Biggest Scam in History - The Federal Reserve System
You may be a victim of the biggest scam in history, and not even know it - the Federal Reserve System. Learn what it is, how it works, and what's being done to stop it.
For an easy way to understand how the Federal Reserve System works, consider the following illustration. This illustration takes the form of a contract between two "persons":
I Have a Deal for You
Here is your part of the deal. If you choose to agree to this contract, you must:
- Mortgage your house to the max, if it isn't up-side-down already.
- Pool up everything else you own and take a loan against it as collateral.
- Take all the proceeds from 1. and 2., and deposit them in your checking account.
- Liquidate all your other accounts and any other assets you may have, and put the proceeds into the same above mentioned checking account.
- Now give me the checkbook, and sign the account over to me. Yes, you'll be putting every last thing you own into the control of my capable hands.
Wait! Don't run away so quickly!
Listen to what you get in return! Here’s my part of the deal. If you will do the above, I will do the following:
- Whenever you want any amount of money for anything, just ask me via a signed document, and I will write you a check. It can be any amount, regardless of the balance of the account you signed over to me, and you can get checks as often as you like.
- These checks will be loans from me to you. And here’s the sweet part: you don’t have to pay the principal of the loan. Let me repeat that: You do not have to pay the principal of this loan. You only pay the interest. It is a true interest only loan. And the interest rate is very good - it’s on par with US Treasury Bonds.
- Are you still a little skeptical? Let me sweeten the deal a little more. If you should happen to go on a wild spending spree for a long period of time, and find that even just the interest payments are growing exponentially out of control, you can always just borrow more and use it to pay any amount of interest.
So are you convinced yet? Is it a deal? Great! I’m glad you agree, since you’ve already accepted this deal when the Federal Reserve Act was stealthily passed on December 23, 1913 while Congress was preoccupied with Christmas Break1. This Act of Congress reinstated a Central Bank in America for the fourth time, this time under the guise of a “Federal Reserve System”.
Yes, I am the Federal Reserve, and you are the United States Government
... in this illustration. And yes, this is how the business relationship between you and me got started, and this is the gist of how it actually works.
As for your part of the deal, you handed over your assets to me mostly in these two ways:
Executive Order 6102
- Your Congress stated on March 9, 1933 “The money will be worth 100 cents on the dollar, because it is backed by the credit of the nation. It will represent a mortgage on all the homes and other property of all the people in the nation.”2,3
- Your president Franklin D. Roosevelt issued Executive Order 6102 on April 5, 1933 requiring all “persons” to turn over all their gold coin, gold bullion and gold certificates to a Federal Reserve Bank in exchange for Federal Reserve Notes by May 1, 19334. Yes, you performed your part of the deal a little late, but that’s only because I gave you a 20 year moratorium before I called in your bankruptcy5.
As for my part of the deal, I've been buying your bonds ever since. Those signed documents that you give me whenever you request money from me are called "Government Securities" (Treasury Bonds, Notes and Bills - Let's just call them all "bonds" for ease). This is how you get your money in unlimited quantity. You take some paper and ink, and create a bond. I take some paper and ink and create a check6. We exchange the documents7. Your bank honors these checks even though my account has no balance to back it up8 - no questions asked. I am the Federal Reserve - I am above questioning by anyone.
The transaction is a simple purchase - an even exchange. Let's say you want a billion dollars. The bond you create clearly states "One Billion Dollars" on its face, and it takes on that value the moment you sign it. The check I write is for one billion dollars, and it also takes on that value when I sign it.
It's all perfectly legal. It's just an even exchange, there is no profit for either of us. We are just exchanging negotiable instruments of equal value according to UCC 3-303(a)(4).
Additionally, you have been selling government bonds to the public for whatever market there is at the time, in exchange for my Federal Reserve Notes (dollars) that the people are using as money.
Win - Win - Win - Win - Win
Count 'em, yes, that's 5 wins for us9. After the above mentioned exchange takes place, you have a billion dollars more than you had before, in the form of that check that you can deposit into your account. - Win #1.
I also have a billion dollars more than I had before, in the form of that Government Bond. In aggregate, I can flaunt and flail and sell these bonds on the open market at the time of my choosing, giving me god-like power over the economy. In fact, I think I’ll form a committee to do just that. I’ll call it “The Federal Open Market Committee”, or FOMC. - Win #2.
In addition, I can collect interest on that Government Bond until I sell it. - Win #3.
In addition, and this is the biggest win, I will be collecting perpetual interest on that billion dollars. You see, that check I gave you is considered a "loan". It is part of “The National Debt”. I will be collecting interest on it perpetually. You do not, and even cannot, pay the principal10, and so the interest is due continually. - Win #4.
In addition, when you spend that billion dollars into the economy, it becomes deposits in the bank accounts of your contractors and suppliers, or of those that they pay. Through the process of "fractional reserve banking"11, that one billion dollars becomes ten billion12 in the hands of my billionaire banker buddies out there who now owe me countless billion-dollar favors. - Win #5.
All right, so you noticed now that four of those wins are mine (Federal Reserve) and only one win is yours (US Government). No it’s not fair, but it’s too late now since you’ve already agreed to these terms when the Federal Reserve Act was passed and later modified. That is why you will always be under my complete control as my debtor. But don’t despair, it is still a very big win for you.
The only losers are the people. They will have to pay the ever increasing perpetual interest on the National Debt through income taxes13. They will bear the burden of the ever decreasing value of the dollar in the form of ever increasing prices - all the while being totally clueless as to how most of the fruits of their labor is being siphoned off by you and me.
And by the way, I said don’t despair. Tell your President Woodrow Wilson to take a chill pill. Just a few years after signing the Federal Reserve Act, he is said to have written in a personal log:
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men."14
Terms and Conditions
Since you are now increasingly, perpetually and hopelessly in debt to me [the “national debt” is now 19 trillion and growing exponentially15] you are going to need to do as I say, or I will foreclose on you. Some of my initial instructions are spelled out in the following paragraphs.
But don’t worry, you can continue to prosper beyond your wildest dreams according to these terms. You just can’t let too many people find out how this works or how much you’re prospering. On the contrary, you’re going to have to do a lot of ‘crying broke’ from now on, so that people will believe ... what we need them to believe ... in order for us to continue our extremely lucrative contract without too much resistance.
And now for some of my initial instructions:
You must create a collection agency for me – but don’t call it that, heavens no, call it ... the Internal Revenue Service. Through the “IRS” you must initiate a new tax on the people this year, 191316. You are to call it the “Income Tax”. Start it out very small so the people won’t object to it, and keep increasing it very gradually each year over the decades to come. Make it extremely complex, and then add a little more complexity each and every year17 so that no one is able to figure out that there is actually no law that definitely requires people to pay it18.
"The hardest thing to understand in the world is the income tax."
Give the IRS power to put persons in jail if they fail to file a "tax return". Give it the power to lien and levy their assets and sources of income if they won’t or can’t pay. And after they get used to that, give it the power to cancel their passport if they don't pay19.
Keep the people in fear of the IRS so that they won’t even think of questioning it, or have time to if they did, or have the guts to do anything about it. You must collect enough of this tax every year to pay the accumulating interest on your loans from me. (Keep in mind, you don’t need any tax money to build roads, schools or any other expenditures since you can always borrow an unlimited amount from me.)
The purpose of this tax is not to generate revenue, since none is needed20, but to control society. Through the IRS you are to create all kinds of tax breaks, credits, deductions and loopholes to guide society in the proper direction, as I will dictate to you privately. The people will be elated to follow this direction like sheep, since it will “save” them so much money. For weeks after they file their taxes they will be bragging to their workmates, friends and family members about how much money they saved in taxes because they were so smart that they could recognize and implement a few of the many complex tax reduction strategies.
Is the Federal Reserve "federal"?
The Federal Reserve is no more “federal” than Federal Express or Federal Mogul. In fact, you’ll find it listed among these corporations in the Yellow Pages - not in the government section.
“Federal” was put in the name to have people think it's part of, or controlled by, the government. Having the members of the Board of Governors of the Federal Reserve nominated by the US President and confirmed by the Senate helps to further this illusion; and most people are still duped today.
However, you must not let the people find out the real purpose of the tax. They must think that their hard earned tax money is going to build and maintain the roads, bridges, schools, courthouses, pay government employees, fund the war on terror, war on drugs, war on crime, war on poverty and all the other wars that are never won, but are for the purpose of creating more debt (I mean money) for me. You must keep funding all the wonderful social programs that I dream up for you, and you must implement them at my beck and call, because you are so far in debt to me, that I can call in your bankruptcy in an instant.
In order for a contract to be valid, there must be "good and valuable consideration" on both sides.
This is a very good deal for you and me both. You have an unlimited source of money, and that money comes back to me, after being legitimized by cycling through the people. I and my shareholders will be making immense profits on this money creation system. The only losers are the people, but that's OK because they are not party to this contract.
The created money ends up being paid by the people, since it is spent into their economy. You spend it into the economy for free, the money the people are working for gets diluted, and they pay for it through gradually reduced fruits of their labor. [The dollar of 1913 is worth about 4 cents now in 201321.]
But the people won’t notice that we are slowly stealing more and more of the fruits of their labor. They won’t notice that, before we started this biggest scam in history, a man could be a carpenter, making a few chairs by hand every day, or a farmer, plowing his fields the old low-tech way, while his wife stays home and cares for the house and the kids, and he can make a comfortable living for his whole family, and have enough left over to take care of mom and help out his neighbor in need.
They won’t notice that after this great scam is in operation for several decades, things have gradually progressed to the following: A man and his wife (if they are still together after our media propaganda encourages the divorce rate beyond 50%) are both working at least one job each (if they still have their jobs) using computers and automation that make it possible to accomplish a week's worth of work in 15 minutes, while their children are raised by TV and video games - and yet they are being foreclosed on.
They won’t notice that the sole difference between these two time frames is the money in our pockets (mostly mine) because I will keep them dumbed down by buying out and controlling the school system and media, and too busy trying to make ends meet to think about it. They won’t notice because we will gradually squeeze out the middle class, since they are the ones who, with their comfortable way of life, better than average education and time to ponder things, might have a chance to figure some of this out and do something about it.
But there is more to our profits. We will also charge them interest on this money.
Does the Federal Reserve have Reserves?
“Reserve” was put into the name to suggest the idea that tangible assets were backing it. The Federal Reserve has no “reserves”. It doesn’t even have a balance in its checking account that it uses to buy government bonds. When bankers speak of “reserves” they are referring to deposit accounts, vault cash and debt - all of which was created by the Federal Reserve from nothing in the first place.
Yes, and we will keep the people so dumbed down, they won’t realize that their taxes actually pay the interest on the “National Debt” that we created from nothing. They will think there was some kind of “loan”. Very, very few people will think “Where could the Federal Reserve possibly have gotten $19 trillion to loan to the nation?”
So, now here’s the most important thing that both you and I must do, in order to insure the continuation of our little deal, to maintain the win-win-win-win-win situation for both you and me:
We must not rat on each other. We must not expose each other’s lies, deceptions, frauds or psychopathic behavior, so as not to expose the gist of our agreement.
Is the Federal Reserve System really a “System”?
When the Federal Reserve was created, there was a strong abhorrence of centralized banking power among the people. So it called itself a “System” and gave itself 12 “Districts” to allay fears of centralized power. But in actually, it functions as a Central Bank out of the New York District.
The people are to believe that the governing law starts with the Constitution, and comes through the President of the United States and Congress. But in reality, the governing law of this contract is me, Chairman of the Board of the Federal Reserve.
There can be no violation of the terms of this contract. I am very serious about this, if I catch one of your presidents printing his own money, or even thinking about it, I will assassinate him22.
We must make sure through any means necessary, that not too many people even come close to figuring out, that all they have to do to end this great scam of ours, is to collectively stop using Federal Reserve Notes23. For if they did that:
- All of my wealth would transfer back to the people (I didn't do any productive work to earn it anyway).
What IS the Federal Reserve System - Really?
The Federal Reserve System is America’s fourth Central Bank. It is a private corporation with its own privately held stock24.
It is by far the most profitable corporation in America. It creates money out of nothing, injects it into society by buying government bonds, and then charges perpetual interest on it. This ongoing “loan” is referred to as “The National Debt”. And the profits are tax exempt.
Its stated purpose is to provide “the nation with a safe, flexible, and stable monetary and financial system”.
Its real purpose is to create money out of nothing and charge perpetual interest on it, thereby creating immense profits for its shareholders.
- I would be powerless to keep the people dumbed down because it is such an expensive endeavor.
- Your governmental powers would again be under those severe limitations imposed by the Constitution, because the people would wake up and demand it. The police, military and even your own government agents would start applying their oaths of office.
- The nation would flourish beyond the imagination of most people today - just like it did during the times when there was no central bank.
Is some of this hard to believe? If so, please check some of the many references cited in the footnotes that back all of this up. Also consider reading one of the booklets, books or papers referenced below or watching one of the videos.
Is this too depressing? No need to be down, there is good news! Please see further below for Solutions that are already in the works! Yes, the house of cards is already falling down.
If you've read this far, congratulations, you've swallowed the red pill. Whether it was just now, or quite some time ago, you're on a mission to learn more truth and do something about it. Just like Neo, after you get past the initial sick feeling deep in your gut, you awaken some parts of you that you haven't used, and you do some searching and accelerated learning on topics you've never thought much about, and then the question becomes:
OK, what do we do now?
We may not like the Federal Reserve System now if we think about it, but we’re way past the three day right of rescission for a contract. The United States government has accepted it. Our ancestors have accepted it by going along with the switch from a Republic to a Democracy, and later by not rebutting the presumption that they are “persons”, and therefore are required to turn in their gold in exchange for Federal Reserve Notes. Today we continue the full acceptance by using those Federal Reserve Notes and the banking system that is based on them.
"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. . . . Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again. . . . Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in. . . . But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit." - Sir Josiah Stamp, president of the Bank of England and the second richest man in Britain in the 1920s, in an address at the University of Texas in 1927
The good news is, the Federal Reserve System will come to an end at some point - all things do.
The last three Central Banks of America came to their end because the people didn't like the results. That is why this fourth one had to be stealthily created using the word "Federal" so that people would think that it's part of the government, using the word "Reserve" to give the impression that there's something of value such as gold or silver being held, and using the word "System" to have people think the it would disperse the power from New York to 12 banks in different States; and that is why it was done the day before Christmas break. If it was accurately named using the phrase "Central Bank", the Federal Reserve Act would not have got off the ground.
The other good news is that there are many solutions already in the works.
When the Federal Reserve System comes to its end by whatever means,there needs to be one or more alternative currencies already in place, ramped up and in use, for a smooth transition.
So if you are not one of the owners of stock in the Federal Reserve, and aren't an employee thereof, (or even if you are, but you have the integrity and compassion of Sir Josiah Stamp of England - see quote in the box above) you may want to participate in a solution, some of which are cited below, so that it will be possible for your progeny to have a decent measure of freedom and prosperity.
Federal Reserve 100 Year Anniversary
Although the Federal Reserve System is the biggest scam in history, there are other scams and frauds that bring similar tyranny upon the people of the world. Also, virtually every country in the world has a Central Bank which operates very similar to the Federal Reserve. As such, the solutions that follow aren’t directed solely at ending the Fed, but at ending global financial tyranny in general, and ending the manipulation of the masses for the benefit of an elite few.
There are many, many global organizations and groups of many kinds that have some or all of these three goals:
- Get the word out to as many as possible, as to what is really happening - regarding the Federal Reserve, commercial banking, or government deception and scamming of the people in general.
- Bring down the global cabal that has perpetrated this global destruction of freedom, prosperity and peace ... this financial and police/military tyranny.
- Have a replacement starter system ready for when the house of cards does come crashing down.
Here are links to my favorite solution groups - kudos to all their members working hard to fix this mess:
Anonymous (link would be an oxymoron)
global_info_network.myginclub.com (link is unapproved by HubPages - perhaps this one is the most powerful)
Rather than put an end to the Federal Reserve and/or other Central Banks, Bitcoin and other cryptocurrencies simply provide an alternative. It is currently more difficult to use than Dollars, Euros, etc., but people can choose to use it if the benefits outweigh the difficulties. Of course, the Federal Reserve and Central Banks of the world don’t want the competition, but there’s not much they can do about it. Bitcoin is "decentralized" meaning there is no physical location that governments can send men with guns to shut down a server. It exists as peer to peer, open-source code on the millions of computers of the people who are using it. Its genius creator remains anonymous. Other "centralized" alternative currencies have been quickly stamped out via SWAT team style raids (example: Liberty Dollar).
Bitcoin is an encrypted digital alternative currency created in 2009 that is now gaining momentum. It is thought of as “digital gold”. Similar to gold, it must be “mined”. But rather than digging in the ground, a Bitcoin miner uses a computer to solve complex math problems - and after much crunching, may receive some coin. Gold is limited in quantity and so are Bitcoins. As time goes on, a miner needs ever increasing computing power to get another Bitcoin. The mathematical limit is 21 million Bitcoins total.
There are now hundreds of other cryptocurrencies that are similar to Bitcoin and modeled after it. Although many of them are "pump and dump" style scams similar to the penny stock spam emails you might get, others legitimately compete with or even complement Bitcoin. There are even decentralized crypto-derivitives that the SEC cannot touch.
It's all part of the decentralization revolution that could gradually, and relatively peacefully, put an end to the central banks of the world and bring on a global prosperity that has never existed before.
Disclaimer: This author does not encourage or participate in any violent or unlawful methods to resolve issues brought up in this article, or for any purpose. If there are some factions of any of the above solution groups that engage in violent or unlawful acts, such acts are unknown to, and not subscribed by this author. Also, there are some solution groups that are created as controlled opposition, possibly even among those above. The reader is encouraged to do his/her own research and due diligence.
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1 The Federal Reserve Act was deceptively passed on the day before Christmas break: United States Code, Title 12, Section 226; G. Edward Griffin, The Creature From Jekyll Island, Third edition, p. 466-469.
2 73’d Congress, Session I, page 83, 1st paragraph - available for viewing at the National Archives in Washington, DC. This was preceded by the Glass–Steagall Act of 1932 which, for the first time, allowed “non-specie” currency - money not backed by gold or silver. This fiat money provision has been extended by various Acts to the present.
3 That the Federal Reserve owns all the homes and properties in the nation is solidified even further by the Fed’s continual purchase of mortgage-backed securities at the (now reduced) rate of $20 billion per month.
6Today the Fed uses electronic checks by “Fedwire” rather than paper checks.
7 The Emergency Banking Act of March 9, 1933, Title IV, Section 401 allows any amount of Government Securities (bonds) to be converted to cash. A dealer is used as a middleman since the Fed is not allowed to loan directly to the Treasury.
8 Federal Reserve Bank of Chicago, Modern Money Mechanics, p 6, ph 2; G. Edward Griffin, The Creature From Jekyll Island, Third edition, p 196.
Also, Cheryl L. Edwards, of the Division of Monetary Affairs of the Federal Reserve wrote: “Purchases of securities increase the quantity of Federal Reserve balances because the Federal Reserve creates the balances to pay the seller by crediting the account of the seller’s depository institution at the Federal Reserve.” -Open Market Operations in the 1990s - Federal Reserve Bulletin, November 1997, p. 862 (emphasis added).
9 This whole process of win-win-win-win-win is described by G. Edward Griffin in The Creature From Jekyll Island, Third edition, pp. 195-200.
10 The principal on the loan from the Federal Reserve to US and foreign governments is not and cannot be repaid for several reasons: 1) After some years, it becomes mathematically impossible since only the principal is created or “injected into the economy”, and not the interest. 2) Even a small amount of debt repayment would cripple the economy because it would cause money to disappear in huge quantities. The same reserve ratio (fractional reserve banking) that multiplies every dollar the Fed creates by 10 or so, would remove the same 10 dollars from the economy for every dollar that is paid back to the Fed. 3) The government uses taxes and tax cuts as a political tool and a societal control, and so it cannot also have taxes match their spending at the same time. 4) The government has become hopelessly dependent on this borrowing to finance its exponentially increasing “budget”. 5) When US and foreign government securities that are held by the Federal Reserve mature, the Fed routinely replaces them with new ones (rollover).
11 For an explanation of Fractional Reserve Banking (Deposit Expansion) see: Federal Reserve Bank of Chicago, Modern Money Mechanics, pp. 6-11.
12 This assumes a reserve ratio of 10%, however the Fed can change this ratio at will causing money expansion without limit. See: Federal Reserve Bank of Chicago, Modern Money Mechanics, Third edition, p. 4; G. Edward Griffin, The Creature From Jekyll Island, p 200.
13 During the year 2013, US taxpayers paid the interest on the National Debt amounting to $416 billion according to the US Treasury - about a quarter of the $1.6 trillion of income tax collected - just for the privilege of using Federal Reserve Notes as money.
14Attributed in Shadow Kings (2005) by Mark Hill, p. 91
15 For the National Debt real time and other related data see http://www.usdebtclock.org/. Note, the term "National Debt" is a misnomer, because it is really a "Federal Debt". The word "national" refers to people, whereas "federal" refers to government. It was the federal government that borrowed the money, not the people.
16 There was no income tax in the US before 1913. (other than during the Civil War and for the two years 1894,95). The very first form 1040 for 1913, siting the Act of Congress that authorizes it, is still available on the IRS website. The fact that America was prosperous without an income tax shows that it is not needed for revenue, but rather its complex and ever changing deductions and credits show that its purpose is more to control the direction of society.
17 The Internal Revenue Code contains more than 3.4 million words. See http://www.fourmilab.ch/uscode/26usc/.
18 This is a highly convoluted technicality, "persons" and "taxpayers" are required to pay, but not people. See Are The Income Tax Laws Legal? Is It Mandatory To File A Return In The United States? But regardless, we still do have to file and pay taxes for now if we don't want to be subject to criminal penalties, including fines and imprisonment. It's just the price we pay to the IRS so they'll leave us alone until the IRS is no more.
19 Senate Bill 1813 gives the IRS power to cancel passports. Even though its title is "To reauthorize Federal-aid highway and highway safety construction programs, and for other purposes" (Emphasis added) it is usually those "other purposes" that are the real purpose of the bill. The passport cancellation power can be found under: DIVISION D - FINANCE, TITLE III - REVENUE PROVISIONS, Sec, 40304. - Revocation or denial of passport in case of certain unpaid taxes. To date, the bill has passed the Senate, and is expected to pass the House.
20 For a thorough explanation on why no income tax is needed to run the Government, see: G. Edward Griffin, The Creature From Jekyll Island, Third edition, p. 203.
21 Use the Bureau of Labor Statistics Inflation Calculator, enter $1.00 in 1913, to get the value in 2013, and then take the inverse.
22 Lincoln was assassinated after issuing “greenbacks”, which circumvented the Fed’s ability to collect ongoing interest on those dollars. Kennedy was assassinated after printing Silver Certificates, which if allowed to continue, would have gradually put the Federal Reserve out of business.
23 Former congressman Ron Paul recommends allowing alternative currencies to provide competition for the Federal Reserve System. He has introduced H.R.77 - Free Competition in Currency Act of 2013.
24 The Federal Reserve is a private corporation with private shareholders who receive a guaranteed 6% dividend: Federal Reserve Act, Section 7(a); United States Code, Title 12, Section 282 and Section 341; Federal Reserve Board at Manta.com; New York Fed at Manta.com
RESOURCES used for "Biggest Scam in History"
The following are physical books, see also the free downloads further below.
This booklet (46 pages), published by the Federal Reserve Bank of Chicago, is out of print since 1994. Spells out the mechanics of how the scam works straight from the horse's mouth. This is a reprint of the actual booklet - if you ever see the real thing at a garage sale, you may want to buy it as a collector's item.
The history of the Federal Reserve System (created on Jekyll Island). Explains in exhausting detail how the Fed has caused the economic disaster that we're living today. It's very long (608 pages), but each chapter has an Intro and a Summary, so you can just read those and get the basics. Click the image to read the Table of Contents or Preface and you just may be hooked. Many other pages of the book can also be viewed without purchase.
If the 608 pages is way too many, here’s a condensed version. G. Edward Griffin says: "Plummer has done an excellent job of condensing my book, The Creature from Jekyll Island (plus information from many other sources) into only 172 pages. It is ideal for those approaching the topic of fraudulent money and banking for the first time."
Audio CD - a 74 minute summary of the book. Listen to it on your commute.
Explains how the Federal Reserve System is by far the most secret and least accountable entity in America, and through legalized counterfeiting and fractional reserve banking, has been the cause of boom and bust cycles, recessions, depressions and insolvency for nearly a century (90 pages).
Modern Money Mechanics - Federal Reserve Bank of Chicago: out of print since 1994, a free download of the final printing is available in pdf at: http://www.dollarnoncents.com/MMM.htm and in searchable electronic format at: http://en.wikisource.org/wiki/Modern_Money_Mechanics
Title 26 of the United States Code (Internal Revenue) - available free at: http://www.law.cornell.edu/uscode/html/uscode26/usc_sup_01_26.html
Affidavit of Walker F. Todd - Walker F. Todd served as attorney and legal officer for the Federal Reserve Banks of New York and Cleveland for 20 years, and filed this affidavit as an expert witness in a court case involving a bank. - available free at: http://www.scribd.com/doc/34649315/Walker-Todd-Affidavit-Complete-Signed-Copy-With-Decision or for a searchable electronic version with the important parts highlighted: http://freedom-school.com/affidavit_of_walker_todd_1-20-04.pdf
Credit River, Minnesota case files - First National Bank of Montgomery vs. Jerome Daly: https://mn.gov/law-library/legal-topics/credit-river-case.jsp
"Money as Debt"
There are some excellent videos that show how modern banking really works. "Money as Debt" is a popular one. It is in cartoon form and can be understood by children. It shows how all money has been created by someone borrowing it into existence; and gets to the end result of all human labor being done for the benefit of the bankers.
However, the solution offered in this video doesn't seem to make any sense. It suggests to remove the power to create fiat money from the banks and give it to the government. But this would only work if governments were significantly more responsible with money than bankers. "Money as Debt" is not included here, but is available on the internet.
"Money, Banking and the Federal Reserve"
This video from mises.tv, is a history of money and banking, fractional reserve banking, central banks and how this has culminated in the economic disaster of today. Featuring Ron Paul, Joseph Salerno, Hans Hoppe and Lew Rockwell, it is a compelling explanation of the need to end the Fed and switch to sound money.
© 2011 A Little TRUTH
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