The Federal Reserve & the U.S. Govt.'s currency ownership
Posted Feb 2, 2008 @ 2:08 pm, Viewed by 689 Visitors, Read 718 Times.the Federal Reserve & the U.S. Govt.'s currency ownership - Opinion
The Federal Reserve's Alan Greenspan causes the housing market debacle by creating cheap credit and then his successor, Ben Bernanke, remedies the housing market debacle by creating even vastly cheaper credit?
And, of course, by flooding the National currency supply with hundreds of billions of new Federal Reserve Notes.
In fact, the present Federal Reserve interest rate is give-away credit, because a 3% interbank lending rate in an inflating economy which already has a 3% inflation rate is effectively interest-free credit.
This is either outright lunacy or simply Wall Street looking out for itself at everyone else's expense.
And the Federal Reserve isn't the Bank of the United States. It's Wall Street's private central bank.
It's the bank of J.P. Morgan, John D. Rockefeller, and Paul Warburg.
From what we've seen of the Federal Reserve's performance (including, less than two decades after its birth, having caused the Great Depression), it may be time to put the U.S. Government's currency ownership, control, and management back where it was before 1913 and the ever-lustrous Woodrow Wilson--back, that is, in the U.S. Treasury's Office of the Comptroller of the Currency.
The Nation's currency supply should be owned, controlled, and managed by the U.S. Government--not placed entirely in the private hands of Wall Street's special-privilege, white-shoe, financial class which (in largely secret deliberations) manipulates the National currency entirely at its will.
Who did that? The 1913 political aristocracy then in our Federal Legislature.
1913 was a good Federal year, because that's when the states ratified another piece of business from that same political aristocracy--the 16th Amendment to the Constitution authorizing an effective Federal income tax power.
What is a reasonable man to make of the nation's currency supply being entirely in the hands of what is essentially a secretly-run and privately-owned Wall Street central bank which apparently has something like $11,037 million in tangible assets and $837,758 million in liabilities?
And how does that bank balance its balance sheet?
Apparently, pretty much by from time-to-time issuing, at its secret discretion, what now amounts to $976,167 million outstanding bits of green-colored paper quaintly called Federal Reserve Notes.
You have some of them in your pocket right now. And each of them is each day worth less to you than it was the day before. Because of Wall Street's exclusive ownership, control, management, and manipulation of the Nation's currency supply.
And by what are those $967,167 million in "Notes" backed?
By nothing more substantial, apparently, than $11,037 million in gold.
The resulting multi-thousand-million deficit is pretty much akin to the wan hope which all those thousands of millions (and soon enough, I suspect, millions of millions) of Federal Reserve Notes themselves express: "IN GOD WE TRUST".
Except the God we're all trusting here is Wall Street's privately-owned bank. And that's what the Federal Reserve System essentially is.
It's The Money God.
Between the Federal Reserve System on one hand and our political ruling class permanently in the Federal Legislature on the other hand, we can suspect the system has us all pretty well sewed up and just about where it wants us.
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Very well written!
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Alan Greenspan did not cause the sub-prime market. The sub-prime market was created by irresponsible lenders who found a way to pass on their risk and then followed the herd mentality and looking for higher returns held the paper rather than passing it on. This risky business was allowed because the Congress refuses to regulate Wall Street. Nor does the Fed issue Federal Reserve bank notes. These are issued by the Treasury which does so by borrowing money to pay for continuing deficit spending by Congress. The interbank rate is simply the rate banks charge and receive when bank 1 has extra cash and bank 2 needs some cash. It should have no effect on regular rates nor should the interest rate Fed charges banks to borrow. If Fed has to lend money to banks it has the extra costs to banks of more oversight from the Fed. Consequently, banks rarely borrow from Fed. The Fed was funded by the banking system and is subjected to Congressional oversight.. If you notice a trend here it is that our Congress has botched it role in virtually every way.