The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. Although an instrument of the US Government, the Federal Reserve System considers itself an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government.
Government spending is always a tax burden on citizens and is never equally or fairly distributed. The poor and low-middle income workers always suffer the most from the deceitful tax of inflation and borrowing. - Congressman Ron Paul
If the American people ever allow private banks to control the issue 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 property until their children wake up homeless on the continent their fathers conquered. - Thomas Jefferson
Article 1, Section 8 of the U.S. Constitution says that Congress shall have the power to coin (i.e. create) money and regulate the value thereof. In 1935 the Supreme Court ruled that Congress cannot Constitutionally delegate its power to another.
The London banker Rothschild wrote that a Central Bank gives the National Bank almost complete control of national finance. The few who understand the system will either be so interested in its profits, or so dependent on its favors, that there will be no opposition from that class... The great body of the people, mentally incapable of comprehending, will bear its burden without complaint, and perhaps without even suspecting that the system is inimical (contrary) to their interests.
It's important to understand that the Federal Reserve Bank is a private company which controls and profits by printing money through the Treasury, and regulating its value.
The FED began with approximately 300 people or banks that became stockholders purchasing stock, which is not publicly traded, at $100 per share.
The FED banking system collects billions of dollars in interest annually and distributes the profits to its shareholders. Congress illegally gave the FED the right to print money (through the Treasury) at no interest to the FED. The FED creates money from nothing, and loans it to the public through banks and charges interest. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest.
Who actually owns the Federal Reserve Central Banks? -
- Rothschild Bank of London
- Warburg Bank of Hamburg
- Rothschild Bank of Berlin
- Lehman Brothers of New York
- Lazard Brothers of Paris
- Kuhn Loeb Bank of New York
- Israel Moses Seif Banks of Italy
- Goldman, Sachs of New York
- Warburg Bank of Amsterdam
- Chase Manhattan Bank of New York
How did this fraud happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation. When elected, Wilson passed the FED. Later, Wilson remorsefully replied (referring to the FED), "I have unwittingly ruined my country."
Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. In 1992, taxpayers paid the FED banking system $286 billion in interest on debt the FED purchased by printing money virtually cost free. Forty percent of our personal federal income taxes goes to pay this interest. The FED's books are not open to the public and Congress has yet to audit it.
The U.S. Government can buy back the FED at any time for $450 million (per Congressional record). The U.S. Treasury could then collect all the profit on the money instead of the 300 original shareholders of the FED. The $4 trillion of U.S. debt could be exchanged dollar for dollar with U.S. non- interest bearing currency when the debt becomes due. There would be no inflation because there would be no additional currency in circulation. Personal income tax could be cut if we bought back the FED and therefore, the economy would expand.
According to the Constitution, Congress is to control the creation of money, keeping the amount of inflation or deflation in check. Clearly, Congress isn't doing their job. Why?
At election time the banks financially back sympathetic candidates and most of these candidates are elected. The bankers employ members of the Congress at lucrative salaries and the FED started buying up the media in the 1930's and now owns or significantly influences most of it.