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The Banker's Trick: America Takes the Bait
By Patrick Henningsen (about the author) Page 2 of 2 page(s)
The record shows that the Fed attacks our savings year after year with an over supply of money, referred to by some as the "inflation tax". It’s a math equation and it will likely yield a certain result. Fed History 101 Let's get this straight: in 1913 the Federal Reserve Act took the responsibility of printing the US dollar away from the US government and into the hands of the Federal Reserve Bank- and lending these Fed dollars back to the US government at interest. And what of Federal Income Tax? The IRS was then created and explicitly required by the new Federal Reserve Bankers to secure the new US national debt by collecting a new Federal Income Tax. See how that works?
So who are the Fed? The fact remains that the overwhelming majority of American actually believe that the Federal Reserve Bank is owned by the government of the United States of America. The truth is that it is neither "Federal" nor does it have any "Reserves". Yes, you heard that right. It's a cartel of banks, complete with private shareholders. Sure, you might say, all businesses have cartels, right? Well, this happens to be the godfather of all cartels on the planet.
From the beginning, they created more notes than they had gold and silver to back it up. The Federal Reserve Bank in NYC is the lead bank in a cartel and this bank has allowed for creation of $3 in debt for every $1 in circulation. They(the bankers) designed this system, not the American people. This "Magic Money" model has worked since 1913 and has been responsible for every bubble and crash since then. And it has also been the financial engine for excessive military build-up and sustaining long wars, like the current debacles in Iraq and Afghanistan.
We saw the seeds sowed in the 1990’s with the unprecedented mixture of formerly separate retail and investment banking industries, allowing a dilution of the dollar to occur without anyone really noticing. It was a literal 'banker's free-for-all'. Bill Clinton happened to be the President who signed the legislation which allowed this to happen and setting the stage for the disastrous scams, where we have seen a banking system that went from fractional reserve lending to UNLIMITED leveraging.
What's next?
So what’s next? Certainly we will see an inflated dollar and the wipe out of America’s great middle class. Stagflation- a sharp drop in property values and a sharp rise in inflation. $7-10 per gallon? We are also fast seeing the elimination of savings in America(without savings we have no real economy). Successive waves of inflation which will mean that every one of those Baby Boomers' 401K retirement funds will only be worth 60% of what they were. And the list goes on.
Ultimately, our failed monetary policies will break the back of the US dollar- and it might take weeks, months, or years. Who knows how long until the wave of hyperinflation? But with the current monetary policy, it will happen. Further speculation could see extreme devices like a single North American currency like the "Amero". Or worse, serfdom in the form of an economy controlled by a private World Bank.
Predictably, too many pundits are blaming 'the scourge of capitalism' here, yet they are caving in by wanting to award the bankers with their biggest-ever payout- go figure that out. It only amounts to yet another giant scam by our perennial charlatan banking community- and all at the expense of the trusting, naive, and endangered American saver.
It seems that too many of us Americans would prefer to read little and not to know anything bad is going on in Wall Street and Washington DC. America will do so at its own expense.
The reality of this $700 Billion bail out is that most of the money will be stuffed away in the labrynth of the financial system and will not "trickle down" at all. If this passes, then expect many more, larger bail outs(imagine that) after this one. So call it what it is- a crime against the American people.
Congress needs to do something alright. It need to wake up and understand how the Fed plays them. And Americans must now make it their business to know how this system works, and pressure their leaders to end the Fiat money game started in 1913. We've had enough.
Just ignoring it and wishing it won't happen will not stop the economic collapse of the dollar. Getting informed just might.
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