posted on Jul, 7 2008 @ 02:31 AM
There's no way to balance a federal budget when money comes into existence with interest owed to a bank is automatically attached. ALL money in this
country that exists isn't enough to pay back the debts, because for every dollar we see, there is a dollar + interest owed to a bank.
"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever
- Major L.B.Angus
"Every circulating Federal Reserve Note represents in actuality a one dollar debt to the Federal Reserve system."
- Money Facts, House Banking and Currency Committee
"If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This
is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in
circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent
money system. When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible - but there it is.
It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse
unless it is widely understood and the defects remedied very soon."
- Robert H. Hemphill, Federal Reserve Bank of Atlanta
"100% of what is collected is absorbed solely by interest on the Federal Debt. All individual income tax revenues are gone before one nickel is
spent on the services taxpayers expect from government."
- Grace Commission report submitted to President Ronald Reagan, January 15, 1984
"Some people think the Federal Reserve Banks are US government institutions. They are not. They are private credit monopolies which prey upon
the people of the US for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the
United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has
usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will."
- Congressman Charles McFadden, Chairman, House Banking and Currency Committee, June 10, 1932
"Federal Reserve is not Federal and it has doubtful reserves. The name is an open deception designed to give this private bank the appearance
that it is operating in the public's interest, when in fact it is run solely to gain private profit for its select stock holders. It came into being
as the result of one of the slickest moves in financial history. On 23rd December 1913 the house of representatives had past the Federal Reserve Act,
but it was still having difficulty getting it out of the senate. Most members of congress had gone home for the holidays, but unfortunately the
senate had not adjourned sene die (without day) so they were technically still in session. There were only three members still present. On a
unanimous consent voice vote the 1913 Federal Reserve Act was passed. No objection was made, possibly because there was no one there to
- "Who owns the FED"
"The Central Banks (which charge interest to governments for the money they produce from out of nothing, with no labour or wealth involved) have
secured these loans against your future taxes. Without even asking you, a substantial part of your future worth has been put up as collateral. What
Central Banks do in a big way with countries, your local bank will replicate on organisations and individuals, using the same slight of hand to
produce the funds they lend out of thin air."
- Alternative Trading Network
"You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out. If the American people only
understood the rank injustice of our money and banking system, there would be a revolution before morning."
- U.S. President Andrew Jackson
"When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there
is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money."
- "Putting it Simply", Boston Federal Reserve Bank
"While economic textbooks claim that people and corporations are competing for markets and resources, I claim that in reality they are competing
for money - using markets and resources to do so. Greed and fear of scarcity are being continuously created and amplified as a direct result of the
kind of money we are using. For example, we can produce more than enough food to feed everybody, and there is definitely not enough work for
everybody in the world, but there is clearly not enough money to pay for it all. In fact, the job of central banks is to create and maintain that
currency scarcity. Money is created when banks lend it into existence. When a bank provides you with a $100,000 mortgage, it creates only the
principal, which you spend and which then circulates in the economy. The bank expects you to pay back $200,000 over the next 20 years, but it
doesn't create the second $100,000 - the interest. Instead, the bank sends you out into the tough world to battle against everybody else to bring
back the second $100,000."
- Bernard Lietaer, Central Banker
"Whoever controls the volume of money in our country is absolute master of all industry and commerce. When you realize that the entire system is
very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression
- U.S. President James Garfield
"I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. I
believe that the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually
blame you and me and everyone else connected with Congress for sitting idly by an permitting such an idiotic system to continue."
- Wright Patman, Banking & Currency Committee Chairman
[edit on 7-7-2008 by ianr5741]