“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
- Thomas Jefferson
Well, so much for that revolutionary idea. Ever since 1913 or thereabouts, private bankers in the U.S. gained the upper hand through the Federal Reserve: it’s a consortium of private bankers. The Executive Branch appoints the Board of Governors, giving more power to the Executive versus Congress who constitutionally had the sole ability to “coin” money, once again altering the balance of power between branches of the government. The Fed even has a “.gov” Internet address, and it’s not even a government institution, but they want people to think it is! Years of special interests have parsed the meaning of Section 8, “To coin Money, regulate the Value thereof…” well beyond their original intent and plain meaning, though the Supreme Court is said to get the last word on all interpretations.
There’s a reasonably good Google video titled Money as Debt, if you haven’t seen it, it’s a revealing look at how our usurious fractional reserve banking system actually works.
It’s quite sad.
Comment by Ken — 12/12/2007 @ 5:58 pm