Federal Reserve: creating debt-free money out of nothing for Americans is possible. Data show $1,000,000 per US household benefits in ‘Emperor’s New Clothes’ obviousness if Americans simply look

hat tips: Prison Planet, Zero Hedge

Last month, Federal Reserve Chair Janet Yellen acknowledged Fed power to create debt-free money for direct payment of public goods and services. This would create money as a “positive number” rather than current practice of only and always creating what is used for money as debt, a negative number, with obvious implications of increasing aggregate debt that will never be repaid and will only increase as negative numbers pile on forever.

This week, President and CEO of the Federal Reserve Bank of Cleveland confirmed this power to create debt-free money at a University of Sydney conference, with initial report that she considered it a “next step.” Doug Campbell of the Fed Cleveland Bank contacted me to correct ABC’s reporting that “that” meant quantitative easing rather than “helicopter money”:

Q. “There’s been some talk in this world of low interest rates about the use of helicopter money. What are your views on the effectiveness of that?”

A. “We’re always assessing tools that we could use. I think in the US we’ve done quantitative easing and I think that’s proven to be useful. So my view is that would be sort of the next step if we ever found ourselves in a situation where we wanted to be more accommodating.”


In a world history of empire, the Emperor’s New Clothes facts for anyone who cares to raise their head and look is that this game-changing power transforms economics almost instantly, and with easily documented benefits of literally a million dollars per US household.

See for yourself. With apparent $1,000,000 benefits per US household of objective and independently verifiable data, you literally have nothing more valuable to do.

Simply, this is as easy to understand as a coin having two sides with current showing/use of just one side of the coin: creating what we use for money as debt. An obvious response for responsible citizens is to demand professional, independent, and multiple economic cost-benefit studies to best understand the public benefits available with this power. The prima facie data described below demonstrate breakthrough and revolutionary power.

From my report of last month’s admission from Fed Chair Yellen:

Federal Reserve Chair Janet Yellen affirmed last Wednesday in a press conference that the power to create debt-free money for direct payment of public goods and services is a legitimate consideration.

In a statement parsed with eleven references that this action is “unusual,” “rare,” and claimed fears of hyperinflation, Yellen’s admission of this game-changing power is poisoned with lies of omission and commission. The top three lies, with more below:

  1. The current “monetary” system only and always creates debt for what we use for money. This is taught in every economics course, and is like adding negative numbers forever. These mechanics directly connect to escalating debt totals of $19 trillion for the federal government debt with annual gross interest cost of over $400 billiontotal debt of all US sectors of over $60 trillion with over $5 trillion in states’ government debtYellen lies in omission to disclose that the Fed “monetary” system’s mechanics can only create increasing and unpayable debt. To call “debt” its Orwellian opposite (“money”) is literal criminal fraud in her legal fiduciary responsibility to fully disclose our most important monetary information. The so-called “developed” nations with this debt-based system total $50 trillion of central government debt.
  2. Yellen lies that this is an “academic” debate only as an “all-out attempt” in a “very abnormal” situation without reminding us that Benjamin Franklin helped “invent” operating government without taxes when colonial Pennsylvania directly created currency to pay for its public goods and services. He was so excited about this breakthrough, he wrote a pamphlet on this topic. Yellen lies about “academic debate” when 86% of US economics professors agreed that debt-free money to directly pay for goods and services is superior mechanics than our current debt and tax model when asked directly. Yellen lies in omission to not remind us that debt-free money was tried on a national scale after the most tragic-comic hyperinflation imaginable to rebound that nation to the most powerful economy of Europe: Nazi Germany. This was only a partial experiment, with caveat that monetary power is amoral, as are other powerful tools like hammers, cars, and computers. Yellen won’t remind us that Thomas Edison and Henry Ford dedicated a media tour on the “invention” of debt-free money to pay directly for infrastructure.
  3. Yellen lies by not telling us that America’s infrastructure produces more economic output than investment cost, and therefore debt-free money to buy it produces game-changing triple benefits: employment, upgraded infrastructure, and overall falling prices. With a history of monetary reform extending to the founding of the US (British agents counterfeited colonial script to make it worthless), Lincoln’s Greenbacks, the Greenback political party and monetary reform being the US 2nd-most debated topic after slavery, and most currently in Congressman Kucinich’s NEED Act in 2011, this subject is not a mystery to any professional in this area.

The motivation for Yellen’s lies are to preserve the privately-owned banking system she represents that has unique power and profit to create what is used for money (debt/credit) out of nothing, then “lend” credit to the public at interest payable to them.

Yellen:

“In normal times I think it is very important that there be a separation between monetary and fiscal policy, and it is a primary reason for independence of the central bank. We’ve seen all too many examples of countries that end up with high or even hyperinflation because of those in charge of fiscal policy direct their central bank to help them finance it by printing money and maintaining price stability and low and stable inflation is very much aided by having central bank independence.

Now that said, in unusual times where the concern is with very weak growth or possibly deflation — rather rare circumstances — first of all, fiscal policy can be a very important tool. And it is natural that if it can be employed that just as monetary policy is doing a lot to try to stimulate growth that fiscal policy should play a role. And normally you would hope in an economy with those severe downside risks, monetary and fiscal policy would not be working at cross-purposes, but together.

Now whether or not in such extreme circumstances there might be a case for close coordination where the central bank playing a role in financing fiscal policy. This is something that academics are debating. And it is something that one might legitimately consider. I would see this as a very abnormal, extreme situation where — I warn you it’s an all-out attempt — and even then it’s a matter that academics are debating — but only in an unusual situation.”

Link to Yellen explaining in two minutes of video.

In greater detail and with further data:

The top three benefits each of monetary reform and public banking total ~$1,000,000 for the average American household, and would be received nearly instantly.

Monetary reform is the creation of debt-free money by government for the direct payment of public goods and services. Creating money as a positive number is an obvious move from our existing Robber Baron-era system of only creating debt owed to privately-owned banks (a negative number) as what we use for money. Our Orwellian “non-monetary supply” of adding negative numbers forever causes today’s tragic-comic increasing and unpayable total debt. You learned these mechanics of positive and negative numbers in middle school, and already have the education and life experience to conclude with Emperor’s New Clothes absolute certainty that accelerating total debt is the opposite of having money. As a National Board Certified and Advanced Placement Macroeconomics teacher, I affirm this is also exactly what is taught to all economics students.

The public benefits of reversing this creature of Robber Barons are game-changing and near-instant. We the People must demand these, as .01% oligarchs have no safe way to do so without admission of literal criminal fraud by claiming that debt is its opposite of money.

The top 3 game-changing benefits of monetary reform:

  1. We pay the national debt in proportion to removing private banks’ ability to create what we use for money as debt in order to prevent inflation. We retire national debt forever.
  2. We fully fund infrastructure that returns more economic output than investment cost for triple upgrades: the best infrastructure we can imagine, up to full-employment, and lower overall costs.
  3. We stop the ongoing Robber Barons who McKinsey’s Chief Economist documents having ~$30 TRILLION in tax havens, and the Fed finding the US top seven banks creating shell companies to hide $10 trillion. This amount is about 30 times needed to end all global poverty, which has killed more people since 1995 than all wars and violence in all human history.

Public banking creates at-cost and in-house credit to pay for public goods and services without the expense and for-profit interest of selling debt-securities. North Dakota has a public bank for at-cost credit that results in it being the only state with annual increasing surpluses rather than deficits.

Top 3 game-changing benefits of public banking:

  1. a state-owned bank could abundantly fund all state programs and eliminate all taxes with just a 5% mortgage and credit card.
  2. a state-owned bank could create in-house and at-cost credit to fund infrastructure. This cuts nominal costs in half because, as you know, selling debt securities typically doubles the cost. For example, where I live we’re still dismantling the old Bay Bridge in NoCal from the upgrade that cost $6 billion, but the debt-service costs will add another $6 billion when it’s all paid.
  3. CAFRs (Comprehensive Annual Financial Reports) stash “rainy day” funds no longer required with a credit line from a public bank. In addition, the so-called “retirement funds” currently deliver net returns of just a few percent on good years, and negative returns on bad years (herehere). California’s ~14,000 various government entities’ CAFRs have a sampled-data total estimate of $8 trillion in surplus taxpayer assets ($650,000 non-disclosed assets per household, among California’s ~12.5 million households).

$1,000,000 of benefits per US household:

  • California’s CAFR data of ~$650,000 of assets per household is evidence of huge cash assets of similar magnitude in every state.
  • Paying the US national debt of ~$18 trillion saves ~$180,000 per household.
  • Ending state taxes in California to pay a budget of ~$170 billion saves each household ~$15,000, with similar savings in every state.
  • ~$30,000 per household savings annually: the American public would no longer pay over $400 billion every year for national debt interest payments (because almost 30% of the debt is intra-governmental transfers, this is a savings of ~$300 billion/year). If lending is run at a non-profit rate or at nominal interest returned to the American public (for infrastructure, schools, fire and police protection, etc.) rather than profiting the banks, the savings to the US public is conservatively $2 trillion (1). If the US Federal government increased the money supply by 3% a year to keep up with population increase and economic growth, we could spend an additional $500 billion yearly into public programs, or refund it as a public dividend (2). This savings would allow us to simplify or eliminate the income tax (3). The estimated savings of eliminating the income tax with all its complexity, loopholes, and evasion is $250 billion/year (4). The total benefits for monetary reform are conservatively over three trillion dollars every year to the American public. Three trillion is $3,000,000,000,000. This saves the ~100 million US households an average of $30,000 every year. Another way to calculate the savings is to figure those amounts per $50,000 annual household income (for example, if your household earns $100,000/year, you save ~$60,000 every year with these reforms). This savings represents a 60% raise for every US household’s income.
  • Related, if the ~$30 trillion hidden in tax havens by the .01% have $10-$15 trillion from Americans, and we count the Federal Reserve report that the US top seven banks have over $10 trillion stored, then the average US household could clawback ~$200,000 to ~$250,000.

Famous Americans already on record for these reforms:

Please understand that I represent likely hundreds of thousands of professionals making factual claims with objective evidence anyone with a high school-level of education can verify.

The Emperor’s New Clothes obvious pathway out of these mechanics of our “debt system” is to start creating debt-free money (a positive number) for the direct payment of public goods and services, and create public credit for at-cost loans (a negative number). I have three academic papers to walk any reader through these facts; an assignment for high school economics students, one for Advanced Placement Macroeconomics students, and a paper for the Claremont Colleges’ recent academic conference:

Teaching critical thinking to high school students: Economics research/presentation

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye

Seizing an alternative: Bankster looting: fundamental fraud that “debt” is “money”

Let’s examine just some of the facts of the current US economy that demonstrates its criminal status:

For Americans still zombiefied to “believe” in America, please embrace the reality that 40% of US children live at least one year of their lives in under-measured poverty, while oligarchs most responsible literally laugh in grandiose glee of the poverty they euphemise as “income inequality.” Please absorb this 1-minute reality check:

More game-changing economic data that confirm what we receive for economic leadership is literal criminal fraud:

15-minute video of obvious solutions: Mark Anielski and Ellen Brown’s powerful 15-minute response to an interview at the Seizing an Alternative conference (and here, with videos here) with former World Bank economist Herman Daly and co-author John B. Cobb of For the Common Good (video should start at 1:04:43):

Endnotes:

1) Of $60 trillion total debt, a conservative current interest cost of 5% is $3 trillion every year. Two trillion dollars of savings if the profits are transferred to the American public rather than to the banking industry is probably low. St. Louis Federal Reserve Bank: https://research.stlouisfed.org/fred2/series/TCMDO

2) The US GDP is ~$17 trillion. Three percent growth is moderately conservative.

3) Of the US Federal government’s ~$4 trillion annual budget, about $1.7 trillion is received from income tax.

4) Tax Foundation. Hodge, S, Moody, J, Warcholik, W. The Rising Cost of Complying with the Federal Income Tax. Jan. 10, 2006: http://www.taxfoundation.org/research/show/1281.html

**

Note: I make all factual assertions as a National Board Certified Teacher of US Government, Economics, and History, with all economics factual claims receiving zero refutation since I began writing in 2008 among Advanced Placement Macroeconomics teachers on our discussion board, public audiences of these articles, and international conferences. I invite readers to empower their civic voices with the strongest comprehensive facts most important to building a brighter future. I challenge professionals, academics, and citizens to add their voices for the benefit of all Earth’s inhabitants.

**

Carl Herman is a National Board Certified Teacher of US Government, Economics, and History; also credentialed in Mathematics. He worked with both US political parties over 18 years and two UN Summits with the citizen’s lobby, RESULTS, for US domestic and foreign policy to end poverty. He can be reached at Carl_Herman@post.harvard.edu

Note: Examiner.com has blocked public access to my articles on their site (and from other whistleblowers), so some links in my previous work are blocked. If you’d like to search for those articles other sites may have republished, use words from the article title within the blocked link. Or, go to http://archive.org/web/, paste the expired link into the box, click “Browse history,” then click onto the screenshots of that page for each time it was screen-shot and uploaded to webarchive. I’ll update as “hobby time” allows; including my earliest work from 2009 to 2011 (blocked author pages: herehere).

**

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  • There are no clothes! Feb 16, 2016 Central Bankers Are Now Pushing The Public To Accept A Cashless Society

    Brazil is in a credit crisis as 5,525 business go out of business. Canadians are losing confidence as the economy spirals out of control. Consumer confidence in Norway declines. More layoffs in factories and companies. Home builder confidence tumbles as sales decline. Empire fed contracts for the 7th month in a row. Oil production is now frozen, Iran will continue to pump more oil.

    https://youtu.be/6ear6UYKDK8

  • May 21, 2013 Why the whole banking system is a scam – Godfrey Bloom MEP

    • European Parliament, Strasbourg, 21 May 2013

    • Speaker: Godfrey Bloom MEP, UKIP

    https://youtu.be/hYzX3YZoMrs

  • madrino

    The privately owned central banking system of usury, skimming off the top by the few against the billions, is wrong and has been considered so for 4 millennia. Yet, we all are dependent on this atrocity and actively participate. The only solution is what Mr. Herman suggests, identify the problem to the people being scammed, then imprison the owners, facilitators and enforcers.

  • jadan

    One point about the Bank of North Dakota, the so-called public bank promoted by Ellen Brown. It does not supply “at cost credit”. It operates primarily through the private banking system. It doesn’t do retail banking itself, but capitalizes private banks that charge whatever the going retail rate may be. This state has less than a million population with the highest number of private banks per capita in the nation. Private banks in ND are underwritten by the assets of the people. Public assets are used to support private banking profits. The BND cannot issue debt-free money. In emergency situations such a the flooding that happened in the 90’s, the BND offered low interest loans. It offers low interest credit to favored constituencies. Whether this money is “at cost” is debatable.

    The talk of debt-free money from the Fed is a very ominous sign. It means that the private banking system called the Fed is co-opting the public banking option. The great power of sovereign money, the people’s money, is being stolen by the private money interests of unelected and unaccountable private money monopolists in order to further the survival of their own monopoly. Ellen Brown actually supports this development.

    • Carl_Herman

      Hi jadan; thank you for studying, considering, and speaking-out on this vital trillions-worth issue 🙂

      Yes, BND issues credit/debt, and not debt-free money. They are compromised with privately-owned banks, and that said, demonstrate the potential power of public credit (at-cost). For example, North Dakota doesn’t have to sell debt securities to fund infrastructure; they can create their own credit with power to cut California’s funding model in half such as the Bay Bridge upgrade cost of $6 billion with an additional $6 billion interest/service cost. Public credit removes all the interest and service costs.

      Yes, the Fed and .01% will try to co-opt all things, and the contest is for the public to demand the facts for the best public benefits.

      With all respect, please do not speak for my friend and colleague, Ellen Brown. If you’d like to quote her work in context, please feel free. To suggest Ellen supports co-option into this literal debt-damned system is a straw man argument that anyone looking to Ellen’s work will see. Ellen is a leader to explain and document the mechanics of money and banking, and a leader I’m proud to work with. Anyone interested can read her work here: https://ellenbrown.com

      Again, with all respect to factual transparency, feel free to support any point you wish to make with evidence.

      • jadan

        The BND is a “public /private partnership” and Ms Brown has been a champion of this model for years. It is not public banking, but an odd right wing hybrid that underwrites the profits of private banks. The BND has the option to fund state projects and that’s a good thing to reduce usury costs, but the BND does not loan the public money back to the public at no interest, as a genuine public bank would do. This bank is a member of the Minneapolis Fed. It deals in private money, the Federal Reserve Note, and the cost of this money is what the Fed decides it will be. It happens to be extremely low at this time because the Federal Reserve system is collapsing under the load of debt and mismanagement it has imposed on the people of the US.

        Ellen Brown is not campaigning to replace this private monopoly with a public banking system. She is telling people to follow the model of the BND and become part of the private monopoly. It does have some advantages, but if I can convince you of one point, Carl, it is that THE BND IS NOT A PUBLIC BANK.

        In a recent essay that GW featured here, concerning Brexit and the potential derivative crunch, Ms Brown suggested the way out of the problem would be the issue of debt free money by the ECB for the purchase of bad bank debt, as the Fed did here through QE (without debt free money), and then getting rid of the debt by retiring it. Who’s talking here, Janet Yellen or Ellen Brown? Ms. Brown has never to my knowledge expressed support for HR 2990, the Kucinich public banking bill, or for the American Monetary Act, both of which are genuine public banking initiatives that would end the Fed. Talk to me about HR 2990, a genuine legislative initiative before Congress and Ellen Brown’s support. I read whatever article she writes and I’ve never heard her even mention it. Why is that?

        Her book, The Public Bank Solution is a fine overview of public banking (which I enjoyed ), and a signal scholarly achievement, but as I just said, she’s never supported a real public banking option here. She doesn’t challenge the Fed or its right to monopolize public money in this country.

        • Carl_Herman

          Again, thank you, jadan, for your work in this area. The structure of BND is a compromise, true. Any real solution for the public requires transparent data for professional and public review to best build the strongest models to maximize public benefits.

          Again, and with all respect, I advise those interested to read Ellen’s work to see for themselves what she states. For example, here she advocates for the Fed to become a public utility: https://ellenbrown.com/2013/12/22/100-years-is-enough-time-to-make-the-fed-a-public-utility/

          This theme is the point of her book, Web of Debt: for the Fed to operate as Kucinich’s bill and AMI promote. From her website on the book: http://www.webofdebt.com

          “Web of Debt unravels the deceptions in our money scheme and presents a crystal clear picture of the financial abyss towards which we are heading. Then it explores a workable alternative, one that was tested in colonial America and is grounded in the best of American economic thought, including the writings of Benjamin Franklin, Thomas Jefferson and Abraham Lincoln. If you care about financial security, your own or the nation’s, you should read this book.”

          The only difference, jadan, between AMI/Kucinich and Ellen is that she feels it best to include public banks while AMI feels that should be a private venture without capacity to create credit (just lend existing money from deposits for an investment purpose). Ellen explains that the NEED Act needs a public bank provision: http://www.populist.com/15.16.anderson.html

          Here’s what I see: creating what we use for money as a positive number (AMI/NEED Act) and as a negative number (public banks) are both important tools to best manage the money supply and access to credit. For example, with a state bank offering 5% mortgages and credit cards, all current state taxes are abundantly supplies. That is a game-changer, and that said, these “great ideas” would need to be subject to multiple, professional and independent cost-benefit analyses along with real-world pilot studies to best grasp how they fit into the real world.

          Oh, and Ellen supports maximizing public benefits with public banking. From her book summary: https://www.amazon.com/Public-Bank-Solution-Austerity-Prosperity/dp/0983330867?ie=UTF8&qid=1413333573&ref_=asap_B001IYZGX8_1_1&s=books&sr=1-1

          “The benefits of bank credit can be maintained while eliminating these flaws, through a system of banks operated as public utilities, serving the public interest and returning their profits to the public.”

          • jadan

            I’ve read both Brown’s books, Carl, and participated in her google group and blog for a while, until her fascination with the BND drove me away. I want public banking, which means sovereign money under democratic control. The private banking monopoly called the Fed is failing and creating great and unnecessary pain for the greatest number of people. It’s a private club, unaccountable, and we are headed for economic catastrophe because of the mismanagement of this cabal of very rich individuals who presume to act in the name of the public interest, but assuredly do not! The BND is not a compromise. It is a bulwark against the emergence of genuine public banking. As the private monopoly fails miserably and takes us all down with it, it will seek any means for its survival and the continued hegemony of the elite we call the 1% these days.The model of the BND is the sort of thing the Fed will latch on to. All income and assets of the public will capitalize the private banking sector in a nefarious public/private partnership.

            We need to eliminate fractional reserve banking, but rather than being ideological about it, we need to do whatever works best to serve the public interest and eliminate the corruption of the system that Janet Yellen currently represents. The money supply should be under the control of a democratic government. Since we don’t have a democracy, our first task is to make one! Then the Treasury can be put under democratic control.

            I’ll just say it again, and hope not to have to repeat it: Ellen Brown’s continued advocacy of the BND banking model is a big mistake because it is not a public bank and never can be so long as it is a member of the private Fed money monopoly. If she is a public banking advocate, she’s shooting herself in the foot. And I am not convinced she is a genuine public banking advocate, despite her books. Where money is concerned, I believe she prefers pragmatism and political expedience to the pursuit of revolutionary ideals. .And you and I know that public banking, real public banking, is revolutionary. It would drive the 1% out of the driver’s seat. EB does not have the stomach for that. She’s a sworn officer of the court which means she’s more than ordinarily invested in the status quo.

          • Carl_Herman

            Ok; I respect your opinion on this matter you’ve invested time to research.

            As you may know, I’m a leading advocate for arrests and/or Truth & Reconciliation to remove the .01% criminals from power and release full truth on the ~100 critical issues we face. If we get the data transparent, we’ll democratically develop the best methods with money and banking.

            Having worked with Ellen for the last 9 years, I do disagree with your analysis of Ellen’s motivation. And again, if we have transparent data, none of these opinions will matter.

          • jadan

            At first I thought Bernie was going to lead the way out of oligarchy with his call for “political revolution”. Silly of me to think the Democratic Party would host serious reform let alone political revolution. I’ve come to the conclusion that we’ve got to work for direct democracy above all. We will have no Truth&Reconciliation, no public banking, no end to imperial war until we put the people in charge with a functional democratic electoral apparatus. Direct democracy means revolution. Viva la revolucion!

  • David Mowers

    I’ve been saying this for years and been bashed relentlessly by fools and buffoons who care not to realize that money comes from imagination; it is not real.

    Therefore, it is limitless and all financial instruments created by Wall Street are figments of the imagination so-that, when those, “derivatives contracts,” failed real money was printed or issued to back the fraudulent transactions giving FREE MONEY to rich people simply for entering into bad contracts.

    Capitalism does not exist.

    It is all a lie.

  • Three pillars of sand our economic system is built on:
    1.Federal Reserve Bank
    2.Fiat Currency
    3.Fractional Reserve Banking

    The Federal Reserve tries to regulate the economy. Their mandates are maximum employment, stable prices, and moderate long-term interest rates.

    The Federal Reserve creates money and or makes money inexpensive by manipulating interest rates lower. Rarely manipulating rates higher. This is inflation. Prices go up and real wages go down.

    The Federal Reserve creates bubbles and crashes by pushing interest rates too low or too high for too short or too long of time.

    Who regulates the regulators at the Federal Reserve to keep the people safe from it and its mistakes? The only real regulator possible is the free market.

    With the Federal Reserve in place the market becomes the judge of the Federal Reserve decisions, rather than the regulator.

    The Federal Reserve in essence aids debtors and punishes savers. A depreciating dollar aids debtors and harms savers. An appreciating dollar aids savers and harms debtors.

    If you start giving an economy fish (easing Federal Reserve monetary policy, excessive federal government spending; deficit, national debt), the economy starts fishing less and starts dining more. Temporary misallocated (Keynesian stimulated) employment increases and sustainable production employment decreases.

    Abolish the Federal Reserve, the FDIC and all bank regulations except one; require full disclosure on full or fractional reserve backing of deposits. Treat gold, silver and cryptocurrencies as legal tender (not as an asset) for tax purposes.

    If you are concerned about the growing income inequality gap, if you are against war, against the military–industrial complex, against mega-mergers of companies and against invisible taxation, then you are against the Federal Reserve.

  • DebL.

    We’d have to send every single member of the criminal psycho elites to Antarctica for life in order for this to happen! Imagine Rothschild being forced to fish for his own food himself? In fact, imagine him wiping his own butt? When all this happens, let me know (because they only way the Earth is set right baring the second coming of Christ is to arrest these psychos, try them, send them to Antarctica (since there are too many of them to send to some South Seas Island atoll like irradiated Bikini) and shoot ’em if they try eating penguins.

  • nomoredoublespeak

    They’re only suggesting this because they know the public is finally waking up to the whole Federal Reserve FRAUD of creating debt-based fiat currency.
    There is no point in the Fed existing if they can’t screw us with debt-based money creation, but if they offer to move to debt-free currency creation there is little likelihood the power will be seized back to the Treasury where it belongs.

  • This is another favorite of mine on the Fed captured on video.

    Nov 19, 2011 SF Fed admits a private corporation, pay dividends!

    David Haynie: “I had a really quick question, the Federal Reserve Bank of San Francisco specifically, is that formed as a private corporation itself?”

    https://youtu.be/UOEOa9iraeI