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Tuesday, November 19, 2013

The Money Monopoly

The Money Monopoly

By Mike Krauss
November 19, 2013

In a masterful study of the Federal Reserve, Secrets of the Temple,
William Greider observed that the average American farmer in 1880
knew more about banking and money than most U.S. college graduates today.

Let me prove that.

Take a bill from your wallet or purse. Read the side with the

It says very clearly at the top, "Federal Reserve Note."

The Federal Reserve is not a part of the federal government.

It receives no appropriation from Congress.

It is a private corporation and its stock is privately traded.

The stockholders are the member banks of the regional Federal
Reserve Banks, so its major stockholders are the largest banks
and their owners.

Historically these have been the powerful Wall Street and European
banking families: think Rothschild, Warburg, Morgan, Rockefeller.

All the bills and coins in circulation today are a tiny fraction of the
supply of money in the American economy.

All the rest is credit, created on the books of the banks "ex nilo" --
out of nothing.

This money comes into circulation at interest paid to the banks
that create it.

A central bank like the Federal Reserve creates the money supply
of the United States, at interest.

The Bank of England was the first privately owned central bank to
control a nation's currency.

One of its owners, of the Rothschild family well understood what
that meant and said: "Give me control of a nation's money, and
I care not who makes the laws."

Big money.

The colony of Pennsylvania escaped the clutches of the Bank of
England and its tax on money by printing its own.

It was pure genius.

Writing in The Wealth of Nations in 1776, Adam Smith noted:

"The government of Pennsylvania, without amassing any treasure
[gold or silver] invented a method of lending, not money indeed,
but what is equivalent to money. By advancing to private people
at interest " paper bills of credit " legal tender in all payments "
it raised a moderate revenue which went a considerable distance
toward defraying the whole ordinary expense of that frugal and
orderly government."

Until the mid 1750s there was broad prosperity in Pennsylvania.

On a trip to London, Ben Franklin let the cat out of the bag.

He noted the widespread poverty he saw there and explained how
by printing their own money and avoiding the need for the notes
of the Bank of England to conduct their commerce, the people of
Pennsylvania insured their own prosperity.

The private owners of the Bank of England went the 1700s version
of ballistic and lobbied the King and Parliament (Sound familiar?)
to outlaw this colonial "script."

The depression that followed was the cause of the American

Franklin wrote, "In one year the conditions were so reversed that
the era of prosperity ended, and a depression set in, to such an
extent that the streets of the Colonies were filled with unemployed."

He concluded, "The Colonies would gladly have borne the little tax
on tea and other matters, had it not been the poverty caused by
the bad influence of the English bankers on the Parliament
[Again, sound familiar?]: which has caused in the Colonies hatred
of England, and the Revolutionary War."

The bankers got control.

Hamilton fronted for them in the young United States.

Jefferson and Jackson fought them.

Lincoln fought them.

Lincoln was assassinated, the bankers once again had control and
the war for control of the nation's supply of money raged on.

After decades of planning and massive PR and propaganda, having
bought up the support of Ivy League scholars, journalists and the
requisite number of votes in Congress, the Wall Street cartel and
their foreign allies pushed creation of the Federal Reserve through
Congress and got complete control of the nation's money and credit.

Before you pay your taxes, the money you pay with has already
been taxed by the owners of the Federal Reserve, which for over
100 years have diverted trillions of dollars of interest payments
on our money from the American people into their own pockets.

That is what "central banks" are designed to do: extract wealth
from nations by monopolizing the supply and cost of money and

The debt ceiling, sequestration, austerity and budget deficit are
a diversion.

The U.S. Congress can slash the debt by taking back control of our
money from the Federal Reserve monopoly and returning it to the
U.S. Treasury and the American people, as the Constitution (Article
I, Section 8) wisely provided.

Mike Krauss is a Director of the Public Banking Institute,
Chairman of the Pennsylvania Project, and Author of the
forthcoming novel, "Pursuits of Happiness."

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