The Federal Reserve as a Central Bank

I found this article on the happily entitled economic collapse blog and just like the Bank of England, the Fed is a private bank. Private banks operate in almost all countries except Iran and North Korea. The latest countries to join this private banking cabal have been Afghanistan, Iraq, Libya, Sudan and Syria. Joining soon will be Iran and North Korea. Strange that. Money, currency and banking are treated as mystical arts but its not.

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An excerpt from the article:

If the American people truly understood how the Federal Reserve system works and what it has done to us, they would be screaming for it to be abolished immediately. It is a system that was designed by international bankers for the benefit of international bankers, and it is systematically impoverishing the American people. The Federal Reserve system is the primary reason why our currency has declined in value by well over 95 percent and our national debt has gotten more than 5000 times larger over the past 100 years. The Fed creates our “booms” and our “busts”, and they have done an absolutely miserable job of managing our economy. But why do we need a bunch of unelected private bankers to manage our economy and print our money for us in the first place? Wouldn’t our economy function much more efficiently if we allowed the free market to set interest rates? And according to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority 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? Sadly, this is the way it works all over the globe today. In fact, all 187 nations that belong to the IMF have a central bank. But the truth is that there are much better alternatives. We just need to get people educated.

The following are 11 reasons why the Federal Reserve should be abolished…

#1 The Greatest Period Of Economic Growth In The History Of The United States Happened When There Was No Central Bank

#2 The Federal Reserve Is Systematically Destroying The Value Of The U.S. Dollar

#3 The Federal Reserve Is A Perpetual Debt Machine

#4 The Federal Reserve Is A Centrally-Planned Financial System That Is The Antithesis Of What A Free Market System Should Be

#5 The Federal Reserve Creates Bubbles And Busts

#6 The Federal Reserve Is Privately Owned

#7 The Federal Reserve Greatly Favors The “Too Big To Fail” Banks

#8 The Federal Reserve Gives Secret Bailouts To Their Friends

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

#10 The Federal Reserve Has An Astounding Track Record Of Failure

#11 The Federal Reserve Is Unaccountable To The American People

One thing which stood out for me was the fact that the Fed secretly lent these banks $16 Trillion. The public was none the wiser. The information was hidden on page 131 just here

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

Thomas Jefferson once stated 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.

When people realise that money is created by the click of a button and banks don’t have to charge interest on loans and don’t need shareholders. Then we can start to talk alternatives and free ourselves from this debt based financial model which is in place to benefit the few at the expense of the many.

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