The Fed Ponzi Scheme

November 30, 2009

The Federal Reserve System is the central banking system of the United States. It was created in 1913 by the enactment of the Federal Reserve Act, largely as a response to a series of financial panics or bank runs, particularly a severe panic in 1907. Now for the rest of the story!

The Federal Reserve was set up by BANKERS to protect BANKERS, not the US$!

If the job was to protect the US$ then they have failed miserably and we need a new entity to come on the scene. Since the Fed started “protecting” the US$ it has lost 97% of the value is less than 97 years. How’s that for a poetic disaster? Let’s be a bit more specific since history seems to get forgotten or re-written these days.

In December 1913, during a Christmas recess by Congress, President Woodrow Wilson signed the Federal Reserve Act setting up a private company to issue public currency for debt. The Federal Reserve is not Federal, it just carries the name federal. Thus currency has been issued as debt for nearly 97 years! And not only do we only have 3% of its buying power left, but we also have $12,000,000,000,000.00 in red ink to show for it.

If anyone thinks that we’ll pay off that debt (China and others), forgetdaboutdit! It ain’t gonna happen!

Lost also in the archives of our memory are these word by Woodrow Wilson, “We have come to be one of the worst rules, 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.” You can read that in Wilson’s book, The New Freedom.

Can you imagine what he would say today?

A Ponzi scheme by any other name there is not!

Written by Ernie · Filed Under Daily Commentary