25 Fast Facts About The Federal Reserve – Please Share With
Everyone You Know
TRUTHER SEPTEMBER 17, 2013
Michael Snyder
As we approach the 100 year anniversary of the creation of the Federal
Reserve, it is absolutely imperative that we get the American people to
understand that the Fed is at the very heart of our economic
problems. It is a system of money that was created by the
bankers and that operates for the benefit of the bankers. The
American people like to think that we have a “democratic system”, but there
is nothing “democratic” about the Federal Reserve. Unelected,
unaccountable central planners from a private central bank run
our financial system and manage our economy. There is a
reason why financial markets respond with a yawn when Barack
Obama says something about the economy, but they swing wildly whenever
Federal Reserve Chairman Ben Bernanke opens his mouth. The Federal
Reserve has far more power over the U.S. economy than anyone else does by a
huge margin. The Fed is the
biggest Ponzi scheme in the history of the world, and if the American
people truly understood how it really works, they would be screaming for it
to be abolished immediately. The following are 25 fast facts about the
Federal Reserve that everyone should know...
#1 The greatest period of economic growth in U.S.
history was when there
was no central bank.
#2 The United States never had a persistent,
ongoing problem with inflation until
the Federal Reserve was created. In the century before the
Federal Reserve was created, the average annual rate of inflation
was about half a percent. In the century since the Federal Reserve
was created, the average annual rate of inflation has been about
3.5 percent, and it would be even higher than that if the inflation
numbers were not being so grossly
manipulated.
#3 Even using the official numbers, the value of
the U.S. dollar has declined by more than 95 percent since the Federal
Reserve was created nearly 100 years ago.
#4 The secret November 1910 gathering at Jekyll
Island, Georgia during which the plan for the Federal Reserve was hatched
was attended by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the
Treasury Department A.P. Andrews and a whole host of representatives from
the upper crust of the Wall Street banking establishment.
#5 In 1913, Congress was promised that if the
Federal Reserve Act was passed that it would eliminate the
business cycle.
#6 The following comes directly from the Fed’s
official mission statement: “To provide the nation with a safer, more
flexible, and more stable monetary and financial system. Over the
years, its role in banking and the economy has expanded.”
#7 It was not an accident that a permanent income
tax was
also introduced the same year when the Federal
Reserve system was established. The whole idea was to
transfer wealth from our pockets to the federal government and from the
federal government to the bankers.
#8 Within 20 years of the creation of the Federal
Reserve, the U.S. economy was plunged into the Great Depression.
#9 If you can believe it, there have been 10
different economic recessions since 1950. The Federal
Reserve created the “dot com bubble”, the Federal Reserve created the
“housing bubble” and now it has created the
largest bond bubble in the history of the planet.
#10 According to an official government report,
the Federal Reserve made 16.1
trillion dollars in secret loans to the big banks during
the last financial crisis. The following is a list of loan
recipients that was taken directly from page
131 of the report...
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
“All Other Borrowers” - $2.639 trillion
#11 The Federal Reserve also paid those
big banks $659.4
million in fees to help “administer” those secret loans.
#12 The Federal Reserve has created
approximately 2.75
trillion dollars out of thin air and injected it into the
financial system over the past five years. This has
allowed the stock market to soar to unprecedented heights, but it
has also caused our financial system to become extremely
unstable.
#13 We were told that the purpose of quantitative
easing is to help “stimulate the economy”, but today the Federal Reserve is
actually paying the big banks not
to lend out 1.8 trillion dollars in “excess reserves” that they
have parked at the Fed.
#14 Quantitative easing overwhelming benefits
those that own stocks and
other financial investments. In other words, quantitative
easing overwhelmingly favors the very wealthy. Even
Barack Obama has admitted that 95 percent of the income gains
since he has been president have gone to the top one percent of income
earners.
#15 The gap between the top one percent and the
rest of the country is now the greatest that it has been since the 1920s.
#16 The Federal Reserve has argued vehemently in
federal court that it is “not
an agency” of the federal government and therefore not subject to
the Freedom
of Information Act.
#17 The Federal Reserve openly admits that the 12
regional Federal Reserve banks are organized “much
like private corporations“.
#18 The regional Federal Reserve banks issue
shares of stock to the “member banks” that own them.
#19 The Federal
Reserve system greatly favors the biggest banks. Back
in 1970, the five largest U.S.banks held 17
percent of all U.S. banking industry assets.
Today, the five largest U.S. banks hold 52
percent of all U.S. banking industry assets.
#20 The Federal Reserve is supposed to “regulate”
the big banks, but it has done nothing to stop a
441 trillion dollar interest rate derivatives bubble from
inflating which could absolutely devastate our entire
financial system.
#21 The Federal Reserve was designed to be a
perpetual debt machine. The bankers that designed it intended to
trap the U.S. government in a perpetual debt spiral from which it could
never possibly escape. Since the Federal Reserve was established
nearly 100 years ago, the U.S. national debt has gotten more than 5000
times larger.
#22 The U.S. government will spend more
than 400 billion dollars just on interest on the national debt
this year.
#23 If the average rate of interest
on U.S.
government debt rises to just 6 percent (and it has been much
higher than that in the past), we will be paying out more than a trillion
dollars a year just in interest on the national debt.
#24 According to Article I, Section
8 of the U.S. Constitution, the U.S. Congress is the one that is
supposed to have the authority to “coin Money, regulate the Value
thereof, and of foreign Coin, and fix the Standard of Weights and
Measures”. So exactly why is the Federal Reserve doing it?
#25 There are plenty of possible
alternative financial systems, but at this point all
187 nations that belong to the IMF have a central bank.
Are we supposed to believe that this is just some sort of a bizarre
coincidence?
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