“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” -Thomas Jefferson
The Founding Fathers put Congress in control of the the U.S. monetary system. In 1913 Congress relinquished this awesome power and gave it to a private cartel with the passage of the Federal Reserve Act. For almost 100 years, Federal Reserve policy has swindled Americans out of unimaginable amounts of wealth; and it continues to this very day. It is the most appalling scam ever perpetrated on the American people, and most remain utterly unaware of its causes and consequences.
From Mike Whitney’s Message To Fed Chief Bernanke: “Enough With The Cuts, Already” at Information Clearing House:
“…in 2000, oil was $28 per barrel, the euro was $.87 on the dollar, gold was $274 per ounce, and the national debt was $5.9 trillion. Today, oil is a record $114 per barrel, the euro is nudging $1.60 on the dollar, gold is $945 per ounce, and the National Debt is $9 trillion. The country is presently engaged in a $2 trillion war in Iraq with no end in sight. The federal government has expanded over 30% …”
“The Federal Reserve has played a major role in America’s economic decline. Greenspan’s “weak dollar” policy pushed trillions of dollars of credit into the hands of people who had no realistic prospect of paying it back.”
“Fiat money inflations often bring on real estate booms followed by busts. These inflations are the common element in real estate cycles that span many countries and many centuries, and they put the lie to the hypothesis that bad lending practices are the culprit. Fraudulent money creation is the culprit, not faulty evaluation of the credit risks of borrowers.”
” The Fed’s monetary policies have triggered a run-up in commodities prices which is driving up the cost of everything from corn to copper…The media is blaming drought, high energy prices, and biofuels for the sudden rise in prices, but these are only secondary factors. Currency devaluation has played a bigger role than shortages or blight.”
“The Fed’s loose money policies have put the dollar at risk of losing its role as the world’s reserve currency. If the dollar falls from its perch, the empire will soon follow. The macroeconomic impact of Greenspan’s low interest rates will be seismic.” (emphasis added)