Chapter One:
THE BANKERS' BANK
Since 1913 politicians and media have treated
the Federal Reserve Bank as a kind of
untouchable off limits semi-God.. .no
one except certified crackpots and kooks criticizes the Fed. Conventional wisdom dictates that anyone who
attacks the Federal Reserve System is
doomed and
Congressional investigation of the Fed would result in
economic chaos and a disastrous plunge
in the stock market. Recently President
Clinton got to appoint Alan Blinder to a
seat on the seven-member Board of Governors. Blinder launched into criticism of Fed actions, i.e., interest
rates are too high and differed from the
policy laid down by Chairman Alan Greenspan.
Poor Blinder was blindsided by the establishment press and no doubt received advice to keep quiet
because since this initial speech,
Blinder has repeatedly stated there are no differences between himself and Chairman Greenspan and
refuses to go beyond this curious mea
culpa. There is a vast misconception
about the Fed. The President and the
Congress have very little, if any, influence on policy. The Congress handed over all monetary powers to
the Fed in 1913. The Fed is a private
bank, owned by banks, and pays dividends
on its shares owned only by banks. The Fed is a private Bankers' Bank.
The Federal Reserve Conspiracy
Yet Fed policy, not Government policy, is the dominant factor in economic growth. The Fed can create jobs by
loosening credit. The Government talks a
lot about creating jobs but in fact can only create bureaucracies which restrict rather than
promote enterprise. The private sector
creates productive jobs and the private sector is heavily dependent on Fed policy to do this. The Congress has never investigated the Fed
and is highly unlikely to do so. No one
sees Fed accounts; they are not audited. No
balance sheets are issued. No one, but no one, ever criticizes the
Fed and survives. Why all the secrecy and caution? Simply
because the Fed has a legal monopoly of
money granted by Congress in 1913 proceedings that were unconstitutional and fraudulent. Most of
Congress had no idea of the contents of
the Federal Reserve Bill signed by President Woodrow Wilson who was in debt to Wall Street. The Federal Reserve has the power to create
money. This money is fiction, created
out of nothing. This can be money in the form of created credit through the discount window at
which other banks borrow at the discount
rate of interest or it can be notes printed by the Treasury and sold to the Fed and paid for by
Fed-created funds In brief, this
private group of bankers has a money machine
monopoly. This monopoly is uncontrolled by anyone and is guaranteed profit. Further, the monopoly doesn't have to
answer questions or produce books or
file annual statements. It is an unrestricted
money monopoly. This book explains how
this money monopoly came about.
Obviously, Congress and the general public were misled and lied to when the Federal Reserve Bank was in
discussion. Why the monopoly has
continued is that the public is lazy, and so long as their individual world is reasonably fulfilling, has no reason
to question Fed actions. The Bankers'
Bank Even if they do they will find few
books that surface the real facts.
Academicians are too interested in protecting the Fed monopoly. An academic book criticizing the Fed will never
find a publisher and the economist
author would probably find tenure denied.
This is the first book that details hour by hour the events that
led up to passage of the Federal Reserve
Act of 1913 - and the many decades of
work and secret planning that private bankers had invested to obtain their money monopoly. The Federal Reserve Conspiracy Qwpmftwi*. ED GAMBLE, Florida Times-Uni Los Angeles Times Cartoon by Ed Gamble,
1994 Chapter Two THOMAS JEFFERSON AND THE MONEY POWER
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