by Greg Hobbs
An eye opening view of how the money really works in America today.
The FED is a central bank. Central banks are
supposed to implement a country's fiscal
policies. They monitor commercial banks to ensure that
they maintain sufficient assets, like cash, so as to remain solvent
and stable. Central banks also do business, such as currency exchanges
and gold transactions, with other central banks.
In theory, a central bank should be good for a
country, and they might be if it wasn't for
the fact that they are not owned or controlled
by the government of the country they are serving. Private central
banks, including our FED, operate not in the interest of the public
good but for profit.
There have been three central banks in our
nation's history. The first two, while
deceptive and fraudulent, pale in comparison to the scope
and size of the fraud being perpetrated by our current FED. What
they all have in common is an insidious practice known as
Fractional banking or fractional lending is the
ability to create money from nothing, lend it
to the government or someone else and charge
interest to boot. The practice evolved before banks existed.
Goldsmiths rented out space in their vaults to
individuals and merchants for storage of
their gold or silver. The goldsmiths gave these
"depositors" a certificate that showed the amount of gold stored.
These certificates were then used to conduct business.
In time the goldsmiths noticed that the gold in
their vaults was rarely withdrawn. Small
amounts would move in and out but the large majority
never moved. Sensing a profit opportunity, the goldsmiths issued
double receipts for the gold, in effect creating money (certificates)
from nothing and then lending those certificates (creating
debt) to depositors and charging them interest as well.
Since the certificates represented more gold than
actually existed, the certificates were
"fractionally" backed by gold. Eventually some of
these vault operations were transformed into banks and the practice
of fractional banking continued.
Keep that fractional banking concept in mind as
we examine our first central bank, the First
Bank of the United States (BUS). It was created,
after bitter dissent in the Congress, in 1791 and chartered for
20 years. A scam not unlike the current FED, the BUS used its control
of the currency to defraud the public and establish a legal form
This bank practiced fractional lending at a 10:1
rate, ten dollars of loans for each dollar
they had on deposit. This misuse and abuse of their
public charter continued for the entire 20 years of their existence.
Public outrage over these abuses was such that the charter was
not renewed and the bank ceased to exist in 1811.
The war of 1812 left the country in economic
chaos, seen by bankers as another opportunity
for easy profits. They influenced Congress to charter
the second central bank, the Second Bank of the United States (SBUS),
in 1816. The SBUS was more expansive than the
BUS. The SBUS sold franchises and literally
doubled the number of banks in a short period of time.
The country began to boom and move westward,
which required money. Using fractional
lending at the 10:1 rate, the central bank and their franchisees
created the debt/money for the expansion. Things
boomed for a while, then the banks decided to shut off the debt/money,
citing the need to control inflation. This action on the part
of the SBUS caused bankruptcies and foreclosures. The banks then took
control of the assets that were used as security against the loans.
Closely examine how the SBUS engineered this
cycle of prosperity and depression. The
central bank caused inflation by creating debt/money for
loans and credit and making these funds readily available. The economy
boomed. Then they used the inflation which they created as an excuse
to shut off the loans/credit/money.
The resulting shortage of cash caused the economy
to falter or slow dramatically and large
numbers of business and personal bankruptcies resulted.
The central bank then seized the assets used as security for
the loans. The wealth created by the borrowers during the boom was
then transferred to the central bank during the bust. And you always
wondered how the big guys ended up with all the marbles.
Now, who do you think is responsible for all of
the ups and downs in our economy over the
last 85 years? Think about the depression of the late
'20s and all through the '30s. The FED could have pumped lots of debt/money
into the market to stimulate the economy and get the country
back on track, but did they? No; in fact, they restricted the money
supply quite severely. We all know the results that occurred from
that action, don't we?
Why would the FED do this? During that period
asset values and stocks were at rock bottom
prices. Who do you think was buying everything at 10
cents on the dollar? I believe that it is referred to as consolidating
the wealth. How many times have they already done this in
the last 85 years?
Do you think they will do it again? Just
as an aside at this point, look at today's economy. Things are booming.
Why? Because the FED has been very liberal with its debt/credit/money.
The market is hyper inflated. Who creates inflation?
The FED. How does the FED deal with inflation? They restrict
the debt/credit/money. What happens when they do that? The market
Several months back, after certain central banks
said they would be selling large quantities
of gold, the price of gold fell to a 25-year low
of about $260 per ounce. The central banks then bought gold. After
buying at the bottom, a group of 15 central banks announced that
they would be restricting the amount of gold released into the market
for the next five years. The price of gold went up $75.00 per ounce
in just a few days. How many hundreds of billions of dollars did
the central banks make with those two press releases?
Gold is generally considered to be a hedge
against more severe economic conditions. Do
you think that the private banking families that
own the FED are buying or selling equities at this time? (Remember:
buy low, sell high.) How much more money do you think these
FED owners will make when they restrict the money supply at the top
of this current cycle?
Alan Greenspan has said publicly on several
occasions that he thinks the market is
overvalued, or words to that effect. Just a hint that he
will raise interest rates (restrict the money supply), and equitymarkets have a
negative reaction. Governments and politicians do not rule
central banks, central banks rule governments and politicians.
President Andrew Jackson won the presidency in
1828 with the promise to end the national
debt and eliminate the SBUS. During his second term
President Jackson withdrew all government funds from the bank and
on January 8, 1835, paid off the national debt. He is the only president
in history to have this distinction. The charter of the SBUS
expired in 1836.
Without a central bank to manipulate the supply
of money, the United States experienced
unprecedented growth for 60 or 70 years, and the resulting
wealth was too much for bankers to endure. They had to get back
into the game. So, in 1910 Senator Nelson Aldrich, then Chairman of
the National Monetary Commission, in collusion with representatives
of the European central banks, devised a plan to pressure
and deceive Congress into enacting legislation that would covertly
establish a private central bank.
This bank would assume control over the American
economy by controlling the issuance of its
money. After a huge public relations campaign,
engineered by the foreign central banks, the Federal Reserve
Act of 1913 was slipped through Congress during the Christmas recess,
with many members of the Congress absent. President Woodrow Wilson,
pressured by his political and financial backers, signed it on
December 23, 1913.
The act created the Federal Reserve System, a
name carefully selected and designed to
deceive. "Federal" would lead one to believe that this
is a government organization. "Reserve" would lead one to believe
that the currency is being backed by gold and silver.
"System" was used in lieu of the word "bank" so that one
would not conclude that a new central bank had been
In reality, the act created a private, for
profit, central banking corporation owned by
a cartel of private banks. Who owns the FED? The Rothschilds
of London and Berlin; Lazard Brothers of Paris; Israel Moses
Seif of Italy; Kuhn, Loeb and Warburg of Germany; and theLehman Brothers,
Goldman, Sachs and the Rockefeller families of New York.
Did you know that the FED is the only for-profit
corporation in America that is exempt from
both federal and state taxes? The FED takes
in about one trillion dollars per year tax free! The banking families
listed above get all that money.
Almost everyone thinks that the money they pay in
taxes goes to the US Treasury to pay for the
expenses of the government. Do you want to know
where your tax dollars really go? If you look at the back of any check
made payable to the IRS you will see that it has been endorsed as
"Pay Any F.R.B. Branch or Gen. Depository for Credit U.S. Treas.
This is in Payment of U.S. Oblig." Yes,
that's right, every dime you pay in income
taxes is given to those private banking families, commonly
known as the FED, tax free.
Like many of you, I had some difficulty with the
concept of creating money from nothing. You
may have heard the term "monetizing the debt,"
which is kind of the same thing. As an example, if the US Government
wants to borrow $1 million ó the government does borrow every
dollar it spends ó they go to the FED to borrow the money. The FED
calls the Treasury and says print 10,000 Federal Reserve Notes (FRN)
in units of one hundred dollars. The Treasury
charges the FED 2.3 cents for each note, for a total of $230
for the 10,000 FRNs. The FED then lends the $1 million to the government
at face value plus interest.
To add insult to injury, the government has to
create a bond for $1 million as security for
the loan. And the rich get richer. The above was
just an example, because in reality the FED does not even print the
money; it's just a computer entry in their accounting system.
To put this on a more personal level, let's use
another example. Today's banks are members of
the Federal Reserve Banking System. This membership
makes it legal for them to create money from nothing and lend
it to you. Today's banks, like the goldsmiths of old, realize that
only a small fraction of the money deposited in their banks is ever
actually withdrawn in the form of cash. Only about 4 percent of all
the money that exists is in the form of currency. The rest of it is
simply a computer entry.
Let's say you're approved to borrow $10,000 to do
some home improvements. You know that the
bank didn't actually take $10,000 from its
pile of cash and put it into your pile? They simply went to their
computer and input an entry of $10,000 into your account. They created,
from thin air, a debt which you have to secure with an asset and
repay with interest. The bank is allowed to create and lend as much
debt as they want as long as they do not exceed the 10:1 ratio imposed
by the FED.
It sort of puts a new slant on how you view your
friendly bank, doesn't it? How about those
loan committees that scrutinize you with a
microscope before approving the loan they created from thin air. What
a hoot! They make it complex for a reason. They don't want you to
understand what they are doing. People fear what they do not understand.
You are easier to delude and control when you are ignorant
Now to put the frosting on this cake. When was
the income tax created? If you guessed 1913,
the same year that the FED was created, you
get a gold star. Coincidence? What are the odds? If you are going to
use the FED to create debt, who is going to repay that debt? The income
tax was created to complete the illusion that real money had been
lent and therefore real money had to be repaid. And you thought Houdini
So, what can be done? My father taught me that
you should always stand up for what is right,
even if you have to stand up alone. If
"We the People" don't take some action now, there may come a time
when "We the People" are no more. You
should write a letter or send an email to
each of your elected representatives. Many of our elected representatives
do not understand the FED. Once informed they will not
be able to plead ignorance and remain silent.
Article 1, Section 8 of the US Constitution
specifically says that Congress is the only
body that can "coin money and regulate the value thereof."
The US Constitution has never been amended to allow anyone other
than Congress to coin and regulate currency.
Ask your representative, in light of that
information, how it is possible for the
Federal Reserve Act of 1913, and the Federal Reserve Bank
that it created, to be constitutional. Ask them why this private banking
cartel is allowed to reap trillions of dollars in profits without
paying taxes. Insist on an answer.
Thomas Jefferson said, "If the America
people ever allow private banks to control
the issuance of their currencies, first by inflation and
then by deflation, the banks and corporations that will grow up around
them will deprive the people of all their prosperity until their
children will wake up homeless on the continent their fathers conquered."
Jefferson saw it coming 150 years ago. The
question is, "Can you now see what is in
store for us if we allow the FED to continue controlling
For a further in depth look at this problem read
a copy of "The Return to Jekyll Island".
$6.00 ($8.00 for 2) from ACLA, P.O. Box 8712,
Phoenix, AZ 85066
This is a must read book with quotes from well
known people. This
book proves conspiracy. Your local police needs
to read this book so
they will protect you - not become United Nations
Agents against you.
This book will stop the New World Order plan to
take over the U.S.A.
"America Betrayed", Center For Action,
652 N. Glenview, Mesa, AZ
For references 1, 12, and 17, contact The
National Committee to
Repeal the Federal Reserve Act (Reference 2)
more mystery as to who kil*led JFK and why.
This EXCELLENT article explains it perfectly. Now if we
could just get Junior to implement JFK's still-valid Executive Order
Don't forget that the Titanic was sunk by a bomb in April 1912
with the 3 strongest (wealthy, influential) opponents to
the creation of the Fed on board/dead. The Fed and
their strong-arm IRS bullies took over our country in 1913.
The top secret 1910 planning meeting for all this is revealed
in The Creature from JekyllIsland, a must-read for every
patriot. I'm sure you can find it at the library. Please share
this email with everyone!]
JFK vs. The Federal Reserve
by Anthony Wayne –
On June 4, 1963, a virtually unknown Presidential decree, Executive
Order 11110, was signed with the authority to basically strip the
Federal Reserve Bank of its power to loan money to the United States
Federal Government at interest. With the stroke of a pen, President
Kennedy declared that the privately owned Federal Reserve Bank would soon
be out of business.
The Christian Law Fellowship has exhaustively researched this matter
through the Federal Register and Library of Congress. We can now
safely conclude that this Executive Order has never been repealed,
amended, or superceded by any subsequent Executive Order. In simple
terms, it is still valid.
When President John Fitzgerald Kennedy - the author of Profiles in
Courage - signed this Order, it returned to the federal government,
specifically the Treasury Department, the Constitutional power to
create and issue currency - money - without going through the
privately owned Federal Reserve Bank. President Kennedy's Executive
Order 11110 [the full text is displayed further below] gave the
Treasury Department the explicit authority: 'to issue silver
certificates against any silver bullion, silver, or standard silver
dollars in the Treasury.' This means that for every ounce of silver in the
U.S. Treasury's vault, the government could introduce new money into
circulation based on the silver bullion physically held there. As a
result, more than $4 billion in United States Notes were brought into
circulation in $2 and $5 denominations. $10 and $20 United States Notes
were never circulated but were being printed by the Treasury Department
when Kennedy was assassinated. It appears obvious that President Kennedy
knew the Federal Reserve Notes being used as the purported legal currency
were contrary to the Constitution of the united States of America.
United States Notes were issued as an interest-free and debt-free
currency backed by silver reserves in the U.S. Treasury. We compared a
'Federal Reserve Note' issued from the private central bank of the United
States (the Federal Reserve Bank a/k/a Federal Reserve System), with a
'United States Note' from the U.S. Treasury issued by President Kennedy's
Executive Order. They almost look alike, except one says 'Federal Reserve
Note' on the top while the other says 'United States Note'. Also, the
Federal Reserve Note has a green seal and serial number while the United
States Note has a red seal and serial number.
President Kennedy was assassinated on November 22, 1963 and the United
States Notes he had issued were immediately taken out of circulation.
Federal Reserve Notes continued to serve as the legal currency of the
nation. According to the United States Secret Service, 99% of all U.S.
paper 'currency' circulating in 1999 are Federal Reserve Notes.
Kennedy knew that if the silver-backed United States Notes were widely
circulated, they would have eliminated the demand for Federal Reserve
Notes. This is a very simple matter of economics. The USN was backed
by silver and the FRN was not backed by anything of intrinsic value.
Executive Order 11110 should have prevented the national debt from
reaching its current level (virtually all of the nearly $9 trillion in
federal debt has been created since 1963) if LBJ or any subsequent
President were to enforce it. It would have almost immediately given
the U.S. Government the ability to repay its debt without going to the
private Federal Reserve Banks and being charged interest to create new
'money'. Executive Order 11110 gave the U.S.A. the ability to, once
again, create its own money backed by silver and realm value worth
Again, according to our own research, just five months after Kennedy
was assassinated, no more of the Series 1958 'Silver Certificates'
were issued either, and they were subsequently removed from
circulation. Perhaps the assassination of JFK was a warning to all
future presidents not to interfere with the private Federal Reserve's
control over the creation of money. It seems very apparent that
President Kennedy challenged the 'powers that exist behind U.S. and world
finance'. With true patriotic courage, JFK boldly faced the two most
successful vehicles that have ever been used to drive up debt:
1) war (Viet Nam); and,
2) the creation of money by a privately owned central bank. His
efforts to have all U.S. troops out of Vietnam by 1965 combined with
Executive Order 11110 would have destroyed the profits and control of
the private Federal Reserve Bank.
Executive Order 11110
AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE
PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE
TREASURY. By virtue of the authority vested in me by section 301 of
title 3 of the United States Code, it is ordered as follows:
SECTION 1. Executive Order No. 10289 of September 19, 1951, as
amended, is hereby further amended - (a) By adding at the end of paragraph
1 thereof the following subparagraph (j): '(j) The authority vested in the
President by paragraph (b) of section 43 of the Act of May 12, 1933, as
amended (31 U.S.C. 821 (b)), to issue silver certificates against any
silver bullion, silver, or standard silver dollars in the Treasury not
then held for redemption of any outstanding silver certificates, to
prescribe the denominations of such silver certificates, and to coin
standard silver dollars and subsidiary silver currency for their
redemption,' and (b) By revoking subparagraphs (b) and (c) of paragraph 2
thereof. SECTION 2. The amendment made by this Order shall not affect any
act done, or any right accruing or accrued or any suit or proceeding had
or commenced in any civil or criminal cause prior to the date of this
Order but all such liabilities shall continue and may be enforced as if
said amendments had not been made.
JOHN F. KENNEDY
THE WHITE HOUSE,
June 4, 1963
Once again, Executive Order 11110 is still valid. According to Title
3, United States Code, Section 301 dated January 26, 1998:
Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as
EO 10583, dated December 18, 1954, 19 F.R. 8725;
EO 10882 dated July 18, 1960, 25 F.R. 6869;
EO 11110 dated June 4, 1963, 28 F.R. 5605;
EO 11825 dated December 31, 1974, 40 F.R. 1003;
EO 12608 dated September 9, 1987, 52 F.R. 34617 The 1974 and 1987
amendments, added after Kennedy's 1963 amendment, did not change or
alter any part of Kennedy's EO 11110. A search of Clinton's 1998 and
1999 EO's and Presidential Directives has also shown no reference to
any alterations, suspensions, or changes to EO 11110.
The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private
Corporation. Black's Law Dictionary defines the 'Federal Reserve
System' as: 'Network of twelve central banks to which most national banks
belong and to which state chartered banks may belong. Membership rules
require investment of stock and minimum reserves.' Privately-owned banks
own the stock of the FED. This was explained in more detail in the case of
Lewis v. United States, Federal Reporter, 2nd Series, Vol. 680, Pages
1239, 1241 (1982), where the court said: 'Each Federal Reserve Bank is a
separate corporation owned by commercial banks in its region. The
stock-holding commercial banks elect two thirds of each Bank's nine member
board of directors.'
The Federal Reserve Banks are locally controlled by their member
banks. Once again, according to Black's Law Dictionary, we find that
these privately owned banks actually issue money:
'Federal Reserve Act Law which created Federal Reserve banks which act
as agents in maintaining money reserves, issuing money in the form of
bank notes, lending money to banks, and supervising banks. Administered by
Federal Reserve Board (q.v.)'.
The privately owned Federal Reserve (FED) banks actually issue
(create) the 'money' we use. In 1964, the House Committee on Banking
and Currency, Subcommittee on Domestic Finance, at the second session
of the 88th Congress, put out a study entitled Money Facts which
contains a good description of what the FED is: 'The Federal Reserve
is a total money-making machine. It can issue money or checks. And it
never has a problem of making its checks good because it can obtain the
$5 and $10 bills necessary to cover its check simply by asking the
Treasury Department's Bureau of Engraving to print them.'
Any one person or any closely knit group who has a lot of money has a
lot of power. Now imagine a group of people who have the power to
create money. Imagine the power these people would have. This is
exactly what the privately owned FED is!
No man did more to expose the power of the FED than Louis T. McFadden,
who was the Chairman of the House Banking Committee back in the 1930s.
In describing the FED, he remarked in the Congressional Record, House
pages 1295 and 1296 on June 10, 1932:
'Mr. Chairman, we have in this country one of the most corrupt
institutions the world has ever known. I refer to the Federal Reserve
Board and the Federal reserve banks. The Federal Reserve Board, a
Government Board, has cheated the Government of the United States and he
people of the United States out of enough money to pay the national debt.
The depredations and the iniquities of the Federal Reserve Board and the
Federal reserve banks acting together have cost this country enough money
to pay the national debt several times over. This evil institution has
impoverished and ruined the people of the United States; has bankrupted
itself, and has practically bankrupted our Government. It has done this
through the maladministration of that law by which the Federal Reserve
Board, and through the corrupt practices of the moneyed vultures who
Some people think the Federal Reserve Banks are United States
Government institutions. They are not Government institutions,
departments, or agencies. They are private credit monopolies which
prey upon the people of the United States for the benefit of
themselves and their foreign customers. Those 12 private credit monopolies
were deceitfully placed upon this country by bankers who came here from
Europe and who repaid us for our hospitality by undermining our American
The FED basically works like this: The government granted its power to
create money to the FED banks. They create money, then loan it back to
the government charging interest. The government levies income taxes
to pay the interest on the debt. On this point, it's interesting to
note that the Federal Reserve Act and the sixteenth amendment, which
gave congress the power to collect income taxes, were both passed in
1913. The incredible power of the FED over the economy is universally
admitted. Some people, especially in the banking and academic
communities, even support it. On the other hand, there are those, such as
President John Fitzgerald Kennedy, that have spoken out against it. His
efforts were spoken about in Jim Marrs' 1990 book Crossfire:'
Another overlooked aspect of Kennedy's attempt to reform American
society involves money. Kennedy apparently reasoned that by returning to
the constitution, which states that only Congress shall coin and regulate
money, the soaring national debt could be reduced by not paying interest
to the bankers of the Federal Reserve System, who print paper money then
loan it to the government at interest. He moved in this area on June 4,
1963, by signing Executive Order 11110 which called for the issuance of
$4,292,893,815 in United States Notes through the U.S. Treasury rather
than the traditional Federal Reserve System. That same day, Kennedy signed
a bill changing the backing of one and two dollar bills from silver to
gold, adding strength to the weakened U.S. currency.
Kennedy's comptroller of the currency, James J. Saxon, had been at
odds with the powerful Federal Reserve Board for some time,
encouraging broader investment and lending powers for banks that were
not part of the Federal Reserve system. Saxon also had decided that
non-Reserve banks could underwrite state and local general obligation
bonds, again weakening the dominant Federal Reserve banks.'
In a comment made to a Columbia University class on Nov. 12, 1963, ten
days before his assassination, President John Fitzgerald Kennedy
'The high office of the President has been used to foment a plot to
destroy the American's freedom and before I leave office, I must
inform the citizen of this plight.'
In this matter, John Fitzgerald Kennedy appears to be the subject of
his own book... a true Profile of Courage.
we hit the 100th year anniversary of the creation of the
Federal Reserve, it is absolutely imperative that we get the
American people to understand that the Fed is at the
very heart of our economic problems. It is a system of
money that was created by the bankers and that operates for the
benefit of the bankers. The American people like
to think that we have a “democratic system”, but there is
nothing “democratic” about the Federal Reserve.
Unelected, unaccountable central planners from a private central
bank run our financial system
and manage our economy. There is a reason why financial markets
respond with a yawn when Barack Obama says something about the
economy, but they swing wildly whenever Federal Reserve Chairman
Ben Bernanke opens his mouth. The Federal Reserve has far
more power over the U.S. economy than anyone else does by a huge
margin. The Fed is the
biggest Ponzi scheme in the history of the world, and if the
American people truly understood how it really works, they
would be screaming for it to be abolished immediately. The
following are 25 fast facts
about the Federal Reserve that everyone should
United States never had a persistent, ongoing problem with
the Federal Reserve was created. In the century before
the Federal Reserve was created, the average annual rate of
inflation was about half a percent. In the century since
the Federal Reserve was created, the average annual rate of
inflation has been about
3.5 percent, and it would be even higher than that if the
inflation numbers were not being so grossly
using the official numbers, the value of the U.S. dollar has
declined by more than 95 percent since the Federal Reserve was
created nearly 100 years ago.
secret November 1910 gathering at Jekyll Island, Georgia during
which the plan for the Federal Reserve was hatched was attended
by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the
Treasury Department A.P. Andrews and a whole host of
representatives from the upper crust of the Wall Street banking
following comes directly from the
Fed’s official mission statement: “To provide the nation
with a safer, more flexible, and more stable monetary and financial system.
Over the years, its role in banking and the economy has
was not an accident that a permanent income tax was
also introduced the same year when the Federal Reserve
system was established. The whole idea was to transfer
wealth from our pockets to the federal government and from the
federal government to the bankers.
20 years of the creation of the Federal Reserve, the U.S.
economy was plunged into the Great Depression.
to an official government report, the Federal Reserve made 16.1
trillion dollars in secret loans to
the big banks during the last financial crisis. The
following is a list of loan recipients
that was taken directly from page
131 of the report…
Morgan Stanley - $2.041
Merrill Lynch - $1.949
Bank of America - $1.344
Barclays PLC - $868
Bear Sterns - $853
Goldman Sachs - $814
Royal Bank of Scotland - $541
JP Morgan Chase - $391
Deutsche Bank - $354
UBS - $287
Credit Suisse - $262
Lehman Brothers - $183
Bank of Scotland - $181
BNP Paribas - $175
Wells Fargo - $159
Dexia - $159
Wachovia - $142
Dresdner Bank - $135
Societe Generale - $124
“All Other Borrowers” - $2.639
Federal Reserve also paid those big banks $659.4
million in fees to help “administer” those secret loans.
Federal Reserve has created approximately 2.75
trillion dollars out of thin air and injected it into
the financialsystem over the past five years. This
has allowed the
stock market to soar to unprecedented heights, but
it has also caused our financial system to become
were told that the purpose of quantitative easing is to help
“stimulate the economy”, but today the Federal Reserve is
actually paying the big banks not
to lend out 1.8 trillion dollars in “excess
reserves” that they have parked at the Fed.
easing overwhelming benefits those that own stocks and other financial investments.
In other words, quantitative easing overwhelmingly favors the
very wealthy. Even
Barack Obama has admitted that 95 percent of the income
gains since he has been president have gone to the top one
percent of income earners.
gap between the top one percent and the rest of the country is
now the greatest that it has been since
Federal Reserve has argued vehemently in federal court that it
an agency” of the federal government and therefore
not subject to the Freedom of Information Act.
Federal Reserve system greatly favors the biggest banks.
Back in 1970, the five largest U.S. banks held 17
percent of all U.S. banking industry assets.
Today, the five largest U.S. banks hold 52
percent of all U.S. banking industry assets.
Federal Reserve was designed to be a
perpetual debt machine. The bankers that designed it
intended to trap the U.S. government in a perpetual debt spiral
from which it could never possibly escape. Since the
Federal Reserve was established nearly 100 years ago, the U.S.
national debt has gotten more than 5000 times larger.
the average rate of interest on U.S. government debt rises to
just 6 percent (and it has been much higher than that in the
past), we will be paying out more than a trillion dollars a year
just in interest on the national debt.
I, Section 8 of the U.S. Constitution, the U.S. Congress is
the one that is supposed to have the authority to “coin Money,
regulate the Value thereof, and of foreign Coin, and fix the
Standard of Weights and Measures”. So exactly why is the
Federal Reserve doing it?
are plenty of possible alternative financial systems,
but at this point all
187 nations that belong to the IMF have a central bank.
Are we supposed to believe that this is just some sort of a