Understanding Bank Fraud (2)
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Our money is "pure fiat" through and through. Money by decree.
The second fact that
needs to be clearly understood is that, in spite of the technical
jargon and seemingly complicated procedures, the actual mechanism by
which the Federal Reserve creates money is quite simple. They do it
exactly the same way the goldsmiths of old did except, of course,
the goldsmiths were limited by the need to hold some precious metals
in reserve, whereas the Fed has no such restriction. A booklet published by the Federal Reserve Bank of New York tells us: Currency cannot be redeemed, or exchanged, for Treasury gold or any other asset used as backing. The question of just what assets 'back' Federal Reserve notes has little but bookkeeping significance. Elsewhere in the same
publication we are told: "Banks are creating money based on a
borrower's promise to pay (the IOU)...Banks create money by
'monetizing' the private debts of businesses and individuals."
In the United States neither paper currency nor deposits have value as commodities. Intrinsically, a dollar bill is just a piece of paper. Deposits are merely book entries. Coins do have some intrinsic value as metal, but generally far less than their face amount. What, then, makes
these instruments -- checks, paper money, and coins -- acceptable at
face value in payment of all debts and for other monetary uses?
Mainly, it is the confidence people have that they will be able to
exchange such money for other financial assets and real goods and
services whenever they choose to do so. This partly is a matter of
law; currency has been designated "legal tender" by the government
-- that is, it must be accepted. Modern monetary systems have a fiat base -- literally money by decree -- with depository institutions, acting as fiduciaries, creating obligations against themselves with the fiat base acting in part as reserves. The decree appears on the currency notes: "This note is legal tender for all debts, public and private." While no individual could refuse to accept such money for debt repayment, exchange contracts could easily be composed to thwart its use in everyday commerce. However, a forceful explanation as to why money is accepted is that the federal government requires it as payment for tax liabilities. Anticipation of the need to clear this debt creates a demand for the pure fiat dollars Now we don't expect you to believe that without some proof. I mean, it's just insane, right? Here is an excerpt of chapter 1 of Creature from Jekyll Island: A Second Look at the Federal Reserve System by G. Edward Griffin. Mr. Griffin is a well-respected authority on the creation of the Federal Reserve Banking System Listen to a recording about the Story of the Federal Reserve System. It's FREE to you, over an hour long, and it's called The Creature from Jekyll Island
Your Country at War - Lindbergh Congressman Charles Lindbergh, Sr. had the Federal Reserve pegged 90 years ago and tried to warn us then. He noted how the wars led to economic disaster for the plain folks who did the work while the financial parasites enjoyed obscene profits on the blood of American troops and the poor. <back>
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