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What Every Student in America Needs To Know About The Federal Reserve

Tyler Durden's picture




 

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Frequent contributor Jeff W. recently penned this succinct explanation of the Federal Reserve, and he did so with such clarity that in my view this is the essential primer on the Fed that every high school and college student in America should read. If they study this short essay, they will grasp the essence of the Fed and understand why the financial Status Quo is doomed.

 


People are confused about the Fed, and I think it would be better if everybody had a clear understanding of what the Federal Reserve is and what it is not.

First of all, the Federal government thinks of the Federal Reserve as a service bureau, whose function it is to print money that the government can spend. As long as the Federal Reserve performs that function--reliably printing, let's say, a trillion or more each year to top off the Federal budget--then Congress will be happy with the Federal Reserve (their rainmaker) and will follow its advice and try to keep it happy.

It should be emphasized here that the whole Keynesian smokescreen and sideshow has very little to do with the reality of the relationship here. The Federal Reserve's job is not just to lend Uncle Sam some money during a recession so as to provide temporary stimulus. The Fed is a milk cow for Uncle Sam. Its job is to give milk all the time.

So to summarize this first point, the Fed is a service bureau for the Federal government whose job it is to provide the government with freshly printed fiat every year. This job has very little to do with the Keynesian prescription of how to deal with a recession.

The Fed is also a service bureau to the big banks that own it. Its job is to give unfair advantage to those banks, either by granting them low-interest loans that can be rolled over into infinity, or by buying their bad debts and disposing of them properly, or by doing any number of other special favors for them that increase their profits and executive bonuses. The Fed is not independent in the sense that it is self-governing. It must provide service to the banks who own it and to the Federal government, which controls its legal environment. Big banks have owned and controlled the Fed since its inception in 1913.

Summary: The Fed is also a service bureau to the big banks. It is not as independent as it proclaims itself to be; it provides services for its owners. Its owners have a profit motive.

The Fed also has its own institutional agenda. It wants to expand and increase its own power. It wants to operate in a safe and predictable environment. It wants to eliminate threats. The Fed advances its own agenda by printing or withholding money. As time goes on, the Fed has asserted more and more control over government. The Federal government is now addicted to freshly printed debt-money. This gives the Fed enormous power over the government.

The big banks who own the Fed also dominate Congress and the Obama administration due to the massive bribes they deliver each year. Thus over time the Federal Reserve has become more and more the master: what it wants it gets, what it doesn't want doesn't happen.

Summary: The Fed is also a selfish, power-seeking institution. It is not an organization of scientists (even though it does employ a small army of Economics Ph.D.'s) whose sole concern is to manage the economy scientifically for the benefit of all.

Some people think the Fed prints money, but when you ask Ben B. about it, he says, "The Fed does not print money. We lend money." Printing money is easy to visualize and understand. Lending money is also easy to understand; it's what banks do. But what the Fed does is somewhat more difficult to understand. To put it into one phrase, "they print debt-money." They print money, but each dollar they print has the chains of debt attached to it. Each dollar they print represents a debt that somebody owes.

A Federal Reserve note is an IOU from the Fed that says "we owe you one dollar." There does exist in the world paper money that is not debt-money, but the Fed does not traffic in that. As the Fed prints more debt-money, they tighten the chains of debt enslaving the government and the people.

A national debt of $1 trillion is manageable. It might be paid off in a few years. But a debt of $17 trillion is permanently enslaving (unless it is defaulted upon). Ben's printing press, then, is also an enslaving press. If Americans were to try to default on $17 trillion of debt, The Powers That Be would unleash their full wrath on the American people.

Summary: Ben B. runs a printing press that is also a debt-enslaving press. We are wrong to focus just on the inflationary effects of his money printing. We should also be alarmed by the enslaving effects.

The Fed has infinite fiat, though they try to disguise that fact. It takes no more effort for them to loan a trillion dollars than a million dollars. They will never run out of zeros in their computer system. The zero keys on their keyboards will always function. No matter how much they can print, they always have available an infinitely greater amount of fiat that they can still print. Printing money requires nearly zero effort and zero cost on their part. They don't get worn out from printing money.

This whole concept of infinite fiat is hard for people to grasp; it is something outside of their experience. People's lifelong experience with money is that it is a limited resource. It is hard to conceive of a group of people who have unlimited, infinite money. Yet the Federal Reserve has just that. The Fed is not like a doctor who prescribes a short-term stimulus for a patient who is feeling run down. The Fed is not like a parent who temporarily puts training wheels on a bike until the kid learns how to ride it. These metaphors make people think that the Fed's fiat printing is temporary and limited. It is not.

Its money printing abilities are permanent and unlimited. The Fed also puts on a show about agonizing over the decision of whether to print money. That make it seem like they are agonizing over whether to pull a sum of carefully saved cash out of their vault. But when they lend to Uncle Sam, they do not pull cash out of a vault that has a finite amount of cash in it. They instead get it from a computer that has the capability of printing unlimited zeros.

Summary: The Fed has infinite fiat. It is not limited by any conceivable shortage, or because of Keynesian stimulus theory, or because the Fed has the role of a doctor, or because the Fed's role is to put training wheels on the economy from time to time, or because it is hard for it to print fiat and there are only so many hours in a day. They have infinite fiat. Their printing is limited only by how much they think they can get away with and their calculations of how they will benefit from it.

So that brings up the final question I shall deal with today. That is, “How does printing money benefit the Fed? Is it better from their point of view to print or not to print?”

The first point in response to this is that they want the government hooked on their printing. They want to be indispensable to the government. A government that balances it budget or reduces the national debt to zero (as the Jackson administration did) is the opposite of what they want.

The Fed's power over government is similar to the power a drug pusher has over a junkie. As long as the junkie is doing what the pusher wants, the supply of drugs is uninterrupted. If the junkie does not pay, the supply is cut off. If the pusher wants to jack up the price at any time, he can do so. If the junkie objects, his supply is cut off. So here we see it is in the Fed's interest usually to maintain the supply, but the supply may also be cut off from time to time in order to ratchet up its power over its victim.

The big banks always benefit from more printing. They profit from it. To the extent that they are cut off from it, they lose money. So from the standpoint of the big banks, the bias is always to print. Note that the Fed can maintain its supply to the banks while cutting off the government. The Fed's owners must always be served; the government is instead to be manipulated, enslaved and controlled under the guise of serving.

Any active defiance of the Fed is a danger signal for investors. The Fed can cut off the government at any time, thus precipitating economic chaos so as to quash rebellion. At present I do not see any serious defiance of the Fed anywhere.

The Fed's main goal is to increase the profits of the big banks. That goal is consistent with increased profits for all firms and prosperity in general, so long as the banks and the elites grab the largest share of the profits.

But that goal is also served in the long run by boom-and-bust cycles that have a ratcheting effect of concentrating wealth in the hands of the wealthy. The clued-in super-wealthy can profit both as bulls and as bears, and can purchase prized assets cheaply at the bottom of the cycle (on easy credit from their friends at the Fed).

It is a Clausewitzian principle that individuals, organizations and nations will expand their power until some superior or equal power effectively opposes them and stops them. Because the Fed's power has no equal, we can expect the Fed's power to continue to increase indefinitely.

At some point, however, history shows that the slaves and victims of oppressors gain strength and confidence when they feel a desperate determination to live.

But that point is still far off. The numbers of the righteous are far exceeded by those who want freshly printed debt-money from Ben Bernanke. Things have not yet reached the desperate, life-threatening stage which is when most revolutions occur.

 


Thank you, Jeff W. for a clear, concise description of the Fed and its role in the American economy. I would add two clarifications:

1. The U.S. Treasury issues currency (paper money, i.e. Federal Reserve Notes) and sells Treasury bonds to fund Federal deficits, but it does not "print money" in the sense of adding money to the nation's money supply. It borrows money by selling newly issued U.S. Treasury bonds.

2. Technically speaking, the Fed does not give or loan the Federal government money. However, it creates money and pumps it into the economy in a number of ways, enabling large institutions such as banks and insurance companies to buy newly issued Treasury bonds. The Fed also uses its freshly created money to buy Treasury bonds directly. Lastly, the Fed can manipulate the interest rate in a variety of ways, making Treasury bonds attractive to institutional and global buyers.

So even though the Fed doesn't give or loan money directly to the government, it facilitates the sale of Treasury bonds to fund the government in a variety of ways, including direct purchase of government bonds for its own account.

These complexities act as a complexity moat that protects the Fed from inquiry and resistance, as few people understand what the Fed is or what it does.

Correspondent Doug W. recently submitted this excerpt from a letter from Thomas Jefferson to James Madison on the issue of debt as serfdom:

Writing from Paris, in his letter to James Madison dated September 6, 1789, Thomas Jefferson opened with these words:

"The question Whether one generation of men has a right to bind another, seems never to have been started either on this or our side of the water. Yet it is a question of such consequences as not only to merit decision, but place also, among the fundamental principles of every government."

 

After elaborating on what he thought should be among "the fundamental principles of every government," Jefferson closed with this impassioned request to Madison:

 

"Turn this subject in your mind, my Dear Sir, and particularly as to the power of contracting debts, and develop it with that perspicuity and cogent logic which is so peculiarly yours. Your station in the councils of our country gives you an opportunity of producing it to public consideration, of forcing it into discussion. At first blush it may be rallied as a theoretical speculation; but examination will prove it to be solid and salutary. It would furnish matter for a fine preamble to our first law for appropriating the public revenue; and it will exclude, at the threshold of our new government the contagious and ruinous errors of this quarter of the globe, which have armed despots with means not sanctioned by nature for binding in chains their fellow-men."

Thank you, Doug, for this reminder that the power to indebt the public is also the power to enslave them. That, fellow citizens, sums up the Federal Reserve and the Savior State it has enabled: debt is serfdom, debt is slavery.

 

 

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Thu, 07/11/2013 - 10:40 | 3741408 Bay of Pigs
Bay of Pigs's picture

End the FED's monopoly, and repeal legal tender laws.

It's really that simple.

Sat, 12/28/2013 - 14:22 | 4281884 hvl626
hvl626's picture

 

 

This article on the Federal Reserve reiterates a concept of the FR that may not be widely accepted but, without belittling the fine work, perhaps the operation of the Fed should be even more deeply scrutinized.

 

My background is engineering---an analyist of situations. Many years ago a professor (who had been employed by the FRBNY) teaching a graduate course in Money and Banking revealed the manner in which book-entry money is created to inflate the monetary base. A blog skeptic who asked what harm the Fed has done compelled a further analysis of the professor's revelation. That lengthy mathematical analysis is posted at http://www.scribd.com/doc/48194264/rip-off-by-the-Federal-Reserve-revised . A brief conclusion is posted at http://www.scribd.com/doc/101937790/Federal-Reserve-Heist

 

The only viable conclusion that can produce inflation and increase the national debt is for the value of Treasury securities auctioned for deficit spending, with the accounting records exclusively handled by the FRBNY, cannot go to the government. The recipient of those funds must therefore be the unidentified owners of the Federal Reserve system or the owners of the Board of Governors. That value is a hidden profit of $4 billion DAILY.

 

The net profit of the Fed lawfully belongs to the government. Concealment of money that belongs to the government is a crime. The relevant accounts of the FRBNY have never been audited nor are they reported to Congress as required by law.

 

The theorized use of the embezzled profit of the Fed for the benefit of Wall Street bankers to ravish the world is presented at  http://12160.info/forum/topics/new-world-order-dead-ahead . Continuation of the status quo and allowing Wall Street to plunder society is projected to impoverish the world.

 

Do you believe the description of Federal Reserve and/or Wall Street action is (A) realistic ? (B) should be exposed ?

 

 

Thu, 07/11/2013 - 10:49 | 3741460 auntiesocial
auntiesocial's picture

apparently you haven't seen the Zapruder film...

Thu, 07/11/2013 - 10:56 | 3741483 samsara
samsara's picture

Let Bill Hicks explain it to him. (Ironic since his name is Bay of Pigs)

Bill Hicks on Presidential Agendas   1:05 minutes

http://www.youtube.com/watch?v=7MRykTpw1RQ

Thu, 07/11/2013 - 11:06 | 3741547 CH1
CH1's picture

Best line in the article:

Ben B. runs a printing press that is also a debt-enslaving press.

Thu, 07/11/2013 - 11:31 | 3741653 Herd Redirectio...
Herd Redirection Committee's picture

But I thought we abolished slavery?  Am I going to be on the hook to feel white guilt for the modern reincarnation as well?

Ben says the Fed doesn't print, they lend.  Oh really?  So you lend to what, anyone, or only your cronies?  And lending, this involves some sort of charge I imagine?  You know, to distinguish it from giving money away?  Whats that, ZIRP you say?

Thu, 07/11/2013 - 12:18 | 3741789 Handful of Dust
Handful of Dust's picture

Thnx, Jeff W and co-aurthor. Key sentence:

 

"The Fed also uses its freshly created money to buy Treasury bonds directly."

 

Interest on reserves (risk free money for bankers) is also a crucial clincher.

Thu, 07/11/2013 - 14:02 | 3742146 FEDbuster
FEDbuster's picture

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

- Napoleon Bonaparte, 1815

Thu, 07/11/2013 - 17:02 | 3742835 Hype Alert
Hype Alert's picture

This should answer all concerns on tapering.

Thu, 07/11/2013 - 23:21 | 3743922 markmotive
markmotive's picture

The FED is worsening the already dangerous wealth inequalities in America.

http://www.planbeconomics.com/2013/07/inequality-is-real-its-personal-it...

Fri, 07/12/2013 - 01:21 | 3744107 All Risk No Reward
All Risk No Reward's picture

That's the game plan - so it is proceeding pretty well from their point of view.

Pay ettention to this ramification of debt based money that rarely gets discussed, but is CRITICALLY important.

When money is created, a debt is created and the money (FRN or bank credit) is created.

Think in terms of two physical entities to make this simple to imagine - A  Debt Widget and a Money Widget.

Now, the only way to extinguish the Debt Widget is to match it with a Money Widget and POOF - both vaporize.

But, if you don't have access to Money Widgets...  THEN THE DEBT BECOME INEXTINGUISHABLE!

The monetary wealth of the oligarchs is, BY DEFINITION, THE INEXTINGUISHABLE DEBT OF EVERYONE ELSE!

Read that line over and over and over until the tragic absurdity sinks it.

IOW, The Gates Foundation is, in fact, a debt bond slave organization that enslaves a certain segment of society to eternal debt servitude.  No wonder that demon is partnering with the Chinese dictatorship and the NSA to criminally spy on people in defiance to natural law and the Constitution!

“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal – that there is no human relation between master and slave.”
~Leo Tolstoy, Russian writer.

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

"If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."
~ Robert Hemphill, Credit Manager of Federal Reserve Bank, Atlanta, Ga.
Source: In the foreword to a book by Irving Fisher, entitled 100% Money (1935)

The Napoleon quote listed by a previous poster is key, too (do a find for it if you don't know it).  Napoleon was a punk authoritarian piece of trash, but he was an excellent thinker and quite the warrior.  These types are typically pieces of trash, but they aren't stupid.

Napoleon knew WHO he was fighting - and it wasn't the British government or the British people.  It wasn't even the British Army - that is just a tool on the chess board and not the chess master.

Napoleon knew who the Chess Master was - the money power crowd.

Eisenhower called them "the power of money" and said they are "gravely to be regarded."

Listen to the echos through history...  they all echo the same event...  the money power trying to fork everyone else over and enslave them.

"The bank, Mr. Van Buren, is trying to kill me, but I will kill it."
Said to Martin Van Buren (8 July 1832) and quoted in The Autobiography of Martin Van Buren, published in Annual Report of the American Historical Association for the Year 1918, vol. II (1920), ed. John Clement Fitzpatrick, ch. XLIII (p. 625)
Referring to the Second Bank of the United States

Power corrupts, and absolute power corrupts absolutely.
Lord Acton

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.
Lord Acton

Two Faces of Money PDF
http://www.thetwofacesofmoney.com/files/money.pdf

http://thetwofacesofmoney.com/'s Link Page
http://www.thetwofacesofmoney.com/index.php/Site/SlidePresentation

Fri, 07/12/2013 - 02:52 | 3744219 fourchan
fourchan's picture

the banks are the franchisees of the fed.

 

the system as they called it is to enslave a free people and country to debt created out of

thin air and capture all productive assets through boom and but cycles it creates.

 

some day this system will be called what it is, treason.

Fri, 07/12/2013 - 03:26 | 3744252 All Risk No Reward
All Risk No Reward's picture

For the sake of clarity, the real villains are the people who own and control the mega-bank/Federal Reserve System - and they are all one and the same at the very top.

"For the love of money is a root of all kinds of evil"
I Timothy 6:10

Does this evil want to beg others for this money they love or will the smartest evil seek to control the very difinition and issuance of this money they love?

 

Fri, 07/12/2013 - 05:45 | 3744321 Manthong
Manthong's picture

What Every Student in America Needs To Know About The Federal Reserve..

oh..oh.. oh.. let me guess.

You are owned.

Fri, 07/12/2013 - 03:26 | 3744254 iDealMeat
iDealMeat's picture

Just cut your fucking consumption in half.  get it??

Thu, 07/11/2013 - 21:35 | 3743638 nmewn
nmewn's picture

And again, for the umpteenth time, at the basic level that even an Oprah fan can understand. If the Fed (in concert with the federal government) can create "money" at will, why are people taxed at all?

It is about control and the Exclusive Club that you are not in.

Thu, 07/11/2013 - 23:29 | 3743943 walküre
walküre's picture

Go even further. Why are we taxed at all and why are we accepting their funny money as payment for our good talents and services? Let 'em eat dirt.

Fri, 07/12/2013 - 00:01 | 3743999 Harlequin001
Harlequin001's picture

If you don't understand that one yet then you need to grow up.

Fri, 07/12/2013 - 03:22 | 3744111 All Risk No Reward
All Risk No Reward's picture

Because the government has guns and jail cells, the general population is ignorant, mostly wilfully, so and the banksters finance and promote, through their controlled media outlets, their operatives into political office so they create the laws and use their puppets as proxies to pass said laws.

Pretty simple, eh?

Thu, 07/11/2013 - 22:16 | 3743761 Trampy
Trampy's picture

"Give me the power to create money and I care not who sits on the throne of England."

Meyer Rothschild, 1851

Thu, 07/11/2013 - 22:40 | 3743825 Harlequin001
Harlequin001's picture

If someone can 'give him the power to create money' they can also take it away, which makes this quote bollocks.

Thu, 07/11/2013 - 23:00 | 3743877 spine001
spine001's picture

The power to create money is given or taken by the people that believe or stop believing that the money you create is worth anything at all. Like in all relationships of trust, it is hard and slow to earn trust and the USA dollar has gained trust in several hundred years of existence, but also like in all relationships it can take one action, one second to loose all the trust that you gained in years of hard effort.

Well, the USA has reached that point, it is loosing that trust. Thus the SWAP agreements between England and China, between Brazil and China, between Argentina and China, between Brazil and Argentina and so on so forth.

They know it at the FED and they also know that they can not control what is happening for ever if they  keep printing to infinity and  beyond as some here want you to believe they will do. They would if they could, but they can not.

Thu, 07/11/2013 - 23:31 | 3743948 walküre
walküre's picture

Dumb. Once they had the power to coin legal tender, they controlled the world. It cannot be taken away unless a military junta takes over and restores control of the money to the people.

Thu, 07/11/2013 - 23:35 | 3743955 Harlequin001
Harlequin001's picture

Bullshit. Read it again.

Fri, 07/12/2013 - 01:06 | 3744092 dark pools of soros
dark pools of soros's picture

as long as usury is allowed in the world all the human vices shall be fueled by credit and thus weaken man into lifelong indebtness

Fri, 07/12/2013 - 06:04 | 3744332 Harlequin001
Harlequin001's picture

so what would you propose to do about usury then?

Fri, 07/12/2013 - 04:08 | 3744279 Morla
Morla's picture

"But I thought we abolished slavery?"

Wait, we still pretend that happened? You know, eventually Asian children are going to learn to read our social studies textbooks and the jig will be up.

Thu, 07/11/2013 - 12:32 | 3741832 rubiconsolutions
rubiconsolutions's picture

Try and explain to the average person that every dollar in existence represents debt and they will look like a deer in headlights. And try and explain to the average person that if we eliminate that (falsely advertised) $17 Trillion "national debt" that they wouldn't have a single dollar in their pocket because all money in this country is debt based and again you get an empty stare. The problem isn't so much the Federal Reserve, it's that Americans don't understand money and currency creation. Mostly because they don't want to know how the hotdog is made. If people took as much time to understand the basis of exchange as they do keeping up with the Kardashian's then they would be far better off.

Thu, 07/11/2013 - 12:41 | 3741876 Kirk2NCC1701
Kirk2NCC1701's picture

If people knew how hot dogs are made, they'd stop eating hot dogs.

If people knew how money is created, we'd have a revolution (by the morning) - according to Henry Ford.

Do you see either happening, or about to?

Fri, 07/12/2013 - 00:24 | 3744046 old naughty
old naughty's picture

"Try and explain to the average person...debt...don't understand money and currency...do keeping up with the Kardashian's..."

 

And there you have it ! Well said rubi.

 

And why just the Americans? The whole fuc'ing world don't and do...Just ask anyone if they "want to know how the hotdog is made?"

 

Just yesterday my PhD friend was still saying if you don't play balls with academics you're not in the circle.

Well, do I want to be in the circle? Do you? KARDASHIAN-ed !!!

 

Que sera sera...

Be well,

Fri, 07/12/2013 - 06:05 | 3744334 Rip van Wrinkle
Rip van Wrinkle's picture

The problem is the 'average person' doesn't want to know, can't understand and really doesn't give a shit.

 

THAT'S THE PROBLEM.

Thu, 07/11/2013 - 10:56 | 3741497 pods
pods's picture

I assume that this was in reference to JFK taking back the power and giving it to the people?

He was doing nothing of the sort, and delegated the power he already had to the Sec of the Treasury.  JFK got whacked, but not for anything relating to silver.

pods

Thu, 07/11/2013 - 11:04 | 3741518 Dr. Engali
Dr. Engali's picture

For some reason people buy into the myth that JFK was taking on the bankers. They seem to forget how a big part of the Kennedy fortune was made.

Thu, 07/11/2013 - 11:10 | 3741571 pods
pods's picture

People need heroes, and if they are heroified posthumously, they can't fuck it up.

When I realized that JFK was NOT taking on the bankers, I think that was when I stopped looking for heroes in real life, and decided to educate as many people as I could.

People do not need a huge explanation as to why the FED is not carrying out their mandate, etc.  

They just need to know that the FED is a marriage between big banking and government, which allows banks to print money and lend it in exchange for easy deficit spending by the government.

The forest, not the trees.

pods

Thu, 07/11/2013 - 11:25 | 3741627 Colonel Jessup
Colonel Jessup's picture

pods - you're not wrong in how the Kennedy's made their fortune, and I will say that I do agree that United States Notes backed by silver were not the main cause for his elimination  - but it was another log on the fire - in addition to his desire to eliminate the military industrial complex that is...or at least control it.

Nobody since has ever tried to issues United States Notes thru the Treasury - all FRNs....

Thu, 07/11/2013 - 11:32 | 3741658 Handful of Dust
Handful of Dust's picture

Good article. May I recommend anice book for summertime reading a great education:

 

The Creature from Jekyll Island : A Second Look at the Federal Reserve [Illustrated] [Paperback]

 

G. Edward Griffin

 From Amazon summary:

"Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait!

You'll be hooked in five minutes. Reads like a detective story - which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity.

Creature from Jekyll Island is a "must read." "

Thu, 07/11/2013 - 18:34 | 3743144 Rastadamus
Rastadamus's picture

Creature from Jekyll Island opened my eyes to the monsters amongst us.

Fri, 07/12/2013 - 00:44 | 3744063 BLOTTO
BLOTTO's picture

I cant think of one living, genuine person right now on the controlled MSM anywhere on the planet with 100% certainty that's on the good side for the people of the world....whether it be an entertainer, a politician, or whatever.

.

Who is our white wizard on the MSM? for real? Where is that pipe smokin Gandalf for fuck sakes?

.

I think maybe that the white wizard isnt a single individual - but rather its an awakening as a whole by the masses.

But who or what will make that spark...if that is the case

Fri, 07/12/2013 - 02:21 | 3744186 Skateboarder
Skateboarder's picture

Hi. You called?

Fri, 07/12/2013 - 02:24 | 3744194 John_Coltrane
John_Coltrane's picture

Indeed, if you can get your skepitcal friends who don't understand debt backed money, bailouts, and anticompetitive banking cartels, to read just one book this is the one!  It destroyed all my false illusisions and got me to pay a lot of attention to that "man behind the screen".  One of the greatest historical accounts ever written of the money trusts and the wicked web they weave.

Thu, 07/11/2013 - 11:34 | 3741662 pods
pods's picture

Griffin can dissect it better than I ever could:

http://www.freedomforceinternational.org/freedomcontent.cfm?fuseaction=jfkmyth

A snippet:

"What E.O. 11110 did was to modify previous Executive Order 10289, delegating to the Secretary of the Treasury various powers of the President. To these delegated powers, E.O. 11110 added the power to alter the supply of Silver Certificates in circulation. Executive Order 11110, therefore, did not create any new authority for the Treasury to issue notes; it only affected who could give the order, the Secretary or the President."

You proved my point with your statement, as EO 11110 delegated this authority from the president to the Sec Treas.  

If Kennedy wanted to take back power from the bankers, why would he delagate the power he had to do so to his secretary of the treasury (Douglas Dillon), who was from a banking family?  

Makes no sense.

pods

Thu, 07/11/2013 - 11:35 | 3741667 Herd Redirectio...
Herd Redirection Committee's picture

I met a younger generation Kennedy a couple years back.  Most messed up person I have ever had the displeasure to meet.  Attention whore, self-absorbed, spoiled, entitled....  I remember when I was told the person "is a Kennedy", as if that would completely change my view, or earn them respect in some way.

Kennedy's were one of the top American crime families of the early 20th century.  Right around 1963 they were surpassed by...  The Bush crime family.

Thu, 07/11/2013 - 12:15 | 3741779 Cathartes Aura
Cathartes Aura's picture

this is what happens when people are told they are special by right of birth, with no other actions needed.

it's a popular myth that is currently being poked with a very sharp stick, the better to deflate their egos. . .

privileges revoked.

Thu, 07/11/2013 - 12:30 | 3741829 Kirk2NCC1701
Kirk2NCC1701's picture

So, a 'gang' war? One family orders a hit on another - to become the new Don?

Some ppl may want to research or post that old man Kennedy was not let into the elite inner circle of WASPy clubs/circles (where true power resided), because he was (a) Catholic and (b) Irish. This mattered in the 1920s and 30s.

Thu, 07/11/2013 - 13:35 | 3742036 Patriot Eke
Patriot Eke's picture

The government isn't the gang.  However, it is full of the gang's thugs that are used as enforcers.  Our enemy is a gang that uses governments, economies, religions, and other tools to maintain their power.  The Kennedy's are just chess pieces or as some say "controlled assets."  They are not the players.  That's just my opinion of course, but things are far more complicated than that.

Thu, 07/11/2013 - 11:28 | 3741639 Skateboarder
Skateboarder's picture

You can lead a horse to water, but you can't make it drink. You can lead a student to college, and [s]he will take on $20k/yr debt because going to college means you'll get a cush job and be able to party like it's Friday allday errday holler.

Thu, 07/11/2013 - 12:22 | 3741801 Cathartes Aura
Cathartes Aura's picture

the "people need heroes" meme seems to be very active, in proportion to the perceived lack of power in some people's lives. . . maybe it's the comic books at an early age, certainly some type of media that dis-empowers the individual, resulting in a desire to watch others do what they don't believe they can on their own, cheering from the sidelines.

be your own hero, and encourage others to emulate.

Thu, 07/11/2013 - 13:01 | 3741956 viahj
viahj's picture

the problem is that heros become martyrs and most Americans are not yet that desperate and hungry.

Thu, 07/11/2013 - 13:37 | 3742044 Kirk2NCC1701
Kirk2NCC1701's picture

I agree. People are fed this Lone Hero myth from cradle to grave in American culture.

Thu, 07/11/2013 - 23:34 | 3743953 Liberty2012
Liberty2012's picture

The hero, like all good things, has been subverted to squelch the masses. The hero represents the power of the individual.

It's amazing how perversion works. Inject one lie among many truths and people accept the lie as truth. Do that over and over again, and you can alter people's perception of reality - at least for awhile.

The heroic can never die because human beings are individuals with free will. We are not machines or animals. Although some people may act like they are sometimes ;)

Fri, 07/12/2013 - 01:52 | 3744141 All Risk No Reward
All Risk No Reward's picture

Good Dr. and pods,

I would like to add some information for your consideration.

While Kennedy was a product of the criminal establishment, he appeared to draw the line when presented with the establishment's Operation Northwoods flase flag blue print.

Operation Northwoods
http://archive.org/details/OperationNorthwoods

I would also note that military complex reports to their banking overlords...  so if you cross the bankster's war machine, you cross the banksters, too.  It's a mafia thing.

Note the historical thread...

1. Kennedy rejects Operation Northwood's false flag attack to be blamed on Castro in order to create an excuse to invade Cuba and open it up to the American multinationals and the bankster's Debt Money Tyranny program.

2. LL Lemnitzer, the guy who presented Northwoods to Kennedy was shipped off to head NATO.

3. Kennedy was assassinated.

4. Operation Northwoods went live against Vietnam.  This would not have happened with Kennedy at the helm.  Barry Goldwater wouldn't have done this, either.  It is an astute observation that, if the banksters killed Kennedy it was to ensure that LBJ became President - and that is the only outcome that would allow Operation Northwoods to go live.

5. LL Lemnitzer, the man rebuked by Kennedy, too Operation Northwoods' false flag strategy live in Europe.  It was named Operation Gladio or the Strategy of Tension. 

6. Operation Northwoods was taken live again with an attack on the USS Liberty.

4, 5 and 6 would not have been possible with Kennedy in office or Goldwater in office.

For those who want to know what war has to do with the banksters and their mega corporate fronts, Major General Smedley Butler, th ehighest decorated Marine in US history in his day, will enlighten...

War is a Racket
http://www.ratical.org/ratville/CAH/warisaracket.html

Smedley was approached by the leaders of the bankster corporate fronts in order to orchestrate a coup and seize control of the US government is what became known as "the business plot."

https://www.youtube.com/watch?v=lNe9X1CLV_U

The Corproation documentary is an excellent documentary and should be viewed by everyone who wants to understand the world in which they live.

https://www.youtube.com/watch?v=KMNZXV7jOG0

It sets out to compare the operation of the corporation to the operation of a clinically defined psychopath.

My argument is that the oligarchs who created and defined the corporation did so in their own image.

Once you know the character of a mega corporation, you know the character of the people who rule over you.

Marketing is brought in to turn that psychopath into a sociopath so the average Joe and Jane won't see what is hidden in plain sight.

Was JFK a knight in shining armour?  No.  Did he completely lick the boots of the bankster/war mongering cartel?  No.  Kennedy was neither black nor white on the morality scale...  and that cost him his life as the banksters need full time, pedal to the metal evil their agenda...  not some half *ssed, feel good program that slowed down their plans.

Thu, 07/11/2013 - 11:15 | 3741591 Bay of Pigs
Bay of Pigs's picture

I respectfully disagree. JFK knew exactly who the real enemies were, and it was most certainly a coup d'etat in 1963. 

https://www.youtube.com/watch?feature=player_embedded&v=xhZk8ron3es

Thu, 07/11/2013 - 11:40 | 3741681 DanDaley
DanDaley's picture

Video unavailable...the plot thickens.

Thu, 07/11/2013 - 11:51 | 3741712 fijisailor
fijisailor's picture

video not available

Thu, 07/11/2013 - 12:00 | 3741738 Bay of Pigs
Bay of Pigs's picture

It was a segment of his secret society speech. Very powerful stuff.  

Looks like the NSA is on top of this and actively preventing free speech now.

Edit: I just watched it again. However, I am not within the USA.

Thu, 07/11/2013 - 14:06 | 3742160 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Not available -- but findable with a YouTube search...

Take away quotes:

"The very word ‘secrecy’ is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths and to secret proceedings. We decided long ago that the dangers of excessive and unwarranted concealment of pertinent facts far outweighed the dangers which are cited to justify it. Even today, there is little value in opposing the threat of a closed society by imitating its arbitrary restrictions. Even today, there is little value in insuring the survival of our nation if our traditions do not survive with it. And there is very grave danger that an announced need for increased security will be seized upon by those anxious to expand its meaning to the very limits of official censorship and concealment. That I do not intend to permit to the extent that it is in my control. And no official of my Administration, whether his rank is high or low, civilian or military, should interpret my words here tonight as an excuse to censor the news, to stifle dissent, to cover up our mistakes or to withhold from the press and the public the facts they deserve to know.

(...)

"For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence — on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

"Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed. It conducts the Cold War, in short, with a war-time discipline no democracy would ever hope or wish to match. (...)

 

Thu, 07/11/2013 - 21:48 | 3743680 Bay of Pigs
Bay of Pigs's picture

He gave that speech shortly after the Bay of Pigs fiasco in 1961. Of course JFK is referring to Communism and in particular, the Soviets, but I don't how a person could not connect the dots as to what has happened since then.

The US gov't is now full of communist/socialist and fascist type politicians. Virtually none of them support any kind of transparency and free press that Kennedy was talking about (and to that day). The 4th Estate in the USA is pretty much dead. It is mostly State run propaganda now.

I guess that's why we're here at ZH after all. Seeking the truth.

Thu, 07/11/2013 - 12:27 | 3741816 The Invisible Foot
The Invisible Foot's picture

The Kennedy's made money bootlegging liqueur during prohibition, fucking hypocritical government.

Thu, 07/11/2013 - 22:20 | 3743741 Trampy
Trampy's picture

"The Kennedys made money bootlegging liquor during Prohibition; fucking hypocritical government!"

Fri, 07/12/2013 - 10:36 | 3744996 Kobe Beef
Kobe Beef's picture

And the people they went to work for made their money in Opium. Before that? Venice?

Thu, 07/11/2013 - 13:11 | 3741976 Diogenes
Diogenes's picture

The bankers, the industrialists, the Vietnam war mongers, all the usual suspects had nothing to fear from Kennedy. He had already stated that he was not going to do anything radical until after the 1964 election. The reason is obvious to anyone who knows the first thing about elections - you never say or do anything controversial when running for office.

As for after the election, everyone forgets that Kennedy won in 1960 by the smallest margin ever recorded up to that time, and his popularity went down from there. He had alienated the South by his civil rights stance, and the big unions by his war on organized crime. At that time any Democrat who could not depend on the Southern vote and the union vote, was behind the 8 ball for sure.

If they wanted to nail him, all his opponents had to do was tell the truth about his health problems or his womanizing and he would be through. Both these things were common knowledge in higher political circles.

The Democrats would have been out, and the right wing Republican Goldwater would have been in.

So - the assassination was not about getting Kennedy out. It was about getting Johnson in. Whoever was behind the killing wanted Johnson as President, not Goldwater and certainly not Kennedy.

Thu, 07/11/2013 - 22:31 | 3743796 Jam Akin
Jam Akin's picture

I've always thought it was all about Onassis getting Jackie to become Jackie O.

Fri, 07/12/2013 - 02:06 | 3744166 All Risk No Reward
All Risk No Reward's picture

This is a very astute observation, IMHO, although I disagree with your conclusion about the JFK assassination not being about getting rid of JFK.

JFK was swimming upstream against the military/CIA cartel's war mongering efforts - especially when he booted LL Lemnitzer after rejecting Lemnitzer's Operation Northwoods false flag manifesto.

Note that once Kennedy was out of the way, Operation Northwoods' false flag game plan went live all over the world - from Vietnam (the Gulf of Tonkin attack never happened, folks, it was a version of a false flag to create a false pretext to go to war and facilitate the bankrupting of America at the same time), the USS Liberty and Operation Gladio over in Europe. Gladio was operated by the head of NATO - you guessed it, LL Lemnitzer, the same criminal that presented Northwoods to Kennedy.

In addition, Kenney was sparring with the CIA over their power grab and their whole Bay of Pigs below the radar operation.  Note that since at least 1980, there has been a CIA related stooge in the White House...  Bush the elder (headed CIA), Clinton (rand drugs for CIA out of Mena, AK), Bush the younger (son of former head of CIA) and now Obama (employed at CIA front corporation, mother worked with Tim Geithner's dad at Ford Foundation), so it looks like the CIA won that battle, doesn't it?  At ;east 33 straight years where their operative has been in the White House.

Now, false flags were rejected by Kennedy and The Company (nickname of the CIA) was head for a downsizing under Kennedy.

Who hear thinks Kennedy would have kept his mouth shut if he were allowed to live?  The oligarchs are out running false flag operations all over the planet to create wars and set up police states...  the plan that Kennedy personally rejected... and he'd keep quiet about it as the plans he rejected were implemented?

I think not.

Would Kennedy sit back as the CIA he despised seized control of the White House for at least 33 straight years and counting?>

Doubtful.

Kennedy had to go in order for the oligarchs to safely implement their Northwoods style flase flag operations and infiltrate the White House with their CIA associated puppets.

Fri, 07/12/2013 - 10:45 | 3745038 Kobe Beef
Kobe Beef's picture

Another astute observation. Johnson was eminently blackmailable (how many murders could he be tied to?), as well as being the type of egomaniac to go along with the plotters megalomaniac plans for a global military empire. 

To me key about the JFK assassination is not who could have whacked him, but who has the institutional power to keep it secret all these years. Thats not the work of a lone gunman or a mafia, thats the work of an intelligence organization.

Thu, 07/11/2013 - 22:00 | 3743717 Karmaisking
Karmaisking's picture

That has got to be the funniest comment I've seen in about 2 years of reading ZH. 

Thu, 07/11/2013 - 22:00 | 3743718 Karmaisking
Karmaisking's picture

That has got to be the funniest comment I've seen in about 2 years of reading ZH. 

Thu, 07/11/2013 - 11:12 | 3741576 traderjoe
traderjoe's picture

The article gets a lot of things right but misses the biggest reason for the Fed: to act as a front for fractional reserve banking - where the banks create money for free and loan it out at interest and with the collateral of your future labor, including loans to the sovereign. Read Modern Monetary Mechanics.

Thu, 07/11/2013 - 11:22 | 3741616 pods
pods's picture

If the article talked about that then it might have to speak about who got together and planned the FED.

Loeb and behold, they Kuhndn't do that.

pods

Thu, 07/11/2013 - 11:22 | 3741617 Colonel Jessup
Colonel Jessup's picture

Absolutely correct. Every dollar, either physical or electronic, is a mainfestation of an equivalent unit of debt owed to that bank by someone or something (government, etc.).

What most folks also cannot fathom is that the spending that the country does thru CONgress is completely and totally created from nothing - the Fed just creates the money out of thin air, gives it to them to spend, and adds it to the tab. This is why they will NEVER have a balanced budget and no deficit - if they did, and the US had no national debt, THERE WOULD BE NO FIAT MONEY.

The other part of the stage act is where they make "loans" ( where they create money from nothing) - and give it to you to buy actual goods and services - good which can be confiscated when you fail to pay your "loan" = real goods in exchange for nothing.

Thu, 07/11/2013 - 11:30 | 3741641 francis_sawyer
francis_sawyer's picture

Let's not talk about those Bangladeshi's in the capstone of that pyramid...

~~~

Somebody might get all smuffled up about it... Even 'Tyler' bows down to Bangladeshis...

Thu, 07/11/2013 - 12:10 | 3741763 Iocosus
Iocosus's picture

Mayer Rothschild was Bangladeshi

Thu, 07/11/2013 - 12:28 | 3741796 francis_sawyer
francis_sawyer's picture

by statistical accounts, yes...

~~~

I sometimes find it funny when you think that, if Bangladeshi's:

- Were the major shareholders of the Fed

- occupied all the top spots in the IMF, BIS, Trilateral Commission, CFR, Club of Rome

- Ran a revolving door policy between Goldman, JPM, etc. & the US Treasury [not to mention BOE & ECB]

- Ran Hollywood & owned most of the MSM

- Were the absolute #1 in terms of political activism

- Had a stranglehold on the judicial system [including SCOTUS]

I wonder if people would find that odd... I guess not...

I wonder if Bangladeshi's were 2% of the US population, you would find 10% representation in New York & Washington DC [power centers of money & government]... as well as 5% in Hollywood... I guess not...

Thu, 07/11/2013 - 14:37 | 3742273 Iocosus
Iocosus's picture

No one notices Bangladeshis. It is a learned blindness. And for those who can see, they call it anti-bangladeshi.

Thu, 07/11/2013 - 17:59 | 3743045 koncaswatch
koncaswatch's picture

IMO it is an indoctrinated blindess. BTW I'm glad I've been following ZH for awhile so I can keep up with this month's code.

Thu, 07/11/2013 - 22:36 | 3743812 BringOnTheAsteroid
BringOnTheAsteroid's picture

We have to use code otherwise it would be construed as being very anti-semantic.

Thu, 07/11/2013 - 23:07 | 3743892 francis_sawyer
francis_sawyer's picture

2% holding about 80+% within the capstone of power... It's not merely 'statistically abberant'... It's fucking IMPOSSIBLE...

Fri, 07/12/2013 - 00:09 | 3744013 Liberty2012
Liberty2012's picture

Apparently not impossible ;)

Extrapolating the actions of a few to the whole is a mistake :)

Fri, 07/12/2013 - 01:09 | 3744080 BringOnTheAsteroid
BringOnTheAsteroid's picture

I've thought alot about Bangladeshi's and how they have managed to garner so much division, hatred and contoversy through-out history and indeed how they have managed to secrete themselves into vastly disprportionate positions of power in  finance and media and it is not necessarily impossible at all.

All races are stereotyped: US - loud mouthed jingoist, Arab - hot headed,  Greek - lazy, Aussie - chauvanistic, French - pussies, Poms - whingeing etc. Most people don't like sterotypes because at the heart of it I think it's because they cut to the quick. Obviously one has to be somewhat measured because a stereotype doesn't apply to everyone, obviously, that's what makes it a steroetype. So what stereo-type applies to the Bangaldeshi, what one word or statement captures the essence of a Bangladeshi. I think that word is arrogance but on an unequalled scale though. Yanks are arrogant, for example, but in a sort of adorable and stupid way, a bit like a teenager might be arrogant, they just haven't learned better yet. The arrogance of Bangladeshi though is truly genetic, it's a defining characer, axiomatic of their personality. The bible was written with these people as the chosen ones, that is, they wrote the bible and chose themselves as the ones. This is not a phase to be grown out of, it is defining, it is self serving in that only a Bangladeshi can marry another Bangladeshi, the arrogant gene ensures it's survival by regulating the behaviour of the host. 

If one is to accept this notion then maybe history is not so difficult to grasp after all. If you could pick one attribute of a personality that nearly all human beings hate I would be confident in saying arrogance is probably it. It rubs everyone the wrong way. Just google "chosen people" and you'll have enough reading material for you and your descendents. It really is not that hard to accept that all races seem to express certain characteristics that are indeed the very basis for stereotyping. Arrogance is a particluarly pervasive characteristic. It excludes others, it cements self righteousmess, it breeds entitlement. Of any fundamnetal characeter of a human being arrogance is most certainly a double edged sword. Let's be honest, no Bangladeshi would even deny that they are the chosen ones, it is inherent to their ego. There's nothing sinister about it, it's just a character trait that permeates the race. It's a fanstatiic trait if you want to be succesful in business, in fact it is demanded now-a-days. When it comes, however, to integrating in a non Bnagladeshi society arrogance is not the best trait to have. In fact, it is a truly horrible trait to have. Arrogance will bring nothing but scorn and failure to soften the overtones of exclusivity, will bring eventual eviction. We are social animals and will not tolerate isolated ghettos, especially when it is the host peoples being excluded by the guests as opposed to the guests being excluded by the hosts.       

So the anti-semanticism (and that is a deliberate play on the word semantics seeing as they we are talking in code) perceived in these discussions or any discussion like it is not due to a hatred of a race of people, I think at the root of the problem is a hatred of arrogance. 

Fri, 07/12/2013 - 02:13 | 3744176 Kirk2NCC1701
Kirk2NCC1701's picture

The one word, the one attribute that comes to mind, which the B'deshis have, is "Leverage".

Leverage of OPM, other people's anything.

Fri, 07/12/2013 - 02:22 | 3744189 All Risk No Reward
All Risk No Reward's picture

The cause is a poor understanding of logic and poor communication abilities.

This is about evil imposing its will on others, not about hair color, skin color, nose length or anything else.

Simple minded, irrational people can't deal with complexity so they oversimplify a complex world.

Ben Bernanke is an evil piece of trash because he chooses to act like an evil piece of trash.

The "Bangladeshi" who works two jobs and stops to let you use his cell phone after your car broke down is doing good because he's chosen to do good.

The white folks who go all sycophant to the evil choose to be evil.  Same with every skin pigmentation that sucks up to this wickedness.

Others, with the same skin pigmentation (or whatever attribute) who fight this wickedness choose to do good.

I hate to tell people, but the mega-banks are perjuring themselves to steal homes of Jewish people all the time.

I get the high numbers of these backgrounds in the Debt Money Tyranny system.  My guess is that this has to do with one or two families, out of all the families on planet Earth, getting together to implement this evil and only including those they hung out with as people who could help run the system.  The evil then took on a disproportionate face of the crowd these original criminals took as peers.  And I don't believe for one second that there aren't members of whatever group you toss out that wouldn't have implemented this evil if given the chance.

To slander a whole group of people via the actions of the few is ignorantly absurd beyond measure.

It also damages the message.  I want as many Jewish victims of this evil on our side as possible.

H*ll, the Jewish people themselves can't stand being abused by the criminals who have hijacked their sovereignty and they get out in the streets by the 100s of thousands in order to protest the bullchit!

https://www.youtube.com/watch?v=Lz7MjNMdH2U

Granted, they've been schooled so the welfare state solution is wrong, but the point is they know that "the Jew" is being forked over tew!

Embrace good in all its forms, reject narrow mindedness, irrationality and evil every chance you get.

Fri, 07/12/2013 - 02:32 | 3744203 BringOnTheAsteroid
BringOnTheAsteroid's picture

Who said anything about Jews?

Fri, 07/12/2013 - 03:27 | 3744256 All Risk No Reward
All Risk No Reward's picture

Mr. Context.

Thu, 07/11/2013 - 11:38 | 3741678 samsara
samsara's picture

It's quite a epiphany to realize that if all debts were paid,  there would be no FRN's in circulation.

 

Thu, 07/11/2013 - 13:22 | 3742008 fallout11
fallout11's picture

A shrinking fiat currency supply would lower the relative price of goods and services (i.e. $1 for an item that currently costs $10), aka "depressionary". TPTB couldn't keep folks running on a treadmill in Red Queen mode if that were to happen, and debt slavery would largely dissappear (along with the debts).

Fri, 07/12/2013 - 02:24 | 3744190 All Risk No Reward
All Risk No Reward's picture

Or that somneone's monetary wealth is, by definition, someone else's inextinguishable debt.

The best anyone can do is transfer that inextinguishable debt to someone else.

Remember that every time you give money to a multination that takes the debt enslavement money offshore.

Debt Money Tyranny - Poverty is Not a Choice

https://www.youtube.com/watch?v=yeIS0QyMXvo

 

Thu, 07/11/2013 - 11:14 | 3741584 flacon
flacon's picture

"End the FED's monopoly, and repeal legal tender laws."

But.. but.. .but that would ultimately lead to a system that uses barbaric relics as money!

Thu, 07/11/2013 - 11:30 | 3741634 Bay of Pigs
Bay of Pigs's picture

I should have added this as well. The FED exists to perpetuate war.

Lew Rockwell: War and the Fed

http://www.youtube.com/watch?v=Tl9lS5k7H5M

Thu, 07/11/2013 - 13:53 | 3742108 Shell Game
Shell Game's picture

+1  War for Empire could not happen without currency debasement through fiat creation. It is evil.

Fri, 07/12/2013 - 02:47 | 3744214 John_Coltrane
John_Coltrane's picture

Well, is there any better way to create debt than carefully building complex devices and using them to blow the hell out of themselves and other complex systems like humans, building,bridges etc.?  Hey, its just follwing the law of increased entropy (disorder)-the opposite of the purpose of life unfortunately!   So debt money is fundamentally anti-life and this isn't mere idiology.

Thu, 07/11/2013 - 12:28 | 3741819 emersonreturn
emersonreturn's picture

a class action suit against the fed.

Thu, 07/11/2013 - 10:45 | 3741437 nickels
nickels's picture

The Fed serves the Primary Bankers but is allowed to exist because it acts as Sin-Eater for Congress.

Thu, 07/11/2013 - 10:51 | 3741473 samsara
samsara's picture

Perfect analogy

Thu, 07/11/2013 - 12:18 | 3741785 Ghordius
Ghordius's picture

I understand the common term is Primary Dealers. but yes, sin-eating institution is quite apt. in europe we have the EU that fulfils in part that role, by redirecting some criticism from national governments to brussels. works like a charm, in some places, depending from population and media landscape

in the UK, for example, many see themselves as chained to a monster, and don't even know that it's their own elected parliament that is not allowing a referendum on leaving the EU. and actually the same parliament would not even need a referendum to leave the EU - just an agenda point and enough Ayes

lots of peevishness redirection, which just lets me wonder where this would then flow the day the UK does leave the EU and nearly nothing changes

Thu, 07/11/2013 - 10:45 | 3741440 auntiesocial
auntiesocial's picture

I remember I turned down a job in the 80's because $7.00 an hour out of skool wouldn't pay the bills, I was making more money waiting tables with a $2.14 base! You know, way back when inflation was still "manageable"...

This is what you grads need to remember, if you are earning a whopping $31K, you are a freaking rockstar! By my estimation, your Sally Mae will be paid off by calendar year 3044. 

Now get back to work! Coffee breaks ova! 

Thu, 07/11/2013 - 10:49 | 3741463 shanearthur
shanearthur's picture

If the Fed is a service bureau for the Federal government, why does the government pay interest on the money it should print itself without interest? I don't understand the logic behind having such a middleman (The Fed) skim from the kitty. Someone explain this to my simple self.

Thu, 07/11/2013 - 11:00 | 3741515 samsara
samsara's picture

Simple,  Read this book.

You won't have any questions about a lot of things afterwards and MANY MANY things will suddenly make sense.  

The Creature from Jekyll Island : A Second Look at the Federal Reserve

http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212

Just read some of the reviews first....

Thu, 07/11/2013 - 11:12 | 3741574 pods
pods's picture

Good book, most here probably have it. I give it to friends/family as gifts.

Another and more scathing FED book is the one by Eustace Mullins.  

pods

Thu, 07/11/2013 - 11:31 | 3741654 samsara
samsara's picture

Yes,  Eustace's book is 1st

Thu, 07/11/2013 - 11:40 | 3741682 Herd Redirectio...
Herd Redirection Committee's picture

'known anti-semite', that useless phrase.

Thu, 07/11/2013 - 12:49 | 3741898 shanearthur
shanearthur's picture

Haven't yet read that book. Have read Web of Debt though. I have yet to hear a good excuse as to why the government pays interest when it has the power to coin.

Thu, 07/11/2013 - 13:04 | 3741968 samsara
samsara's picture

"...yet to hear a good excuse as to why..."

You won't.

Thu, 07/11/2013 - 14:14 | 3742182 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Sure you will: Cui Bono.  http://www.thefreedictionary.com/cui+bono

Utility, advantage, or self-interest considered as the determinant of value or motivation.

Makes total sense when you look at it in the proper light.  

Plus, Cui Bono is fun-to-say.

Thu, 07/11/2013 - 11:14 | 3741585 johnQpublic
johnQpublic's picture

the skim IS the purpose

the inerest is the skim

for a better understanding of how it works , i suggest the movie "CASINO"

Thu, 07/11/2013 - 11:15 | 3741589 Colonel Jessup
Colonel Jessup's picture

It is very simple sir - the Fed has absolutely no reason to exist, other than to rob wealth from the productive class through the creation of inflation and asset bubbles, which it pricks at the time and place of it's choosing.

The Treasury has completely turned their constitutional duties regarding coining money over to the Fed, who print it at will with absolutely no limits whatsoever.

You should absolutely read that book suggested by the ZHer below - it is an education you will not receive elsewhere. Just be prepared to be completely enlightened and leave your pre-conceived notions behind.

Thu, 07/11/2013 - 12:38 | 3741802 Ghordius
Ghordius's picture

you are missing that part though where the rest of the world produces things, ships them to America and receives paper promises in return. China has some trillions of them

with this I just want to point out that imho your "monetary enlightenment" is only complete when you understand what foreign reserves are, and what they are for, and who holds them

just writing about something every student knows. if Chinese. you know, those who laughed at Timmah's speech

Thu, 07/11/2013 - 12:40 | 3741867 V in PA
V in PA's picture

When you start to see the Government as an enemy of the people, then the logic of having such a middleman makes sense.

 

The Government (all of them) steals peoples money (taxes) and gives to (interest on make believe debt) the people who truely rule the world. Bankers.

Thu, 07/11/2013 - 14:50 | 3742327 Kirk2NCC1701
Kirk2NCC1701's picture

You can also see Money As Debt on YouTube.

Was so impressed, I got the DVDs. Great to share as educational material for kids (middle or high school), or with family.

Thu, 07/11/2013 - 10:50 | 3741468 buzzsaw99
buzzsaw99's picture

sorry but without even one reference to "cabal of evil joo bankers" this article is just as clueless as everyone else.

Thu, 07/11/2013 - 11:17 | 3741599 pods
pods's picture

Well 5 of the surviving Warburgs have logged in to junk you buzz.

Or was it the Loebs, Schiffs, or Kuhns?

Look at this family tree of Solomon Loeb.

Seems their family was good friends with the Warburgs?

http://en.wikipedia.org/wiki/Solomon_Loeb

pods

Thu, 07/11/2013 - 11:44 | 3741691 Herd Redirectio...
Herd Redirection Committee's picture

Solomon Loeb, a generous philanthropist!  Of course in these days people actually gave charity directly to poor people, not the current "give money to the state, to give to poor people" debacle. 

So without checking, was Sol one of these philanthropists who donates all his money to a foundation, it escapes estate tax, and his offspring run the 'not-for-profit' foundation essentially to this day?  I am just confused because I have seen  A LOT of wealthy fucks claim to be philanthropists in my time.

Thu, 07/11/2013 - 14:56 | 3742352 Kirk2NCC1701
Kirk2NCC1701's picture

Allow me to explain how Philanthropy really works:

All rich philanthropists do so on a SELECTIVE and TARGETED basis, to further their agenda.

The media and shills are trained to portray this as a purely benevolent action, to ensure that the masses (sheep) digest it accordingly.

Thu, 07/11/2013 - 14:02 | 3742137 PT
PT's picture

I am in no position to doubt you buzzsaw99, but if I was in a position to execute the guilty, then I wouldn't be letting anyone off just because they weren't a "joo".  By their deeds you shall identify the guilty, everything else is ... irrelevant?

Don't think I don't want to listen.  Feel free to educate me.  I know others here have done a fine job.  Thanks. 

Thu, 07/11/2013 - 22:41 | 3743826 buzzsaw99
buzzsaw99's picture

i did not say anything about executing anyone. the maggots have destroyed this country, that much is true. murder and mayhem is their bag, not mine. just as long as the children know that there is a pervasive, malevolent force that is out to destroy/oppress/exploit them then at least they are somewhat aware of what they are up against going forward.

Thu, 07/11/2013 - 10:55 | 3741475 Kaiser Sousa
Kaiser Sousa's picture

Dear Ben,

I and my collective would again like to express our gratitude for your enabling us to exchange your soon to be completely worthless FEDERAL RESERVE NOTES for one of the only '2' forms of real money, as this being the case over the last 6 years.  We of course are elated with being able to protect ourselves against the destruction you and your banker brethren have unleashed on the world.  For example, yesterday we purchased more beautiful 1 ounce Silver rounds for the wonderfully cheap phony paper price of $19.12 per ounce.  We look forward to acquiring more until such time that Silvers' real phony paper price is multiples the current.  

Best regards,

The Sousa's...

 

ps: FUCK YOU AND ALL SOCIOPATH COCKSUCKER BANKERS, POLITICIANS AND GOVERNMENTS YOU CONTROL....  

Thu, 07/11/2013 - 10:55 | 3741481 Blazed
Blazed's picture

Alejandro Sosa: "I told you a long time ago, you fucking little monkey, not to fuck me!" 

 

Thu, 07/11/2013 - 10:55 | 3741485 pods
pods's picture

Why the negative comparison with drugs?
I can avoid using drugs if I want to.  You don't HAVE to use drugs.

FRNs?

Not so much.

pods 

Thu, 07/11/2013 - 11:34 | 3741665 Skateboarder
Skateboarder's picture

Same mothafuckas who think "drugs are bad mmkay" wouldn't bat an eye to pop a bigPharm opiate everyday.

"Oh, it's doctor recommended."

Thu, 07/11/2013 - 11:46 | 3741704 Herd Redirectio...
Herd Redirection Committee's picture

America, the world's leading user of opiates per capita.

Thu, 07/11/2013 - 12:55 | 3741925 pods
pods's picture

It's cool, I have a prescription.

And while we are at it, lock up all those drug pushers.  Getting kids "hooked."

I like my hypocrisy dripping from my the corner of my Soma mouth.

pods

Thu, 07/11/2013 - 14:22 | 3742224 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

wouldn't bat an eye to pop a bigPharm opiate everyday

Think more in the range of 5-10 per day.  Not likely to be doctor recommended at that level, but these folks are not uncommon.

Fri, 07/12/2013 - 02:40 | 3744208 All Risk No Reward
All Risk No Reward's picture

For contextual purposes...  the international banking cartel / government duopoly runs the trillion dollar drug operations across the globe.

They leaned the advantages during the Opium Wars and have refined it since then.

Afghanistan is the #1 opium and heroin producer on planet Earth.  The producers are dirt poor - some even have to hand over their children, and I mean children, to their financiers for debts owed.

7,000 tons of the heroin flows into Europe every year, and I know one thing - it isn't getting there on the back of donkey through Iran or Russia under US radar.  I asked someone I know in the military why the government runs all the drugs.  Without batting an eye he replied, "sometimes you have to look the other way because you have a family to feed."  He didn't skip a beat...  like it was some kind of script.

The mega-banks then launder trillions of dollars of drug money and nobody gets in trouble when they get caught - except the whistleblower:

How a big US bank laundered billions from Mexico's murderous drug gangs

http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

Note that the bankster bought the planes for the drug cartels as well.

Did it also register that they never reported the $378 billion was recovered?  You can bet it wasn't, the CIA needs their black ops money and the public doesn't demand and accounting - so why not steal $378 billion in "candy" from the American "baby?"

The Sinaloa Cartel was Wachhovia's partner is crime.  Does that ring a bell?  That's right - the very same drug cartel that was given grenade launchers and guns by the banksters duopoly partner - the US government - in Operation Gun Walker (Bush) and Fast and Furious (Obama).

The government also cut a deal with Sinaloa to bring in tons of cocaine across the border free and clear...

Documents: Feds allegedly allowed Sinaloa cartel to move cocaine into U.S. for information

http://www.elpasotimes.com/ci_18608410

Oh, and guess WHO owns and controls the private prison/citizen enslavement camps within America?

That's right, kiddies - the very same people who control the mega-banks, the mega-government and the megadrug cartels.

They are mopping our ignorant *sses up.

Using illicit drugs that had anything to do wth the oligarch drug running operations is essentially a tax to the international banking and mass murder cartel.

Thu, 07/11/2013 - 10:57 | 3741502 Dr. Engali
Dr. Engali's picture

The federal reserve is as evil as the day is long. Unfortunately the American people are too dumb to understand let alone try to grasp that fact. When TPTB are ready they will pull the plug on the fed and strangle the world with a debt based fiat currency. Tough times ahead.

Thu, 07/11/2013 - 11:46 | 3741696 samsara
samsara's picture

"When TPTB are ready they will pull the plug on the fed and strangle the world with a debt based fiat currency"

You mean?

"The illusion of freedom [in America ] will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater."

Frank Zappa

 

Thu, 07/11/2013 - 11:00 | 3741517 monad
monad's picture

'Bubbles' are economic flanking maneuvers. In each case innovators developed markets, then the Rockefeller FR printed money, gave it to their CFR racketeers who took control of each market.

The IMF/IRS scrapes wealth from productive people to offset the freshly printed money used to fuel this economic campaign. Take down the UN or be screwed, your call. Students.

Thu, 07/11/2013 - 11:08 | 3741543 orangegeek
orangegeek's picture

The Fed (a system that includes 12 US reserve banks) has 7 members (board of governors) - all appointed by the president, past or present.

 

http://www.federalreserve.gov/aboutthefed/bios/board/default.htm

 

Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates.

 

FOMC (within the Fed) deals with bond purchasing by the reserves in support of the Fed.

 

So Ctrl-P will be played out right to the end.

Fri, 07/12/2013 - 03:12 | 3744240 All Risk No Reward
All Risk No Reward's picture

Why would you believe liars?  Don't be a gobemouche - read the source document to find the truth.  In this case, it is Section 2A of the Federal Reserve Act.

Federal Reserve ActSection 2A.

Monetary policy objectives

The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

[12 USC 225a. As added by act of November 16, 1977 (91 Stat. 1387) and amended by acts of October 27, 1978 (92 Stat. 1897); Aug. 23, 1988 (102 Stat. 1375); and Dec. 27, 2000 (114 Stat. 3028).]

I put the Fed's true singular mandate in bold and underlined it.

Using the expected results of following the mandate as a counterfeit for the mandate is Orwellian doublespeak at its best.

BTW, did the Fed follow its mandate so that monetary and credit aggregates stayed in line with actualized GDP (production)?

Can you say "exponential?"

1st and 2nd charts...

http://market-ticker.org/akcs-www?singlepost=3216019

The third chart shows organic GDP (GDP - marginal debt) contracting at $500 billion per quarter and dropping faster than before the 2008 crunch.

Don't trust known liars and then spread their disinformation for them - for free.

Thu, 07/11/2013 - 11:06 | 3741551 Hubbs
Hubbs's picture

When my 9 year old asks about saving her money in banks,  I take her fiat and give her silver maples and tell to hang on to these.

 

When she has to right her first term paper in history in high school, I hope to make her research and write about the creation of the Federal Reserve and the Fractional Reserve  Banking (DEBT) system, and how the big banks and finance gain through loaning money to the government, especially to finace wars, and the first pass effect of money which enters circulation having the most buying power, getting diluted as it passes through the economy through inflation.  The big banks get to use the money first when it buys the most. Then after inflation eneters the economy as money is recirculated, the consumer is left with money that has been "stepped on."

Thu, 07/11/2013 - 11:16 | 3741594 Deo vindice
Deo vindice's picture

"When she has to right her first term paper in history in high school,"

She would only have to right it if it was wrong in the original draft, wouldn't she? ;-)

Thu, 07/11/2013 - 11:18 | 3741604 Seasmoke
Seasmoke's picture

Write you are.

Thu, 07/11/2013 - 14:33 | 3742259 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Dad, will you help me do my paper?

Fri, 07/12/2013 - 00:06 | 3744005 WonderDawg
WonderDawg's picture

Based on the entire post, I'm pretty sure "right" was merely typed and overlooked rather than misused in ignorance. Lighten up, Francis.

Thu, 07/11/2013 - 11:17 | 3741598 Seasmoke
Seasmoke's picture

Federal Reserve = Tribe. All you students need to know.

Thu, 07/11/2013 - 21:53 | 3743696 Notarocketscientist
Notarocketscientist's picture

Not to be confused with the Iroquois or Huron tribes - of course.

Fri, 07/12/2013 - 02:20 | 3744185 Kirk2NCC1701
Kirk2NCC1701's picture

So, they're not into scalping their enemies?
;-)

Thu, 07/11/2013 - 11:19 | 3741606 johnQpublic
johnQpublic's picture

no matter how much money you make , and how wealthy you become, they will always have the ability to buy and sell you for free, by a wish and the click of a mouse, while exerting no labour to earn the money

you'd almost have to ascribe to Marx under these conditions

Thu, 07/11/2013 - 11:24 | 3741621 tecno242
tecno242's picture

The morons in congress should read this in addition to high school and college students.

Fri, 07/12/2013 - 00:07 | 3744009 WonderDawg
WonderDawg's picture

Maybe some of the teachers and professors could read it, too. Let's start with the economics profs.

Thu, 07/11/2013 - 11:25 | 3741626 IridiumRebel
IridiumRebel's picture

Thanks for the inflation that isn't there!

Thu, 07/11/2013 - 11:27 | 3741631 the grateful un...
the grateful unemployed's picture

as though we needed to further dramatize the role of the Fed. the current Fed at the behest of the UST made some very evil choices in 2008, including criminal activity on the part of the chairman. okay Nixon abused his power, (the constitutional limits and authority in the executive office were not the souce of abuse of that power) and every President since RMH look like a piker. so maybe its time to reinvent the Presidency, take away a few perks, personal wars, recess appointments, excecutive privilege. Now it seems the office of the President is a malignant thing, which makes tyrants out of weak men.

The Fed charter has been transformed from a short list of emergency measures to a long list of open ended policy tools. this is wrong...

desultory tirades like this only demonstrate to me that the public is getting close to that Robespierre moment. we could chop a lot of heads, Fed heads are like a Medusa, but until we change the institution(s) its nothing but a useless tirade. evil has been institutionalized, that much we know. at this point there is no one who can be President or Fed chief who will not as bad or worse.


Thu, 07/11/2013 - 22:32 | 3743787 Renfield
Renfield's picture

<<we could chop a lot of heads, Fed heads are like a Medusa, but until we change the institution(s) its nothing but a useless tirade. evil has been institutionalized, that much we know. at this point there is no one who can be President or Fed chief who will not as bad or worse.>>

Thank you for making this necessary point. This is why it is pointless to vote or appoint "good" people into corrupt institutions.

Not to take away from the individual guilt of every sorry member of the criminal cartels that run international banking today - there must be no 'corporate indemnity' - but to abolish central banking together with the whole fractional/fiat system, is the only way our economies can become productive again.

While some names must indeed be dragged through the mud of history, this banking system is the corruption at our cultural heart. There are no 'good men' in this lot. I would like to live in a country without a central bank, and with little risk of ever seeing such again. It is necessary to repudiate explicitly BOTH the people who found/run these evil banks, AND this form of banking itself, in restored legal and educational systems.

I have come to the point of viewing central banking as treasonous by nature. Then again, I consider countries to be comprised of their populations, rather than their governments or monarchies.

Thu, 07/11/2013 - 23:57 | 3743991 Spanky
Spanky's picture

+1

For a reality check...

This is why it is pointless to vote or appoint "good" people into corrupt institutions. -- Renfield

So what do you suggest, to bring down corrupt institutions?

Thu, 07/11/2013 - 11:30 | 3741652 madbraz
madbraz's picture

They should read "The Creature from Jekyl Island".  Everyone that hasn't, should.

 

Criminal organization.

Thu, 07/11/2013 - 11:40 | 3741669 nathan1234
nathan1234's picture

DUPLICATED- REMOVED

Thu, 07/11/2013 - 11:35 | 3741671 nathan1234
nathan1234's picture

Let me assure you that people on Wall Street and CBOT are unaware of the Fed in the first place. Their brains are in their lower backsides.

Anyone who thinks that students will be taught about what the Fed really stands for needs to put his head between his legs and listen to the sounds. The Wall Street controlled media will block all access

Thu, 07/11/2013 - 11:43 | 3741690 zrussell
zrussell's picture

The FED is layer three of the "organization".

Thu, 07/11/2013 - 11:59 | 3741711 withglee
withglee's picture

THE FED: They print money, but each dollar they print has the chains of debt attached to it. Each dollar they print represents a debt that somebody owes.

 

All money has "the chains of debt" attached to it. This is implicit in the definition of money. Money is "a promise to complete a trade". When you and I create money by making trading promises and certifying them (by borrowing certificates ... i.e. dollars ... from the bank), we are promising to use them in trade and return them when the trade is completed. Since an unfulfilled promise is a debt, it's very natural for each dollar to represent debt.

The issue is not whether money is debt ... it obviously is. The issue is, is the debt repaid or is it DEFAULTED? The money the Fed loans to the government and that which it gives to itself is never repaid. It is just rolled over. Under proper management of any Medium of Exchange (MOE), a rollover is a DEFAULT. It's a trading promise broken.

To protect the rest of the marketplace, these DEFAULTed certificates must be reclaimed by INTEREST collections of equal amount such that the governing relation INFLATION=DEFAULT-INTEREST assures zero INFLATION at all times and places. The Fed has failed as our MOE manager to the tune of an average 4% INFLATION per year for 100 years. However, now failing at a published pace of $48B per month and a real pace much greater than that (the bailouts of banks and money spent on wars not covered by taxes are such a DEFAULT), hyperinflation is just around the corner.

Fri, 07/12/2013 - 02:44 | 3744212 All Risk No Reward
All Risk No Reward's picture

You are completely missing a big distinction.

Our money is created from nothing and lent into existence at interest.

This is far different than a sovereign country printing their own money without interest attached.

Research my previous posts for more information on the subject than you could ever want to know.

Fri, 07/12/2013 - 10:30 | 3744952 withglee
withglee's picture

You are missing a "big reality". It doesn't matter how money is created. Reaching back to it's origin as an efficient improvement over direct barter, money "is" a "promise to complete a trade", regardless of how it originates. In any trade there are three stages: 1) Negotiation; 2) Promise to complete a trade; 3) Completion of a trade. In direct barter, (2) happens instantaneously and "on the spot". In a money facilitated trade, (2) happens over time, among innumerable traders, and over a non-descript space.

All money, regardless of the Medium of Exchange (MOE) or its manager, is created from nothing. This is simply obvious: Money is "a promise to complete a trade" and "trading promises are created from nothing".

In a "properly" managed MOE, the relation: INFLATION = DEFAULT - INTEREST governs. DEFAULTS are measured (a fairly trivial task); a like amount of INTEREST is collected (a fairly trivial task), and thus INFLATION is guaranteed to be zero (and thus no measurement is ever needed ... such measurement being impossible to make ... and trivial to manipulate anyway).

Since "all" money exhibits this behavior, we need only explore its management to understand what is going on. Virtually all MOE managers create money arbitrarily. They claim to be monitoring employment, growth, inflation, and who knows what else. But basically, they are making trading promises. What becomes of these promises? They pay them to their employees and contractors and suppliers. Then what happens? They do it again ... and again ... and again. They collect a little bit of taxes but in our system, that goes as income to the manager of the MOE ... the Fed. A little goes back to the Federal government to keep blinders on the legislators and the population who don't see what's going on.

Knowing all these government trading promises are just rolled over (i.e. they are DEFAULTED), INTEREST collections should exactly equal these DEFAULTS. But they don't. Thus, by the governing relation we have INFLATION. Our MOE manager, the Fed, has delivered such INFLATION at the rate of about 4% per year for 100 years now. We never know how bad the problem is because we don't monitor DEFAULTs. I defy anyone to show me a timeseries of DEFAULTS. Since DEFAULTs have never been monitored, there has never been "proper" management of any MOE.

Re researching your previous posts: Why should I? Your post here tells me all I need to know about your knowledge of the subject.

Todd Marshall
Plantersville, TX

Thu, 07/11/2013 - 12:00 | 3741741 All Out Of Bubblegum
All Out Of Bubblegum's picture

"Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest. "

UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION v. WESTERN UNION TELEGRAPH CO.

Decided Jan. 3, 1928.

http://openjurist.org/275/us/415

Do NOT follow this link or you will be banned from the site!