6139008-History-of-Money

went down. The kings forcibly passed “legal tender laws” which required everyone to accept the coins at face value. Thelaws were enforced through brute force, imprisonment and death. Then, further laws were passed to forcibly keep thecoin’s face value at an amount convenient to persons in power. Then, another phenomenon occurred with the goldsmiths.People used the vaults of the goldsmiths to keep their own gold safe for a small fee. Once the gold was deposited into thevault, the depositor was given a paper receipt from the goldsmith. Simply presenting the receipt to the goldsmith wasenough to make a withdrawal of gold from the vault, just as you make a paper withdrawal from the bank. Eventually, thepaper receipts were also traded for goods and services since there was gold at the vault to back up the value of thereceipt. The receipt was backed by gold and this made people comfortable with accepting the receipt. The value of thereceipt depended on the reputation of the goldsmith.Laurence H. Meyer, Governor of the Federal Reserve Bank, said the following at the Distinguished Lecture Program,Swarthmore College, Swarthmore, Pennsylvania on December 5, 2001: The next important evolution was the introductionof "representative" paper money. Warehouses accepted deposits of silver and gold and issued paper receipts. These paperreceipts in turn began to circulate as money, used as a means of payment and held as a store of value. The paper wasfully backed by the precious metals in the warehouse. Once again, efficiency was enhanced by the convenience of carryingpaper money as opposed to the bulkier silver or gold coins.Alan Greenspan, Chairman of the Federal Reserve Bank, made remarks at the opening of an American NumismaticSociety Exhibition, Federal Reserve Bank of New York, New York, on January 16, 2002: Many millennia later, in one of theremarkable advances in financial history, the bank note emerged as a medium of exchange. It had no intrinsic value. Itwas rather a promise to pay, on demand, a certain quantity of gold or other valued commodity. The bank note's valuerested on trust in the willingness and ability of the bank note issuer to meet that promise. Reputation for trustworthiness,accordingly, became an economic value to banks--the early issuers of private paper currency. The Federal Reserve nowpromises to tax you and uses you as the collateral against which it issues the Federal Reserve Notes andcyber money!!!Paper receipts were traded as a more convenient means to buy and sell than using gold. The paper receipts were backedby the gold in the goldsmiths’ vault. The goldsmiths also observed that most of the gold, over three-fourths of it,remained in the vault at any given time. Many goldsmiths decided to issue loans by writing paper receipts notbacked by gold. The goldsmiths collected usury on these loans. A share of the fees from the interest would be splitamong the depositors of the gold. However, the goldsmith did not allow people to borrow the gold. They simply wrote outmore paper receipts that were not backed by gold. The goldsmiths of the past are the Bankers of today. Goldsmiths wroteout paper currency not backed by gold. These receipts were used as paper loans to borrowers. An example of goldsmithsissuing more paper receipts than there is gold:Before, 100 coins = 100 paper receipts provided to depositorsAfter, 100 coins = 100 paper receipts provided to depositors +100 paper receipts used as paper loans to borrowers.Result: Paper loans diluted the value of the receipts issued by the Goldsmith.You can interpret this as a hidden tax, inflation or a RIP-OFF theft that puts our money into the banking dynasties’pockets. There were many more receipts and loans than there was gold. The goldsmiths couldn’t possibly fulfill all theobligations because not all receipts were backed by an equivalent amount of gold, unless they were themselves able toborrow from other goldsmiths in case of a run-on-the-bank. The government officials, like the kings in the past, forcedcitizens to accept the paper notes at their face value by passing legal tender laws knowing full well that the receipts werenot backed by gold. In other words, government officials colluded with the banking dynasties. Remember that the papernotes were not backed by gold. The paper notes were worthless and people were forced, according to the legal tenderlaws, to accept them as currency. These paper notes had no intrinsic value whatsoever. This is called “fractional reservebanking” and it is a simple representation of how banks operate today. The banks and the goldsmiths had a great deal incommon. They both duplicated currency out of ordinary paper. The paper currency floating around is not properlysupported by an equal amount of gold or silver. The paper currency cannot be redeemed for the gold because there isn'tenough gold to satisfy the depositor’s claims. Embezzlement has occurred because the Bankers have fooled the peopleholding the currency into believing that it’s worth the gold it is supposed to represent. Everyone saw and felt the paperdollars in their pockets. The public didn’t see that the Bankers, or the goldsmiths, diluted the value of their paper currencyby simple producing more of it. Theft was occurring right under their noses and no one, other than the Bankers andsome of the politicians, were the wiser.Governor Laurence H. Meyer, of the Federal Reserve Bank, explained the beginning of fractional reserve bankingat the Distinguished Lecture Program, Swarthmore College, Swarthmore, Pennsylvania on December 5, 2001: Owners ofthe warehouses soon learned that the holders of the paper receipts would not simultaneously redeem the gold depositedwith them. The warehouses could therefore lend the gold--in turn, often converted into paper notes--holding a reserve ofgold that allowed them to meet the normal demands for redemption”.This was the beginning of fractional reserve banking. Every time the goldsmith wrote another paper receipt that was notbacked by gold, all other receipts decreased in value. The goldsmith of the past is the banker of today. Anytime a papercurrency that is backed by gold is diluted with paper money that is not backed by gold, the original currency loses itsvalue. The Federal Reserve “dollar” is a paper currency note. It is a token made of paper or a base metal. It is not moneybecause it cannot be redeemed for gold or silver. When the amount of gold in reserve stays the same, printing morepaper currency reduces the value of currency in everyone’s pockets. Each unit of currency is worth less once the newThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 388