The Federal Reserve, our national bank, is criminal brilliance…
It looks like a government agency, but is a private corporation that has a government given monopoly on the creation of money. It can create money, literally, at will.
Its edicts must be followed by the entire banking industry, and are punishable by law. Federal Reserve Notes (otherwise known as cash) must be used as a payment of debt, or the refusal can lead to prison.
It looks and talks like it is a free market proponent, but it artificially controls the price for money (interest). It is actually anti-competition in the banking industry.
It has cultured an image of a wise sage of American business, but has sucessfully resisted any open audit of its operations for 100 years. It says it returns any profit it makes on its regulating functions to the U.S. Treasury, but how does anyone know? They control their own books with no outside oversight. It assumed control of the US gold supply as one of its first actions.
To the average person, it looks relatively unimportant compared with working hard and putting food on the table, but it actually takes a cut of every loaf of bread put on that table. It determines whether you will stay in your house, send your kids to college, or even retire in your old age. It robs the value of your savings through purposefully induced inflation.
It looks like a regulator, but it regulates the for profit private banks that compose itself. It oversees its own operations, which, combined with natural human greed, is a recipe for corruption. It enables and encourages the bank practice known as fractional reserve lending, something which if you or I did would land us in jail.
Although prohibited by law, the Federal Reserve is the owner of Hilton Hotels, Red Roof Inns, and the Crossroads Mall in Oklahoma City, just to name a few. They can openly create money at will, and be the owner of property as well while everyone else has to sweat for it.
It can, and has, used its power to move our whole economy for its own advantage. In the last century National Bank Chairman Biddles publicly threatened President Andrew Jackson to bring down the U.S. economy if he didn’t continue the charter of the National bank. Jackson refused ushering in the greatest era of economic growth this country has ever seen, until the creation of the Fed.
Few people understand it, and of those who do, most are coopted by it because of their own self interest (if you can’t beat em, join em). Our government politicians and bureaucrats love it because it allows deficit spending that simply could not happen otherwise. If money gets short, Congress just says have the Fed print up some more.
It regularly convenes with other central banks, from foreign nations, swapping our currency for various favors from these banks, so as to manipulate world trade and the value of the dollar. This can amount to as much as $500 billion dollars at a time. Moreover, these meetings are largely unreported and completely unaccountable to any branch of government.
The Congress bickers over $700 Billion in misguided bailout funding, and the Fed creates $12.8 trillion in loans and gurantees for government business (GM, AIG, Chrysler, Fannie, Freddie) without so much as a peep in Congress.
And then, after screwing up the economy so badly the system may collapse, they request more power to regulate the what, where, when and how you use your earnings for your own benefit…slowly, you become a debt slave…
Mind bogglingly brilliant…
End The Fed.