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April 30 - August 12, 2018
Fiat money is the cause of inflation, and the amount which people lose in purchasing power is exactly the amount which was taken from them and transferred to their government by this process. Inflation, therefore, is a hidden tax.
Weve lost fiscal discipline since BW
At this point, the certificates were no longer 100% backed by gold. They now had backing of only 54%,
100/185
It is necessarily part of the business of a banker to maintain appearances,
Bankers knowingly deceive the general public, or else are just as great of fools.
Fractional money will always degenerate into fiat money. It is but fiat money in transition.
Huge point to understand
Prices were not going up, it said. The value of the currency was going down, and that was due to the fact that it was being created at a faster rate than the creation of goods to be purchased with it. The solution? The committee recommended that the notes of the Bank of England be made fully convertible into gold coin, thus putting a brake on the supply of money that could be created.
Interest rates post nixon gold shock
Others will owe many times what they possess. All added together, the national balance is zero. What we think is money is but a grand illusion. The reality is debt.
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It is that the total of this human effort ultimately is for the benefit of those who create fiat money. It is a form of modern serfdom in which the great mass of society works as indentured servants to a ruling class of financial nobility.
100% true. Financial service doesnt create; it takes a small portion of the pool of funds. This is why scalimg is so important.
The entire function of this machine is to convert debt into money. It's just that simple. First, the Fed takes all the government bonds which the public does not buy and writes a check to Congress in exchange for them. (It acquires other debt obligations as well, but government bonds comprise most of its inventory.) There is no money to back up this check. These fiat dollars are created on the spot for that purpose. By calling those bonds "reserves," the Fed then uses them as the base for creating 9 additional dollars for every dollar created for the bonds themselves. The money created for the
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Pivotal passage
Expansion of the money supply, therefore, and the inflation that follows, no longer even require federal deficits.
What does it relly matter in the long run? Could cause deflation in the foreign country?
Since our money supply, at present at least, is tied to the national debt, to pay off that debt would cause money to disappear. Even to seriously reduce it would cripple the economy.64
America as the lender of last resort is the black hole in the center of the fiduciary galaxy
That means the money supply also will shrink, because, in modern America, debt is money.
Debt is money
William Graham. Sumner, A History of American Currency (New York: Holt, 1884 p.214
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While we must always proclaim the virtues of peace, the unspoken objective is perpetual war.
Perpetual war
On the surface it is a paradox that Wilson, who had always been a pacifist, should now enter into a secret agreement with foreign powers to involve the United States in a war which she could easily avoid. The key that unlocks this mystery is the fact that Wilson also was an internationalist.
Recheck after reading
They found it was only necessary to purchase the control of 25 of the greatest papers.... An agreement was reached; the policy of the papers was bought, to be paid for by the month; an editor was furnished for each paper to properly supervise and edit information regarding the questions of preparedness, militarism, financial policies, and other things of national and international nature considered vital to the interests of the purchasers.45
Media controls the masses
This is a favorable moment to shut and bar the door against paper money.
1
George Mason from Virginia told the delegates he had a "mortal hatred to paper money."
2
"The punishment of a member [of a legislature] who should move for such a law ought to be death."
3
"To emit an unfunded paper as the sign of value ought not to continue a formal part of the Constitution, nor ever hereafter to be employed; being, in its nature, repugnant with abuses and liable to be made the engine of imposition and fraud."16
4
We may one day become a great commercial and flourishing nation. But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy.27
Nail, coffin
"A private central bank issuing the public currency is greater menace to the liberties of the people than a standing army."32 "We must not let our rulers load us with perpetual debt."33
5
He had been an assistant to Robert Morris (not related) and was a champion of the concept of a natural aristocracy. So he knew his subject well when he warned:
Money begets money
And so, on January 24, 1811,
20 year charter
The earth belongs to the living, not the dead.... We may consider each generation as a distinct nation with a right to ... bind themselves, but not the succeeding generation.49 ...
*Clap*
1818 when the Bank became concerned about its own ability to survive.
2 years into the charter
It is to be regretted that the rich and powerful
Amazing speech from Jackson
He almost gloated. "This worthy President thinks that because he has scalped Indians and imprisoned Judges, he is to have his way with the Bank. He is mistaken."76 ...
Here i am, stuck in the Biddle with you. You cqnt help but respect his evil genius
America's third experience with central banking came to a close.
In quite ignominious fashion
Such numbers of people fled ... from the State that the common return upon legal processes against debtors was in the very abbreviated form "G.T.T."—gone to Texas.89
GTT MOFUCKA
My paramount object in this struggle is to save the Union, and it is not either to save or destroy slavery. If I could save the Union without freeing any slave, I would do it;
Fucking Lincoln apologists
money power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands, and the republic destroyed.124
Prophetic
Do not call it a cartel nor even a central bank. Make it look like a government agency. Establish regional branches to create the appearance of decentralization, not dominated by Wall Street banks. Begin with a conservative structure including many sound banking principles knowing that the provisions can be quietly altered or removed in subsequent years. Use the anger caused by recent panics and bank failures to create popular demand for monetary reform. Offer the Jekyll Island plan as though it were in response to that need. Employ university professors to give the plan the appearance of
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Incredibly revealing
It is at least possible that the reverence in which the Federal Reserve System has since been held by economists owes something to the circumstance that so many who pioneered in the profession participated also in its [the System's] birth.59
Public acceptance of ideas is not engineered to conform to right principles, but to the agenda overshadowing the ideas.
The Federal Reserve Board met in a meeting which was not disclosed to the public—they met on the 18th of May 1920; it was a secret meeting—and they spent all day; the minutes made 60 printed pages, and it appears in Senate Document 310 of February 10, 1923....
Find
LAW: When men are entrusted with the power to control the money supply, they will eventually use that power to confiscate the wealth of their neighbors.
What monetary systems avoid this?
Federal taxes, including Social-Security, now take more than 40% of our private incomes. State, county, and local taxes are on top of that. Inflation feeds on what is left. We spend half of each year working for the government.
Wtf!?!
only during times of war or the threat of war are the masses compliant enough to carry the yoke of government without complaint. Fear of conquest and pillage by an enemy can make almost any burden seem acceptable by comparison. War can be used to arouse human passion and patriotic feelings of loyalty to the nation's leaders. No amount of sacrifice in the name of victory will be rejected. Resistance is viewed as treason. But, in times of peace, people become resentful of high taxes, shortages, and bureaucratic intervention. When they become disrespectful of their leaders, they become dangerous.
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Critical point
The organization of society for the possibility of war is its principal political stabilizer.... It has enabled societies to maintain necessary class distinctions, and it has insured the subordination of the citizens to the state by virtue of the residual war powers inherent in the concept of nationhood.9
What about switzerland?
"The word peace, as we have used it in the following pages,... implies total and general disarmament."10 Under that scenario, independent nations will no longer exist and governments will not have the capability to wage war. There could be military action by the world army against renegade political subdivisions, but these would be called peace-keeping operations, and soldiers would be called peace keepers. No matter how much property is destroyed or how much blood is spilled, the bullets will be "peaceful" bullets and the bombs—even atomic bombs, if necessary—will be "peaceful" bombs.
May the odds be ever in our favor
The will of man is not shattered, but softened, bent, and guided; men are seldom forced by it to act, but they are constantly restrained from acting.
Poignant
Every man allows himself to be put in leading-strings, because he sees that it is not a person or a class of persons, but the people at large who hold the end of his chain. By this system the people shake off their state of dependence just long enough to select their master and then relapse into it again.38
So true
War is a way of shattering to pieces, or pouring into the stratosphere, or sinking into the depths of the sea, materials which might otherwise be used to make the masses too comfortable, and hence, in the long run, too intelligent....
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Regionalism As A Transition To World Government
Happening right now. Trump is the antithesis of globalization
Through environmental and economic treaties and through military disarmament to the UN, we would witness the same emergence of a world central bank, a world government, and a world army to enforce its dictates.
Peacekeepers
It is incapable of accomplishing its stated objectives. It is a cartel operating against the public interest. It is the supreme instrument of usury. It generates our most unfair tax. It encourages war. It destabilizes the economy. It is an instrument of totalitarianism.
7 reasons to abolish the Fed
