The Federal Reserve, being the most powerful and secretive banking institution on Earth is under scrutinized. Led by Texas Republican Ron Paul, he has been proposing to audit and abolish the Fed for more than 30 years. However, no one was listening to him or even labeled him as a conspirator until the world being struck by the lethal financial crisis. Back then, no one even knows or cares what the FED is and how it operates. Now, thanks to Ron Paul, the Fed is overexposed to the public for more scrutinizes. Moreover, there are two bills on the House Floor waiting to be passed which is HR1207 Federal Reserve Transparency Act sponsored by Ron Paul and with more than 2/3 of co-sponsors in the House of Representatives and another one is Senate version S604 Federal Reserve Sunshine Act sponsored by Senator Bernie Sanders with 23 senators co-sponsored.
These two bills, however, are very important to know what the Fed is up to. In fact, the Fed has been operating in the dark since 1913 and no one has the authority to check its balance sheet, not even US government itself. It is like the 4th branch of the government and completely hidden from the public. What I realize is that it has a tremendous power like no other banks, and that is, the ability to multiply its reserve by tenfold through "fractional reserve system". Literally, it means that they can lend ten times of what they have in total reserve because money is no longer backed by gold and silver, and it is backed by debt! Let's say they have $1000 in reserve, but they can lend $9000 as "excessive reserve" and keeping 10% that is $1000 as the fractional reserve and that $9000 is virtually created out of thin air as credit for loan contract.
Hence, I believe this fractional reserve system is widely practiced by most of the major banks and central banks around the world. It is by far the most corrupted system that has ever existed. Thanks to this corrupt system, the rich are getting richer and the poor are getting poorer in the name of capitalism. In reality, it is not the fault of capitalism or the free market, but the intervention of this non-market institution that is manipulating the total money supply in circulation. Whenever they want to expand the money supply, they lower the interest rate and when they want to contract the money supply, they raise the interest rate. But the fact is they did not even have the money to begin with and simply print it and loan it to the people with interest! What, then, is the difference between a bank and a loan shark? It is beyond comprehension and absurdity.
Luckily, more and more people are waking up to these evil banking institutions. Should they prevail, our children and grandchildren will inherit the massive debt of today's government spending. Our country is no exceptional. Borrow and tax is what they always do. Our current national debt is at staggering amount of RM335 billions. Nevertheless, we have already seen the first wave of inflation in the hike of petrol price due to the weaken US dollars. I think sooner or later they will introduce various taxing programs like VAT(Value-added tax) and GST(Government Service Tax) to pay off the massive debt. I genuinely hope that more and more people wake up from the fata morgana created by the Federal Reserve and the central bank and rout them out of existence.
"Give me control of a nation's money and I care not who makes it's law." -Mayer Amschel Bauer Rothschild
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." -James Madison
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -Henry Ford
"You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out." -Andrew Jackson (upon evicting from the Oval Office a delegation of international bankers discussing the Bank Renewal Bill, 1832 )
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -Thomas Jefferson
The Fed Under Fire
Fed Lends Two Trillion Without Oversight
The Federal Reserve is Engineering The Economic Collapse
Alan Grayson: Which Foreigners Got the Fed's $500,000,000,000? Bernanke: I Don't Know
Alan Grayson: Is Anyone Minding the Store at the Federal Reserve?
Panic At The Fed: Audit Will Show What They're Hiding
Sen. DeMint Amendment To Audit The Federal Reserve
Ron Paul: Inflation is an unfair tax - Bernanke: I couldn't agree with you more
Ron Paul to Ben Bernanke: The Federal Reserve Is Already Politicized
Ron Paul to Fed Vice-Chairman Kohn: Independence is a Code Word for Secrecy
Ron Paul to Bernanke: Continue Down Path of Socializing Our Entire Economy + Transparency
Why we should END THE FED in under 3 mins!!!
Jim Rogers On Timothy Geithner
No comments:
Post a Comment