I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson
America's first central bank was called the Bank of North America and it was chartered by the Congress of the Confederation in 1781; it was succeeded as America's central bank by the First Bank of the United States in 1791, after the USA was constitutionally ratified as a nation in 1789. The concept for the FBUS was based on England's central bank - the Bank of England - and it was granted a 20-year charter by the 1st Congress. The motion to recharter the central bank in 1811 failed by one vote in the House...
...but President Madison revived it as the Second Bank of the United States in 1816 to address the debt issues created from waging the War of 1812. The SBUS was also chartered for 20 years, and it also failed to have its charter renewed. It did stick around as an ordinary bank for 5 years more, but went bankrupt in 1841.
From 1836 until 1913 - a span of 77 years - America had no central bank.
Our current Federal Reserve System was created by Congress via the Federal Reserve Act of 1913 - 98 years ago.
The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary system.
http://www.federalreserve.gov/
What is a central bank?
A central bank (ala America's Federal Reserve) is the institution that produces the currency of the entire nation.
Based on historical precedent, two powers are inherent in central banking practice:
1. The control of interest rates
2. The control of the money supply (inflation)
The central bank doesn't simply supply a government's economy with money - it loans money to government at interest.
Then, through the use of increasing or decreasing the money supply, the central bank regulates the value of the currency being issued.
It is critical to understand that the entire structure of this system can only produce one thing in the long run: debt.
It doesn't take a lot of ingenuity to figure this scam out, for every single dollar produced by the central bank is loaned - at interest; that means that every single dollar produced is actually the dollar + a certain percent of debt based on that dollar. And since the central bank has the monopoly over the production of the currency for the entire country, and they loan each dollar out with immediate debt attached to it, where does the money to pay for the debt come from?
It can only come from the central bank again - which means the central bank has to perpetually increase its money supply to temporarily cover the outstanding debt created which, in turn, since that new money is loaned-out at interest as well, creates even more debt.
The end result of this system - without fail - is economic slavery...
...for it is impossible for the government, and thus the public, to ever come out from under the self-generating debt.
The U.S. Government does receive all of the Federal Reserve's annual "profits", after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained.
In 2010, the Federal Reserve turned a "profit" of $82 billion and transferred $79 billion to the U.S. Treasury.
The Fed - and many, many politicians - have long resisted all legislative efforts to audit it.
The US National debt currently stands @ $15.17 trillion and carries $221 billion in net interest...
...the US Total debt currently stands @ $56.43 trillion and carries $3.73 trillion in net interest.
If you want to remain slaves to the bankers and pay for the costs of your own slavery, let them continue to create money and control the nation's credit.
Sir Josiah Stamp
.
.
Thomas Jefferson
America's first central bank was called the Bank of North America and it was chartered by the Congress of the Confederation in 1781; it was succeeded as America's central bank by the First Bank of the United States in 1791, after the USA was constitutionally ratified as a nation in 1789. The concept for the FBUS was based on England's central bank - the Bank of England - and it was granted a 20-year charter by the 1st Congress. The motion to recharter the central bank in 1811 failed by one vote in the House...
...but President Madison revived it as the Second Bank of the United States in 1816 to address the debt issues created from waging the War of 1812. The SBUS was also chartered for 20 years, and it also failed to have its charter renewed. It did stick around as an ordinary bank for 5 years more, but went bankrupt in 1841.
From 1836 until 1913 - a span of 77 years - America had no central bank.
Our current Federal Reserve System was created by Congress via the Federal Reserve Act of 1913 - 98 years ago.
The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary system.
http://www.federalreserve.gov/
What is a central bank?
A central bank (ala America's Federal Reserve) is the institution that produces the currency of the entire nation.
Based on historical precedent, two powers are inherent in central banking practice:
1. The control of interest rates
2. The control of the money supply (inflation)
The central bank doesn't simply supply a government's economy with money - it loans money to government at interest.
Then, through the use of increasing or decreasing the money supply, the central bank regulates the value of the currency being issued.
It is critical to understand that the entire structure of this system can only produce one thing in the long run: debt.
It doesn't take a lot of ingenuity to figure this scam out, for every single dollar produced by the central bank is loaned - at interest; that means that every single dollar produced is actually the dollar + a certain percent of debt based on that dollar. And since the central bank has the monopoly over the production of the currency for the entire country, and they loan each dollar out with immediate debt attached to it, where does the money to pay for the debt come from?
It can only come from the central bank again - which means the central bank has to perpetually increase its money supply to temporarily cover the outstanding debt created which, in turn, since that new money is loaned-out at interest as well, creates even more debt.
The end result of this system - without fail - is economic slavery...
...for it is impossible for the government, and thus the public, to ever come out from under the self-generating debt.
The U.S. Government does receive all of the Federal Reserve's annual "profits", after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained.
In 2010, the Federal Reserve turned a "profit" of $82 billion and transferred $79 billion to the U.S. Treasury.
The Fed - and many, many politicians - have long resisted all legislative efforts to audit it.
The US National debt currently stands @ $15.17 trillion and carries $221 billion in net interest...
...the US Total debt currently stands @ $56.43 trillion and carries $3.73 trillion in net interest.
If you want to remain slaves to the bankers and pay for the costs of your own slavery, let them continue to create money and control the nation's credit.
Sir Josiah Stamp
.
.
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