Episode 10: Some Fed Facts!
- In 1992 taxpayers paid the Fed banking system $296 billion in interest on money which the Fed created out of "thin air" with no hard assets such as gold, silver or other precious metals to back it up. Nice scam!
- 54% of personal federal income taxes goes to pay this interest. 54% less money to directly benefit American citizens.
- The Fed's books are not open to the public. Why not?
- Congress and the IRS do not have access to the financial records of the Fed. Why does the IRS have the right to know everything about you?
- Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years he introduced legislation to repeal the Federal Reserve Banking Act of 1913. The Act still stands today. Why???
- Congressman Henry Gonzales introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year. It's always defeated. Why????
- The Fed is illegal as per Article 1, Section 8 of the United States Constitution. Why does Congress refuse to acknowledge that fact?
- The 16th Ammendment, giving Congress the right to tax you to death, was also enacted in 1913 within months of the Fed's inception. Yet not a single solitary state has ever legally ratified the 16th Ammendment. So just how legal is personal income tax?
- The profit of the Fed is not taxed. So why are you taxed?
- Section 7 of the Federal Reserve Act, passed December 23, 1913 states that much of the profit of the Fed must flow back into the U.S. Treasury. Remember my post on the Unholy 7 meeting at Jekyll Island where some members were upset that too much power was being given to the government and Paul Warburg said; Fuggedahboudit ... lets get the Fed Act passed first and then we'll fix it later to our own liking? Well they did!! In 1959 new legislation was passed to allow the Fed to divert profits to private commercial banks substantially cutting profit flowing to the Treasury. Why did Congress allow this legislation to pass? How many government officials became rich on that two-step?
- The Federal Reserve Banks work on a 10% reserve requirement. For example;
- (1) Let's say the Fed creates $1,000,000 in "Fiat Money" (currency that has no assets whatsover to back it up), except the blessing of Congress, and distributes it to banks.
- (2) The bank "holds" 10% ($1000,000) in reserve as operating capital and then loans the rest out, lets say for the purposes of easy math, at a 10% interest rate.
- (3) The bank then earns $90,000 in interest payments and now also has the $900,000 which it originally loaned. Remember that you are paying interest on money that was created out of thin air, with no hard asset backing, and at absolutely no cost to the Fed except for the paper and ink.
- (4) The bank now deposits the $900,000, retains 10% ($90,000) as operating capital and loans $810,000 at 10% interest.
- (5) After just 2 cycles the bank has $190,000 in operating reserves and has earned $171,000 in interest on money that was created out of thin air. Even David Copperfield would be unable to do this.
- Inflation used to be about 1% every 10 years before there was a Federal Reserve System. After the creation of the Fed in 1913 inflation has skyrocketed to 1,779%
- The Congress will not allow an individual citizen to do what it allows the Fed to do. That is to create illegal U.S. money out of thin air, force people to use it, and pay interest to the Federal Reserve by charging you income tax.
- In 1992 Americans paid $296 billion in interest on government debt which is owned by the Fed.
- In 2006 Americans paid over $352 billion in interest on government debt which is owned by the Fed.
- How many trillions of dollars in total have Americans paid in interest on government debt to the Fed just between the years of 1992 to 2006 alone? How about between the years 1913 and 2008? Now that's heavy duty inflation ... a 1,779% increase in inflation over the 95 years between 1913 and 2008 now seems quite logical.
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