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It cannot be repaying a loan from the Fed

This video from , is a history of money and banking, fractional reserve banking, central banks and how this has culminated in the economic disaster of today. Featuring Ron Paul, Joseph Salerno, Hans Hoppe and Lew Rockwell, it is a compelling explanation of the need to end the Fed and switch to sound money.

Comments

Yes, james carter, the Federal Reserve scam needs to be ended, and indeed will come to an end even if by it’s own demise as you point out. Hopefully we can end it pawn shop AR somewhat amicably instead of catastrophically for the nation and the people.

Your court case (link in your comment) is very interesting. Since it is filed “under seal and in camera” it cannot be viewed via public records. How is it progressing?

Congress can pay for federal expenses with funds collected from taxes, but Congress is never satisfied with this pittance. The desire to buy votes and solicit campaign contributions from special interest groups induces congress-critters to spend more. This is identified as deficit spending. To create this book entry money requires the assistance of the Federal Reserve.

Congress will give the Fed a Treasury security (bill, bond, or note) and the Federal Reserve Bank of New York (FRBNY) will accept the document as an asset. Voila !! Fiat money has just been created for Congress to spend.

The public sees the government spend the money and watches the National Debt increase. Nobody watches the one trillion dollars in T-securities that are currently received by the FRBNY annually for deficit spending.

The Fed and the government (cameo appearance) jointly auction about $7 trillion in T-securities to roll over previously issued securities. The deficit spending securities are added as a percentage to the roll-over securities for a total of approximately $8 trillion. (más…)