| The following is taken from a web site devoted to exposing the fraudulent nature of the American banking system. A link will be placed to it as soon as possible. My own comments are in [square brackets]. The US National Debt is officially $9 trillion. In reality, it's probably over $30 trillion. A trillion is a thousand billion. A billion minutes ago Jesus was alive [actually 104 AD]. A billion hours ago our ancestors were living in the Stone Age [112,149 BC]. A billion dollars ago was only 8 hours and 20 minutes at the rate the US government is spending it. George W Bush has increased the US National Debt by 46% in 5 years [March 2006] and spent more than all previous US administrations up to 1980. The US owes more than it is possible to ever pay through taxes. No-one can comprehend the amount. The wealth gap that has opened up like a yawning chasm between rich and poor in America originated with the class-based policies of the Fed. The massive equity bubbles which arose from artificially low interest rates and the deliberate destruction of the dollar by reckless increases in the money supply have shifted trillions of dollars from working class Americans to the predatory aristocrats at the top of the economic food chain. The gulf between rich and poor has grown so wide that it now poses a direct threat to our increasingly fragile democracy. That’s why Thomas Jefferson said: 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 money should be taken from the banks and restored to the people, to whom it properly belongs. Free people cannot control their own destiny unless they control their own currency. The Federal Reserve must be abolished. | "Central banks can issue currency [i.e., create money out of nothing], a non-interest-bearing claim on the government, effectively without limit. They can discount loans and other assets of banks or other private depository institutions, thereby converting potentially illiquid private assets into riskless claims on the government in the form of deposits at the central bank. [When he speaks of "discounting loans," he is talking about loans that may be in default, e.g., the borrower may be broke and the loan may be worthless. In this case, the Fed may purchase the loan for less than its face value, i.e., "discount" it, and pay for it, again, with money that the Fed creates. Further, the Fed may create money, in Mr. Greenspan's words, "without limit." The "other assets" may be anything, e.g., real estate that a bank has purchased]. That all of these claims on government are readily accepted reflects the fact that a government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the ones we have today, can produce such claims [dollars] without limit. [i.e., create an unlimited amount of money out of nothing. It is significant that Mr. Greenspan repeats over and over that the Fed may create money without limit.] To be sure, if a central bank produces too many [i.e., if it creates too much money], inflation will inexorably rise as will interest rates, and economic activity will inevitably be constrained by the misallocation of resources induced by inflation. If it produces too few, the economy's expansion also will presumably be constrained by a shortage of the necessary lubricant for transactions. Authorities must struggle continuously to find the proper balance." Extract from a speech given by Alan Greenspan, former Chairman of the Federal Reserve, at the Catholic University, Leuven, Belgium. January 14th 1997, with comments by Larry Parks, http://www.gold-eagle.com/gold_digest/milhouse831.html |
The Federal Reserve System was actually established by deception (now, what a surprise!). A bill was sneaked through Congress on Christmas Eve, 1913, when most congressmen were already home for the seasonal holiday and therefore unable to oppose it. The whole conspiracy was orchestrated by a corrupt congressman called Nelson Aldrich, who was in the pocket of the bankers. As this web site grows, a page will be added giving full details of how this was done. Watch out for this - it's sheer dynamite! |
