[color="#ff8c00"] [/color][size="4"][color="#008080"]Part XVIII (of XVIII) : Conclusion[/color][/size]
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Although it would be absurd to ignore the pivotal role played by the influential families such as the Rothschilds, the Warburghs, the Schiffs, the Morgans and the Rockefellers, keep in mind, however, that by now central banks and the large commercial banks are up to three centuries old and deeply entrenched in the economic life of many nations.
These banks are no longer depending on clever individuals, such as a Nathan Rothschild.
Years ago the question of ownership was important, but no longer.
For example, The Bank of England and The Bank of France were nationalized after WWII, and nothing changed, nothing at all.
They endure and [color="#ff0000"]continue to grow now protected by numerous laws, paid politicians and mortgaged media[/color], untouched by the changing of generations.
Three centuries have given them an aura of respectability. The old school tie is now worn by the sixth generation son, who has been raised in a system that he may never question, as he is named to serve on the governing boards of countless philanthropic organisations.
To focus attention today on individuals or families, or to attempt to sort out the current holders of power, serves little useful purpose and would be a distraction from the cure.The problem is far bigger than that.
It is the corrupt banking system that was and is being used to consolidate vast wealth into fewer and fewer hands that is out current economic problem.
Likewise, among the bureaucrat working in the World Bank, central banks an international banks, only a tiny fraction have any idea what's really going on. No doubt they would be horrified to learn that their work is contributing to the terrible impoverishment and gradual enslavement of mankind to a few incredibly rich plutocrats.
So really, there is no use in emphasizing the role of individuals any more. The problem even transcends the normal spectrum of political right or left. Both communism and socialism, as well as monopoly capitalism have been used by The Money Changers.
Today, [color="#ff0000"]they profit from either side of the new political spectrum[/color] -- the big government welfare-state on the so called left wing, versus the neo-conservative laissez-faire capitalists who want big government totally out of their lives, on the right wing.
Either way the bankers win.
Monetary reform is the most important political issue facing this nation.
Some will argue that the Federal Reserve system is a quasi governmental agency.
But the president appoints only two of the seven members Federal Reserve Board governors every four years.
And he appoint them to 14 years terms, far longer than his own.
The senate does confirm those appointments, but the whole truth is, that the president would not dare to appoint anyone into that board of whom Wall Street is not approve.
Of course this does not preclude the possibility that some honourable men may be appointed to the board of governors. But the fact is that the Fed is specifically designed to operate independently of our government as are nearly all other central banks.
Some argue that the Fed promote monetary stability.
We saw the current head of The Bank of England, Eddy George, claim this was the most important role of a central bank.
In fact the Fed's record of stabilizing the economy shows it to be a miserable failure in promoting monetary stability.
[color="#ff0000"]Within the first 25 years of its existence the Fed caused three major economic downturns including the Great Depression, and for the last 30 years has shepherded the American economy into a period of unprecedented inflation.[/color]
This is a well known fact among top economists. As Nobel prize winner Milton Friedman put it:
[indent][font="Courier New"]"The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe [monetary] contractions of 1920-21, 1929-33, and 1937-38. No other 20-year period in American history contains as many as three such severe contraction,[/font]
[font="Courier New"]This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions -- 1920-21, 1929-33, and 1937-38 -- is directly attributable to acts of commission and omission by then Reserve authorities....[/font]
[font="Courier New"]Any system which gives so much power and so much discretion to a few men, [so] that mistakes -- excusable or not -- can have such far reaching effects, is a bad system. If is a bad system to believers in freedom just because it gives a few men such power without any affective check by the body politic -- this is the key political argument against an independent central bank....[/font]
[font="Courier New"]to paraphrase Clemencea: money is much too serious a matter to be left to the central bankers."[/font]
[/indent]
[color="#ff0000"]We must learn from our history before it is to late.[/color]
Why cannot politician control the federal debt?
Because all our money is created out of debt. Again: its a debt-money system.
Our money is created initially by the purchase of US bonds. The public buys bonds, like saving bonds; the banks buy bonds, foreigners buy bonds and when the Fed wants to create more money in the system, it buys bonds, but pays for them with a simple bookkeeping entry which it creates out of nothing.
Then this new money created by the Fed is multiplied by a factor of 10, by the bank, thanks to the fractional reserve principle.
So although the banks don't create currency, they do create cheque book money, or deposits by making new loans. They even invest some of this created money.
In fact, over $1 trillion of this privately created money has been used to purchase US bonds on the open market, which provides the banks with roughly $50 billion in interest, risk free, each year, less the interest the pay to some of the depositors.
In this way [color="#ff0000"]through fractional reserve lending banks create over 90% of the money, and therefore cause over 90% of our inflation.[/color]
[color="#008080"][font="Arial"][size="3"]# Proposed solution[/size][/color]
What can we do about all this?
Fortunately there is a way to fix the problem fairly easily, speedily and without any serious financial problem. We can get our country totally out of debt in one to two years by simply paying off those US bonds, with debt-free US notes, just as Lincoln issued.
Of course that by itself would create tremendous inflation since our currency is currently multiplied by the fractional reserve system.
But here is the ingenious solution advanced in part by Milton Friedman, to keep the money supply stable and avoid inflation and deflation, while the debt is retired.
[/font]
By doing it this way our national debt can be paid off in a single year or so, and the Fed and the fractional reserve banking abolished, without national bankruptcy, financial collapse, inflation or deflation, or any significant change in the way the average American goes about his business.
To the average person the primary difference would be that for the first time since the Federal Reserve Act was passed in 1913, taxes would begin to go down
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[size="3"][color="#ffa500"]
[font="Arial Black"][color="#2e8b57"]CREDITS: [/color][/color][/size]
The above set of posts was [/font]a summarised and adapted transcript of a 1996 Documentary film [color="#008000"]"The Money Masters -- How International Bankers gained control of America"[/color] by [color="#008000"]Bill Still[/color]
[color="#008000"]The Website is :[/color] [url="http://www.themoneymasters.com/"]The Money Masters[/url]
[font="Verdana"]
[/font]
Although it would be absurd to ignore the pivotal role played by the influential families such as the Rothschilds, the Warburghs, the Schiffs, the Morgans and the Rockefellers, keep in mind, however, that by now central banks and the large commercial banks are up to three centuries old and deeply entrenched in the economic life of many nations.
These banks are no longer depending on clever individuals, such as a Nathan Rothschild.
Years ago the question of ownership was important, but no longer.
For example, The Bank of England and The Bank of France were nationalized after WWII, and nothing changed, nothing at all.
They endure and [color="#ff0000"]continue to grow now protected by numerous laws, paid politicians and mortgaged media[/color], untouched by the changing of generations.
Three centuries have given them an aura of respectability. The old school tie is now worn by the sixth generation son, who has been raised in a system that he may never question, as he is named to serve on the governing boards of countless philanthropic organisations.
To focus attention today on individuals or families, or to attempt to sort out the current holders of power, serves little useful purpose and would be a distraction from the cure.The problem is far bigger than that.
It is the corrupt banking system that was and is being used to consolidate vast wealth into fewer and fewer hands that is out current economic problem.
Likewise, among the bureaucrat working in the World Bank, central banks an international banks, only a tiny fraction have any idea what's really going on. No doubt they would be horrified to learn that their work is contributing to the terrible impoverishment and gradual enslavement of mankind to a few incredibly rich plutocrats.
So really, there is no use in emphasizing the role of individuals any more. The problem even transcends the normal spectrum of political right or left. Both communism and socialism, as well as monopoly capitalism have been used by The Money Changers.
Today, [color="#ff0000"]they profit from either side of the new political spectrum[/color] -- the big government welfare-state on the so called left wing, versus the neo-conservative laissez-faire capitalists who want big government totally out of their lives, on the right wing.
Either way the bankers win.
Monetary reform is the most important political issue facing this nation.
Some will argue that the Federal Reserve system is a quasi governmental agency.
But the president appoints only two of the seven members Federal Reserve Board governors every four years.
And he appoint them to 14 years terms, far longer than his own.
The senate does confirm those appointments, but the whole truth is, that the president would not dare to appoint anyone into that board of whom Wall Street is not approve.
Of course this does not preclude the possibility that some honourable men may be appointed to the board of governors. But the fact is that the Fed is specifically designed to operate independently of our government as are nearly all other central banks.
Some argue that the Fed promote monetary stability.
We saw the current head of The Bank of England, Eddy George, claim this was the most important role of a central bank.
In fact the Fed's record of stabilizing the economy shows it to be a miserable failure in promoting monetary stability.
[color="#ff0000"]Within the first 25 years of its existence the Fed caused three major economic downturns including the Great Depression, and for the last 30 years has shepherded the American economy into a period of unprecedented inflation.[/color]
This is a well known fact among top economists. As Nobel prize winner Milton Friedman put it:
[indent][font="Courier New"]"The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe [monetary] contractions of 1920-21, 1929-33, and 1937-38. No other 20-year period in American history contains as many as three such severe contraction,[/font]
[font="Courier New"]This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions -- 1920-21, 1929-33, and 1937-38 -- is directly attributable to acts of commission and omission by then Reserve authorities....[/font]
[font="Courier New"]Any system which gives so much power and so much discretion to a few men, [so] that mistakes -- excusable or not -- can have such far reaching effects, is a bad system. If is a bad system to believers in freedom just because it gives a few men such power without any affective check by the body politic -- this is the key political argument against an independent central bank....[/font]
[font="Courier New"]to paraphrase Clemencea: money is much too serious a matter to be left to the central bankers."[/font]
[/indent]
[color="#ff0000"]We must learn from our history before it is to late.[/color]
Why cannot politician control the federal debt?
Because all our money is created out of debt. Again: its a debt-money system.
Our money is created initially by the purchase of US bonds. The public buys bonds, like saving bonds; the banks buy bonds, foreigners buy bonds and when the Fed wants to create more money in the system, it buys bonds, but pays for them with a simple bookkeeping entry which it creates out of nothing.
Then this new money created by the Fed is multiplied by a factor of 10, by the bank, thanks to the fractional reserve principle.
So although the banks don't create currency, they do create cheque book money, or deposits by making new loans. They even invest some of this created money.
In fact, over $1 trillion of this privately created money has been used to purchase US bonds on the open market, which provides the banks with roughly $50 billion in interest, risk free, each year, less the interest the pay to some of the depositors.
In this way [color="#ff0000"]through fractional reserve lending banks create over 90% of the money, and therefore cause over 90% of our inflation.[/color]
[color="#008080"][font="Arial"][size="3"]# Proposed solution[/size][/color]
What can we do about all this?
Fortunately there is a way to fix the problem fairly easily, speedily and without any serious financial problem. We can get our country totally out of debt in one to two years by simply paying off those US bonds, with debt-free US notes, just as Lincoln issued.
Of course that by itself would create tremendous inflation since our currency is currently multiplied by the fractional reserve system.
But here is the ingenious solution advanced in part by Milton Friedman, to keep the money supply stable and avoid inflation and deflation, while the debt is retired.
[/font]
- As the treasury buys up its bonds on the open market with US notes, the reserve requirements of your hometown local bank, will be proportionally raised so the amount of money in circulation remains constant.
- As those holding bond are paid off in US notes, they will deposit this money thus making available the currency then needed by the bank to increase their reserves.
- Once all the US bonds are replaced with US notes, banks will be at 100% reserve banking instead of the fractional reserve system currently in use.
- From this point on the former Fed buildings will only be needed as a central clearing house for cheques and those vaults for US notes.
- The Federal Reserve Act will no longer be necessary and could be repealed.
- Monetary power can be transferred back to the treasury department.
By doing it this way our national debt can be paid off in a single year or so, and the Fed and the fractional reserve banking abolished, without national bankruptcy, financial collapse, inflation or deflation, or any significant change in the way the average American goes about his business.
To the average person the primary difference would be that for the first time since the Federal Reserve Act was passed in 1913, taxes would begin to go down
----------------------------------END----------------------------------
[size="3"][color="#ffa500"]
[font="Arial Black"][color="#2e8b57"]CREDITS: [/color][/color][/size]
The above set of posts was [/font]a summarised and adapted transcript of a 1996 Documentary film [color="#008000"]"The Money Masters -- How International Bankers gained control of America"[/color] by [color="#008000"]Bill Still[/color]
[color="#008000"]The Website is :[/color] [url="http://www.themoneymasters.com/"]The Money Masters[/url]