Many Americans have misjudged the Federal Reserve. First, Congress theoretically has oversight over the Fed. Then why has Congress through the years been rebuffed by the Fed when it asks for an audit?
The Fed is NOT a necessary tool. The only tool constitutionally allowed to tamper with the money supply is Congress. Allow me to give you a very brief history.
In 1781, the Continental Congress chartered the Bank of North America. This was our country’s first central bank. The bank issued paper money far in excess of its holdings of gold. The resulting inflation led quickly to a nearly worthless currency.
Also in 1791, the first Bank of the United States was chartered for a 20-year period. Actually this was our second central bank, the Bank of North America being the first.
“The bold effort the present bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it,” Jackson said at the time.
From 1836 until 1913, when the Federal Reserve Act was snuck through Congress, the United States did not have a central bank. It is no coincidence that this period of time marked the greatest real economic growth in the history of our nation. There was sound banking, virtually no inflation and very little unemployment.
In 1848, Karl Marx and Friedrich Engels published the Communist Manifesto. The fifth plank calls for “Centralization of credit in the hands of the State by means of a national bank with State capital and an exclusive monopoly.”
What the Fed has given us is centralization of credit in the hands of a private corporation by means of a central bank and an exclusive monopoly. Congress does not issue money, control interest rates or determine the value of our money supply, all direct violations of the Constitution.
Both Abraham Lincoln and John F. Kennedy were assassinated while they held the high office of President of the United States. Both of these former presidents had also created their own money system to run the United States while they were In office.
During the Civil War (from 1861-1865), President Lincoln needed money to finance the War from the North. The Bankers were going to charge him 24% to 36% interest. Lincoln would not think of plunging the country into a debt that the country would find impossible to pay back.
Eventually Lincoln got Congress to pass a law authorizing the printing of full legal tender Treasury notes to pay for the War effort. Lincoln recognized the great benefits of this issue. At one point he wrote: “… (we) gave the people of this Republic the greatest blessing they have ever had – their own paper money to pay their own debts…”
The Treasury notes were printed with green ink on the back, so the people called them “Greenbacks”.
Lincoln printed 400 million dollars worth of Greenbacks (the exact amount being $449,338,902), money that he delegated to be created, a debt-free and interest-free money to finance the War. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war.
Shortly after that happened, “The London Times” printed the following:
“If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.”
After this was published, the British Government, which was controlled by the London and other European Bankers, moved to support the Confederate South, hoping to defeat Lincoln and the Union, and destroy this government which they said had to be destroyed.
The North won the War, and the Union was preserved. America remained as one nation. Of course, the Bankers were not going to give in that easy, for they were determined to put an end to Lincoln’s interest-free, debt-free Greenbacks. He was assassinated shortly after the War ended.
Thereafter, Congress revoked the Greenback Law and enacted, in its place, the National Banking Act. The national banks were to be privately owned and the national bank notes they issued were to be interest-bearing. The Act also provided that the Greenbacks should be retired from circulation as soon as they came back to the Treasury in payment of taxes.
In 1972, the U.S. Treasury Department was asked to compute the amount of interest that would have been paid if that 400 million dollars had been borrowed at interest instead of being issued by Abraham Lincoln. A few weeks later Treasury reported the Government saved 4 billion dollars in interest because Lincoln had created his own money.
In 1913, the Bankers were able to get their Federal Reserve-Act passed through Congress which replaced the National Banking Act that had earlier replaced the Greenback Law. If the Government would have continued the policy of Abraham Lincoln, the warnings given in “The London Times” would have come to pass. America would be a debt-free nation, the most prosperous in the world. And the brains and the wealth of the world would have come to America.
But with this Federal Reserve Act being passed, Congress gave up its power to create its own money that it was given in the United States Constitution, and gave this power over to private Bankers who called themselves the Federal Reserve. The Bankers had achieved their ultimate goal, for now the United States operated under a central bank that was privately owned. They now had the power to run the country by controlling the creation of the money, and were free to charge the interest they so desired. As Mayer Amschel Rothschild once said: “Permit me to issue and control the money of a nation, and I care not who makes its laws…”
President Woodrow Wilson, who was instrumental in allowing passage of the Federal Reserve Act, was immediately sorry for his deeds. He said: “We have restricted credit, we have restricted opportunity, we have controlled development, and we have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world, no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
No U.S. president after Lincoln dared to go against the system and create his own money since many of them were actually only instruments or puppets of the Bankers. That is until President John F. Kennedy came into office. Kennedy was not afraid to “buck the system”, for he understood how the Federal Reserve System was being used to destroy the United States.
On June 4th, 1963, Kennedy signed Executive Order 11110, which further amended Executive Order 10289 of September 19th, 1951. This gave Kennedy legal clearance to create his own money to run the country, money that would belong to the people, interest and debt-free. He had printed United States Notes, completely ignoring the Federal Reserve Notes from the private banks of the Federal Reserve.
Only a few months later, In November of 1963, Kennedy was assassinated. It is interesting to note that, only one day after Kennedy’s assassination, all the United States notes which Kennedy had issued were called out of circulation. All the money Kennedy had created was destroyed, and not a word was said to the American people.
“We were warned. We should have listened. Americans are so ignorant to what the federal reserve is with its money creation and monetary policy. I love America, but the America I love died in 1913 with the creation of the Fed and the passing of the unconstitutional 16th Amendment. It’s time to wake up people. Our nation has been brought to its knees by a small group of dominant central bankers.” Author unknown