 |  | ||
| |||
Federal Reserve Bank The Federal Reserve Bank (usually referred to as the "Fed") is not federal, there is no reserve, and it is not a bank. Yet we trust the banking system it controls. One must be aware that this "central bank" has had predecessors. The concept behind the Federal Reserve was tried three times before in America. We need to know that those institutions were eventually junked. Also, central banks in history are the catalyst for war. The Bank has a dismal heritage, and there is no reason to assume that this one is any better than those in the past. Our money is devalued to the point of rampant inflation. Finally there is a devaluation of the currency. Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States -- Sen. Barry Goldwater (R- AZ)In their publication - "Modern Money Mechanics" the Fed explains how they multiply the money supply out of thin air. If you take out a $10,000 loan, they will make $90,000 out of thin air with your debt as security. Your debt becomes a bank asset, and their property, even though the money (debt instrument) was created by you to begin with. You must realize that there was NO money until you signed the Promissory Note that then converted to an ASSET for the bank. Question, how can a debt instrument (an IOU) be considered an asset, legally? You or I could never do that. But the banks can. The laws of Commerce do not allow this... --------------------- In their publication, "Two Faces of Debt," the Federal Reserve admits to converting loan (credit card, mortgage, etc.) applications into money. They also admit to an obligation to return this money to their customers upon demand, just as they would return checks or cash that has been deposited into their bank. "Two Faces of Debt," paragraph 3 "For an individual institution, they arise typically when a depositor brings in currency or checks drawn on other institutions. The depositor's balance rises, but the currency he or she holds or the deposits someone else holds are reduced a corresponding amount. The public's total money supply is not changed." Editorial Comment/Clarification - From this paragraph, we conclude that when you deposit checks or cash into your account, the total money supply does not increase. Think about it. If you deposit a check at your bank, your account balance increases, but the account from which your check was writtten decreases an equal amount. If you are depositing cash, you are simply transferring money from one person to another person, or from one account to another account. "Two Faces of Debt," paragraph 4 "But a depositor's balance also rises when the depository institution extends credit, either by granting a loan to or buying securities from the depositor. In exchange for the note or security, the lending or investing institution credits the depositor's account or gives a check that can be deposited at yet another depository institution. In this case, no one else loses a deposit. The total of currency and checkable deposits, the money supply, is increased. New money has been brought into existence by expansion of depository institution credit. Such newly created funds are in addition to funds that all financial institutions provide in their operations as intermediaries between savers and users of savings." Editorial Comment/Clarification - "In exchange for the note. . ." ("the note" refers to your completed credit card, or mortgage application, which is considered a promissory note) ". . . the lending or investing institution credits the depositor's account . . ." (crediting your account and depositing the money into your account amounts to the same thing) ". . . or gives a check that can be deposited at yet another depository institution." (if they can write a check from your application/promissory and give it to another bank, this is further confirmation that your application has been converted into money) ". . . the money supply, is increased. New money has been brought into existence by expansion of depository institution credit." (if the money created from your loan application causes the money supply to be increased, and it is "new money," it brings up the question -- where did the money come from?) It was derived from your signature, which is your personal property. Since the banks have created the money using your personal property, it is your money. This means the banks are paying for your credit card purchases with money that belongs to you! If you find this difficult to believe, read further: "Two Faces of Debt," paragraph 5 "But individual depository institutions cannot expand credit and create deposits without limit. (don’t you feel sorry for them) Furthermore, most of the deposits they create are soon transferred to other institutions. A deposit (of money) created through lending (from your loan/credit card application) is a debt that has to be paid (by the bank) on demand of the depositor, (that’s you) just the same as the debt arising from a customer's deposit of checks or currency in a bank." There you have it! The Federal Reserve admits to an obligation to return money created from loan/credit card applications to customers upon demand, just as they would return checks or cash that have been deposited into their bank. Lets be realistic. The bank representatives are probably not going to show up at your door with a refund check for you. You would probably have to litigate to get "your" money back. But, if you are like most people, you don’t have the time and energy to battle the banks in court. You are happy just walking away from the debt they say you owe them! Recommended reading: "The Creatrue from Jekyll Island" by G. Edward Griffin. More Mortgage Elimination Information
|
|
