> Subject: > ip: The Federal Reserve Is All About Stupidity > Date: > Thu, 12 Jul 2001 08:00:08 -0400 > From: > "R. A. Hettinga" <[EMAIL PROTECTED]> > To: > Digital Bearer Settlement List <[EMAIL PROTECTED]> > > > --- begin forwarded text > > > From: [EMAIL PROTECTED] > Date: Tue, 10 Jul 2001 15:46:32 -0500 > To: [EMAIL PROTECTED] > Subject: ip: The Federal Reserve Is All About Stupidity > > The Federal Reserve Is All About Stupidity > By Charley Reese [EMAIL PROTECTED] > © 2001 The Orlando Sentinel 7-9-1 > In the late 1960s, you could buy four or five heavy bags of groceries at > a supermarket for about $17. Today, you can carry $17 worth groceries in a > plastic sack hooked around your little finger. Ever wondered why the change? > > It's simple. Our currency has been devalued. When a nation's currency is > devalued, businesses and professions can raise prices and fees to compensate > for the loss of value. It's the working men and women who get the shaft. > > America's money and credit system is deliberately confusing. The people who > designed it were logically afraid that if people understood it, they would > never put up with it. > > Let's start with the money in your pocket. > > You will notice that it is a Federal Reserve Note. It is redeemable in > nothing. It is backed up by nothing. Its exchange value, or purchasing power, > is determined by the volume in circulation in comparison with the goods and > services available at any given time. What makes the scam possible are those > 11 little words tucked away in small type. > > "This note is legal tender for all debts, public and private." > > Without a legal-tender law, people could defend themselves against > devaluation by simply switching to gold or silver or even to a more-stable > foreign currency, such as the Swiss franc. In the early days of the Republic, > there were many different kinds of money in use. > > The next step in figuring all this out is to realize that the Federal Reserve > System is a privately owned central bank. It was made confusing deliberately. > There are 12 regional Federal Reserve Banks, each one private and owned by > the commercial banks. As in George Orwell's Animal Farm, all the Federal > Reserve Banks are equal, but the New York Federal Reserve Bank is more equal > than the others are. It handles the government bonds, and its president has a > permanent seat on the Federal Reserve Board. This board, whose members are > appointed by the president, is a quasi-governmental organization. More quasi > than governmental, I assure you. > > So here is how your money is devalued. When Congress wants to spend $50 > billion more than it collects in taxes, it goes to the Federal Reserve. The > government gives the Federal Reserve $50 billion in government bonds, and the > Federal Reserve adds $50 billion to the government's checking account. > > Seems reasonable. But there is a catch. Where does the Federal Reserve get > the $50 billion to put into the government's checking account? > > It creates it out of nothing, with a keystroke. The bonds and the interest > due on them are paid for with taxes, which is to say the sweat and labor of > the American people. > > In the meantime, to stay with our example, $50 billion in new money has been > put into the system. In addition to that, the Federal Reserve can manipulate > the economy. To put more money into the system, always in the form of debt at > interest, it lowers interest rates; to take money out of the system, it > raises interest rates. > > But always the Federal Reserve acts in the interests of banks -- not in the > interests of the people or the country. > > Ignorant reporters have recently elevated the current Federal Reserve > chairman, Alan Greenspan, to folk-hero status. Nothing is more absurd. > > Still, as another American hero said, "Stupid is as stupid does." > > --- end forwarded text > > > -- > ----------------- > R. A. Hettinga <mailto: [EMAIL PROTECTED]> > The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> > 44 Farquhar Street, Boston, MA 02131 USA > "... however it may deserve respect for its usefulness and antiquity, > [predicting the end of the world] has not been found agreeable to > experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' > -- http://www.constructiongigs.com/ Use gold as money. It's easy. Create a free e-gold account here: http://www.e-gold.com/e-gold.asp?cid=101670 ConstructionGigs.com's PGP public key is here: http://www.constructiongigs.com/assets/DH-DSSkey.txt Fingerprint: 3C4D A63F 3C8B 2D7B 7E1A FFE8 9A2E 4D78 CAD6 66B7 --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
