"Legalized Plunder of the American People" - G. Edward Griffin

If these videos don't make you very angry you need to get your head examined!



Published on Oct 2, 2012 by CaseyResearchFAN

To order the complete audio set from the Navigating the Politicized Economy Summit, available in CD and MP3 format, http://bit.ly/2012FallSummit

G. Edward Griffin discusses the Federal Reserve and it's role in the declining economy at the recently concluded conference, Navigating the Politicized Economy.

To subscribe to the free Casey Daily Dispatch newsletter:http://bit.ly/Caseys_Daily.

"The Federal Reserve Is a Cartel" - G. Edward Griffin

"The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered." —Thomas Jefferson (1743-1826)

End the Fed. Where did the Federal Reserve come from?

Special 40 mins on Federal Reserve : G. Edward Griffin interview with Glenn Beck



Read the comments on the page at Youtube. This video is NOT the last word on the Fed and the people that started it.  http://www.youtube.com/watch?feature=player_embedded&v=a2roews2_1c#!

http://www.paulstramer.net/2012/03/federal-reserve-banker-fraud-exposed-in.html

http://www.paulstramer.net/2012/03/how-it-all-began-beginnings-of-your.html

http://www.paulstramer.net/2012/04/g-edward-griffin-endorses-bob-fanning.html

Ron Paul - The Mischief of the Fed System

Occupy Wall Street Protestor on Federal Reserve

Protestor vents about the Federal Reserve, fractional banking system and FIAT currency.

Federal Reserve criminals gave 16 Trillion of your dollars to their buddies

Federal Reserve gives 16 Trillion of your money to their bankster buddies.

PASS THIS TO EVERYONE This is the hardest hitting article I have seen to date on the criminals at the Federal Reserve. The author is unknown.
The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke (pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve's nearly 100 year history were posted on Senator Sander's webpage earlier this morning.

What was revealed in the audit was startling: $16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world's banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

Read the entire article and see the list of who got it here: http://www.lincolncountywatch.org/16trillion.htm

What would JFK say about the debt, and the Federal Reserve?

Ron Paul Says 1.3 Trillion Dollar Debt Owed To Federal Reserve Is Not Real!

http://www.facebook.com/pages/Save-16-Trillion-Dont-Pay-The-Federal-Reserve/139352362809144

http://runronpaul.com/tag/federal-reserve/

http://runronpaul.com/tag/debt/

http://runronpaul.com/tag/corruption/

Ron Paul and Dennis Kucinich expose the Fed on Freedom Watch

Financial Armageddon is coming like a freight train.



The huge question is "What can I do about it?"

Many so called financial advisors tell us to buy certain stocks, like gold or silver stocks, and others are telling us to bet on commodities in the form of shares etc.

We have been telling everyone for years now to buy silver.
Here are some reasons why.

http://www.teapartysilver.com/

RON PAUL STILL KICKING ASS FOR THE AMERICAN PEOPLE!

MSNBC finally tells the truth about the FED

I never thought I would see something like this on national television, let alone MSNBC!

Is this guy trying to be the Glenn Beck of MSNBC??

http://www.msnbc.msn.com/id/21134540/vp/36233217#36233217

Audit the CRIMINAL FED. Why they don't want an audit.

Ron Paul interviewed on Glenn Beck. Is the Congress irrelevent?



Comment on this and spread this video far and wide.

A Phone Call To The Fed

The following is a conversation with Mr. Ron Supinski of the Public Information Department of the San Francisco Federal Reserve Bank. This is an account of that conversation.
CALLER - Mr. Supinski, does my country own the Federal Reserve System?

MR. SUPINSKI - We are an agency of the government.

CALLER - That's not my question. Is it owned by my country?

MR. SUPINSKI - It is an agency of the government created by congress.

CALLER - Is the Federal Reserve a Corporation?

MR. SUPINSKI - Yes

CALLER - Does my government own any of the stock in the Federal Reserve?

MR. SUPINSKI - No, it is owned by the member banks.

CALLER - Are the member banks private corporations?

MR. SUPINSKI - Yes

CALLER - Are Federal Reserve Notes backed by anything?

MR. SUPINSKI-Yes, by the assets of the Federal Reserve but, primarily by the power of congress to lay tax on the people.

CALLER - Did you say, by the power to collect taxes is what backs Federal Reserve Notes?

MR. SUPINSKI - Yes

CALLER - What are the total assets of the Federal Reserve?

MR. SUPINSKI - The San Francisco Bank has $36 Billion in assets.

CALLER - What are these assets composed of?

MR. SUPINSKI - Gold, the Federal Reserve Bank itself and government securities.

CALLER - What value does the Federal Reserve Bank carry gold per oz. On their books?

MR. SUPINSKI - I don't have that information but the San Francisco Bank has $1.6 billion in gold.

CALLER - Are you saying the Federal Reserve Bank of San Francisco has $1.6 billion in gold, the bank itself and the balance of the assets is government securities?

MR. SUPINSKI - Yes.

CALLER - Where does the Federal Reserve get Federal Reserve Notes from?

MR. SUPINSKI - They are authorized by the Treasury.

CALLER - How much does the Federal Reserve pay for a $10 Federal Reserve Note?

MR. SUPINSKI - Fifty to seventy cents.

CALLER - How much do they pay for a $100.00 Federal Reserve Note?

MR. SUPINSKI - The same fifty to seventy cents.

CALLER - To pay only fifty cents for a $100.00 is a tremendous gain, isn't it?

MR. SUPINSKI - Yes

CALLER - According to the US Treasury, the Federal Reserve pays $20.60 per 1,000 denomination or a little over two cents for a $100.00 bill, is that correct?

MR. SUPINSKI - That is probably close.

CALLER - Doesn't the Federal Reserve use the Federal Reserve Notes that cost about two cents each to purchase US Bonds from the government?

MR. SUPINSKI - Yes, but there is more to it than that.

CALLER - Basically, that is what happens?

MR. SUPINSKI - Yes, basically you are correct.

CALLER - How many Federal Reserve Notes are in circulation?

MR. SUPINSKI - $263 billion and we can only account for a small percentage.

CALLER - Where did they go?

MR. SUPINSKI - Peoples mattress, buried in their back yards and illegal drug money.

CALLER - Since the debt is payable in Federal Reserve Notes, how can the $4 trillion national debt be paid-off with the total Federal Reserve Notes in circulation?

MR. SUPINSKI - I don't know.

CALLER - If the Federal Government would collect every Federal Reserve Note in circulation would it be mathematically possible to pay the $4 trillion national debt?

MR. SUPINSKI - No

CALLER - Am I correct when I say, $1 deposited in a member bank $8 can be lent out through Fractional Reserve Policy?

MR. SUPINSKI - About $7.

CALLER - Correct me if I am wrong but, $7 of additional Federal Reserve Notes were never put in circulation. But, for lack of better words were "created out of thin air " in the form of credits and the two cents per denomination were not paid either. In other words, the Federal Reserve Notes were not physically printed but, in reality were created by a journal entry and lent at interest. Is that correct?

MR. SUPINSKI - Yes

CALLER - Is that the reason there are only $263 billion Federal Reserve Notes in circulation?

MR. SUPINSKI - That is part of the reason.

CALLER - Am I mistaking that when the Federal Reserve Act was passed (on Christmas Eve) in 1913, it transferred the power to coin and issue our nation's money and to regulate the value thereof from Congress to a Private corporation. And my country now borrows what should be our own money from the Federal Reserve (a private corporation) plus interest. Is that correct and the debt can never be paid off under the current money system of country?

MR. SUPINSKI - Basically, yes.

CALLER - I smell a rat, do you?

MR. SUPINSKI - I am sorry, I can't answer that, I work here.

CALLER - Has the Federal Reserve ever been independently audited?

MR. SUPINSKI - We are audited.

CALLER - Why is there a current House Resolution 1486 calling for a complete audit of the Federal Reserve by the GAO and why is the Federal Reserve resisting?

MR. SUPINSKI - I don't know.

CALLER - Does the Federal Reserve regulate the value of Federal Reserve Notes and interest rates?

MR. SUPINSKI - Yes

CALLER - Explain how the Federal Reserve System can be Constitutional if, only the Congress of the US, which comprises of the Senate and the House of representatives has the power to coin and issue our money supply and regulate the value thereof? [Article 1 Section 1 and Section 8] Nowhere, in the Constitution does it give Congress the power or authority to transfer any powers granted under the Constitution to a private corporation or, does it?

MR. SUPINSKI - I am not an expert on constitutional law. I can refer you to our legal department.

CALLER - I can tell you I have read the Constitution. It does NOT provide that any power granted can be transferred to a private corporation. Doesn't it specifically state, all other powers not granted are reserved to the States and to the citizens? Does that mean to a private corporation?

MR. SUPINSKI - I don't think so, but we were created by Congress.

CALLER - Would you agree it is our country and it should be our money as provided by our Constitution?

MR. SUPINSKI - I understand what you are saying.

CALLER - Why should we borrow our own money from a private consortium of bankers? Isn't this why we had a revolution, created a separate sovereign nation and a Bill of Rights?

MR. SUPINSKI - (Declined to answer).

CALLER - Has the Federal Reserve ever been declared constitutional by the Supreme Court?

MR. SUPINSKI - I believe there has been court cases on the matter.

CALLER - Have there been Supreme Court Cases?

MR. SUPINSKI - I think so, but I am not sure.

CALLER - Didn't the Supreme Court declare unanimously in A.L.A. Schechter Poultry Corp. vs. US and Carter vs. Carter Coal Co. the corporative-state arrangement an unconstitutional delegation of legislative power? ["The power conferred is the power to regulate. This is legislative delegation in its most obnoxious form; for it is not even delegation to an official or an official body, presumptively disinterested, but to private persons." Carter vs. Carter Coal Co...]

MR. SUPINSKI - I don't know, I can refer you to our legal department.

CALLER - Isn't the current money system a house of cards that must fall because, the debt can mathematically never be paid-off?

MR. SUPINSKI - It appears that way. I can tell you have been looking into this matter and are very knowledgeable. However, we do have a solution.

CALLER - What is the solution?

MR. SUPINSKI - The Debit Card.

CALLER - Do you mean under the EFT Act (Electronic Funds Transfer)? Isn't that very frightening, when one considers the capabilities of computers? It would provide the government and all it's agencies, including the Federal Reserve such information as: You went to the gas station @ 2:30 and bought $10.00 of unleaded gas @ $1.41 per gallon and then you went to the grocery store @ 2:58 and bought bread, lunch meat and milk for $12.32 and then went to the drug store @ 3:30 and bought cold medicine for $5.62. In other words, they would know where we go, when we went, how much we paid, how much the merchant paid and how much profit he made. Under the EFT they will literally know everything about us. Isn't that kind of scary?

MR. SUPINSKI - Yes, it makes you wonder.

CALLER - I smell a GIANT RAT that has overthrown my constitution. Aren't we paying tribute in the form of income taxes to a consortium of private bankers?

MR. SUPINSKI - I can't call it tribute, it is interest.

CALLER - Haven't all elected officials taken an oath of office to preserve and defend the Constitution from enemies both foreign and domestic? Isn't the Federal Reserve a domestic enemy?

MR. SUPINSKI - I can't say that.

CALLER - Our elected officials and members of the Federal Reserve are guilty of aiding and abetting the overthrowing of my Constitution and that is treason. Isn't the punishment of treason death?

MR. SUPINSKI - I believe so.

CALLER - Thank you for your time and information and if I may say so, I think you should take the necessary steps to protect you and your family and withdraw your money from the banks before the collapse, I am.

MR. SUPINSKI - It doesn't look good.

CALLER - May God have mercy on the souls who are behind this unconstitutional and criminal act called the Federal Reserve. When the ALMIGHTY MASS awakens to this giant hoax, they will not take it with a grain of salt. It has been a pleasure talking to you and I thank you for your time. I hope you will take my advice before it does collapse.

MR. SUPINSKI - Unfortunately, it does not look good.

CALLER - Have a good day and thanks for your time.

MR. SUPINSKI - Thanks for calling.


If the reader has any doubts to the validity of this conversation, call your nearest Federal Reserve Bank, YOU KNOW THE QUESTIONS TO ASK! You won't find them listed under the Federal Government. They are in the white pages, along with Federal Express, Federal Deposit Insurance Corp. (FDIC), and any other business. Find out for yourself if all this is true.

And then, go to your local law library and look up the case of Lewis vs. US, case #80-5905, 9th Circuit, June 24, 1982. It reads in part: "Examining the organization and function of the Federal Reserve Banks and applying the relevant factors, we conclude that the federal reserve are NOT federal instrumentality's . . but are independent and privately owned and controlled corporations - federal reserve banks are listed neither as "wholly-owned' government corporations [under 31 USC Section 846] nor as 'mixed ownership' corporations [under 31 USC Section 856] . . . 28 USC Sections 1346(b), 2671. '

Federal agency' is defined as: the executive departments, the military departments, independent establishments of the United States, and corporations acting primarily as instrumentality's of the United States, but does not include any contractors with the United States . . . There are no sharp criteria for determining whether an entity is a federal agency within the meaning of the Act, but the critical factor is the existence of the federal government control over the 'detailed physical performance' and 'day to day operations' of that entity.

Other factors courts have considered include whether the entity is an independent corporation . . . whether the government is involved in the entity's finances, . . . and whether the mission of the entity furthers the policy of the United States . . . Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities ...

It is evident from the legislative history of the Federal Reserve Act that Congress did not intend to give the federal government direction over the daily operation of the Reserve Banks . . . The fact that the Federal Reserve Board regulates the Reserve Banks does not make them federal agencies under the Act . . . Unlike typical federal agencies, each bank is empowered to hire and fire employees at will. Bank employees do not participate in the Civil Service Retirement System. They are covered by worker's compensation insurance, purchased by the Bank, rather than the Federal Employees Compensation Act.

Employees traveling on Bank business are not subject to federal travel regulations and do not receive government employee discounts on lodging and services . . . Finally, the Banks are empowered to sue and be sued in their own name. 12 USC Section 341. They carry their own liability insurance and typically process and handle their own claims . . ." According to the Federal Reserve Bank of Philadelphia, "When the Federal Reserve was created, its stock was sold to the member banks." ("The Hats The Federal Reserve Wears," published by the Federal Reserve Bank of Philadelphia).

The original Stockholders of the Federal Reserve Banks in 1913 were the Rockefeller's, JP Morgan, Rothschild's, Lazard Freres, Schoellkopf, Kuhn-Loeb, Warburgs, Lehman Brothers and Goldman Sachs. The MONEYCHANGERS wanted to be insured they had a monopoly over our money supply, so Congress passed into law Title 12, Section 284 of the United States Code. Section 284 specifically states, "NO STOCK ALLOWED TO THE US" *

Monopoly - "A privilege or peculiar advantage vested in one or more persons or companies, consisting in the exclusive right [or power] to carry on a particular business or trade, manufacture a particular article, or control the sale of the whole supply of a particular commodity, A form of market structure in which only a few firms dominate the total sales of a product or service.

'Monopoly,' as prohibited by Section 2 of the Sherman Antitrust Act, has two elements: possession of a monopoly power in relevant market and willful acquisition or maintenance of that power, as distinguished from growth or development as a consequence of a superior power, business acumen, or historical product. A monopoly condemned by the Sherman Act is the power to fix prices, or exclude competition, coupled with policies designed to use and preserve that power." (Black's Law Dictionary, 6th Edition) The Federal Reserve Act goes one step farther, "No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or director of a Federal Reserve Bank." They didn't want We The People to have any say in the operation of their monopoly through our elected officials.
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Comment to Jeff Rense
From Dave Williams
Williams.Dave@orbital.com
9-17-2

Jeff,

I would like to comment on the attached article posted to your website.

I am an avid reader of your site and think that some of the articles you have posted have some merit behind them. Others are written and posted by fear-mongers who offer no solutions to the problems they encounter. This one, however, seems to at least be taking a stand to introduce legislation to turn the tide on the greedy, robber barons of our time. But I would like to put to rest something that has been commented for a long time in various postings to your website that has had me pegged for some time and has been completely untrue. Whenever anyone talks about the Constitutional rights of Congress to coin money and regulate the value thereof, they always state that the Federal Reserve Banks (not being an actual part of the government) have not been duly authorized to perform these functions and the sole right must remain with Congress. They site the Constitution itself (Article I, Section 8, paragraph 5) as being the law of the land (which it duly is) for the legality of the Federal Reserve Banking system. For the life of me, however, it seems that they quit reading at this point, because the 18th and final paragraph of Section 8 states:

"To make all laws which shall be necessary and proper for carrying into execution the foregoing powers and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof."

Now, I'm not a Constitutional scholar, but I can read plain English. This paragraph clearly shows how farsighted the Constitutional framers were in the fact that they new that the Constitution, while a great start to this republic, was not the answer for every legality to come up in the future. This paragraph clearly shows also, that the Congress had the right to legislate the power for coining money and its denominatory value to other persons or businesses that were capable of doing so by "carrying into execution the foregoing powers", i.e. - the right to coin money and its value. This final paragraph also means not just the entire Section 8, but any part of the Constitution pertaining to the making of laws vested in the power of these United States by the Constitution.

Why is it nobody ever comments on this paragraph? Could it be that they just want to sow fear and hatred in their fellow Americans for the government, all the while knowing they are wrong? Or are they just plain ignorant and believe what they want to? I for one, feel the government is doing a pretty good job of bringing a total disenchantment between them and the people of this country. Why do think almost half the voting population doesn't vote? I can tell you. They don't like who they are voting for in either party!

Again, I'll state for the record, I'm not a Constitutional scholar, but a Design Engineer and while not presuming that I know more than our duly appointed Congressional Members, I do know from where right and wrong is and where the laws currently stand on this. Which is to say once and for all, that the Federal Reserve Banking System is completely lawful!

Now, do I agree with and like the current system? NO!! But do we have to accept that it is and has been the law since its enactment? YES! Now, I'm not going to split hairs with anyone over whether or not it was duly ratified by the 2/3rds margin of each states' legislative group, but until the people of this country wake up and take back their constitutional rights', as in "We the people, by the people" we cannot expect these changes to be made on our behalf. At least the esteemed Rep Ron Paul is on the right track in trying to get the laws changed legally. Now, whether he will suceed or not will depend on the people of this country. If we remain asleep at the wheel, so to say, then we shall not. There has to be a common goal and enough backing to make this happen! Wake up America!
--------
Comment from Paul Stramer
Lincoln County Watch, Eureka Montana

The paragraph quoted in the above comment does not apply in the case of the Fed.

Here is the paragraph again.

"To make all laws which shall be necessary and proper for carrying into execution the foregoing powers and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof."


The "foregoing powers" in the above do NOT include delegating authority to coin money. The constitution makes it the duty of Congress and Congress alone, to coin money and regulate it's value. There is NO mention of any power or ability to delegate away that power and duty. Therefore there is no power that can be delegated. Therefore there is no law that can be made by congress to DELEGATE it.
Remember the 10th Amendment.
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." 
That simply says, "If we forgot anything, you can't do that either!" It also says, If we didn't write it in this Constitution, it belongs to the States or people. Nowhere in the Constitution is it written that the Congress can give away or delegate it's power to "coin money and regulate the value thereof", Therefore the
Federal Reserve act was and is unconstitutional on the face of it.
There are only 17 delegated powers, including the power to "coin money and regulate the value thereof". There is NO delegated power to the United States government by the Constitution that authorizes assigning a delegated power of Congress to some other body, be it public or private. The framers wanted the Congress to be on the hook, so to speak, for the money they created. They wanted the blame or credit for managing the money supply to belong squarley on the shoulders of Congress, not some privately owned secretive banker or group of money changers. They had just left a system where that was the case.
They were right. Look what it has gotten us too. They must be rolling in their graves.

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WE CAN'T END THE INCOME TAX ONE PRISON SENTENCE AT A TIME

By: Devvy

October 14, 2009
© 2009 - NewsWithViews.com

Way back in 1991, I began to learn the truth about the privately owned Federal Reserve Banking system. My research led me to connect the dots between the disaster that struck America in 1913: The fraudulent ratification of the Sixteenth and Seventeenth Amendments and the Federal Reserve Act. In order to syphon off the wealth of America, it was necessary to create two entities to get the job done: The so-called income tax amendment and the unconstitutional central bank. Lest the states should decide to rear up their heads over all this, the Seventeenth Amendment was fraudulently declared ratified and the states lost their right of representation in Congress.



Contrary to popular belief and propaganda by the ignorant in the controlled media and special interest groups, the federal income tax does not apply to domestic Americans. However, that fact of the law as its written doesn't seem to matter to judges, U.S. Attorneys and companies out there who thrive on "tax season." Pay up or go to jail.

Tommy Cryer is an attorney in Shreveport, Louisiana. He defied the system. Not because he doesn't want to "pay his fair share," but because he knows what the IR Code says and decided to take a stand for the truth. Even at great expense to himself -- like so many others over the decades. Tommy was indicted and went to trial. He was acquitted in July of 2007 and went on a mission. Truth Attack was born and the results have been nothing short of amazing.

Read the rest of this article here:
http://www.newswithviews.com/Devvy/kidd474.htm

Money, Banking and the Federal Reserve (VIDEO)

The FED has to hate this video with a passion!

by The Ludwig von Mises Institute
Sun, Oct 11th, 2009 12:00:00 am




Thomas Jefferson and Andrew Jackson understood "The Monster". But to most Americans today, Federal Reserve is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.


Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.

Alan Greenspan is not, we're told, happy about this 42-minute blockbuster. Watch it, and you'll understand why. This is economics and history as they are meant to be: fascinating, informative, and motivating. This movie could change America.

Order the Money, Banking and the Federal Reserve on DVD at :

http://mises.org/

The Money Monopoly: How the Federal Reserve rips you off !

Ron Paul in the American Conservative Magazine

by Ron Paul
American Conservative Magazine
Fri, Sep 18th, 2009 12:00:00 am

Most Americans haven’t thought much about the strange entity that controls the nation’s money. Visitors to Washington can see the Federal Reserve’s palatial headquarters, the monetary parallel to the Supreme Court or the U.S. Capitol. We hear the Fed chairman testify to Congress, citing complex data, making predictions, and attempting to intimidate anyone who would take issue. He postures as master of the universe, completely knowledgeable and in control.


But how much do we really know about what goes on inside the Fed? Even with the newest round of bailouts, journalists had difficulty determining where the money was coming from and where it was headed. From its founding in 1913, secrecy and inside deals have been part of the way the Fed works.

It says that its job is to keep inflation in check. But this is like the car industry claiming to control road congestion. The Fed might attempt to stop the effects of inflation, namely rising prices. But under the old definition of inflation—an artificial increase in the supply of money and credit—the reason for its existence is to generate more, not less.

The banking industry has always had trouble with the idea of a free market that provides opportunities for both profits and losses. The first part, the industry likes. The second is another matter. That is the reason for the constant drive in American history toward the centralization of money, a trend that not only benefits the largest banks with the most to lose from a sound-money system, but also the government, which is able to use an elastic system as an alternative form of revenue support.

Whenever instability turns up, we see efforts to socialize the losses, but rarely do people question the source of instability. Economist Jesús Huerta de Soto places the blame on the institution of fractional-reserve banking. This is the notion that depositors’ money in use as cash may also be loaned out for speculative projects, then re-deposited. The system works as long as people do not attempt to withdraw their money all at once. In the face of such a demand, banks turn to other banks to provide liquidity. But when the failure becomes system-wide, they turn to government.

The core of the problem is the conglomeration of two distinct functions of a bank. The first is warehousing, whereby banks keep money safe and provide checking, ATM access, record keeping, and online payment, services for which consumers are traditionally asked to pay. The second service the bank provides is a loan service, seeking out investments and putting money at risk in search of return.

The institution of fractional reserves mixes these functions, such that warehousing becomes a source for lending. The bank loans out money that has been warehoused—and stands ready to use in checking accounts or other forms of checkable deposits—and that loaned money is deposited yet again in checkable deposits. It is loaned out again and deposited, with each depositor treating the loan money as an asset on the books. In this way, fractional reserves create new money, pyramiding it on a fraction of old deposits. An initial deposit of $1,000, thanks to this “money multiplier,” turns into $10,000. The Fed adds reserves to the balances of member banks in the hope of inspiring ever more lending.
Continue Reading
http://amconmag.com/article/2009/oct/01/00032/

TIME Magazine Interviews Congressman Ron Paul

Fri, Sep 18th, 2009 12:00:00 am


Ron Paul answers many popular questions which include auditing / ending the Federal Reserve, the War on Drugs, censorship during the 2008 Presidential Election, and more.