Well the Fed seems to have done just that, however it is not disclosing the beneficiary of this largess. Many believe that the Federal Reserve is indeed an agency of our government and they believe that it is a necessary institution built to fight inflation. It’s time to wake up to the grim reality that neither of these things is true. It is a privately owned bank that lends our government money, at interest, to pay it’s debts. Now it was created by the passing of the Federal Reserve Act in 1913, but the act itself was written in secret by Nelson Aldrich, Henry P. Davison, Paul Warburg, Frank A. Vanderlip, Charles D. Norton, and Professor A. Piatt Andrew. Out of these six men only two were elected or appointed officials, the other four were all high ranking partners at major Wall Street banks. This group of elite men died long before many of us were born, but their legacy is still with us.
The danger in this is that the Federal Reserve does whatever it wants without any oversight by Congress. Whatever debt in incurs is eventually the burden of the taxpayers of this country and we have no say how this money is used. As a matter of fact we have no way to know what is being spent or how much cash is in circulation. It is a rogue institution and it is in total control of our money. Central banking has been around for a long time, it was already a well developed system in Europe before this country was founded. Benjamin Franklin remarked that the Revolution was fought in order to sever the tie, not only, to King George, but to his bank as well. This is why the Constitution gives Congress the authority to coin money based on only a gold or silver standard. Fiat (meaning from nothing) currency issued from central banks in Europe had been a problem. By increasing and decreasing currency at will they were able to manipulate the wealth and the governments of the European Nations. The Founders knew the dangers of hyperinflation of currency from first hand experience from the Continental fiasco, so they outlined a system of competitive currency for the people and the power to coin money without interest to Congress.
Here we are, a nation manipulated by the central banks and their shady operators. Our government is owned through their debt by the Federal Reserve and in turn we are owned by proxy. The Grace Commission assembled by Ronald Reagan early in his first term found that 100% of direct Federal Income Tax is used to pay the INTEREST on the money borrowed by the US government. Even Bloomberg is calling for an audit now, I call for something far more radical: SHUT IT DOWN! Every boom and bust cycle over the last 95 yrs has been the result of this fractional reserve banking system and it’s fiat money supply. Students of the Austrian School of Economics have been sounding the warning bell for years and it’s time for all of us to heed it. If we want to end needless wars, end the rising police state, end entitlement programs of all stripes we must start chanting END THE FED! Without fiat money our government would have to do what the rest of us have always had to do, live within it’s means.