had sort of their own specific purpose behind
advocating for a central bank so to represent the most people you had a
farmer interests populist progressives who were advocating a central bank
because they couldn’t take the recurring panics but they wanted government
control of a central bank they wanted it to be exclusively under the public
control because they despised and feared the New York banks as wielding too much
influence so for them a central bank would be a way to curb the power of
these private financial interests on the other hand those same financial
interests we’re advocating for a central bank to serve as a source of stability
for their control of the system also to act as a
lender of last resort to them and so that they would never have to face
collapse but also in order to exert more control through a central bank the
private New York banking community wanted a central bank under the
exclusive control of them there’s a shocker so you had all these various
different entry interests which converged of course the most influential
happened to be the New York financial houses which were more aligned with
European financial houses than they were with any other element in American
society the main individual behind the founding
of the Federal Reserve was Paul Warburg who was a partner with Kuhn Loeb &
Company European banking house his brothers were prominent bankers in
Germany at that time and he had of course close connections with every
major financial and really big industrial firm in the United States and
most of those existing in Europe and he was discussing all these ideas with his
fellow compatriots in advocating for a central bank in 1910 the Warburg with we
got the support of senator named senator Aldrich who later whose family later
married into the Rockefeller family again I’m sure just a coincidence but
Aldrich invited Warburg and another number of other bankers to a private
secret meeting on Jekyll Island just off the coast of Georgia where they met in
1910 to discuss the construction of a central bank in the United States but
one which of course would be owned and serve the interests of the private
bankers Aldrich then in 1911 presented this as the Aldrich plan or the Aldrich
bill in the US Congress and it was actually voted out the public
suspicious of Senator Aldridge’s banking connections ultimately reject the Jekyll
Island cabal’s Aldrich plan the cabal does not give up however they simply
revise and rename their plan giving it a new public face that of Senator Robert
Owen and representative Carter glass in the end the money trust that was behind
the panic of 1907 uses the public’s own outrage against them to complete their
consolidation of control over the banking system the newly retitled
Federal Reserve Act is signed into law on December 23rd 1913 and the Fed begins
operations the next year so how does the Federal Reserve System
work what does it do who owns and controls it these are the basic
questions that would get to the heart of the fundamental question what is money
and that is why the answer to these questions have been shrouded in
impenetrable economic jargon even the Federal Reserve’s own educational
propaganda which has an unusual tendency towards cutesy animation and talking
down to its audience has a difficult time summarizing the feds mission and
responsibilities according to the Fed to achieve these goals the Fed then and now
combine centralized national Authority through the Board of Governors remember
that on the map with a healthy dose of regional independence through the
Reserve Banks a third entity the Federal Open Market Committee brings together
the expertise of the first two in setting the nation’s monetary policy
precisely what imaginary gaggle of schoolchildren is this economic
gibberish aimed at the simple truth hidden behind the sleight-of-hand of
economic jargon and Magisterial titles is that a banking cartel has monopolized
the most important item in our entire economy money itself we are taught to
think of money as the pieces of paper printed in government printing presses
or coins minted by government mints while this is partially true in this day
and age the actual notes and coins circulating in the economy represent
only a tiny fraction of the money in existence over 90% of the money supply
is in fact created by private banks as loans that are payable back to the banks
at interest although this simple fact is obscured by the Wizards of Wall Street
and gods of money who want to make the money creation process into some special
art of alchemy carefully overseen by the government the truth is not hidden from
the public in December 1977 the Federal Reserve Bank of New York published
another of its dumb down cartoon written information pamphlets for the general
public attempting to explain the functions of
the Federal Reserve System there in black and white they carefully explained
the money creation process commercial banks create checkbook money whenever
they grant simply by adding new deposit dollars to
accounts on their books in exchange for a borrower’s IOU banks create money by
monetizing the private debts of businesses and individuals that is they
create amounts of money against the value of those IOUs there it is in plain
English the vast majority of money in the economy the checkbook money in our
accounts of the bank and that we use in our electronic transfers and digital
payments is created not by a government printing press but by the bank itself it
is created out of thin air as debt owed back to the bank that created it at
interest this means that bank loans are not money
taken from other bank depositors but new money simply conjured into existence and
placed into your account and the bank is able to create much more money than it
has cash to back up those deposits the Fed claims to be the entity overseeing
and backing up the banking industry it was established according to its own
propaganda to stabilize the system and prevent bank runs like the panic of 1907
from happening again throughout much of the eighteen hundreds
almost any organization that wanted and could quit its own money as a result
many states banks even one New York druggist did just that in fact at one
time there were over 30,000 different varieties of currency in circulation
imagine the confusion not only were there multitudes of currencies some were
redeemable in gold and silver others were backed by bonds issued by regional
governments it was not unusual for people to lose faith both in the value
of their currency and in the entire financial system with many people trying
to withdraw their deposits at once sometimes the banks didn’t have enough
money on hand to pay their depositors then when the funds ran out the banks
suspended payment temporarily at some even closed people lost their entire
savings sometimes regional economy suffered obviously something had to be
done and in 1913 something was and that year President Woodrow Wilson signed
into a the Federal Reserve Act this Act created
the Federal Reserve System to provide a safer and more stable monetary and
banking system if that was indeed its aim it signally failed to do so in
running up one of the greatest bubbles in American history to that point in the
1920s just a decade after its creation the popping of that bubble of course led
directly into the Great Depression and one of the greatest periods of mass
poverty in American history economists have long argued that the Fed itself was
the cause of the depression by its complete mismanagement of the money
supply as former Federal Reserve Chairman Ben Bernanke admitted in a
speech commemorating Fed critic Milton Friedman’s 90th birthday regarding the
Great Depression you’re right we did it we’re very sorry but thanks to you we
won’t do it again price stability is another cited tenet
of the Federal Reserve’s mandate but here to the Fed has completely failed to
live up to its own standards aside from the banking system the Federal Reserve
has another responsibility that’s probably even more important it’s in
charge of something called monetary policy basically it means trying to keep
prices stable to avoid inflation say you buy a CD today for $14 but what if next
year the price of the CD jumped to $20 or $50 not because of a change in supply
or demand but because all prices were going up that’s inflation there are a
lot of different causes of inflation but one of the most important is too much
money the Fed can adjust the money supply by injecting money into the
system electronically or by withdrawing money from the economy think of it the
Federal Reserve has the ability to create money and make it disappear
what’s most important is what happens as a result anytime the supply of money is
altered the effects are felt throughout the economy
the feds methods have changed over time to take advantage of the latest
computers and electronics but its mission remains the same to aim for
stable prices full employment and a growing economy
100 years ago in 1913 the Fed was created and we’ve marked it with a
vertical line their consumer prices now are about 30 times higher than they were
when the Fed was created in 1913 paper money too is the responsibility of the
Federal Reserve hence the dollars in circulation are not Treasury notes not
Bills of credit but Federal Reserve notes debt-based notes backed up
ultimately by the government’s own promise to pay its sovereign bonds
backed up by the taxpayers themselves at one time the Federal Reserve Banks were
legally required to keep large stockpiles of gold in reserve to back up
these notes but that requirement was abandoned and today the notes are backed
up mostly by government securities the Fed no longer keeps any actual gold on
its books but gold certificates issued by the Treasury and valued not at the
spot price of $1300 per troy ounce but an arbitrarily fixed statutory price of
42 and 2/9 dollars per ounce let’s do one question during the crisis
or any time that you’re aware of has the Federal Reserve or Treasury participated
in any gold swaps arrangements we don’t the Federal Reserve does not own any
gold at all we have not owned gold since 1934
so we have not engaged in any gold swaps but it appears on your balance sheet
that you hold gold what appears on our balance sheet is gold certificates when
we turn to in in before 1934 we did the Federal Reserve did own gold we turned
that over by by law to the Treasury and received in return for that gold
certificate if if the Treasury entered into because under the exchange
Stabilization Fund I would assume they probably have the the legal authority to
do it they wouldn’t be able to do it then because you have the securities for
essentially all the gold no we have no other interest in the gold that is owned
by the Treasury we have simply an accounting document that is called gold
certificates that represents the value at a statutory rate and still that we
gave to the Treasury in 1913 still measured at 40
two dollars an ounce which makes no sense whatsoever clearly there is a
discrepancy between what we are led to believe is motivating the Fed and what
it actually does to understand what the Fed is actually intended to do its first
important to understand that the Federal Reserve is not a bank per se but a
system this system codifies institutionalizes overseas and
undergirds a form of banking called fractional reserve banking in which
banks are allowed to lend out more money than they actually have in their vaults
of the whole process starts the process of decay and corruption starts with
something called fractional reserve banking that’s the technical name for it
and what that really means is that as the banking institution developed over
several centuries starting of course in Europe it developed the practice of
legalizing a certain dishonest accounting procedure in other words in
the very very beginning if you want to go all the way back people would bring
their gold or silver to the banks for safekeeping and they say give us a paper
receipt and we don’t want to guard our silver and our goal because you know
people could come in in the middle of the night and they could kill us or tie
us up and and threaten us enough to get our gold and silver so we can’t really
guard it we’ll take it to the bank and have them guarded and we just want to
paper receipts so that we can take the receipt back and get our gold any time
we want and so in the beginning and you know money was receipt money they could
then instead of changing or exchanging the gold coins they could exchange the
receipts and people would expect accept the receipts just as well as the gold
knowing they could get the gold and so these paper receipts being circulated
were in essence the very first examples of paper money well the banks learned
early on that game that here they were sitting on this pile of gold and all
these paper receipts out there people weren’t bringing the receipts in anymore
very few of them maybe maybe 5% maybe 7% of the people would bring in their paper
receipts and ask for the gold so they said haha why don’t we just sort of
give more receipts out than we have gold they’ll never know because they never we
only are asked at the best seven percent of it so we can we can create more
receipts for gold and we have and and we can collect interest on that because we
loan that into the economy we’ll charge interest on this money that we don’t
really have and it’s a pretty good gimmick don’t you think well yeah of
course and so that’s how fractional reserve banking started and now it’s
institutionalized and they teach it in school they never no one ever questions
the integrity of it or the ethics of it they say well that’s the way banking
works and isn’t it wonderful that we now have this flexible currency and we have
prosperity and all that sort of thing so it all starts with this concept of
fractional reserve banking the trouble is with that as it works most of the
time but every once in a while these there are a few ripples that come along
that are a little bit bigger than the other ripples and maybe one of them is a
wave and more than seven percent will come in and ask for their goal maybe
twenty percent will come in or thirty percent and will now the banks are
embarrassed because the the fraud is exposed they said what we don’t we don’t
have your goal what do you mean you don’t have my gold I gave it to you and
put it on deposit and you said you’d safe carded well we don’t have it we
loaned it out so then the word gets out and everybody and their uncle comes and
lines up for their gold and of course they don’t have it the banks are closed
their bank holidays and people the banks are embarrassed they go out of business
people lose their savings and you have these these terrible banking crashes
that were ricocheting all around the world prior to this time and that is
what that’s what caused the concern one of the things that caused the concern of
the American people they didn’t want that anymore they wanted to put a stop
to that and that was the whole purpose supposedly of the Federal Reserve System
there’s to put a stop to that but since the people who designed the plan to put
a stop to it where they’re very ones who were doing it in the first place
you can not be surprised that their solution was not a very good one insofar
as the American people were concerned their solution was to expand it not to
control it but to expand it see a prior to that time this little game of
fractional reserve banking was localized at the state level each state was doing
its own little fractional reserve banking system each state in essence had
its own Federal Reserve central banks were authorized by state law to do this
sort of thing and that was causing all this problem and so the Federal Reserve
came along and said well no no we’re not gonna do this at the state level anymore
because look at all the problem it’s causing we’re gonna consolidate it all
together and we’re gonna do it at the national level the key to this system of
course is who controls this incredible power to regulate the economy by setting
reserve requirements and targeting interest rates the answer to this
question too has been deliberately obscured the Federal Reserve System is a
deliberately confusing mishmash of public and private interests Reserve
Bank’s boards and committees centralized in Washington and spread out across the
United States so you have the Federal Reserve Board in Washington appointed by
the presidents that’s the only part of this system that is directly dependent
upon the government for input that’s the Federal part that the government the
president specifically gets to choose a few select governors the 12 regional
banks the most influential of which is the Federal Reserve Bank of New York
essentially based in Wall Street to represent Wall Street is a
representative of the major wall street banks who own shares in the private not
federal but private Federal Reserve Bank of New York all the other regional banks
are also private banks they vary according to how much influence they
wield but the Kansas City Fed is influential the st. Louis Fed the Dallas
Fed but the the New York Fed is they’re really the center of this system
and precisely because it represents the Wall Street banks who appoints the
leadership of the New York feds so the New York Fed has a lot of public of
power but no public accountability it has no oversight it does not answer to
Congress the way that the chairman of the Federal Reserve Board of Governors
does and even then the chairman of the Fed of the Federal Reserve Board who is
appointed by the President does not answer to the president he does not
answer to Congress he goes to Congress to testify but the policy that they said
is independent so they they have no input from the government the government
can’t tell them what to do legally speaking and of course they don’t do you
think it would cause problems for the Fed or for the economy if that
legislation was to pass my concern about the legislation is that if the GAO is
auditing not only the operational aspects of our programs and the details
of the programs but is making judgments about our policy decisions that would
effectively be a takeover of monetary policy by the Congress a repudiation of
the independence of the Federal Reserve which would be highly destructive to the
stability of the financial system the dollar and our national economic
situation the Federal Open Market Committee is responsible for setting
interest rates now this committee which is enormous ly powerful it has as its
membership the governor and vice chair of the Federal Reserve Board by the
Federal Open Market Committee most of the membership is the presidents of the
Regional Federal Reserve Banks representing private interests so they
they have significant input into setting the interest rates interest rates are
not set by a public body they’re set by private financial and corporate
interests and that’s whose interests they serve of course the reason that the
Federal Reserve goes to such great lengths to make its organizational
structure as confusing as possible is to cover up the massive conflicts of
interests that are at the heart of the system the fact is that the Federal
Reserve System is comprised of a Board of Governors twelve regional banks
and an open market committee the privately-owned member banks of each
Federal Reserve Bank vote on the majority of the Reserve Bank’s directors
and the directors vote on members to serve on the Federal Open Market
Committee which determines monetary policy what’s more Wall Street has given
a prime seat at the table with tradition holding that the president of the
powerful New York Federal Reserve Bank be given the vice chairmanship of the
FOMC and be made a permanent committee member in effect the private banks are
the key determinants in the composition of the FOMC which regulates the entire
economy according to the Fed its monetary policy decisions do not have to
be approved by the President or anyone else in the executive or legislative
branches of government it does not receive funding appropriated by the
Congress and the terms of the members of the Board of Governors spend multiple
presidential and congressional terms or in the words of Alan Greenspan what is
the proper relationship what should be the proper relationship between the
chairman of the Fed and a President of the United States well first of all the
Federal Reserve is an independent agency and that means basically that there is
no other agency of government which can overrule actions that we take the Fed
goes on in its self mythologize ation to state that it is not a private
profit-making institution this characterization is dishonest at best
and an outright lie at worst the regional banks are themselves private
corporations as noted in the 1928 Supreme Court ruling instrumentalities
like the national banks or the Federal Reserve Banks in which there are private
interests are not departments of the government they are private corporations
in which the government has an interest this point is even admitted by the
Federal Reserve’s own senior counsel we are regulations do specify overall terms
for the the lending but the day-to-day operation of the banking activities are
conducted by the Federal Reserve banks they are banks and indeed they do lend
their own agency they’re not agencies your honor they’re persons under FOIA
each Federal Reserve Bank at the stock is owned by the member banks in the
district 100% privately a healthier private
boards of directors majority of those sports are appointed by the independent
banks private banks in the district they are not agencies these private
corporations issue shares that are held by the member banks that make up the
system making the banks the ultimate owners of the Federal Reserve Banks
although the feds profits are returned to the Treasury each year the member
banks shares of the Fed do earn them a 6% dividend
according to the Fed the fixed nature of these returns means that they are not
being held for profit despite the dishonest nature of this description
however it is important to understand that the bankers who will in the Federal
Reserve indeed do not make their money from the Fed directly instead the
benefits are much less obvious and much more insidious the simplest way that
this can be understood is that as a century of history and the specific
example of the last financial crisis shows the Fed was used as a vehicle to
bail out the very bankers who owned the Fed banks in the most obvious example of
fascistic collusion imaginable a handful of financial institutions have enriched
themselves as a result of institutional speculation on a large scale as well as
manipulation of the market and secondly what they have done is that they have
then gone to the to their governments and said well we are now in a very
difficult situation and you need to lend us you need to give us money so that we
can retain the the stability of the financial system and who actually lends
the money or brokers the public debt the same financial institutions which are
the recipients of the of the bailout okay and so what you have is a secular
process it’s a it’s a diabolical process you’re lending money you’re not you’re
not lending money you’re handing money to the to the large
financial institutions and and then this is leading up to a mounting public debt
in the trillions okay and then you say to the to the to the financial
institutions we need to establish a new set of of Treasury bills and government
bonds etc which of course are sold to the public but they are always broken
through the financial institutions which establish their viability and so on so
forth and the financial institutions will will
will probably buy part of this public debt so that in effect what the
government is doing is financing its own indebtedness through the bailouts it in
hands money to the banks but to have to hand the money to the data to the banks
it becomes indebted to those same financial institutions and then it says
well we now have to emit large amounts of public debt please can you help us
and then the banks will say well you your your books are not quite in order
and then the government will say well obviously they’re not in order because
we’ve just we’ve just handed you 1.4 trillion dollars of bailout money and
we’re now in a very difficult situation so we need to borrow money from from the
people who are in fact the recipients of the bailout so this is really what we’re
dealing with we’re dealing with a circular process the 2008 crisis and subsequent bailouts
are merely the latest and most brazen examples of the fundamental conflicts of
interest at the heart of America’s privately-owned central banking system
beginning with the collapse of Lehman Brothers in September of that year the
Federal Reserve embarked on an unprecedented program of bailouts and
special zero interest lending facilities for the very banks that had caused the
subprime meltdown in the first place by the cartel is a ssin of the Federal
Reserve structure and thus not by accident it was the very bank presidents
who had overseen their banks lending practices that ended up in the director
positions of the Federal Reserve banks that voted on where to direct the
trillions of dollars in bailout money and unsurprisingly
they directed it toward their own banks a stunning 2011 Government
Accountability Office report examined 16 trillion dollars of bailout facilities
extended by the Fed in the wake of the crisis and exposed numerous examples of
blatant conflicts of interest Jeffrey Immelt chief executive of General
Electric served as a director on the board of the Federal Reserve Bank of New
York at the same time the Fed provided 16 billion dollars in financing to
General Electric JP Morgan Chase chief executive Jamie Dimon meanwhile was also
a member of the board of the New York Fed during the period that saw 391
billion dollars in federal and incorrectly – his own Bank in all
Federal Reserve Board members were tied to four trillion dollars in loans to
their own banks these funds were not simply used to keep these banks afloat
but actually to return these fed connected banks to a period of record
profits in the same period that the average worker saw their real wages
actually decrease and the economy on Main Street slowed to a standstill
Ben Bernanke at that time the chairman of the Federal Reserve Board of
Governors was confronted about these conflicts of interest by senator Bernie
Sanders upon the release of the GAO report in June 2012 senator D raised an
important point which is that this is not something the Federal Reserve
created this is this is in the statute this Congress in the Federal Reserve Act
said this is the governance of the Federal Reserve
and more specifically that bankers would be on the board and six out of nine
sorry six out of nine in the regional banks are come free from the banking in
that’s correct that and that is in the law and right I’ll answer your question
though my answer what your question is that Congress set this up we have tried
I think we’ve made it something useful and valuable we do get information from
it but if Congress wants to change it you know of course we will work with you
to to find alternatives Bernanke is completely right these conflicts are in
fact a part of the institution itself a structural feature of the Federal
Reserve that was baked into the Federal Reserve Act itself over 100 years ago by
the bankers who conspired to Carta lies the nation’s money supply you could not
ask for a more succinct reason why the Federal Reserve itself this admitted
cartel of banking interests needs to be abolished but you could get one we now know that for centuries the
people of the United States have been at war with the international banking
oligarchs that war was lost seemingly for good in 1913 with the creation of
the Federal Reserve with the passage of the Federal Reserve Act President
Woodrow Wilson could sign the American population to a century in which the
money supply itself has depended on the whims of the banking cabal a century of
booms and busts bubbles and depressions has led to a wholesale redistribution of
wealth toward those at the very top of the system at the bottom the masses toil
in relative poverty single income households becoming double income
households out of necessity their quality of life being slowly eroded as
the Federal Reserve notes that pass for dollars are themselves devalued worse
yet the fraud itself perpetuates Alexander Hamilton’s persistent myth
that a national debt is necessary at all the u.s. is now locked into a system
whereby the government issues bonds to generate the funds for their operations
bonds that are backed up by the taxation of the public’s own labor the
perpetrators of this fraud meanwhile remain in the shadows largely ignored by
a general public that could instantly recognize the latest Hollywood
heartthrob or pop idol but have no clue what the head of Goldman Sachs or the
New York Fed does let alone who they are this cabal bear allegiance to no
nationality no philosophy or Creed no code of ethics they are not even
motivated by greed but power the power that the control of the money supply
inevitably brings with it after a person has all the money in the world that you
could possibly use to buy anything you want what’s left to capture your
imagination and the answer of course is power power over people the money is
power over people but there’s another power over people as well and that is
the the political power the social power and I think this has now become the
dominant driving force of these people they’ve already got the money they got
it locked down now they’re striving for this new world order as
there’s their name for it they want all of the world and into one political unit
which they dominate not only with money but with military and psychological
means and education and median propaganda they want total control over
every human on the planet and by golly they’re moving pretty rapidly in that
direction it did not take long for this lust for power to rear its head in 1921
just seven years after the Fed began operations the same JP Morgan connected
banking elite that founded the Federal Reserve incorporated an organization
called the Council on Foreign Relations with the goal of taking over the foreign
policy apparatus of the United States including the State Department in this
quest it was remarkably successful although there were only about 4,000
members in the organization today its membership has included 21 secretaries
of defense 18 Treasury secretaries 18 secretaries of state 16 CIA directors
and many other high-ranking government officials military officers business
elite and of course bankers the first director of the CFR was John W Davis JP
Morgan’s personal lawyer and a millionaire in his own right together
with its sister organizations in Britain and elsewhere around the world these
groups would work together toward what they called a new world order
of total financial and political control directed by the bankers themselves as
carroll quigley noted Georgetown historian and mentor of Bill Clinton
wrote in his 1966 work tragedy and hope a history of the world in our time the
powers of financial capitalism had a far-reaching aim nothing less than to
create a world system of financial control in private hands able to
dominate the political system of each country and the economy of the world as
a whole this system was to be controlled in a feudalist fashion by the central
banks of the world acting in concert by secret agreements arrived at infrequent
private meetings and conferences the apex of the system was to be the Bank
for International Settlements in Basel Switzerland
a private bank owned and controlled by the world central banks which
were themselves private corporations this is why the bankers and their
partners in government and business conspired to bring about the 2008 crisis
not for the pursuit of money but power in the same way the bankers used the
panic of 1907 to consolidate their control over the money supply they hope
to use the 2008 crisis and subsequent panics which they themselves have
created to consolidate their political control the International summit for the
global financial crisis has been expanded from g7 to g20 because the
leading in seven developed countries cannot solve the crisis alone this
expanded meeting raises the question whether a new global financial system
will be created so is this some sort of a new world order which which Gordon
Brown kind of alluded to British Prime Minister Gordon Brown has described the
quote unquote guiding principles to be addressed at the summit they are
transparency sound banking responsibility integrity and get this
global governance unquote I think the new world order is emerging and with it
the foundations of a new and progressive era of international cooperation the
inevitable conclusion one that flows necessarily from the true understanding
of this situation is that the Federal Reserve System needs to be consigned to
the dustbin of history after a century of enslavement it is time for the
American public to finally throw off the bankers debt chains if there is ever a
point in human history to start questioning alternatives this would be
it and to think that where we are and simply say oh well this is the best of
our options how many of the best options lead to self-destruction doesn’t sound
like a best option I think that with a world of seven billion people we can
probably come up with something better than a system in which a few thousand
people benefit so much at the expense of everything else on this world and at the
expense of the potential for the future of
mankind they’re leveraging our future and so
long as we accept this way of thinking so long as we accept these institutions
as having dominance that’s the direction we’ll be going so I think reform is a
good way to try and stall and to push back directly against the expanding and
evolving power structures but a radical change is what’s really needed and that
has to be built from the bottom up but I think that these two process can and
should go together in parallel if you’ve made it this far congratulations you are
now better informed on the economic history of the United States and the
truth about the Federal Reserve than 99% of the population if you do nothing else
than just working to get those around you educated on this information alone
will have a profound effect once they learn of the scam many are motivated to
do something about it and they in turn inform others this is the viral nature
of suppressed truth and it is the reason that more people are aware of and
energized by the issue of the Federal Reserve and the nature of money than
ever before perhaps even more amazingly this movement is spreading to other
parts of the globe recognizing the interlocking nature of the modern global
economy and the International nature of the banking oligarchy movements to
abolish the Federal Reserve have sprung up in Europe where protests against the
cart alized central banking system are taking place in over 100 cities
attracting 20,000 people on a weekly basis I started this movement because I
realized that the Federal Reserve Act in my opinion is one of the most worst
losses in the whole world so a private banking company is lending America the
money and in my opinion America is not any more democratic the Federal Reserve
tells the government what to do and that’s a problem it’s a very big problem
especially in the u.s. why is it a global issue and why are people doing it
here in Germany because when you real is that this finance system it’s a
global system you have to go to the really beginning of the system and then
my opinion it’s also the World Bank and the International Fung of currencies and
stuff like this but at the beginning of all this it’s a law from 1913 Woodrow
Wilson signed it and this is the beginning of all this hardcore
capitalism we are suffering right now from and the only way to stop this is
maybe to break this law but what if the burgeoning movement to end the Fed is
successful what system do people propose as the answer there have been several
proposals along different lines by various researchers some argue for a
return to America’s colonial roots of debt-free money issued by state-run
banks pointing to the Bank of North Dakota as one already functioning
successful model of this approach we’ve had to – banking systems ever since the
1860s with the the state bank system and the federal bank system and the federal
bank system are the big Wall Street banks particularly they dominate the
federal system so they’re taking over right now I mean in California I don’t
we don’t even have any local banks where I am they’re there now we had to and I
had accounts in both of them and they’re now one of them is Chase Bank and the
other is US banks so they’re both big Wall Street banks now they’ve been taken
over so if you can keep its the local banks that have an interest in serving
the local business the big banks have no interest in making loans to local
business it’s too risky why should they bother they’ve got this virtually free
money they can get from the Fed and from each other and it’s much more lucrative
to them either to speculate in commodities or other things abroad or
what’s what works very well for them is to buy long-term government bonds at 3%
because these have no capital requirement the capital requirement for
government bonds are zero so they can buy all of those that they want whereas
if they if they buy let’s say mortgages or if they make I mean if they make
loans for mortgages or they make loans to businesses then they have to worry
about the capital requirement and as soon as they’ve
used up all their capital in other words you know eight dollars of capital I’ll
get you a hundred dollars of loans then they can’t make any more loans they have
to wait for 30 years to those loans get paid off so what they do if they do buy
mortgages is sell them off to to investors and so that’s that’s what’s
the whole mortgage-backed security scam that that we’ve seen I mean they had no
motivation to make sure that these borrowers were actually sound borrowers
they just wanted to make a sale so they sold the stuff to the unwary investors
who might be somebody in Iceland or Sweden or yeah or pension funds yeah so
that didn’t work out so well so so a state bank with the partnering with the
local banks can provide the capital can help them with capital of the in North
Dakota the state bank guarantees the loans of the local banks allowing them
to make much bigger loans than they could otherwise and they provide the
state bank provides liquidity to the small banks that’s why the small banks
the local banks aren’t making loans to small business right now because they
don’t they aren’t they don’t know that they can get money from the other banks
as needed the way banking works is they make a loan first I mean if you have
credit lines to abut many different businesses and if they all hit up their
credit lines at once you’re gonna run out of money so you don’t dare do that
unless you know that you can get short-term loans from the other banks
and what’s happening right now even though there’s 1.6 trillion in excess
reserves sitting on the books of the big big banks they’re not available to the
little banks and the reason is because the Fed is paying 0.25 percent interest
on those reserves so the banks have no no incentive to lend them to the little
banks why let go of them when you can make just as much keeping them and then
you still have your reserves and you can use them as collateral to buy bonds or
something that’ll make you more money so the whole system is messed up and in
North Dakota this the Bank of North Dakota provides
liquidity for these local banks others advocate a decentralized system of
alternative and competing currencies that greatly reduce were even eliminate
altogether the need for a central bank 22 years ago in Ithaca New York I
noticed a lot of people friends particularly had skills and time that
were not being employed or respected by the prevailing economy and while we had
much desire to create things and trade them with each other and many services
we could provide to each other we didn’t have the money so since I have a
background in graphic design journalism and arrogance
I went to my computer and design paper money for if they can they are design
pretty colorful money with pictures of children waterfalls and trolley cars and
denominated in hours of labor one hour note half hour quarter eighth
hour note to our notes and then began to issue to each of the Pioneer traders
would agreed to be listing the directory a specific starter amount and the game
began an hour was worth has been worth an hour of basically or 10 US dollars
which at that time 20 years ago was double the minimum wage people who
usually expect more than $10 per hour of their service can charge multiple hours
per hour but the denomination puts between us as residents of our community
that reminder that we are fellow citizens not merely winners or losers
scrambling for dollars and it introduces us to each other on the basis of these
skills and services that we have that we are more proud to provide for each other
than often it’s the case with a conventional job just the stuff we have
to do to get the money to pay the bills so through that trading process a more
intimate scale process on within the community who are more easily able to
become friends and lovers and political allies it’s an inspiring story and and
and tell people about the how much how much money has circulated through this
community I mean it’s important for people to understand just how successful
this has been because we are not a computer system we don’t have a specific
volume of trading recorded but by the grapevine by phone surveys and over the
years watching the money move we were able to guess very reliably at several
million dollars equivalent of this money has transacted over those years making
loans without charging interest up to thirty thousand dollars value which is
the fundamental monetary revolution in our system then as well making grants of
the money to over a hundred community organizations some argue for currencies
whose mathematical nature prevent them from being merely conjured into
existence whenever a federal government wants to wage another war of aggression
or forge another link in the seemingly endless train of governmental tyranny
and abuse what people have to understand about Bitcoin is that it’s a completely
decentralized network there’s no central server there’s no controlling company
there’s no office it’s just free software that anyone can download and
start running on their computer anywhere in the world and that the bitcoins
themselves can be transferred to or from anyone anywhere in the world and it’s
impossible for any bank or government or entity to block you from sending or
receiving those bitcoins there’s a limited supply of those bitcoins that
will never ever ever be more than 21 million bitcoins and so because like
everything the price is set based on supply and demand
because the supply of bitcoins is limited and the demand is increasing as
more and more people start to use them and more and more websites start to
accept them the price of bitcoins in terms of dollars is going to have to
increase even a lot more than the five hundred dollars per Bitcoin that it is
today are there any drawbacks at all to the
idea of using the cryptocurrency if you’re part of the the current power
elite that can just print money at will to spend on whatever you feel like then
yeah the world switching over to Bitcoin is probably not going to benefit you but
if you’re one of the normal people that aren’t working for you know the Federal
Reserve or any central bank that’s printing money to pay to your friends
and that sort of thing then a Bitcoin world is a wonderful thing for you sound
money crypto currencies state banks lets programs self issued credit these and
many other solutions have all been proposed and many of them are in use in
different localities today information on all of these ideas and how they are
being applied in various parts of the world are widely available online the
point is that the question of what money is and how it should be created is
perhaps the single greatest question facing humanity as a whole and yet it is
one that has been almost completely eliminated from the national
conversation until recently paper and so the rest of the story is now in
our hands once we understand the scam that has
taken place the gradual consolidation of wealth and power in the hands of an
elite few banking oligarchs and the growing impoverishment of the masses all
in the name of banking funny money created out of nothing and loaned to the
public at interest we can choose to get active or to do nothing at all for those
who choose to get active there are some steps that you can take to help change
the course of the system first follow the links and resources from the
transcript of this documentary at corbettreport.com slash Federal Reserve
to familiarize yourself with the history the connections and the functions of the
Federal Reserve System if you can’t explain this material to
yourself then you will never be able to teach it to others secondly begin
reaching out to others to bring them up to speed on the issue it can be as
simple as broaching this conversation in the Monday morning water cooler talk or
passing out a copy of this documentary or sending out links to this information
to your email list insert this topic into your conversations when people
start talking about the national debt or the state of the economy or other
political talking points get them to question the roots of these issues and
why there is a national debt at all thirdly when you are able to find or
create a group of like-minded people in your area who are engaged with the issue
start a study group on the issue and its solutions the study group can help
source alternative or complementary currencies in the local area or
if none exists already the group can form the basis for a community of local
businesses and customers who are willing to start experimenting with ways to wean
themselves off of the Federal Reserve notes fourthly use the resources at
corbettreport.com including the Federal Reserve information flyer or hold DVD
screenings to attract interest in your group and draw others into studying the
true nature of the monetary system the work of building up an alternative to
the current system can seem daunting even at times overwhelming but it is
important to keep in mind that the Federal Reserve System that seems so
monolithic today has only been around for one century central banks have been
defeated in America before and they can be defeated again the
question of how we decide to change the system is not rhetorical it will either
be answered by an informed engaged active population working together to
create viable alternatives and to dismantle the current system or it will
be answered by the same banking oligarchy that has been controlling the
money supply and indeed the lifeblood of the country for generations now one
century after the creation of the Federal Reserve System we have a choice
to make whether the next century like the one before it will be a century of
enslavement or transformed by the actions and choices that we make in the
light of this knowledge a century of empowerment

1 Comment

  • Reply Crypto elf September 18, 2019 at 3:37 pm

    A must watch

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