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The Destruction Of Money

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http://www.realitysandwich.com/money_and_crisis_civilization
Source: http://www.realitysandwich.com/money_and_crisis_civilization
The United States, where some of Wall Street’s biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa – Source: Reuters.com

 

These are troubling times for small developing countries. We could stretch this observation to refer to all economies. The world’s largest economy has gone into a meltdown and it has taken the other major economies of the world with it. The Stock Markets have predictably reacted to the bleak outlook of the major economies by spiraling in an unprecedented manner.

Although we have not read it in the local media many Financial Analysts are debating whether the world is witnessing the demise of the free market system as we know it. The capitalists have been saying that the problem ailing the USA should have been allowed to correct itself by letting the market bear the cost. Others believe that the greed by the free marketers which was allowed to go unchecked by authorities made government intervention inevitable.

Whichever camp we belong, we know that the meltdown has precipitated a global economic crisis of immense proportion.

The BU household remains bewildered at how toxic assets purchased by the US Treasury can be packaged and sold to a revitalized financial market. Astoundingly the US Treasury expects that if their projections ring true they will be able to make a profit on this deal!

The BU family has become use to reading references to the endgame by some commenters. The video Money A Debt submitted by family member Green Monkey provides an interesting glimpse into the unbridled supply of money and how it has morphed to a burgeoning debt which the endgamers believe is the precursor to the destruction the value of money. Here is an article by Charles Eisenstein which details in riveting fashion how the world’s powerful countries have been printing new money at a rate much faster than they have been creating goods and services. The author suggests that this is an unsustainable position which has led to the frenzied response the world is currently witnessing.

The article is very long but very interesting and we urge the BU family to have a read. It is the kind of alternative world view which you will not see in the local media.

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82 responses to “The Destruction Of Money”

  1. Micro Mock Engineer Avatar
    Micro Mock Engineer

    omg,

    Our difference on the ‘creating money out of nothing’ issue appears to be semantic, as your later description of fractional reserve banking (excluding the criticisms) suggests we are on the same page. My point was that money (whether as paper or bits) is created out of ‘demand’ NOT ‘nothing’. The latter suggests that the process of creating money is arbitrary, which it most certainly is not.

    On the money multiplier and fraction, your example of AIG only demonstrates another point I made… NO system is entirely immune from being abused by unscrupulous business people or ‘creative accountants’, and they must therefore be carefully monitored (regulated). Have a look at AIG’s recent record…
    http://news.bbc.co.uk/2/hi/business/4471786.stm
    http://www.nysscpa.org/home/2008/608/1week/article29.htm

    … maybe their executives were just complacent on this occasion, but lets wait and see what the FBI investigation turns up. The current situation is the result of regulatory failure and complacent/unethical (at best) or criminal (at worse) business people. You said “most banks must still keep a fraction of their deposits, while for some banks this is true, for most it is no longer the case”… this is incorrect… ALL banks are required by law to keep, in reserve, a fraction of their deposits. If you are aware of any not doing so please bring them to the attention of the authorities. Note however that this does not remove the risk of a ‘run on the bank’ which will always exist under a fractional reserve system and therefore needs to be insured against.

    You are spot on with the benefits of fractional reserve banking, but I disagree with the reasons you put forward for scrapping it…

    1) the public ultimately benefits from commercial banks having money creating powers… trust me, you don’t want an entirely governement run banking system… although I am sure many will try to use the current crisis to promote such a thing, this would have DIRE consequences (of Phase 2 proportions… even worse, I’d have lost my argument with Bush Tea)… it has failed miserably everywhere it has been tried. Much more efficient (and necessary for development) to have a public/private sector approach where people pay for the privilege of borrowing money, and get paid for their deposits.

    2) the system is not immoral (systems generally aren’t)… there are some immoral people who will try to exploit it from time to time.

    @David & BAFBFP,

    The Board of Governors (BOG) of the Federal Reserve SYSTEM is a government AGENCY staffed by government employees and Governors appointed by the President. The BOG supervises the 12 private Federal Reserve BANKS. While they are Federal Reserve Banks are legally private, they are also governed by the Federal Reserve Act and as such are instrumentalities of federal government. The entire system is subject to congressional oversight.

    @BAFBFP… I don’t understand your confusion over the Treasury/Federal Reserve Bank relationship, as it relates to the printing and distribution of high-powered money. By the way…I am not defending anyone, only stating a few facts and several opinions 🙂

  2. BAFBFP Avatar
    BAFBFP

    Sorry MME,
    I frighten fa you. You might debunk me too.

    The Treasury makes the request (buys) money from the FRB (which is printed / minted by someone else who also have to be paid) in exchange for an IOU or bond. I wrong or right?

  3. Micro Mock Engineer Avatar
    Micro Mock Engineer

    BAFBFP,

    Either you have it wrong, or I am misinterpreting you. Paper money is printed by the Treasury Department’s Bureau of Printing and Engraving (http://www.bep.treas.gov/section.cfm/2), and sold to federal Reserve Banks at printing costs of around 4 cents per note. Similarly, coins are minted by the another department of the Treasury, the US Mint (http://www.usmint.gov/about_the_mint/), and sold to the FRB’s

  4. Micro Mock Engineer Avatar
    Micro Mock Engineer

    ok… I think I see where you are getting confused BAFBFP. You are mixing up the Treasury’s role as the printer/minter of high-powered money with their role as manager of government finances. In the latter role, they will, from time to time, have to borrow from the banking system like the rest of us… and yes, they do issue a bond in return for the loan… as do we, when we sign a contract to repay borrowed money 🙂

  5. BAFBFP Avatar
    BAFBFP

    MME
    Of course you are right about the Mint the BEP being Departments of the Treasury but where am I wrong?

    Help…

  6. Micro Mock Engineer Avatar
    Micro Mock Engineer

    “… but where am I wrong”

    LOL… lets take it from the top BAFP… you were wrong at 7:02 when you suggested that my statement “…some is paper currency (or cash) printed by the treasury and ‘sold’ to the Federal Reserve Banks or Central Bank for distribution” was incorrect. Indeed, this was a statement of fact.

    Unless of course you were speaking of yourself when you commented “Whoops. Somebody’s confused here.” ROFL.

  7. Micro Mock Engineer Avatar
    Micro Mock Engineer

    … anyone interested in how the Federal Reserve System works should go to their website or have a quick read of their publication “The Federal Reserve Today”.. the 15th edition is available here: http://www.richmondfed.org/publications/education/federal_reserve_today/frtoday.pdf

    @BAFBFP… this is how the FED put it on page 11 of that document: “The Treasury is responsible for the design and production of US paper money and coin… Reserve Banks ‘buy’ new paper money and coin from the Treasury…”

    … sound familiar? 😛

  8. BAFBFP Avatar
    BAFBFP

    I was referring to me yah debunker…!

  9. Straight talk Avatar
    Straight talk

    It amuses me MME, how we both share the same determination 0f the current financial system, but have such variant views as to how we arrive there..

    I sincerely believe the system is being engineered, and you seem to suppose that these occurrences are merely random happenings in a pre-planned cycle.

    I suppose by inauguration day we will both know the outcome; but by then we will also be able to dissemble the mechanics.

    I hate to say he w2ho laughs last , laughs longest, but who the hell investsts in oil serviced @ $70 per barrel .

    The industry is kaput until oil rises to an economical price.

    Anyhow bonne chance with your oil services punts, but I think at $70 deep-sea, oil sands, Colorado tar are uneconomical, and with their economic return, so follows the oil services industry.. unfortunately down.

  10. Carlos Avatar
    Carlos

    To ‘Green Monkey’ no matter how much infomation we supply to bright men to MME and others, always remember, there is a dynamic at work behind this entire, evil, sinister scheme, world wide, that they just don’t understand, nor recognise, hence there intellectual capacity is all they have.

    But, then again, the vast amount of infomation available, the preponderance of which, simply cannot be denied nor soundly refuted, makes one wonder why they have ‘chosen’ not to believe.

    MME, says, “We have made tremendous progress…’ Really, how do you measure progress?

    Again, MME, ask GM, “Why does the unlikely or improbable appeal to you more than the simple more plausible explanation?”

    Unfortunatley, MME, you appear to have being taken in by the ‘lies’ not the truth, expressly, because these ‘lies’ to the natural man, are presented, couched and veneered in exactly what ‘MUST’ appear to be plausible, precisely for the purpose of ‘deception.’

    As Professor Simon Greenleaf of Harvard, a founder of the modern theory of evidence, advises:

    “In the ordinary affairs of life we do not require nor expect demonstrative evidence, because it is inconsistent with the nature of MATTERS OF FACT, and to insist on its production would be unreasonable and absurd…THE ERROR OF THE SKEPTIC CONSISTS IN…DEMANDING DEMONSTRATIVE EVIDENCE CONCERNING THINGS WHICH ARE NOT SUSCEPTIBLE OF ANY OTHER THAN, Moral Evidence alone, and of which the utmost that can be said is, that there is NO reasonable doubt about the truth…” emphasis added.

    Facts are stubborn things, and only the stubborn refuse to accept them.

    The Federal Reserve is the greatest ‘hoax’ ever presented to the American people, by an act of Congress.

    It was, and still is, a privately owned corporation. Yes, the President appoints two of its governors, approved by congress, this is only the ‘window’ dressing to make it appear plausible.

    The powerful Rhode Island senator, Nelson Aldrich, who back in 1910, was instrumental in bringing together the six most powerful bankers of the day, to meet with him at Jekyll Island, off the coast of southern Georgia, to master-mind the ‘Federal Reserve’ which was passed into law in 1913, was more open about this devastating act, which would in effect control the US economy, to the benifit of the wealthy.

    G. Edward Griffin, in his article, David Kupelian’s “The Marketing of Evil, How Radicals, Elitists, and Pseudo-Experts Sell Us Corruption Disguised As Freedom’ says:

    “In 1914, one year after the Federal Reserve Act was passed into law, Sen. Aldrich could afford to be less guarded in his remarks. In an article published in July of that year in a magazine called, The Independent, he boasted: “Before the passage of this Act, the New York bankers could only dominate the reserves of New York. Now we are able to DOMINATE the bank reserves of THE ENTIRE COUNTRY.” Whistleblower, July 2006, p.17. emphasis added.

    To MME and others, I respectfully say to you all, you DON’T really have a clue what you are embracing, and what you are denying.

    As Griffin correctly states about Paul Walburg, one of the six master minds who accompanied Aldrich to Jekyll Island lodge, and who literally wrote the manifesto for the Federal Reserve:

    “Most of Warburg’s writing and lecturing on this topic was EYE-WASH for the public. To cover the fact that a central bank is merely a cartel which has been legalized, its proponents had to lay down a THICK SMOKE SCREEN of technical jargon focusing always on how it would supposedly benefit commerce, the public and the nation; how it would lower interest rates, provide funding for needed industrial projects and prevent panics in the economy. There WAS NOT the slightest glimmer that, underneath it all, was a MASTER PLAN which was designed from TOP to BOTTOM to serve private interest at the expense (purpose) of the public.” Ibid., p.17, emphasis added.

    As Aldrich said, “In an address before American Bankers Association the following year, ‘The organization proposed IS NOT A BANK, but a cooperative UNION of all banks of the country for definite purposes,” Precisely. A UNION of banks.” Ibid, p. 17, emphasis added.

    Myth accepted as history.

    Griffin correctly goes on to say:

    ‘The accepted version of history is that the Federal Reserve was created to stablize our economy. One of the most widely used textbooks on this subject says: ‘It sprang from the panic of 1907, with its alarming epidemic of bank failures; the country was fed up once and for all with the anarchy of unstable private banking.’ Even the most naive student must sense a grave contradiction between this cherished view and the System’s actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of ’29 top 39; recessions in ’53, ’57, ’69, ’75, and 81; a stock market ‘Black Monday’ in ’87; and a 1,000 percent inflation which has destroyed 90 percent of the dollar’s purchashing power.” Ibid., p.18.

    Griffin then logically ask and states:

    “That leads to the question: Why is the System inacapable of achieving its stated objectives? The painful answer is: Those WERE NEVER ITS TRUE OBJECTIVES. When one realizes the circumstances under which it was created, when one contemplates the identies of those who authored it, and when one studies its actual performance over the years, it becomes obvious that the System is merely a cartel with a government facade. There is no doubt that those who run it are motivated to maintain full employment, high productivity, low inflation and a generally sound economy. They are not interested in KILLING the goose that lays such beautiful golden eggs. But, when there is a conflict between the public interest and the private needs of the cartel – a conflict that arises almost daily – the public will be SACRIFICED. That is the nature of the BEAST. It is foolish to expect a cartel to act in any other way.”
    Ibid., p.18, emphasis added.

  11. BAFBFP Avatar
    BAFBFP

    I appreciate all that everyone is saying. I needed to be set straight on the relationship between the Fed and the Treasury. I am a lot closer now to where I want to be. Now it is a matter of relating this to our Minisstry of Finance and our CB.

    Here is a question.

    What is the fractional reserve policy allowed for Credit Unions?

  12. BAFBFP Avatar
    BAFBFP

    A list of Primary dealers of US debt around the world.
    Daiwa Securities, Mizuho Securities, Nomura Securities (from Japan), BNP Paribas, Barclays, Deutsche Bank, Greenwich Capital (from Eu) Goldman Sachs, Lehman Brothers, Citigroup from US

    Some have gone belly up, some have tried to buy over others, some hav been ‘bailed out’ by their Governments, man the more you dig the better this thing gets.

  13. BAFBFP Avatar
    BAFBFP

    Primary sellers of US Debt (treasury securities- bonds, notes, bills)

    BNP Paribas Securities Corp.
    Banc of America Securities LLC
    Barclays Capital Inc.
    Bear, Stearns & Co., Inc.
    Cantor Fitzgerald & Co.
    Citigroup Global Markets Inc.
    Countrywide Securities Corporation[1]
    Credit Suisse Securities (USA) LLC
    Daiwa Securities America Inc.
    Deutsche Bank Securities Inc.
    Dresdner Kleinwort Securities LLC.
    Goldman, Sachs & Co.
    Greenwich Capital Markets, Inc.
    HSBC Securities (USA) Inc.
    J. P. Morgan Securities Inc.
    Lehman Brothers Inc.
    Merrill Lynch Government Securities Inc.
    Mizuho Securities Company USA Inc.
    Morgan Stanley & Co. Incorporated
    Nomura Securities International, Inc.
    UBS Securities LLC.

  14. Micro Mock Engineer Avatar
    Micro Mock Engineer

    “It [The Federal Reserve] was, and still is, a privately owned corporation. Yes, the President appoints two of its governors, approved by congress, this is only the ‘window’ dressing to make it appear plausible.” – Carlos
    ——————

    Based on the ‘demonstrative’ and ‘moral’ evidence, you are either (a) ignorant on the subject of the Federal Reserve, or (b) a stranger to the truth. After a false statement like the one quoted above, it’s hard to take anything else you deduce about the system seriously… like the old people say… when yuh start wrong, yuh bound to end wrong.

    Here is the TRUTH for anyone that is interested: “The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the member is sworn into office.
    The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member’s term on the Board is not affected by his or her status as Chairman or Vice Chairman.” – copied from Federal Reserve website.

    … to this I would add that ALL 1,850 employees of the Board of Governors office are federal government employees (i.e. civil servants, on civil servant pay scales) and the office is a government office, located on government property in Washington.

    Like you said… “Facts are stubborn things, and only the stubborn refuse to accept them.”

  15. Straight talk Avatar
    Straight talk

    MME

    I fail to see how Bush approving seven board members of the Fed somehow gives them 100% credibility.

    Perhaps you could expound on his integrity and good judgement.

  16. Straight talk Avatar
    Straight talk

    MME

    Also, being stobborn, could you name the selected seven, their website only shows five.
    Did George W run out of fingers, or cronies?

  17. BAFBFP Avatar
    BAFBFP

    David
    I seems I put up a double post. Plse chose the better of the 2 and dump the other

  18. Micro Mock Engineer Avatar
    Micro Mock Engineer

    LOL ST.

    This is quite normal…there are simply two vacancies… Bush nominated two candidates to fill these vacancies on May 16 2007 but the Senate has, apparently, not ‘had the time’ to convene confirmation hearings.

    You see why I have no confidence in Governments having full control over critical systems like this… if in more than a year leading up to the current crisis, they couldn’t get past partisan politics to ensure the Board of this critical agency was brought up to its full compliment, could you imagine the type of destruction politicians would cause if they had full control of the system?

    … however, it should serve as an example that the appointments are not taken as lightly or arbitrarily as some people think. Perhaps the Senate simply shares your concern over Bush’s ‘integrity and good judgement’. My personal opinion is that it has been an act of extreme irresponsibility on the part of all the politicians involved (both left and right).

  19. Avatar
    Anonymous

    To MME, yes, I incorrectly mixed up the number of governors appointed to the Federal Reserve board by the President, and said the congress instead of the senate.

    However, this is error on my part, is inconsequential to the sound evidence presented by numerous scholars, over many long years who have studied very carefully the Federal Reserve Act of 1913, and the utterly covert meeting of :

    1) Nelson W, Aldrich, Republican “wip” in the Senate, chairman of the National Monetary Commission, business associate of J.P. Morgan, father-in-law to John D. rockefeller, Jr;

    2) Abraham Piatt Andrew, assistant secretary of the U.S. Treasury;

    3) frank A. Vanderlip, president of the National City Bank of New York, the most powerful of the banks at that time, representing William Rockefeller and the international investment banking house of Kuhn, Loeb & Company;

    4) Henry P. Davison, senior partner of the J.P. Morgan Company;

    5) Charles D. Norton, president of J.P. Morgan’s First National Bank of New York;

    6) Benjamin Strong, head of J.P. Morgan’s Bankers Trust Company; and

    7) Paul M. Warburg, a partner in Kuhn, Leob & Company, a representative of the Rothschild banking dynasty in England and France, and brother to Max Warburg who was head of the Warburg banking consortium in Germany and the Netherlands.

    (America’s All-Powerdul Banking Cartel, The astonishing but true story of the Federal Reserve System, by G. Edward Griffin, Whistleblower, July 2006, p.9).

    MME, regardless of the 1,850 employees paid by the federal government, and that the office of the Federal Reserve is supposed to be a government office, located on government property in Washington, does NOT invalidate the ‘FACT’ that it is nothing more than a ‘QUASI’ seemingly; apparently but NOT really a ‘government’ office at all.

    As Griffin points out: “The goal of the cartel, as is true with all of them, was to maximize profits by minimizing competition between members, to make it difficult for new competitors to enter the field, and to utilize the POLICE POWER of government to enfore the cartel agreement, In more specific terms, the purpose and, indeed, the actual outcome of this meeting, (Jekyll Island, Southern Georgia, 1910), was to create the blueprint for the Federal Reserve System.”

    ‘In 1930, Paul Warburg wrote a massive book – 1750 pages in all – titled “The Federal Reserve System, Its Origin and Growth.” In this tome, he described the meeting and its purpose but did not mention either its location or the names of those who attended. But he did say: “The results of the conference were entirely confidential. Even the fact that there had been a meeting (9 days) was not permitted to become public.” Then, in a footnote he added: “Though eighteen years have since gone by, I do not feel free to give a description of this most interesting conference concerning which Senator Aldrich pledged all participants to secrecy.”

    “The first leak regarding this meeting found its way into print in 1916. It appeared in Leslie’s Weekly and was written by a young financial reporter by the name of B.C. Forbes, who later founded Forbes Magazine.”

    Griffin then bring out another salient point in the structuring of the ‘Fed’ “The first decision, therefore, was to follow the practice adopted in Europe. Henceforth, the cartel would operate as a ‘Central Bank.’ And even that was to be a generic expression. For purposes of public relations and legislation, they would devise a name that would aviod the word ‘bank’ altogether and which would conjure the image of the federal government itself.”

    No wonder then, that it employes 1,850 staff under the government payrole, and that it must appear as a government office, built and located on government property, in no other place but Washington!!

    The Government of America has done a number of things that are down right unconstitutional, that if a private citizen were to even dream of doing, they would be sent to prison.

    As Rep. Ron Paul has said openly in Congress, “The Constitution DOES NOT give Congress the authority to delegate control over monetary policy to a central bank (Federal Reserve). Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an infaltionary monetary policy.”

    Thunder and lighting has started, I’ll close off here for now, before I loose this thread.

  20. Micro Mock Engineer Avatar
    Micro Mock Engineer

    … ok Carlos, I will take you on your word that it was ignorance rather than deliberate deception on the issue of Board of Governors appointments.

    I will also assume that it is ignorance rather than an intent to deceive, when you fail to mention that the proposal coming out of the Jekyll Island meeting was REJECTED by Congress? The Federal Reserve Act, a DIFFERENT proposal which places control over monetary policy with a GOVERNMENT Board (the Board of Governors), was passed and implemented.

    The Jekyll Island plan (aka the Alridge Plan) was rejected by congress, who referred to it as a ‘Money Trust’. I recommend you run a search on ‘Pujo Committee’… that is, if you’re interested in the boring TRUTH.

  21. BAFBFP Avatar
    BAFBFP

    This discussion is so great. Will some one please knock MME off of his pedistal… please..? It’s hard to fight cold documentation with opinions developed by other people.

  22. Avatar
    Anonymous

    No, MME, it was not ‘…ignorance rather than an intent to deceive, when you failed to mention that the proposal coming out of the Jekyll Island meeting was rejected by Congress.”

    Stop holding on to these ‘red herrings’ in an attempt to ‘defuse’ the TRUTH from its base of evidence, which is that ‘The Federal Reserve’ was, and still is ‘THE FRAUD OF THE CENTURY.’

    Truth by definition is absolute, the Law of Non-contradiction in logic, which is also an absolute truth, emphatically state:

    That two competing ‘truth’ claims cannot be both right at the same time and aspect, they can both be wrong, but they cannot both be right.

    Truth remains absolute, regardless of if its rejected by anyone.

    You ‘…recommend that (I) run a search on ‘Pujo Committe’… that is if you’re interested in the boring TRUTH.”

    Truth might only be ‘boring’ to those who reject it, as it will always overcome falsity, lies and deception, which the creation of the Federal Reserve WAS and still IS!

    Regarding the ‘Pujo Committe’ G . Eward Griffin in ‘America’s All-Powerful Banking Cartel’ ‘The Federal Reserve’ says:

    “In 1913, the year that the Federal Reserve Act became law, a subcommitte of the House of the House Committe on Currency and Banking, under the chairmanship of ‘Arsene Pujo’ of Louisiana, completed its investigation into the concentration of financial power in the United States. Pujo was considered to be a ‘spokeman’ for the oil interest, part of the very GROUP under investigation, and DID everything possible to sabotage the hearings. In spite of his efforts, however, the final report of the committe at large was devastating:”

    “Your committe is satisfied from the PROOFS submitted that there is an established and well defined identity and community of interest between a FEW leaders of finance which has resulted in great and rapidly growing concentration of the control of money and credit in the hands of THESE FEW MEN.” emphasis added.

    Again, on this ‘evil’ system of central banking, now under the so-called ‘Federal Reserve’ Griffin points out:

    “When we consider, also, in this connection that into these reservoirs of money and credit there FLOW a large part of the reserves of the banks of the country, that they are also the agents and correspondents of the out-of-town banks in the loaning of their surplus funds in the only public money market of the country, and that a SMALL GROUP of men and their partners and associates have NOW further strengthened THEIR hold upon the resources of these institutions by acquiring large stock holdings therein, by representation on their boards and through valuable patronage, we begin to realize something of the extent to which this practical and effective domination and control over our greatest financial, railroad and industrial corporations has developed, largely within the past five years, and that it is fraught with PERIL to the welfare of the country.”

    “Such was the nature of the wealth and power represented by those SEVEN men who gathered in secret that night and travelled in the luxury of Senator Aldrich’s private car.” emphasis added.

    MME, one simply cannot close a blind eye to the reality of who made up that ‘group’ of men and dismiss it.

    As Griffin again stresses the valid ‘Truth’ behind this consortium of interest:

    “Here were representatives of the WORLD’S leading banking consortia: Morgan, Rockfeller, Rothschild, Warburg and Kuhn-Leob. They were often competitors, and there is little doubt that there was considerable distrust between them and skillful maneuvering for favored position in any agreement. BUT, they were driven together by ONE overriding desire to fight their common enemy. The enemy was competition.”

    “The money reforms enacted in 1913, in fact helped to preserve the status quo, to stablize the old order. Money-center bankers would not only gain dominance over the new central bank, BUT would also enjoy new insulation against instability and their own decline. Once the Fed was in operation, the steady diffusion of financial power halted. Wall Street maintained its dominant position – and even enhanced it.”

    “Anthony Sutton, former research fellow at the Hoover Institution for War, Revolution and Peace, and also former professor of economics at California State University, Los Angeles, provides a somewhat deeper analysis, He writes:

    ‘Warburg’s revolutionary plan to get American society to go to work for Wall Street was astonishingly simple. Even today…academic theorticians cover their blackboards with MEANINGLESS equations, and the general public struggles in bewildered confusion with inflation and the coming credit collapse, while the quite simple explanation of the problem goes undiscussed and almost entirely uncomprehended. The Federal Reserve System is A LEGAL PRIVATE MONOPOLY of money supply operated for the benefit of the FEW under the guise of protecting and promoting the public interest.”

    Griffin then further highlights this ‘monster.’

    “The real significance of the journey to Jekyll Island and the CREATURE that was hatched there was inadvertently summmarized by the words of Paul Warburg’s admiring biographer, Harold Kellock:”

    “Paul M. Warburg is probably the mildest- mannered man that ever personally conducted a revolution. It was a BLOODLESS REVOLUTION: He did not attempt to rouse the populace to arms. And he conquered. That’s the amazing thing. A shy, sensitive man, he imposed his ideas on a nation of a hundred million people.”

    The foregoing, MME, is just a bit more evidence regarding this ‘monster’ the Federal Reserve, and what it really was created for.

    I sincerely suggest to you, put aside your ‘intellectual’ PRIDE, for it is a killer, and reason through the ‘Truth’ which by defintion is absolute.

  23. Carlos Avatar
    Carlos

    My last two threads were under the name, ‘Anonymous’ I only just realised this, why this happened I don’t know. MME obviously understood it was me, Carlos.

  24. Micro Mock Engineer Avatar
    Micro Mock Engineer

    Carlos,

    Once again you are providing misleading information. Anyone reading this comment that you quote from Griffin, would leave with the impression that the Pujo Commmittee report was either issued after the Federal Reserve Act was passed or was somehow critical of it: “In 1913, the year that the Federal Reserve Act became law, a subcommitte of the House of the House Committe on Currency and Banking, under the chairmanship of ‘Arsene Pujo’ of Louisiana, completed its investigation into the concentration of financial power in the United States.”

    First of all, the Pujo Committee report was what led to the rejection of the Jekyll Island proposal. Second of all, it was COMPLETED and the Jeckyll Island proposal REJECTED almost a year prior to ALTERNATIVE Federal Reserve Act. To make things as clear as I can, here is the timeline:
    – Jekyl Island proposal (aka Aldridge Plan) submitted to Congress on January 9 1912.
    – From May 1912 to January 1913, Pujo Subcommittee of the House Committee on Banking & Currency investigates and reports on the proposal leading to Congress’ REJECTION of the Aldridge Plan in January 1913.
    – Work on development of the modern Federal Reserve Act commenced AFTER the Aldridge Plan was rejected, and continued for the rest of 1913 with assistance of lawyer Samuel Untermyer who had also led the earlier Pujo Committee hearings and sponsored by Carter Glass and Robert Owen.
    – On December 22 1913 (almost a year after the Jekyl Island proposal was REJECTED) the House voted in support of the ALTERNATIVE Federal Reserve Act, the following day, December 23 1913, the Senate also voted in support of the legislation and it became law.

    I don’t think I can add any further value to this discussion, so I will leave it for readers to review my information alongside that of yours and your source G. Edward Griffin, and draw their own conclusions.

  25. BADBFP Avatar
    BADBFP

    No Carlos, don’ let it stop there, tek dis man out..! So far MME lookin’ like he out front, but he ain’ gone clear. No boy not yet.

  26. BADBFP Avatar
    BADBFP

    Alright Carlos,

    I gun tek MME on. But my approach will be based on the corruptibility of public servants, the conflict of interests developed by the selection of people to serve on the various boards and the duplicity of Senate/congress in allowing questionable/fraudulent activity to continually take place as this American form of “financial capitalism” matured over the past 100 years.

    Wah you say…continue?

  27. Carlos Avatar
    Carlos

    NO, MME, “Once again you are providing misleading information. Anyone reading this comment that you quote from Griffin, would leave with the impression that the Pujo Committee report was either issued after the Federal Reserve Act was passed or was somehow critical of it.”

    You are DEAD wrong on both counts!

    First, my quote on the ‘Pujo Committee was NOT at all intended for that purpose; but, rather to show that the very Chairman, ‘Arsene Pujo’ of the House Committee on Currency and Banking, was in fact a ‘spokeman’ for the oil interest, part of the very group under investigation, which Pujo did everything possible to sabotage in these hearings.

    Now, the mistake you make is the very one that is entirely ‘misleading’ simply because the Pujo Committee report led to the rejection of the initial Jekyll Island proposal, you are either very unwilling to follow the logical thread of what was then very carefully crafted in what became the ‘Federal Reserve Act’ or foolish to believe that their was no inherent connection between what was REJECTED, and what was finally passed by Congress.

    The same ‘mastermind’ from that group of 7 from Jekyll Island, none other than Paul M. Walburg, brilliantly used his skill in writing extensively in order to persuade, induce, bring around, convince all and sundry, as Griffin puts it:

    How to convince Congress that the scheme was a measure to protect the public.

    “The task was a delicate one. The American people did not like the concept of a cartel. The idea of business enterprises joining together to fix prices and prevent competition was alien to the free-enterprise system. It could never be sold to the voters. BUT, if the word cartel was not used, if the venture could be described with words which are emotionally NEUTRAL – perhaps even alluring – then half the battle would be won.”

    This is were Paul Walburg, and DON’T ever forget, who he represented, for it was HE who wrote profusely with amazing perception on how to ‘deceive’ with utter craftiness, thus presenting the idea of what he called the ‘Reserve Bank of the United States.’

    “Warburg, was tireless in his efforts. He was a featured speaker before scores of influential audiences and wrote a steady stream of published articles on the sunbject. In March of that year, for example, The New York Times published an 11 part series written by Warburg explaining and expounding what he called the Reserve Bank of the United States.”

    “Most of Warburg’s writing and lecturing on this topic was EYE-WASH for the public. To cover the fact that a central bank is merely a cartel which has been LEGALIZED, its proponents had to LAY DOWN a THICK SMOKE SCREEN of technical jargon focusing always on how it would supposedly benefit commerce, the public and the nation; how it would lower interest rates, privide funding for needed industrial projects, and prevent panics in the economy. There was NOT the slightest glimmer that, underneath it all, was a MASTER PLAN which was designed from top to bottom to serve PRIVATE INTEREST at the expense of the public.”

    MME, there IS NO disconnect whatsoever, between what was first REJECTED by Congress, and what was finally approved by Congress, you are failing to see and recognize the brilliant, crafty, cunning way in which the ‘second’ plan was reconstructed, reworded, by the SAME master mind, which was eventually approved and passed into law, the ‘Federal Reserve Act.’

    And the history of this devious Act, bears out the reality for which it was first conceived, to place the control of monetary policy and other related matters, into the hand of a relatively ‘Few’ men. It is a truly facinating engine of mystery and utter deception.

    Facts are stubborn things, and only the stubborn refuse to accept them.

  28. Hopi Avatar
    Hopi

    Well, the hypocrite Carlos is cutting and pasting again the origin and implementation of a satanic system under which he is living. What you Mr. holier-than-thou has failed to include in all your cs & ps is the fact that this same system was implemented by and is controlled by your FRIENDS the Chosen Ones i.e THE ZIONISTS. Why did’nt you include that. Do your research on that now.

  29. Carlos Avatar
    Carlos

    HOPI, continue keeping your feet ‘firmly’ planted in Mid-Air, it’s a great place to have them; and your ‘mind’ filled with utter distortions of truth, facts and evidence!

  30. Hopi Avatar
    Hopi

    CARLOSS!
    “Those who are domiciled in vitreous places are admonished against the hurling of petrified substances.”

  31. Straight talk Avatar
    Straight talk

    Dollar rising, gas falling … Phew we survived that little hiccup…NOT.

    The reason for the rising dollar is the massive demand by hedge funds to meet their margin calls in the currency in which these toxic securities are denominated.

    Imagine a room of 50 partygoers playing musical chairs, the sweet music stops unexpectedly, and …s**t ..there are only three chairs left.

    That’s where we are now.

    Pandemonium, nobody, least of all the central banks, know WTF is happening or where it will end.

    They have to buy the US dollar to meet this month’s calls, but that just makes matters worse, and raises its value when it should be going down.

    Come the approaching tipping point, its decline will be even more rapid than this recent hike, and then it is all back to collapse and panic again.

    I am beginning to wish I didn’t live in such interesting times.

    Best of luck Obama, with the crap you will inherit, and be judged on your management.

  32. Madlin Avatar
    Madlin

    Wow, superb blog format! How lengthy have you ever been running a blog for? you make running a blog look easy. The whole glance of your web site is great, well the content material!

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