6139008-History-of-Money

THE IRS IS ON THE ROPES AND RUNNING SCARED! . AMERICAN PATRIOT FRIENDS NETWORK [www.apfn.net &http://www.apfn.org/]Congressman Ron Paul Introduces Bill to Abolish the Fed Sep 10, 2002In his speech to Congress from page E1536 of the Congressional Record Sept 10 2002: “...abolishing the FederalReserve and returning to a constitutional system will enable America to return to the type of monetary system envisionedby our Nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold”. OnSep. 10, 2002, U.S. Congressman Ron Paul (R-TX) introduced HR 5336, the "Federal Reserve Board Abolition Act".Ron Paul concludes: “In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting anend to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, andenriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.” There is one thing Rep.Ron Paul left out: the elimination of fractional reserve banking, which is how banks create money out of thin air, even ifthat money is backed by gold. The most inclusive measure of created money is called the "M3 money supply" andcurrency money is called the "M0 money supply". The difference is about 13:1. According to the Federal Reserve'sreleases, Aug., 2002 M0 was $617b and Aug., 2002 M3 was $8,259b. In other words, if everyone tried to withdraw theirmoney at the same time, there would be a run on the banks as all the printed U.S. currency in the World covers only 8%of the World's bank deposits that are held in supposed U.S. dollars.Recently, Sept. 5, 2003, Congressman Rep. Ron Paul of Texas: who is on the Financial Services Committee, whichoversees the entire financial services industry, including the securities, insurance, banking, and housing industries, servesas the vice-chairman of the Oversight and Investigations subcommittee that oversees the work of the Federal Reserve,the Treasury, the SEC, and other financial services regulators said before the U.S. House of Representatives on Sept. 5th:"We own the printing press and create as many dollars as we please. These dollars are used to buy federal debt. Thisallows our debt to be monetized and the spendthrift Congress, of course, finds this a delightful convenience and nevercomplains. As the dollars circulate through our fractional reserve banking system, they expand many times over. With ourexcess dollars at home, our trading partners are only too happy to accept these dollars in order to sell us their products.Because our dollar is relatively strong compared to other currencies, we can buy foreign products at discounted prices. Inother words, we get to create the World's reserve currency at no cost, spend it overseas, and receive manufactured goodsin return…. All great republics throughout history cherished sound money. This meant that the monetary unit was acommodity of honest weight and purity. When money was sound, civilizations were found to be more prosperous andfreedom thrived. The less free a society becomes, the greater the likelihood its money is being debased and the economicwell-being of its citizens diminished…. Yet here we are today with a purely fiat monetary system, managed almostexclusively by Alan Greenspan. The Founders were well aware of the biblical admonitions against dishonest weights andmeasures, debased silver, and watered-down wine. The issue of sound money throughout history has been as much amoral issue as an economic or political issue."To reiterate, there are three injustices in the U.S. banking system: The private Federal Reserve issue of money, TheFractional reserve private banking system, and inflation. It's possible to have different combinations of these. Forexample, between 1913 and 1933, the U.S. had both a Federal Reserve and a true gold standard. And between 1933 and1971, the U.S. made gold ownership illegal to U.S. citizens, but still honored the $35/oz exchange rate for those outsidethe U.S. Gold became legal again in 1975, since it was completely decoupled from the dollar in 1971. And before 1913,the U.S. had no Federal Reserve but did have fractional reserve even though it was on a gold standard. To find examplesof monetary systems with no fractional reserve, one would have to either go back to the 17th century or look at tribalbartering systems that are outside the reach of the U.S. IRS. There are many problems with the Federal Reserve, but theyare worse than some conspiracy theories expound. Yes, the Federal Reserve is a private corporation owned by banks. Yes,the Federal Reserve gets currency for free (just for the cost of printing) from the U.S. Treasury Bureau of Engraving andPrinting (BEP). Here's how it works. When the U.S. Treasury needs to borrow money, it has its own Bureau of Engravingprint the money, and sells it for the cost of printing to the Federal Reserve, a private corporation with the chairman of theboard appointed by the U.S. president who of course acts in the interests of the owners of the Fed if he wishes not to beassassinated or removed like the 7 others (Presidents Harrison, Zachary Taylor, Lincoln, Garfield, McKinley and John F.Kennedy, and FDR’s poisoning). The Federal Reserve then buys U.S. bonds from the Treasury. However, despite thisobscene arrangement, the Federal Reserve "donates" (by tradition, not by law) its profits back to the Treasury afterspending extravagantly on its owners. Still, that comes out to an absolute minimum $300 million annual scam but is mostlikely much higher. Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of theFED should flow into the U.S. Treasury. In 1959, new legislation allowed the FED to transfer bonds to commercial banks atno cost to the bank. Now the FED receives less interest income and less profit for the U.S. Treasury because the money isdiverted to other banks through an accounting entry. And what’s worse is that the debt of $7 Trillion Federal and another$7 Trillion at the State levels and a total of about $50 Trillion total that is owed by the World to the Fed can be foreclosedon if the debtors are unable to pay the interest. This is what happened when the bankers caused depressions byrestricting credit in the past and people lost their properties, businesses and other assets to the banksters for a few centson the dollar. The BankLords manipulate news and credit to gradually steal the wealth of the World.Thomas Jefferson: "I believe that banking institutions are more dangerous to our liberties than standing armies. Alreadythey have raised up a money aristocracy that has set the government at defiance… If the American people ever allowprivate banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the peopleThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 400