Wednesday, March 30, 2011
"#3 The power of money creation and debt creation is in the hands of private individuals - not the government."
The following are 19 reasons why the Federal Reserve is at the very heart of our economic problems....
#1 The Federal Reserve system is a debt-based financial system.
The way our system is designed, normally no money comes into existence without more debt being created.
But this creates a huge problem, because when a new dollar is created, the interest owed to the banking system on that dollar is not also created at the same time.
Therefore, the amount money that is created is not equal to the larger amount of debt that is also created.
This is a Ponzi scheme that is designed to drain wealth from the American people and transfer it to the banking system.
Today, the amount of debt in our economic system is far, far, far greater than the total amount of money.
The only way to keep the game going is to create even more money which creates even more debt.
#2 The Federal Reserve and the bankers have a monopoly on the creation of this debt-based money.
In the United States today, the only people that can create money are the bankers.
You cannot create money.
You would go to jail if you tried.
Even the U.S. government cannot create money.
Although the U.S. Constitution specifically gives Congress the power to create money, the U.S. Congress has given that power to the Federal Reserve and to the banking system.
This gives them an enormous amount of power.
So how does money creation actually work?
Most Americans don't understand this...
#3 The power of money creation and debt creation is in the hands of private individuals - not the government.
The Federal Reserve claims that it is an "entity within the government, having both public purposes and private aspects."
That sounds so reasonable, but the truth is that the Federal Reserve is a legalized banking cartel that is privately-owned.
In fact, the Federal Reserve is about as "federal" as Federal Express is.
In defending itself against a Bloomberg request for information under the Freedom of Information Act, the Federal Reserve objected by declaring that it was "not an agency" of the U.S. government and therefore it was not subject to the Freedom of Information Act. It is kind of funny how Fed officials are always talking about how important their "independence" is, but whenever anyone starts criticizing them for being private they start stressing their ties with the government.
So who owns the Federal Reserve?
Read the rest here: