Tuesday, July 26, 2011
The Federal Reserve and the Theft of Our National Wealth
Throughout the 18th and 19th centuries, the United States did not have a national bank, and originally, currency was issued based on economic activity, not an artifical measure of wealth. Later, gold became its measure of value. Then, in 1913, at a meeting on Jekyll Island, the Federal Reserve was created. Suddenly, instead of issuing currency to pay for it's activities, the US government began issuing bonds...and we the people were made to pay interest on them to the big bankers and foreign states that held them.
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In fact, default or no default, the US Treasury will pay $29 billion dollars in interest just in the month of August, 2011. (The Treasury will have $171 billion dollars if the debt ceiling isn't raised, against obligations of $306 billion dollars. Social Security and Medicare will certainly take a hit before the bankers do.
The Federal Reserve's primary selling point was that it would end the boom-or-bust cycle that had thus far characterized American economic life. And then came the Great Crash of 1929, the depression, the Little Crash of 1937, and all the crashes since, leading up the the debacle of 2008. It other words, the bankers got our money, but we got nothing in return.
Listen as Jim Marrs describes a whole new way of thinking about money and wealth--one that started in a time and manner to which we must return, if we are to survive as a nation. Benjamin Franklin said, "in the colonies, we issue our own money. It's called colonial scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from producers to consumers. In this manner, creating for ourselves our own paper currency, we control its purchasing power and we have no interest to pay to anyone."
We urgently need to return to a very old--and very new--way of thinking about money. In the old days, issuing money "in proper proportion to the demands of trade and industry was hard." No longer. Moderin information gathering techniqes mean that money supply can be smoothly related to economic activity, and much more finely tuned without the Federal Reserve, which has become an expensive anachronism. Listen as Jim Marrs tells us how and tells us why.
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