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The Money Monopoly

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Headlined to H2 11/19/13

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From http://www.flickr.com/photos/23024164@N06/10937562726/: money
money
(image by Damian Gadal)


In a masterful study of the Federal Reserve, Secrets of the Temple , William Greider observed that the average American farmer in 1880 knew more about banking and money than most U.S. college graduates today.

Let me prove that.

Take a bill from your wallet or purse. Read the side with the portrait. It says very clearly at the top, "Federal Reserve Note."

The Federal Reserve is not a part of the federal government. It receives no appropriation from Congress. It is a private corporation and its stock is privately traded. The stockholders are the member banks of the regional Federal Reserve Banks, so its major stockholders are the largest banks and their owners.

Historically these have been the powerful Wall Street and European banking families: think Rothschild, Warburg, Morgan, Rockefeller.

All the bills and coins in circulation today are a tiny fraction of the supply of money in the American economy. All the rest is credit, created on the books of the banks "ex nilo" -- out of nothing.

This money comes into circulation at interest paid to the banks that create it. A central bank like the Federal Reserve creates the money supply of the United States, at interest.

The Bank of England was the first privately owned central bank to control a nation's currency. One of its owners, of the Rothschild family well understood what that meant and said: "Give me control of a nation's money, and I care not who makes the laws."

Big money.

The colony of Pennsylvania escaped the clutches of the Bank of England and its tax on money by printing its own. It was pure genius.

Writing in The Wealth of Nations in 1776, Adam Smith noted: "The government of Pennsylvania, without amassing any treasure [gold or silver] invented a method of lending, not money indeed, but what is equivalent to money. By advancing to private people at interest " paper bills of credit " legal tender in all payments " it raised a moderate revenue which went a considerable distance toward defraying the whole ordinary expense of that frugal and orderly government."

Until the mid 1750s there was broad prosperity in Pennsylvania. On a trip to London, Ben Franklin let the cat out of the bag. He noted the widespread poverty he saw there and explained how by printing their own money and avoiding the need for the notes of the Bank of England to conduct their commerce, the people of Pennsylvania insured their own prosperity.

The private owners of the Bank of England went the 1700s version of ballistic and lobbied King and Parliament (Sound familiar?) to outlaw this colonial "script." The depression that followed was the cause of the American Revolution.

Franklin wrote, "In one year the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed."

He concluded, "The Colonies would gladly have borne the little tax on tea and other matters, had it not been the poverty caused by the bad influence of the English bankers on the Parliament [Again, sound familiar?]: which has caused in the Colonies hatred of England, and the Revolutionary War."

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www.papublicbankproject.org

Author of the forthcoming novel "Pursuits of Happiness," a director of the Public Banking Institute and chairman of the Pennsylvania Project. Mike is an international transportation and logisics executive with broad experience in U.S. government and (more...)
 
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Instead of confirming Yellin, the Senate ought to ... by Mike Krauss on Tuesday, Nov 19, 2013 at 9:46:42 AM
I disagree, I'm sorry. "Brain dead" isn't a plausi... by Ad Du on Tuesday, Nov 19, 2013 at 2:46:20 PM
Right__brain dead would be good for the republican... by jean labrek on Tuesday, Nov 19, 2013 at 6:28:39 PM
More than 60% of the fed is owned by foreigners. T... by Bill Johnson on Wednesday, Nov 20, 2013 at 11:35:17 AM
But this evil institution has impoverish... by Lance Ciepiela on Tuesday, Nov 19, 2013 at 4:46:43 PM
Agreed, good remembrance of history___except for ,... by jean labrek on Tuesday, Nov 19, 2013 at 6:17:43 PM
Excellent article.  Very clear exposure of th... by Derryl Hermanutz on Tuesday, Nov 19, 2013 at 1:57:47 PM
Excellent article and good comment by L.Ciepiela e... by jean labrek on Tuesday, Nov 19, 2013 at 6:24:46 PM
Great article!It is a shame that most people in th... by Rudy Avizius on Wednesday, Nov 20, 2013 at 12:01:38 AM