The Federal Reserve System
Anyone who is in Banking & Payments and is a bit of a history buff, would know essential flow of how our money is made. I use the word flaw deliberately, because that is what it is.
Money today is created out of thin air. It has been for decades now. There is no tangible commodity at the back end to cover it. It is all created at will and then pushed into the money supply.
There is indirect taxation because of this, i.e. inflation that is a monster by itself to deal with.
Now, whether you are a history buff or not, conspiracy theorist or not, the following videos and books are illuminating at the very least, and for those who dig deeper into it, eye-opening would be the term that comes to mind.
There is a great documentary (on which I will post separately), but I could not help but transcribe the following passage from its opening:
There is no system that is taken for granted or misunderstood as the monetary system. Taking on nearly religious proportions, the established monetary institution exists as one of the most unquestioned forms of faith there is.
How money is created, the policies by which it is governed, how it truly affects society, are unregistered interests of the great majority of the population.
And whether we are aware of it not, the lifeblood of all of our established institutions and thus society itself is … money.
Therefore understanding this institution of monetary policy, is critical to understanding why our lives are the way they are.
Unfortunately, Economics is often viewed with confusion and boredom.
Endless streams of financial jargon, coupled with intimidating mathematics quickly deters people from attempts at understanding.
However, the fact is, the complexity is so seated with the financial system, is a mere mask. Designed to conceal one of the most socially paralyzing structures, humanity has ever endured.
I don’t want to come across as a person to influence you, however, I would want that you read, watch and listen and draw your own conclusion. This is precisely one of the reasons why Bitcoins are touted as the monetary system that would serve as our savior.
When I discuss what is written above (and below) with friends and colleagues, there is almost a comical irony in it, considering I am a Banking & Payments consultant. Am I cognizant of the money flaw? Yes, I am. Can I do anything about it? Probably not a whole lot, other than educate others. What am I trying to achieve here? Nothing! Just simply sharing a book and its story.
The starting book and lecture that universally everyone should read and watch, is by the American Author G. Edward Griffin.
He is the author of a book called The Creature from Jekyll Island published in 1994.
Till today, it remains as one of the most authoritative books on the subject, which is reexamining how the Federal Reserve System came into being and how the banking cartel (yes! You decide!) created a Private Bank with a Federal/Government like name to it, of which 99% of the American population have no inkling as to Who owns it? How it works? How money is created? What is so bad about it?
The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.
The accompanying video that I want you to watch is a lecture that Author G. Edward Griffin gave back in 1995. It is about 1.5 hours long, but one of the most brilliant lectures on the subject you will ever find.