Scared Monkeys Discussion Forum

The United States gave birth to an abomination on December 23, 1913. It was conceived by a group of men right out of Rosemary’s Baby and consummated in a secret gathering place known as Jekyll Island. Some of the richest and most powerful men in America would go on to be its Godfathers. They nurtured this demon spawn and played wet nurse as it was sold to the public as the new panacea that would free us from the evils of the business cycle. The abomination they created is none other than the Federal Reserve.

The Federal Reserve is not your friend. The Federal Reserve believes it operates above the law[1], and if looked at with an objective eye, it functions much like a type of banking cartel our founding fathers feared could threaten the concept of a limited government. They were right. The Fed is at the very heart of our financial problems, and until the vast majority of the public becomes aware of this, they will not subside.

The Founding Fathers were very specific about what they wanted when they wrote the Constitution. According to Article I, Section 8, Congress is supposed to have the authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.” The government was never supposed to be in the banking business; they were to be in the sound currency business. The problem with this is that a sound currency does not need a bank. And because a sound currency does not lose its purchasing power over time, modern banking is its foe.

The Fed was designed "to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."[2] Since 1950, the U.S. has had 10 different recessions, about one every seven years--viewed as a normal business cycle. The Fed oversaw the Great Depression, the “internet bubble,” the “housing bubble,” and now possibly the largest bubble of them all, a “bond” bubble. Additionally, the dollar has lost 95.75% of its purchasing power under its management.[3] How’s that for fulfilling its mission?

Some of the most recent moves by the Fed should give every American pause as to what fiscal insanity has been occurring. This includes:
“Creating” 2.75 trillion dollars over the last five years and injecting $85 billion of it per month into the debt market to manipulate interest rates lower.[7] This works out to over $250 per person per month, or roughly that of an average car payment;
Conducting secret bailouts to the tune of 16.1 trillion dollars with the following recipients:[8]
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
JP Morgan Chase - $391 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Wells Fargo - $159 billion
Wachovia - $142 billion

(This list doesn’t even reflect the foreign banks’ 3.08 trillion);

Giving the banks secret loans, but also paying them $659.4 million in fees to administer those same loans; and
Enriching the already-wealthy with these policies so that 95% of the income gains over the last five years has gone to the top 1%, while median household income continues to fall.[9]