I keep seeing stories about how the 100 year charter of the Federal Reserve is about to expire on December 23, 2013 and why we shouldn't renew it. I agree we shouldn't renew it, but first let's check out some facts about the Fed to try to separate fact from fiction.
According to G. Edward Griffin,author of "The Creature From Jekyll Island", Appearances can be deceiving."The Federal Reserve is one of the biggest scams in history. The Federal Reserve doesn't need to be audited,(sorry Ron and Rand Paul) it needs to be abolished." He gives seven reason why this is so.
1.It is incapable of accomplishing it's stated objectives.
2.It is a cartel operating against the public interest. (President Jackson was so right)
3.It is the supreme instrument of usury.
4.It generates our most unfair tax (inflation)
5.It encourages war.
6.It destabilizes the economy.
7.It is an instrument of totalitarianism.
How can this be? Where did the Federal Reserve come from in the first place? The Federal Reserve was conceived by an interesting group of seven men. Again to quote Mr. Griffin, "It was conceived in the mind of some interesting characters. Senator Nelson Aldrich, the Republican Whip in the Senate. He was also chairman of the National Monetary Commission, created for the purpose of 'reforming banking'. That was supposed to 'break the grip of the money trust' the few wealthy bankers who ran Wall Street in those days."
I nearly fell over laughing when I read that. Aldrich was a business partner of J.P. Morgan as well as the father-in-law of John D. Rockefeller Jr. Just how much of that money trust was he planning on breaking? I'd say little to none.
Abraham P. Andrews was the Assistant Secretary of the Treasury. Frank Vanderlip was President of the National City Bank of New York, the largest and most powerful bank in the country at the time. Henry Davidson, was Senior Partner of the J.P. Morgan Company. Charles Norton was the President of the First National Bank of New York. Benjamin Strong was the head of J.P. Morgan Bankers Trust Company.(Why do bankers always use the word trust in their title while they're robbing you?) Paul Warburg, in my opinion, was the most important man on Jekyll Island. He was a partner in Coon-Logan Company, a representative of the Rothchild Banking Industry in England and France. He was brother to Max Warburg, who was the head of the banking system in Germany and the Netherlands. He was also one of the wealthiest men in the world. I'm sure protecting the common man from the ruthless bankers was top on his list of 'to do' things.
This should answer the question of why all the secrecy about this meeting on Jekyll Island. Who cares if seven men representing one quarter of the wealth on the planet at the time, meet in a club house on an island off the Georgia coast? Apparently they were worried about it because they went to great lengths to travel there by train in the darkness of night, some in disguise, not sitting with each other though they were business partners and friends.
As Vanderlip said in an interview in 1935, "If it were to be exposed publicly that our group had gotten together and written a banking bill, that bill would have no chance of passage in Congress." Because, as Mr. Griffin points out, "The purpose of the bill was to break the money trust. But it was written by the money trust." Or in other worlds, the fox was building the hen house supposedly to protect the hens. Right.
So, what exactly is a cartel and why should we be worried about one? A cartel is nothing but a monopoly. When a group of people within an area of business, say a hardware store, get together and decide they won't compete with each other but will set prices and each own a piece of the territory covered by that business, that is a cartel or monopoly. It eliminates competition, which is a healthy forcing of business to compete for your money. Remember that John D. Rockefeller said, "Competition is a sin." Yeah for the people like him. Not for us.
Those seven men came up with the name Federal Reserve System to give people the idea that it was somehow part of the government, that it had huge reserves of money or gold and that it worked for our interests. (I really like the last one) It went into partnership with the Federal government. Understand that in order for a partnership to work, both parties must benefit from the partnership. So what did the government get out of this deal? An open checkbook.
When the US government spends money like a drunken sailor in port for the first time in six months, it runs out of money and goes begging to the Fed. The Fed 'loans' them as much money as they need and WE get to pay back the interest on that loan. Most of us think that is just great, but it is nothing but a tax on us and a heavy one at that.
So where does this money come from? Surely the Fed has a huge reserve of money or gold or something else of intrinsic value to back the checks it writes to the government? Sorry, this is fiat money or money backed by thin air. The Fed has nothing but a huge checkbook. So Congress gets to spend whatever it wants without having to raise taxes which would send their butts back home at the next election. At the same time, banks are allowed to engage in fractional banking, which further depletes the value of the dollar. Banks are only required to keep 10% of their money on reserve at the bank, so they can 'loan out' the other 90% over and over and over. So who exactly profits from this? The bankers, government and their minions. We get the inflation. But it's our money to begin with. Does anyone else feel enriched and protected?
Who owns the Fed? This is the really interesting part. According to Mr. Griffin, "The Federal Reserve System is run by the Board of Directors of the National Board and it's chairmen, all of whom are appointed by the president. The stock certificate holders have no voice in that whatsoever. They can only vote for the members of the regional banks. But those chairmen and vice chairmen of those regional banks are appointed by the National Board. The Board of Directors can vote for them but the National Board has veto power over them."
In spite of the smoke and mirrors of a delusion of power, that is a lie. The power is all concentrated with the National Board. The regional bank's only power is to set the rates and even that has to have the approval of the National Board. Can anyone say, 'monopoly'? So truly, the Federal Reserve is a weird combination of private and government. Which brings me to my original question. What is the truth behind the Federal Reserve? Is it's 100 year charter about to expire on December 23rd, 2013?
From what I've been able to research, there was never a 100 year charter to begin with. The Federal Reserve was granted a 20 year charter in 1913. In 1927, Congress passed the Pepper McFadden bill, giving the banks perpetual charter. So the only way the Federal Reserve System can come to an end is by an act of Congress. And since Congress loves their open checkbook from the Fed, how likely do you think it will be that they will, 'End the Fed'?
So when I hear someone like Ron Paul calling for an audit of the Fed, yes I call him disingenuous. He's been in Congress long enough to know that would be nothing but a 'feel good' move. The Fed is operating exactly as it is supposed to act. The only question is, who benefits, the banking cartel, the US government or We The People? You know the answer to that. So can we eliminate the Fed? Not unless we vote out nearly every politician in Congress. I'd say we have our work cut out for us.
For the full interview with G. Edward griffin go to: www.youtube.com/watch?v=lu_VqX6J93k or read "The Creature from Jekyll Island"
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1 comment:
The Federal Reserve can be ended if you read the rest of the of the extension. It says they can be forfeited by violation of law. Well, the Federal Reserve has violated all kinds of laws and therefore can be held accountable and dismantled! End of discussion!
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