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Descent Into Slavery? Descent Into Slavery?

Descent Into Slavery? Descent Into Slavery?

A story of the power-crazed Internationalists and the methods they employ in steering various nations towards total social and financial ruin in preparation for their ultimate absorption into the planned world-wide dictatorship. It covers globalisation and the New World Order.

Review

Des Griffin has accomplished an amazing feat as well as a great service to the truthful accounting of the history of the western world in particular and our entire planet in general. That the corruption of unlimited wealth and greed has shaped the lives of mankind is revealed in unforgettable detail. -- C. P. Daquin "Amazon"

Paperback: 309 pages
Publisher: Emissary Publications (May 1, 2008)

The Creature from Jekyll Island The Creature from Jekyll Island: A Second Look at the Federal Reserve

The Creature from Jekyll Island: A Second Look at the Federal Reserve The Creature from Jekyll Island

Review

G. Edward Griffin is to be commended for this splendid work. At first glance The Creature from Jekyll Island is a huge book. While this may be daunting to some, once the book is actually started, it flows smoothly and reads quickly. There are so many fascinating tidbits of information here that the reader won't even be concerned about the size of the book. The title refers to the formation of the Federal Reserve System, which occurred at a secret meeting at Jekyll Island, Georgia in 1910. It was at this meeting, as Griffin relates, that the "Money Trust", composed of the richest and most powerful bankers in the world, along with a U.S. Senator, wrote the proposal to launch the Federal Reserve System (which Griffin calls a banking cartel) to control the financial system so that the bankers will always come out on top. The biggest problem in modern banking, according to Griffin, is and has always been the creation of fiat money. Fiat money is money that is "declared" money by the government. It is not backed by anything but promises and deceit. All societies were sound financially when they used gold or silver to back their currency. When the bankers finally get their way and install fiat money, the result is inflation and boom and bust cycles. Griffin gives numerous examples of this, such as repeated failures by American colonies and European states in using fiat money. The purpose of fiat money is so that the government can spend more then they take in through taxes. Without writing reams on this book, it is sufficient to say that this is a must read for anyone who is interested in learning how the money system operates. Griffin gives comprehensive accounts of how the Fed creates money, and how this affects everyday life. I would have to say these sections are better than Murray Rothbard's book, The Case Against the Fed, because Griffin gives himself more room for explanation. Griffin does believe in the conspiratorial view of history, and he believes that the bankers are working in concert with such groups as the Council on Foreign Relations and the Trilateral Commission to bring about a socialist-world system in which an elite composed of intellectuals and bankers will rule over the entire planet. Griffin even spends a chapter outlining how this system could come about, and the consequent results of this socialist system. These chapters are a bit unsettling, but even if you aren't interested in this worldview, you can still learn much about the economy from this book. Recommended --By Jeffrey Leach on July 29, 2001

This book, while slightly marred by the occasional conspiracy theory, is a great account of one of the most important real life conspiracies of our time. It is well researched with plenty of footnotes for anyone who wants to look more deeply. It tells the real story of how bankers have lured politicians with easy money and ended up in control of most of the world. Whether or not they can keep up our (or rather, their) sleight-of-hand monetary system forever, the important thing is the power these bankers wield that should not be theirs. This book should be required reading. And by all means do your own research. Topics covered: founding of the Federal Reserve, war mongering, bail-outs, boom-bust cycles, the J.P.Morgans and Rothschilds of the world, the history of central banking in the United States, and most fascinating: how the money system really works in this country. Despite its lack of perfection, this book is by far the most relevant and interesting thing I have read about economics in a long time. It is written in terms that anyone can understand, which will immediately rule out the kind of reader who is impressed by a lot of technical jargon that supposedly demonstrates an author's mastery of the subject while only serving to confuse laymen (and experts too). --By A Customer on October 30, 1999

This book, while slightly marred by the occasional conspiracy theory, is a great account of one of the most important real life conspiracies of our time. It is well researched with plenty of footnotes for anyone who wants to look more deeply. It tells the real story of how bankers have lured politicians with easy money and ended up in control of most of the world. Whether or not they can keep up our (or rather, their) sleight-of-hand monetary system forever, the important thing is the power these bankers wield that should not be theirs. This book should be required reading. And by all means do your own research. Topics covered: founding of the Federal Reserve, war mongering, bail-outs, boom-bust cycles, the J.P.Morgans and Rothschilds of the world, the history of central banking in the United States, and most fascinating: how the money system really works in this country. Despite its lack of perfection, this book is by far the most relevant and interesting thing I have read about economics in a long time. It is written in terms that anyone can understand, which will immediately rule out the kind of reader who is impressed by a lot of technical jargon that supposedly demonstrates an author's mastery of the subject while only serving to confuse laymen (and experts too). --By A Customer on October 30, 1999

About the Author

Mr. Griffin is a graduate of the University of Michigan, where he majored in speech and communications. He is a recipient of the Telly Award for excellence in television production. He is the founder of the Cancer Cure Foundation and has served on the board of directors of the National Health Federation and the International Association of Cancer Victims and Friends. He is a Contributing Editor for The New American magazine, president of American Media and founder of the Reality Zone.

Paperback: 608 pages
Publisher: American Media; 5th edition (September 11, 2010)

The Federal Reserve: What Everyone Needs to Know® The Federal Reserve: What Everyone Needs to Know

The Federal Reserve: What Everyone Needs to Know The Federal Reserve: What Everyone Needs to Know®

The Federal Reserve System--the central bank of the United States, better known as The Fed--has never been more controversial. Criticism has reached such levels that Congressman Ron Paul, contender for the Republican presidential nomination in 2012, published End the Fed, with blurbs from musician Arlo Guthrie and actor Vince Vaughn. And yet, amid a slow economy and partisan gridlock, the Fed has never been more important.

Stephen H. Axilrod explains this influential agency-its powers, operations, how it sets policy-in The Federal Reserve, a timely addition to Oxford's acclaimed series, What Everyone Needs to Know®. Of the two major governmental tools for shaping the economy, Congress controls fiscal policy-taxation and spending-and the Fed makes monetary policy-influencing how much money circulates in the economy, and how quickly. Traditionally the Fed has relied on three instruments: open-market operations (buying and selling U.S. bonds), lending to banks, and setting reserve requirements on bank deposits. It also helps to regulate the financial system.

Drawing on years of experience inside the Federal Reserve System, Axilrod shows how these tools actually work, and answers a series of increasingly detailed questions in the series format. He asks, for instance, if the system of regional Fed banks needs modification for today's technological landscape; if there is corruption in the Fed's governance; what happens to profits from its operations; the impact of political pressure; the extent of Congressional oversight; and just how independent it truly is. Whether discussing the Fed's balance sheet through the financial crisis of 2008 and beyond, the federal funds rate, or the international context, Axilrod displays a mastery of his subject.

Coming in time for the Fed's 100th anniversary in 2013, this book deftly explains an institution that every American needs to understand.

What Everyone Needs to Know® is a registered trademark of Oxford University Press.

Paperback: 160 pages
Publisher: Oxford University Press; 1 edition (May 16, 2013)

The Urantia Book The Urantia Book
The Urantia Book The Urantia Book

Love

Love is truly contagious and eternally creative. (p. 2018) “Devote your life to proving that love is the greatest thing in the world.” (p. 2047) “Love is the ancestor of all spiritual goodness, the essence of the true and the beautiful.” (p. 2047) The Father’s love can become real to mortal man only by passing through that man’s personality as he in turn bestows this love upon his fellows. (p. 1289) The secret of a better civilization is bound up in the Master’s teachings of the brotherhood of man, the good will of love and mutual trust. (p. 2065)

Prayer

Prayer is not a technique of escape from conflict but rather a stimulus to growth in the very face of conflict. (p. 1002) The sincerity of any prayer is the assurance of its being heard. … (p. 1639) God answers man’s prayer by giving him an increased revelation of truth, an enhanced appreciation of beauty, and an augmented concept of goodness. (p. 1002) …Never forget that the sincere prayer of faith is a mighty force for the promotion of personal happiness, individual self-control, social harmony, moral progress, and spiritual attainment. (p. 999)

Suffering

There is a great and glorious purpose in the march of the universes through space. All of your mortal struggling is not in vain. (p. 364) Mortals only learn wisdom by experiencing tribulation. (p. 556)

Angels

The angels of all orders are distinct personalities and are highly individualized. (p. 285) Angels....are fully cognizant of your moral struggles and spiritual difficulties. They love human beings, and only good can result from your efforts to understand and love them. (p. 419)

Our Divine Destiny

If you are a willing learner, if you want to attain spirit levels and reach divine heights, if you sincerely desire to reach the eternal goal, then the divine Spirit will gently and lovingly lead you along the pathway of sonship and spiritual progress. (p. 381) …They who know that God is enthroned in the human heart are destined to become like him—immortal. (p. 1449) God is not only the determiner of destiny; he is man’s eternal destination. (p. 67)

Family

Almost everything of lasting value in civilization has its roots in the family. (p. 765) The family is man’s greatest purely human achievement. ... (p. 939)

Faith

…Faith will expand the mind, ennoble the soul, reinforce the personality, augment the happiness, deepen the spirit perception, and enhance the power to love and be loved. (p. 1766) “Now, mistake not, my Father will ever respond to the faintest flicker of faith.” (p. 1733)

History/Science

The story of man’s ascent from seaweed to the lordship of earthly creation is indeed a romance of biologic struggle and mind survival. (p. 731) 2,500,000,000 years ago… Urantia was a well developed sphere about one tenth its present mass. … (p. 658) 1,000,000,000 years ago is the date of the actual beginning of Urantia [Earth] history. (p. 660) 450,000,000 years ago the transition from vegetable to animal life occurred. (p. 669) From the year A.D. 1934 back to the birth of the first two human beings is just 993,419 years. (p. 707) About five hundred thousand years ago…there were almost one-half billion primitive human beings on earth. … (p. 741) Adam and Eve arrived on Urantia, from the year A.D. 1934, 37,848 years ago. (p. 828)

From the Inside Flap

What’s Inside?

Parts I and II

God, the inhabited universes, life after death, angels and other beings, the war in heaven.

Part III

The history of the world, science and evolution, Adam and Eve, development of civilization, marriage and family, personal spiritual growth.

Part IV

The life and teachings of Jesus including the missing years. AND MUCH MORE…

Excerpts

God, …God is the source and destiny of all that is good and beautiful and true. (p. 1431) If you truly want to find God, that desire is in itself evidence that you have already found him. (p. 1440) When man goes in partnership with God, great things may, and do, happen. (p. 1467)

The Origin of Human Life, The universe is not an accident... (p. 53) The universe of universes is the work of God and the dwelling place of his diverse creatures. (p. 21) The evolutionary planets are the spheres of human origin…Urantia [Earth] is your starting point. … (p. 1225) In God, man lives, moves, and has his being. (p. 22)

The Purpose of Life, There is in the mind of God a plan which embraces every creature of all his vast domains, and this plan is an eternal purpose of boundless opportunity, unlimited progress, and endless life. (p. 365) This new gospel of the kingdom… presents a new and exalted goal of destiny, a supreme life purpose. (p. 1778)

Jesus, The religion of Jesus is the most dynamic influence ever to activate the human race. (p. 1091) What an awakening the world would experience if it could only see Jesus as he really lived on earth and know, firsthand, his life-giving teachings! (p. 2083)

Science, Science, guided by wisdom, may become man’s great social liberator. (p. 909) Mortal man is not an evolutionary accident. There is a precise system, a universal law, which determines the unfolding of the planetary life plan on the spheres of space. (p. 560)

Life after Death, God’s love is universal… He is “not willing that any should perish.” (p. 39) Your short sojourn on Urantia [Earth]…is only a single link, the very first in the long chain that is to stretch across universes and through the eternal ages. (p. 435) …Death is only the beginning of an endless career of adventure, an everlasting life of anticipation, an eternal voyage of discovery. (p. 159)

About the Author

The text of The Urantia Book was provided by one or more anonymous contributors working with a small staff which provided editorial and administrative support during the book's creation. The book bears no particular credentials (from a human viewpoint), relying instead on the power and beauty of the writing itself to persuade the reader of its authenticity.

Leather Bound: 2097 pages
Publisher: Urantia Foundation; Box Lea edition (August 25, 2015)

The Federal Reserve Conspiracy The Federal Reserve Conspiracy

The Federal Reserve Conspiracy The Federal Reserve Conspiracy

Another fine and extremely well researched work by Antony C. Sutton. An expose' of the people and forces behind the takeover of the US economy by the Federal Reserve system, on behalf of the oligarchs. A must for anyone interested in the inner workings of US politics and economics, and the concealed reasons for current events. 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.

About the Author

Antony C. Sutton, D.Sc. was born in London, England, in 1925, spent most of his life in the United States and has been a citizen for 40 years.

With an academic background in economica and engineering, Sutton has worked in mining exploration, iron and steel industries before graduate school at UCLA. In the 1960's he was Professor of economics at California State University, Los Angeles, followed by seven years as a Research Fellow at Stanford University. --This text refers to an out of print or unavailable edition of this title.

Paperback: 88 pages
Publisher: Dauphin Publications Inc. (February 5, 2014)

The Secrets of the Federal Reserve The Secrets of the Federal Reserve

The Secrets of the Federal Reserve The Secrets of the Federal Reserve

Mullins presents some bare facts about the Federal Reserve System with subjects on: it IS NOT a U.S. government bank; it IS NOT controlled by Congress; it IS a privately owned Central Bank controlled by the elite financiers in their own interest. The Federal Reserve elite controls excessive interest rates, inflation, the printing of paper money, and have taken control of the depression of prosperity in the United States.

About the Author

Eustace Mullins is a veteran of the United States Air Force, with thirty-eight months active service during World War II. A native of Virginia, he was educated at Washington and Lee University, New York University, the University of North Dakota, the Escuelas des Bellas Artes, San Miguel de Allende, Mexico, and the Institute of Contemporary Arts, Washington, D.C. The original book, published under the title "Mullins on the Federal Reserve", was commissioned by the poet Ezra Pound in 1948. Ezra Pound was a political prisoner for thirteen and a half years at St. Elizabeth's Hospital, Washington, D.C. (a Federal institution for the insane). His release was accomplished largely through the efforts of Mr. Mullins. --This text refers to an alternate Paperback edition.

Paperback: 224 pages
Publisher: Bridger House Publishers Inc; Jekyll Island Edition edition (June 22, 2009)

A History of the Federal Reserve, Volume 1: 1913-1951 A History of the Federal Reserve, Volume 1: 1913-1951

A History of the Federal Reserve, Volume 1: 1913-1951 A History of the Federal Reserve, Volume 1: 1913-1951

From the Inside Flap

Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions. This first volume covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951, which marked the beginning of a larger and greatly changed institution.

To understand why the Federal Reserve acted as it did at key points in its history, Meltzer draws on meeting minutes, correspondence, and other internal documents (many made public only during the 1970s) to trace the reasoning behind its policy decisions. He explains, for instance, why the Federal Reserve remained passive throughout most of the economic decline that led to the Great Depression, and how the Board's actions helped to produce the deep recession of 1937 and 1938. He also highlights the impact on the institution of individuals such as Benjamin Strong, governor of the Federal Reserve Bank of New York in the 1920s, who played a key role in the adoption of a more active monetary policy by the Federal Reserve. Meltzer also examines the influence the Federal Reserve has had on international affairs, from attempts to build a new international financial system in the 1920s to the Bretton Woods Agreement of 1944 that established the International Monetary Fund and the World Bank, and the failure of the London Economic Conference of 1933.

Written by one of the world's leading economists, this magisterial biography of the Federal Reserve and the people who helped shape it will interest economists, central bankers, historians, political scientists, policymakers, and anyone seeking a deep understanding of the institution that controls America's purse strings.

About the Author

Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University and Visiting Scholar at the American Enterprise Institute, Washington, D.C.

Paperback: 808 pages
Publisher: University of Chicago Press (June 2004)


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10 Things That Every American Should Know About The Federal Reserve

by Michael, February 8th, 2012
The Economic Collapse

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Ben Bernanke - Federal Reserve Chairman

What would happen if the Federal Reserve was shut down permanently?  That is a question that CNBC asked recently, but unfortunately most Americans don't really think about the Fed much. Most Americans are content with believing that the Federal Reserve is just another stuffy government agency that sets our interest rates and that is watching out for the best interests of the American people.  But that is not the case at all.  The truth is that the Federal Reserve is a private banking cartel that has been designed to systematically destroy the value of our currency, drain the wealth of the American public and enslave the federal government to perpetually expanding debt.  During this election year, the economy is the number one issue that voters are concerned about.  But instead of endlessly blaming both political parties, the truth is that most of the blame should be placed at the feet of the Federal Reserve.  The Federal Reserve has more power over the performance of the U.S. economy than anyone else does.  The Federal Reserve controls the money supply, the Federal Reserve sets the interest rates and the Federal Reserve hands out bailouts to the big banks that absolutely dwarf anything that Congress ever did.  If the American people are ever going to learn what is really going on with our economy, then it is absolutely imperative that they get educated about the Federal Reserve.

The following are 10 things that every American should know about the Federal Reserve....

#1 The Federal Reserve System Is A Privately Owned Banking Cartel

The Federal Reserve is not a government agency.

The truth is that it is a privately owned central bank.  It is owned by the banks that are members of the Federal Reserve system.  We do not know how much of the system each bank owns, because that has never been disclosed to the American people.

The Federal Reserve openly admits that it is privately owned.  When it was defending itself against a Bloomberg request for information under the Freedom of Information Act, the Federal Reserve stated unequivocally in court that it was "not an agency" of the federal government and therefore not subject to the Freedom of Information Act.

In fact, if you want to find out that the Federal Reserve system is owned by the member banks, all you have to do is go to the Federal Reserve website....

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

Foreign governments and foreign banks do own significant ownership interests in the member banks that own the Federal Reserve system.  So it would be accurate to say that the Federal Reserve is partially foreign-owned.

But until the exact ownership shares of the Federal Reserve are revealed, we will never know to what extent the Fed is foreign-owned.

#2 The Federal Reserve System Is A Perpetual Debt Machine

As long as the Federal Reserve System exists, U.S. government debt will continue to go up and up and up.

This runs contrary to the conventional wisdom that Democrats and Republicans would have us believe, but unfortunately it is true.

The way our system works, whenever more money is created more debt is created as well.

For example, whenever the U.S. government wants to spend more money than it takes in (which happens constantly), it has to go ask the Federal Reserve for it.  The federal government gives U.S. Treasury bonds to the Federal Reserve, and the Federal Reserve gives the U.S. government "Federal Reserve Notes" in return.  Usually this is just done electronically.

So where does the Federal Reserve get the Federal Reserve Notes?

It just creates them out of thin air.

Wouldn't you like to be able to create money out of thin air?

Instead of issuing money directly, the U.S. government lets the Federal Reserve create it out of thin air and then the U.S. government borrows it.

Talk about stupid.

When this new debt is created, the amount of interest that the U.S. government will eventually pay on that debt is not also created.

So where will that money come from?

Well, eventually the U.S. government will have to go back to the Federal Reserve to get even more money to finance the ever expanding debt that it has gotten itself trapped into.

It is a debt spiral that is designed to go on perpetually.

You see, the reality is that the money supply is designed to constantly expand under the Federal Reserve system.  That is why we have all become accustomed to thinking of inflation as "normal".

So what does the Federal Reserve do with the U.S. Treasury bonds that it gets from the U.S. government?

Well, it sells them off to others.  There are lots of people out there that have made a ton of money by holding U.S. government debt.

In fiscal 2011, the U.S. government paid out 454 billion dollars just in interest on the national debt.

That is 454 billion dollars that was taken out of our pockets and put into the pockets of wealthy individuals and foreign governments around the globe.

The truth is that our current debt-based monetary system was designed by greedy bankers that wanted to make enormous profits by using the Federal Reserve as a tool to create money out of thin air and lend it to the U.S. government at interest.

And that plan is working quite well.

Most Americans today don't understand how any of this works, but many prominent Americans in the past did understand it.

For example, Thomas Edison was once quoted in the New York Times as saying the following....

That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt.

Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 — that is what it amounts to, with interest. People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. That is the terrible thing about interest. In all our great bond issues the interest is always greater than the principal. All of the great public works cost more than twice the actual cost, on that account. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost.

But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good.

We should have listened to men like Edison and Ford.

But we didn't.

And so we pay the price.

On July 1, 1914 (a few months after the Fed was created) the U.S. national debt was 2.9 billion dollars.

Today, it is more than 5000 times larger.

Yes, the perpetual debt machine is working quite well, and most Americans do not even realize what is happening.

#3 The Federal Reserve Has Destroyed More Than 96% Of The Value Of The U.S. Dollar

Did you know that the U.S. dollar has lost 96.2 percent of its value since 1900?  Of course almost all of that decline has happened since the Federal Reserve was created in 1913.

Because the money supply is designed to expand constantly, it is guaranteed that all of our dollars will constantly lose value.

Inflation is a "hidden tax" that continually robs us all of our wealth.  The Federal Reserve always says that it is "committed" to controlling inflation, but that never seems to work out so well.

And current Federal Reserve Chairman Ben Bernanke says that it is actually a good thing to have a little bit of inflation.  He plans to try to keep the inflation rate at about 2 percent in the coming years.

So what is so bad about 2 percent?  That doesn't sound so bad, does it?

Well, just consider the following excerpt from a recent Forbes article....

The Federal Reserve Open Market Committee (FOMC) has made it official:  After its latest two day meeting, it announced its goal to devalue the dollar by 33% over the next 20 years.  The debauch of the dollar will be even greater if the Fed exceeds its goal of a 2 percent per year increase in the price level.

#4 The Federal Reserve Can Bail Out Whoever It Wants To With No Accountability

The American people got so upset about the bailouts that Congress gave to the Wall Street banks and to the big automakers, but did you know that the biggest bailouts of all were given out by the Federal Reserve?

Thanks to a very limited audit of the Federal Reserve that Congress approved a while back, we learned that the Fed made trillions of dollars in secret bailout loans to the big Wall Street banks during the last financial crisis.  They even secretly loaned out hundreds of billions of dollars to foreign banks.

According to the results of the limited Fed audit mentioned above, a total of $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010.

The following is a list of loan recipients that was taken directly from page 131 of the audit report....

GAO Federal Investigation - Loan Recipients
Citigroup $2.513 trillion
Morgan Stanley $2.041 trillion
Merrill Lynch $1.949 trillion
Bank of America $1.344 trillion
Barclays PLC $   868 billion
Bear Sterns $   853 billion
Goldman Sachs $   814 billion
Royal Bank of Scotland $   541 billion
JP Morgan Chase $   391 billion
Deutsche Bank $   354 billion
UBS $   287 billion
Credit Suisse $   262 billion
Lehman Brothers $   183 billion
Bank of Scotland $   181 billion
BNP Paribas $   175 billion
Wells Fargo $   159 billion
Dexia $   159 billion
Wachovia $   142 billion
Dresdner Bank $   135 billion
Societe Generale $   124 billion
"All Other Borrowers" $2.639 trillion

So why haven't we heard more about this?

This is scandalous.

In addition, it turns out that the Fed paid enormous sums of money to the big Wall Street banks to help "administer" these nearly interest-free loans....

Not only did the Federal Reserve give 16.1 trillion dollars in nearly interest-free loans to the "too big to fail" banks, the Fed also paid them over 600 million dollars to help run the emergency lending program.  According to the GAO, the Federal Reserve shelled out an astounding $659.4 million in "fees" to the very financial institutions which caused the financial crisis in the first place.

Does reading that make you angry?

It should.

#5 The Federal Reserve Is Paying Banks Not To Lend Money

Did you know that the Federal Reserve is actually paying banks not to make loans?

It is true.

Section 128 of the Emergency Economic Stabilization Act of 2008 allows the Federal Reserve to pay interest on "excess reserves" that U.S. banks park at the Fed.

So the banks can just send their cash to the Fed and watch the money come rolling in risk-free.

So are many banks taking advantage of this?

You tell me.  Just check out the chart below.  The amount of "excess reserves" parked at the Fed has gone from nearly nothing to about 1.5 trillion dollars since 2008....

Excess Reserves of Depository Institutions

But shouldn't the banks be lending the money to us so that we can start businesses and buy homes?

You would think that is how it is supposed to work.

Unfortunately, the Federal Reserve is not working for us.

The Federal Reserve is working for the big banks.

Sadly, most Americans have no idea what is going on.

Another example of this is the government debt carry trade.

Here is how it works.  The Federal Reserve lends gigantic piles of nearly interest-free cash to the big Wall Street banks, and in turn those banks use the money to buy up huge amounts of government debt.  Since the return on government debt is higher, the banks are able to make large profits very easily and with very little risk.

This scam was also explained in a recent article in the Guardian....

Consider this: we pretend that banks are private businesses that should be allowed to run their own affairs. But they are the biggest scroungers of public money of our time. Banks are lent vast sums of money by central banks at near-zero interest. They lend that money to us or back to the government at higher rates and rake in the difference by the billion. They don't even have to make clever investments to make huge profits.

That is a pretty good little scam they have got going, wouldn't you say?

#6 The Federal Reserve Creates Artificial Economic Bubbles That Are Extremely Damaging

By allowing a centralized authority such as the Federal Reserve to dictate interest rates, it creates an environment where financial bubbles can be created very easily.

Over the past several decades, we have seen bubble after bubble.  Most of these have been the result of the Federal Reserve keeping interest rates artificially low.  If the free market had been setting interest rates all this time, things would have never gotten so far out of hand.

For example, the housing crash would have never been so horrific if the Federal Reserve had not created such ideal conditions for a housing bubble in the first place.  But we allow the Fed to continue to make the same mistakes.

Right now, the Federal Reserve continues to set interest rates much, much lower than they should be.  This is causing a tremendous misallocation of economic resources, and there will be massive consequences for that down the line.

#7 The Federal Reserve System Is Dominated By The Big Wall Street Banks

Even since it was created, the Federal Reserve system has been dominated by the big Wall Street banks.

The following is from a previous article that I did about the Fed....

The New York representative is the only permanent member of the Federal Open Market Committee, while other regional banks rotate in 2 and 3 year intervals.  The former head of the New York Fed, Timothy Geithner, is now U.S. Treasury Secretary.  The truth is that the Federal Reserve Bank of New York has always been the most important of the regional Fed banks by far, and in turn the Federal Reserve Bank of New York has always been dominated by Wall Street and the major New York banks.

#8 It Is Not An Accident That We Saw The Personal Income Tax And The Federal Reserve System Both Come Into Existence In 1913

On February 3rd, 1913 the 16th Amendment to the U.S. Constitution was ratified.  Later that year, the United States Revenue Act of 1913 imposed a personal income tax on the American people and we have had one ever since.

Without a personal income tax, it is hard to have a central bank.  It takes a lot of money to finance all of the government debt that a central banking system creates.

It is no accident that the 16th Amendment was ratified in 1913 and the Federal Reserve system was also created in 1913.

They have a symbiotic relationship and they are designed to work together.

We could fill Congress with people that are committed to ending this oppressive system, but so far we have chosen not to do that.

So our children and our grandchildren will face a lifetime of debt slavery because of us.

I am sure they will be thankful for that.

#9 The Current Federal Reserve Chairman, Ben Bernanke, Has A Nightmarish Track Record Of Incompetence

The mainstream media portrays Federal Reserve Chairman Ben Bernanke as a brilliant economist, but is that really the case?

Let's go to the videotape.

The following is an extended excerpt from an article that I published previously....

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In 2005, Bernanke said that we shouldn't worry because housing prices had never declined on a nationwide basis before and he said that he believed that the U.S. would continue to experience close to "full employment"....

"We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."

In 2005, Bernanke also said that he believed that derivatives were perfectly safe and posed no danger to financial markets....

"With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."

In 2006, Bernanke said that housing prices would probably keep rising....

"Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."

In 2007, Bernanke insisted that there was not a problem with subprime mortgages....

"At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency."

In 2008, Bernanke said that a recession was not coming....

"The Federal Reserve is not currently forecasting a recession."

A few months before Fannie Mae and Freddie Mac collapsed, Bernanke insisted that they were totally secure....

"The GSEs are adequately capitalized. They are in no danger of failing."

For many more examples that demonstrate the absolutely nightmarish track record of Federal Reserve Chairman Ben Bernanke, please see the following articles....

*"Say What? 30 Ben Bernanke Quotes That Are So Stupid That You Won’t Know Whether To Laugh Or Cry"

*"Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely And Totally Incompetent?"

But after being wrong over and over and over, Barack Obama still nominated Ben Bernanke for another term as Chairman of the Fed.

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#10 The Federal Reserve Has Become Way Too Powerful

The Federal Reserve is the most undemocratic institution in America.

The Federal Reserve has become so powerful that it is now known as "the fourth branch of government", but there are less checks and balances on the Fed than there are on the other three branches.

The Federal Reserve runs the U.S. economy but it is not accountable to the American people.  We can't vote those that run the Fed out of office if we do not like what they do.

Yes, the president appoints those that run the Fed, but he also knows that if he does not tread lightly he won't get the money from the big Wall Street banks that he needs for his next election.

Thankfully, there are a few members of Congress that are complaining about how much power the Fed has.  For example, Ron Paul once told MSNBC that he believes that the Federal Reserve is now actually more powerful than Congress.....

"The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress."

As members of Congress such as Ron Paul have started to shed some light on the activities of the Federal Reserve, that has caused many in the mainstream media to come to the defense of the Fed.

For example, a recent CNBC article entitled "If The Federal Reserve Is Abolished, What Then?" makes it sound like there is absolutely no other rational alternative to having the Federal Reserve run our economy.

But this is not what our founders intended.

The founders did not intend for a private banking cartel to issue our money and set our interest rates for us.

According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress has been given the responsibility to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures".

So why is the Federal Reserve doing it?

But the CNBC article mentioned above makes it sound like the sky would fall if control of the currency was handed back over to the American people.

At one point, the article asks the following question....

"How would the U.S. economy then function? Something has to take its place, right?"

No, the truth is that we don't need anyone to "manage" our economy.

The U.S. Treasury could be in charge of issuing our currency and the free market could set our interest rates.

We don't need to have a centrally-planned economy.

We aren't China.

And it goes against everything that our founders believed to be running up so much government debt.

For example, Thomas Jefferson once declared that if he could add just one more amendment to the U.S. Constitution it would be a ban on all government borrowing....

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

Oh, how things would have been different if we had only listened to Thomas Jefferson.

The Federal Reserve

Please share this article with as many people as you can.  These are things that every American should know about the Federal Reserve, and we need to educate the American people about the Fed while there is still time.


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Disclaimer

Disclaimer:
Some material presented will contain links, quotes, ideologies, etc., the contents of which should be understood to first, in their whole, reflect the views or opinions of their editors, and second, are used in my personal research as "fair use" sources only, and not espousement one way or the other. Researching for 'truth' leads one all over the place...a piece here, a piece there. As a researcher, I hunt, gather and disassemble resources, trying to put all the pieces into a coherent and logical whole. I encourage you to do the same. And please remember, these pages are only my effort to collect all the pieces I can find and see if they properly fit into the 'reality aggregate'.

Personal Position

Personal Position:
I've come to realize that 'truth' boils down to what we 'believe' the facts we've gathered point to. We only 'know' what we've 'experienced' firsthand. Everything else - what we read, what we watch, what we hear - is what someone else's gathered facts point to and 'they' 'believe' is 'truth', so that 'truth' seems to change in direct proportion to newly gathered facts divided by applied plausibility. Though I believe there is 'truth', until someone celestial who 'knows' all the facts parts the heavens and throws us a scroll titled "Here Are ALL The Facts And Lies In The Order They Happened," I can't know for sure exactly what "the whole truth' on any given subject is, and what applies to me applies to everyone.
~Gail Bird Allen

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