Editor’s note:To prevent slander and libel of the writer, comments for this story will no longer be automatically approved. Comments that do not discuss the article itself and only question the writer’s character will not be approved. Thanks to all who have posted.
There has been a lot of talk about the government’s decision to run a financial bail-out bill through Congress, and almost before anyone had a chance to figure out what it all entailed.
The general consensus I’ve heard is that although most people have no time to research the over 500 page document, the whole idea of allowing one man the control of putting $700 billion into companies he determines (or even his own pocket, if he so chooses) sounds more than fishy.
Not knowing much about the issue, besides the pictures of politicians yelling at each other on the Yahoo home page, I started by listening to an interview between radio host Alex Jones and his guest of the day, Andrew Gause, one of the most respected monetary historians and contemporary experts on the American and international banking systems.
What I learned left me dumbfounded, and yet with a sense of obligation to impart some of this knowledge to the readers of this paper. I will do my best to give the most important details, but I highly encourage a follow-up Google search, as knowledge is power.
First off, the Federal Reserve Bank that has been in charge of printing the currency for the United States since 1913 is not a part of the government. It is a private company, no more “federal” than Federal Express (Fed-Ex).
Between 1913 and 1916, a dollar amount could be redeemed for the gold it represented at banks across the country; however, by 1933, the Federal Reserve began printing more currency than they could back with gold and silver. They hid this fraud by discontinuing the redemption of paper money for gold and merging investment banks with commercial banks.
After World War II and the Bretton Woods conference, the U.S. did not ask for war reparations, and instead asked for oil to be measured in its dollar amount. Today 80 percent of trade is conducted in dollars, which allows the U.S. to disguise inflation overseas.
With a private company controlling the finances of the entire country, a perpetual cycle of debt between the United States and the Federal Reserve was created. Each dollar that is printed, has attached to it a percentage of debt. When the U.S. attempts to pay back the debt, it makes payments in money with debt attached to it.
Once the Federal Reserve was allowed to print money without needing a commodity to ensure its value, the United States was officially running off of a fiat currency. This means that the value of the money comes from the government’s order that it must be accepted as a form of payment, but essentially it is only worth the fibers that give it form.
The Federal Reserve has stopped making public the records of how much money they are printing, but to date it is the owner of a $300 million art collection and 47 Lear-jets. The company has allowed in the creation of $3 of debt for every $1 in circulation, as the United States has $45 trillion of debt with only $14 trillion total in circulation.
This means that if every person in the U.S. gave the government all of their accumulated wealth, the amount would barely cover a third of the debt that is owed.
The $700 billion for the bail-out plan will generate $35 billion in annual interest payments that will be owed to the Federal Reserve. Nationalizing the banks would instantly eliminate the interest payments owed to this private company, and instead of worrying about bail-outs, Congress should be more concerned with bail-amounts for these crooks that are robbing our country of financial independence and in essence, creating the fourth and most powerful branch of the government without being a part of the government at all.