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For a moment, imagine that there is a privately-owned organization in the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to.
Imagine that this organization is able to act with the full power of the U.S. government behind it, but that nobody in the organization is ever elected by the American people, and that for all practical purposes the organization is not accountable to the president or to Congress.
Imagine that the organization is able to make trillions of dollars of secret loans to banks, to foreign governments and even to their close friends without ever having to face a comprehensive audit.
Does that sound preposterous?
Well, such an organization actually exists.
It is called the Federal Reserve, and today we found out that once again the Fed is going to be taking huge piles of your money and loaning it to commercial banks in Europe.
The country got hoodwinked when this bank was set up. they have done it in other nations as well. It was one of the worse decisions in our history... even the President who caused it, feared he made a horrible mistake.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men." Woodrow Wilson
The country got hoodwinked when this bank was set up. they have done it in other nations as well. It was one of the worse decisions in our history... even the President who caused it, feared he made a horrible mistake.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men." Woodrow Wilson
And if you dare try and print your own soverign currency, ala Gadhaffi, you are denounced by the French as the greatist threat to democracy in the world - makes you wonder about the present day definition of 'democracy'.
America, wake up! We are controlled by private bankers who make their fortunes creating money out of thin air, and then lending it to us with interest. We are the greatist nation in the world, aren't we? Why are we afraid of a few super-rich bankers? We should print our OWN money, and tell the private bankers to take a hike!
I am reading a book on this subject titled "Debt: The first 5,000 years". The discussion is about debt, money and credit and how and what they do. This book is helping me understand how and why international debt is formed.
I, a raving leftist, have wondered why we have our money supply controlled by a privately owned and essentially unregulated "Federal" reserve instead of having the U.S Treasury be the effective Bank of the United States? At least a government owned bank could control interest rates and inflation (preferably kept at zero) for the benefit of the entire economy instead of for the few money center bank owners.
The Federal Reserve returns all profits beyond operating costs back to the US Treasury, so the US government effectively pays no interest on the money it borrows from the Fed.
It does pay interest on the money that it borrows from everyone else.
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