US monetary system: Robber Baron-era design makes US debt peons forever. You knew that, right?

November 13, 1:37 PMLA County Nonpartisan ExaminerCarl Herman

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We hold these Truths to be self-evident...

"At first blush, a man is not capable of reporting truth; he must be drenched and saturated with it first." – Henry David Thoreau, I to Myself.

As I’ve previously written, the interest payment on the national debt is now ~$450 billion every year, there is no plan to ever repay the debt (we only pay the interest), and our monetary system only and always creates money as debt: condemning us to perpetually increasing debt for ourselves and our posterity.
This debt-based monetary system was institutionalized through the Robber-Baron Federal Reserve in 1913. It takes the money-creation power of the US and transfers it to banks, that then create money as debt and lend it to us. Because the government gave away this power, they have to borrow their own money. The solution, as advocated by many of the America’s brightest historical minds, is to merely transfer the money-creation power back to the people. The idea is supported among US third parties, and growing factions among the Republican and Democratic parties. The most well-known current journalists/advocates on this topic that I know of are Ellen Brown, Bill Still, Paul Grignon, and Stepen Zarlenga.

What this policy change means is to transfer power to the peoples’ representatives, government, which will require a concurrent (and unimaginable) transformation of transparency and accountability. As we know, when our government and so-called mainstream media lie about policy of such magnitude as military invasions that kill millions, you can count on their lies with trillions of dollars. A political strategy of state-level, rather than national, might be a better starting place (and here).

The following 5-minute video from Stefan Molyneux is a realistically-focused theme that our government “leaders” choose to perpetuate our debt-based monetary system at the expense of our labor. They sell our labor as one would sell the labor of a slave, a peon, an animal. Warning: video shows cattle being stunned; what happens prior to slaughter. Our government "leaders'" lies of commission and omission perpetuate our debt-slavery when the alternative solution, as documented here, is elegantly simple in structure.

Please let that idea sink-in. Please reflect on how the person you’ve always wanted to be would respond. Please find the courage to act consistent with your beautiful, powerful and unique self-expression.

From time-to-time, members of Congress speak for the public. Dennis Kucinich, Ron Paul, and Alan Grayson are among them today in demanding the end of the Federal Reserve system. Previous House Committee on Banking Chairs have also done so, and failed because of their parties' "leadership" to keep Americans in perpetual debt. The following revealing comments come from two Chairpersons of the House Banking Committee, totaling 24 years of service in that position of comprehensive insight into American banking. Louis McFadden (1876-1936) was Chair from 1919-1931, and Wright Patman (1893-1976) was Chair from 1963-1975.

“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and iniquities of the Federal Reserve Board has cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.

Some people think the Federal Reserve banks are United States Government institutions. They are not Government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into States to buy votes to control our legislation; and there are those who maintain international propaganda for the purpose of deceiving us and of wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.” – Rep. Louis McFadden, June 10, 1932. Source: Congressional Record, June 1932, pg 12595-12603.

“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money... The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.” - Wright Patman: excerpts from September 29, 1941, as reported in the Congressional Record of the House of Representatives (pages 7582-7583).

As always, please share this article with all who claim they want economic competence. If you appreciate my work, please subscribe by clicking under the article title (it’s free). Please feel free to use my archive of work to help build a brighter future.

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