New: “The United States Federal Reserve announced Wednesday that it will start drawing down (i.e. “tapering”) its multibillion-dollar quantitative easing policies in 2014.
The Fed will begin tapering its $85 billion monthly purchases of Treasuries and Treasury mortgage-backed securities by $5 billion each starting in January.”
100 years ago, this December, the United States Congress created a central bank today, we know it as the Federal Reserve Bank of the United States. What most people don’t know is that the bank isn’t a federal entity and candidly, it really has nothing in reserves.
Is the Federal Reserve good for the United States? Is it even possible to get rid of it?
The first step toward truth is to be informed.
10 years ago, virtually no American knew anything about the Federal Reserve Bank. Most thought it was a government agency, an entity that helps to create and protect U.S. currency and our economy. Then came along the national rise of a Congressman from Texas by the name of Ron Paul.
One of the most impressive things about the career of now retired Congressman Ron Paul was the national attention he drew to the Federal Reserve Bank.
It was Congressman Paul who made millions of Americans aware of a simple truth. That the single entity with the most power and control over the U.S. dollar is not accountable to the American people.
So what exactly is the Federal Reserve?
To begin with, it is a private bank that serves as the exclusive bank of the U.S. government. Though it was created by Congress, the Federal Reserve does not answer to Congress. The President himself doesn’t have direct oversight.
So what else does the fed do?
The Fed regulates financial institutions, manages the nation’s money and has incredible influence over the economy. The fed can raise and lower interest rates, in fact, they are the only entity able to do so.
That is very big deal because with that power, the fed is able to control the U.S. economy. can cause the life savings of Americans to lose value through inflation, controls the value of your investments, and even impacts employment rates and manufacturing outputs.
An awful lot of power for an entity that has no accountability to the U.S. people. so where did this central bank come from?
A writer by the name of G. Edward Griffin blew the modern lid off this story when he wrote a book called “The Creature from Jekyll island.”
He spoke to me via Skype.
Ben: For folks who don’t know the name, why is the book called “The Creature from Jekyll Island”?
Griffin: Sure, because there is a lot of significance to it. Many people think it’s just a tricky title to attract attention which frankly that’s some of the motive for doing that but Jekyll Island is a real island, Ben, as you well know, and it’s significant because it was on that island back in 1910 that the Federal Reserve was created. And that’s an interesting fact of history that why should something as important as the Federal Reserve system be created any place other than Washington D.C.
Ben: How did the meeting at Jekyll Island in 1910 become a central bank in 1913?
Griffin: Back in 1910 when all of this happened, there was a great deal of concern in Congress and among the American people about this concentration of financial power in the hands of a small group of companies, financial centers, on Wall Street. The big banks, the big insurance companies, the brokerage houses and so forth. There was a clamor at that time for legislative reform, there’s that word that we hear so much about. What happened is that the banks decided that the public was going to get its reform one way or the other, so why should they just sit back and let it happen? They decided to take the lead in that parade and make sure that they provide the so-called reform. They were going to draft this legislation and of course, if it were known that they were the ones drafting the reform legislation, it wouldn’t sell too well. So there had to be a lot of secrecy about that particular period of history. Well what were they concealing? It wasn’t just, they weren’t concealing just the fact that they were the ones writing the legislation to control themselves but when you follow that thread you come to the realization was what they were doing is creating a cartel. You see these were competing banking companies within the industry and this was at the time of history when competition was being replaced by monopolies and cartels and this happened in spades as far as the banking industry is concerned. And on Jekyll Island they created a banking cartel to regulate itself, to set up its own rules, to offer it to the American people as though as it was some kind of banking reform and the stupid politicians in Washington accepted it and they passed this banking cartel agreement into law and they called it the Federal Reserve Act.
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