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The greatest period of economic growth
in U.S. history was when
there was no central bank.
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The United States never had a
persistent, ongoing problem with inflation
until the Federal Reserve was created. In the century before
the Federal Reserve was created, the average annual rate of
inflation was about half a percent.
In the century since the
Federal Reserve was created, the average annual rate of inflation
has been
about 3.5 percent, and it would be even higher than that if the
inflation numbers were not being so
grossly manipulated.
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Even using the official numbers, the
value of the U.S. dollar has declined by more than 95 percent since
the Federal Reserve was created nearly 100 years ago.
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The secret November 1910 gathering at
Jekyll Island, Georgia during which the plan for the Federal Reserve
was hatched was attended by U.S. Senator Nelson W. Aldrich,
Assistant Secretary of the Treasury Department A.P. Andrews and a
whole host of representatives from the upper crust of the Wall
Street banking establishment.
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In 1913, Congress was promised that if
the Federal Reserve Act was passed that it would
eliminate the business cycle.
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The following comes directly from
the Fed's official mission statement:
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"To provide the nation
with a safer, more flexible, and more stable monetary and financial
system. Over the years, its role in banking and the economy has
expanded."
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It was not an accident that a permanent
income tax
was also introduced the same year when the Federal Reserve
system was established. The whole idea was to transfer wealth from
our pockets to the federal government and from the federal
government to the bankers.
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Within 20 years of the creation of the
Federal Reserve, the U.S. economy was plunged into the Great
Depression.
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If you can believe it, there have been
10 different economic recessions since 1950
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the Federal
Reserve created the "dotcom bubble"
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the Federal Reserve created the
"housing bubble"
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now it has created
the largest bond bubble in the history of the planet
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According to an official government
report, the Federal Reserve made
16.1 trillion dollars in secret loans to the big banks during
the last financial crisis.
The following is a list of loan
recipients that was taken directly from
page 131 of the report...
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Citigroup -
$2.513 trillion
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Morgan Stanley -
$2.041 trillion
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Merrill Lynch -
$1.949 trillion
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Bank of America -
$1.344 trillion
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Barclays PLC -
$868 billion
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Bear Sterns -
$853 billion
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Goldman Sachs -
$814 billion
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Royal Bank of Scotland -
$541 billion
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JP Morgan Chase -
$391 billion
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Deutsche Bank -
$354 billion
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UBS -
$287 billion
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Credit Suisse -
$262 billion
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Lehman Brothers -
$183 billion
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Bank of Scotland -
$181 billion
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BNP Paribas -
$175 billion
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Wells Fargo -
$159 billion
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Dexia -
$159 billion
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Wachovia -
$142 billion
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Dresdner Bank -
$135 billion
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Societe Generale -
$124 billion
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"All Other Borrowers" -
$2.639 trillion
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The Federal Reserve also paid those big
banks
$659.4 million in fees to help "administer" those secret loans.
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The Federal Reserve has created
approximately
2.75 trillion dollars out of thin air and injected it into the
financial system over the past five years. This has allowed the
stock market to soar to unprecedented heights, but it has also
caused our financial system to become extremely unstable.
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We were told that the purpose of
quantitative easing is to help "stimulate the economy", but today
the Federal Reserve is actually paying the big banks
not to lend out 1.8 trillion dollars in "excess reserves" that
they have parked at the Fed.
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Quantitative easing overwhelming
benefits those that own stocks and other financial investments. In
other words, quantitative easing overwhelmingly favors the very
wealthy.
Even Barack Obama has admitted that 95 percent of the income
gains since he has been president have gone to the top one percent
of income earners.
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The gap between the top one percent and
the rest of the country is now the greatest that it has been
since the 1920s.
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The Federal Reserve has argued
vehemently in federal court that it is
"not an agency" of the federal government and therefore not
subject to the Freedom of Information Act.
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The Federal Reserve openly admits that
the 12 regional Federal Reserve banks are organized "much
like private corporations".
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The regional Federal Reserve banks
issue shares of stock to the "member banks" that own them.
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The Federal Reserve system greatly
favors the biggest banks. Back in 1970, the five largest U.S. banks
held
17 percent of all U.S. banking industry assets. Today, the five
largest U.S. banks hold
52 percent of all U.S. banking industry assets.
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The Federal Reserve is supposed to
"regulate" the big banks, but it has done nothing to stop
a 441 trillion dollar interest rate derivatives bubble from
inflating which could absolutely devastate our entire financial
system.
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The Federal Reserve was designed to be
a perpetual debt machine. The bankers that designed it intended
to trap the U.S. government in a perpetual debt spiral from which it
could never possibly escape.
Since the Federal Reserve was
established nearly 100 years ago, the U.S. national debt has gotten
more than 5000 times larger.
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The U.S. government will spend
more than 400 billion dollars just on interest on the national
debt this year.
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If the average rate of interest on U.S.
government debt rises to just 6 percent (and it has been much higher
than that in the past), we will be paying out more than a trillion
dollars a year just in interest on the national debt.
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According to
Article I, Section 8 of the U.S. Constitution, the U.S. Congress
is the one that is supposed to have the authority to "coin Money,
regulate the Value thereof, and of foreign Coin, and fix the
Standard of Weights and Measures".
So exactly why is the Federal
Reserve doing it?
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There are plenty of possible alternative
financial systems, but at this point
all 187 nations that belong to
the IMF have a central bank. Are
we supposed to believe that this is just some sort of a bizarre
coincidence?
