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She explained what growing numbers know about the malignant effects of its destructive power. Everyone should understand that the Fed isn't federal. It's a private banking cartel owned by its major bank members in 12 Fed districts. New York has controlling power through its majority interest.
As a result, the Fed rules globally with the European Central Bank, Bank of England, and Bank of Japan. They're the world's dominant central banks along with the Bank for International Settlements - the central bank for central bankers, or unaccountable banking boss of bosses.
In America, except for coins, banks create money called Federal Reserve notes, in violation of the Constitution under Article I, Section 8 that gives Congress sole power "To coin (create) money (and) regulate the value thereof....;"
Coins and paper money comprise less than 3 percent of America's money supply. The rest is in computer entries for loans.
Banks create money that didn't previously exist. Around 30% of it is for their private accounts - for speculation and other non-productive purposes.
A 1960s Chicago Fed booklet called Modern Money Mechanics explained how through "fractional reserve" banking, saying:
"(Banks) do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts."
Money is created by "building up" deposits in the form of loans. They, in turn, become more deposits, not the reverse. The system goes back centuries based on the idea that paper receipts can be issued and loaned out repeatedly.
Under the gold standard, enough had to be held in reserve so depositors had access to their money. Today it's run the presses, anything goes, and print it like confetti, even if currency debasement's risked.
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