Here’s a long debated topic. Should we leave the creation
of new money in the hands of bankers or place its creation solely with our
government?
Let’s try and answer it.
The Creature from Jekyll Island
On the night of November 22, 1910 a delegation of the
nation’s leading financiers, led by Senator Nelson Aldrich, left New Jersey
for a very secret ten day meeting on Jekyll Island, Georgia.
Aldrich had previously led the members of the National
Monetary Commission on a two year banking tour of Europe. He had yet to write
a report regarding the trip, nor had he yet offered any plans for banking
reforms.
"Despite my views about the value to society of
greater publicity for the affairs of corporations, there was an occasion near
the close of 1910, when I was as secretive, indeed, as furtive, as any
conspirator. . . . Since it would have been fatal to Senator Aldrich’s plan
to have it known that he was calling on anybody from Wall Street to help him
in preparing his bill, precautions were taken that would have delighted the
heart of James Stillman.” Frank Vanderlip, in
the Saturday Evening Post, February 9, 1935
Accompanying Senator Aldrich to Jekyll Island were:
- Frank Vanderlip, president of the
National City Bank of New York, associated with the Rockefellers
- Henry P. Davison, senior partner of
J.P. Morgan Company, regarded as Morgan’s personal emissary
- Charles D. Norton, president of the
Morgan dominated First National Bank of New York
- Col. Edward House, who would later
become President Woodrow Wilson's closest adviser and founder of the
Council on Foreign Relations
- Benjamin Strong, a lieutenant of J.P.
Morgan
- Paul Warburg, a recent immigrant from
Germany who had joined the banking house of Kuhn, Loeb and Company, New
York directed the proceedings and wrote the primary features of what
would be called the Aldrich Plan.
After the Jekyll Island visit the National Monetary
Commission “wrote” the Aldrich Plan which formed the basis for the Federal
Reserve system.
"In 1912 the National Monetary Association,
under the chairmanship of the late Senator Nelson W. Aldrich, made a report
and presented a vicious bill called the National Reserve Association bill.
This bill is usually spoken of as the Aldrich bill. Senator Aldrich did not
write the Aldrich bill. He was the tool, if not the accomplice, of the
European bankers who for nearly twenty years had been scheming to set up a
central bank in this Country and who in 1912 has spent and were continuing to
spend vast sums of money to accomplish their purpose." Congressman Louis T. McFadden on the Federal Reserve Corporation:
Remarks in Congress, 1934
After several failed attempts to push the Federal Reserve
Act through Congress, a group of bankers funded and staffed Woodrow Wilson's
campaign for President. He had committed to sign a slightly different version
of the Federal Reserve Act than Aldrich’s Plan.
In 1913, Senator Aldrich pushed the Federal Reserve Act
through Congress just before Christmas when much of Congress was on vacation.
When elected president Woodrow Wilson passed the FED.
"Our secret expedition to Jekyll Island was the
occasion of the actual conception of what eventually became the Federal
Reserve System. The essential points of the Aldrich Plan were all contained
in the Federal Reserve Act as it was passed." Frank Vanderlip, autobiography, From Farmboy to Financier
"I have unwittingly ruined my country.” Woodrow Wilson later said referring to the FED
The Fed
The US Federal Reserve Bank (FED) is a privately owned
company (Wikipedia describes the Fed as a complex business-government
partnership that rules the financial world) that controls, and profits
immensely by printing money through the US Treasury and regulating its value.
“Some [most] people think the Federal Reserve Banks
are U.S. government institutions. They are not … they are private credit
monopolies which prey upon the people of the U.S. for the benefit of
themselves and their foreign and domestic swindlers, and rich and predatory
money lenders. The sack of the United States by the Fed is the greatest crime
in history. Every effort has been made by the Fed to conceal its powers, but
the truth is the Fed has usurped the government. It controls everything here
and it controls all our foreign relations. It makes and breaks governments at
will.” Congressional Record 12595-12603 — Louis
T. McFadden, Chairman of the Committee on Banking and Currency (12 years)
June 10, 1932
“… we conclude that the [Federal] Reserve Banks are
not federal … but are independent, privately owned and locally controlled
corporations … without day-to-day direction from the federal government.” 9th Circuit Court in Lewis vs. United States, 680 F. 2d 1239 June
24, 1982
The FED began with approximately 300 people, or banks,
that became owners (stockholders purchased stock at $100 per share) of the
Federal Reserve Banking System. The Fed is privately owned - 100% of its
shareholders are private banks, the stock is not publicly traded and none of
its stock is owned by the US government.
The US government pushed through the Sixteenth
Amendment(which exempted income taxes from constitutional requirements
regarding direct taxes) restarted an income tax on Americans to pay the
interest to the FED and reorganized the IRS to collect the monies – the
interest - “owed” to the FED from its citizens.
Sir Josiah Stamp, president of the Rothschild Bank of
England and the second richest man in Britain in the 1920s, said the
following in 1927 at the University of Texas:
“The modern banking system manufactures money out of
nothing. The process is perhaps the most astounding piece of sleight of hand
that was ever invented. Banking was conceived in inequity and born in sin.
Bankers own the Earth. Take it away from them but leave them the power to
create money, and with a flick of a pen, they will create enough money to buy
it back again. Take this great power away from them and all great fortunes
like mine will disappear, for then this would be a better and happier world
to live in. But if you want to continue to be the slaves of bankers and pay
the cost of your own slavery, then let bankers continue to create money and
control credit.”
The FED banking system collects billions of dollars in
interest annually and distributes the profits to its shareholders - the
interest on bonds acquired with its newly-issued Federal Reserve Notes pays
the Fed’s operating expenses plus a guaranteed 6% return to its banker
shareholders.
The US Congress gave the FED the right to print money at
no interest. The FED creates money from nothing, loans it out through banks
and charges interest. The FED also buys government debt with money from
nothing, and charges U.S. taxpayers interest.
The Grip of Death
“We have, in this country, one of the most corrupt
institutions the world has ever known. I refer to the Federal Reserve Board.
This evil institution has impoverished the people of the United States and
has practically bankrupted our government. It has done this through the
corrupt practices of the moneyed vultures who control it.” Congressman Louis T. McFadden in 1932
“The financial system used by all national economies
worldwide is actually founded upon debt. To be direct and precise, modern
money is created in parallel with debt…The creation and supply of money is now
left almost entirely to banks and other lending institutions. Most people
imagine that if they borrow from a bank, they are borrowing other people's
money. In fact, when banks and building societies make any loan, they create
new money. Money loaned by a bank is not a loan of pre-existent money; money
loaned by a bank is additional money created. The stream of money generated
by people, businesses and governments constantly borrowing from banks and
other lending institutions is relied upon to supply the economy as a whole.
Thus the supply of money depends upon people going into debt, and the level
of debt within an economy is no more than a measure of the amount of money that has been created.” Michael Rowbotham, ‘The Grip of Death’
The FED is the only for profit corporation in America
that is exempt from both federal and state taxes.
Internal Revenue Service (IRS)
The IRS was restarted within months of the FED's
inception. The roots of the IRS go back to the Civil War when President
Lincoln and Congress, in 1862, created the position of commissioner of
Internal Revenue (The position of Commissioner exists today as the head of
the Internal Revenue Service) and enacted an income tax (the initial rate was
3% on income over $800, which exempted most wage-earners) to help pay war
expenses. In 1872, seven years after the war, lawmakers allowed the temporary
Civil War income tax to expire.
Congress enacted a flat rate Federal income tax in 1894,
but the Supreme Court ruled it unconstitutional the following year because it
was a direct tax not apportioned according to the population of each state.
Senator Aldrich was instrumental in the re-structuring of
the American financial system through a federal income tax amendment, the
16th - he had originally opposed an income tax as communistic a decade
before. The 16th Amendment gave Congress the authority to tax the income of
individuals without regard to the population of each State:
“The Congress shall have power to lay and collect
taxes on incomes, from whatever source derived, without apportionment among
the several States, and without regard to any census or enumeration."
In 1906 David Graham Phillips wrote a series of articles
published in Cosmopolitan claiming that politicians were receiving huge
payments from large corporations to argue their case in the Senate. Phillips
claimed that the main figures in this scandal was Aldrich and Arthur P.
Gorman of Maryland.
David Graham Phillips was murdered on 23rd January, 1911.
Two months later Aldrich resigned from Congress.
The Federal Reserve was conceived and given birth by an
unholy alliance of American and British bankers. The FED buys U.S. debt with
money printed from nothing, then charges U.S. taxpayers interest. The US
government pushed through the federal income tax amendment, restarted an
income tax on Americans to pay the interest to the FED and reorganized the
IRS to collect the monies – the interest - “owed” to the FED from its
citizens.
Since the Fed’s creation in 1913 the dollar has lost more
than 96% of its value.
Undoubtedly the greatest achievement of the FED has been
to transform America from being the world’s foremost creditor nation to the
world’s largest debtor nation.
Aldrich’s motto, when questioned about his activities and
the reasoning behind them, was to "Admit nothing. Explain
nothing."
Fog the mirror
“Many economists see the power to manipulate policy
in reaction to the ups and downs of the economy as the natural evolution of
fiscal policy. The purpose of this power is to ward off or lessen financial
disasters through keeping rates artificially low or introducing more money
into the system, or doing the opposite to rein in inflation during periods of
growth.” The Atlantic
Alan Greenspan was chairman of the Federal Reserve from
1987 to early 2006. Greenspan used monetary policy to ignite one of the
longest economic booms in history. Of course booms can soon turn to bust and
nowhere was the boom more evident than in the housing industry - the
sub-prime crisis collapsed the housing boom just after Greenspan left the
Fed.
The Great Recession started in December of 2007 and took
a sharp downward turn in September 2008. It was started by the U.S. sub-prime
crisis which burst the housing bubble. Businesses failed, consumers lost
wealth estimated in the trillions of dollars and economic activity and
international trade slowed:
- Between 1997 and 2005
mortgage fraud increased by 1,411 percent.
- In 2001 the US Federal Reserve lowered
the Federal funds rate eleven times, from 6.5 percent to 1.75 percent.
- Mortgage denial rates were 28 percent
in 1997, in 2002 – 2003 they were 14 percent for conventional home
purchase loans. “Fog the mirror loans” were common, if you breathed you
got a loan.
- In June 2002 President
George W. Bush set out to increase minority home ownership by 5.5
million. Bush’s lofty goals would be accomplished by tax credits,
subsidies and Fannie Mae committing $440 billion to establish Neighbor
Works America.
- In June2003 Federal
Reserve Chair Alan Greenspan lowered the federal reserve’s key interest
rate to one percent - the lowest rate in 45 years.
- Throughout 2003 Fannie Mae and Freddie
Mac bought $81 billion in subprime securities. President Bush signed the
American Dream Down payment Act – the Act provided a maximum down
payment assistance grant of either $10,000 or six percent of the
purchase price of the home, whichever was greater.
- U.S. homeownership rate peaked to an
all time high of 69.2 percent in 2004.
- From 2004 to 2006
Fannie Mae and Freddie Mac purchased $434 billion in securities backed
by subprime loans.
- In late 2004 the
Securities Exchange Commission (SEC) suspended net capital rule for five
firms - Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and
Morgan Stanley. Free from government imposed limits on the amount
of debt they could assume, they all levered up, as much as 40 to 1.
- TheUnited States housing market bubble
burst in the fall of 2005. By year-end a total of
846,982 properties were in some stage of foreclosure. From the fourth
quarter of 2005 to the first quarter of 2006, median
prices nationwide dropped off 3.3 percent.
- The U.S. Home Construction Index was
down over 40 percent as of August 2006. A total of 1,259,118
foreclosures were filed in 2006, up 42 percent from 2005. Homeowners
were going underwater (they owed more than the house was worth) and many
had had questionable credit to start with.
- In 2007, lenders
started foreclosure proceedings on nearly 1.3 million properties, a 79
percent increase over 2006.
- Foreclosure proceedings increased to
2.3 million in 2008, an 81 percent increase over 2007
and increased by another half million in 2009 to 2.8 million. By January
2008, the mortgage delinquency rate had risen to 21 percent and by May
2008 it was 25 percent.
- By August 2008, 9.2 percent of all U.S.
mortgages outstanding were either delinquent or in foreclosure. By
September 2009, this had risen to 14.4 percent.
After Fed chairman Greenspan left office, the Federal
Reserve, under the stewardship of new chairman Ben Bernanke, started easing
monetary policy aggressively. By December of 2008, the federal funds rate was
between 0 and 1/4 percent. The Fed had used up its traditional stimulus, all
the ‘Creature from Jekyll Island’ had left was the ability to print money so they
started throwing cash at everything.
Additional stimulus was injected into the economy by:
- The System Open Market Account
(SOMA) purchased mortgage-backed securities guaranteed by Fannie Mae,
Freddie Mac, and Ginnie Mae (agency MBS).
- The Term Auction Facility
was $40 billion in loans to rescue the banks. It wasn’t near enough, the
Treasury department got authorization to spend $150 billion more to
subsidize and eventually take over Fannie Mae and Freddie Mac, they also
bailed out AIG.
- Dollar Swap Lines exchanged dollars with foreign central banks for foreign
currency to help address disruptions in dollar funding markets abroad.
- The Term Securities Lending
Facility auctioned loans of U.S. Treasury securities to primary
dealers against eligible collateral.
- The Primary Dealer Credit
Facility provided overnight cash loans to primary dealers
against eligible collateral.
- The Asset-Backed Commercial
Paper Money Market Mutual Fund Liquidity Facility provided
loans to depository institutions and their affiliates to finance
purchases of eligible asset-backed commercial paper from money market
mutual funds.
- TheCommercial Paper Funding
Facility provided loans to a special purpose vehicle to finance
purchases of new issues of asset-backed commercial paper and unsecured
commercial paper from eligible issuers.
- The Term Asset-Backed
Securities Loan Facility supported the issuance of asset-backed
securities (ABS) collateralized by loans related to autos, credit cards,
education, and small businesses. In March 2009, the Fed announced that
it was expanding the scope of the TALF program to allow loans against
additional types of collateral.
- The Troubled Asset Recovery
Program was proposed and $350 billion was approved by Congress
– the money was used to buy bank and automotive stocks.
Late in 2008 there was a run on ultra safe money market
accounts – according to AMG Data Services a record $140 billion was pulled
out in one day.
In response to the continuing crisis and a stalling
economy the US Federal Reserve initiated Quantitative Easing and Operation
Twist.
Quantitative Easing (QE) 1, 2, & 3
In September of 2008 the $1.7 trillion QE1 was started.
The Fed purchased mostly mortgage backed securities and established a
commercial paper lending facility.
In October of 2010 QE2 started. At $600 billion, QE2 was
much smaller then QE1 and its buying was mostly confined to purchasing long
term government bonds.
QE1 & QE2 failed to restart the economy and housing
market.
Operation Twist
Operation Twist is the Fed’s initiative of buying
longer-term Treasuries while simultaneously selling shorter-dated issues in
order to bring down long-term interest rates.
By purchasing longer-term bonds, the Fed drives up prices
which forces yields down - price and yield move in opposite directions.
Selling shorter-term bonds causes their yields to go up because their prices
fall. These two actions “twist” the shape of the yield curve, hence the name
Operation Twist.
QE3
On September 13, 2012, the Fed announced that it would
buy $40 billion a month of mortgage-backed securities until the unemployment
rate fell below 6.5 percent, or the expected inflation rate rose above 2.5
percent. In December the Fed added buying $45 billion/month of longer-term
Treasury securities per month – QE3 is more than one trillion dollars a year.
In 1Q2013, which comprised the first three months of QE3,
the Fed increased the size of its balance sheet by $285 billion, or 9.8
percent.
During the first 3 months of QE3, the Fed increased the
monetary base by 10.83 percent.
Incestuous relationships
In July of 2011, I was one of the first to bring to your
attention to the incredible fact that the US Federal Reserve had secretly
given away $16 TRILLION dollars;
“The first ever GAO (Government Accountability
Office) audit of the US Federal Reserve was recently carried out due to the
Ron Paul/Alan Grayson Amendment to the Dodd-Frank bill passed in 2010. Jim
DeMint, a Republican Senator, and Bernie Sanders, an independent Senator,
while leading the charge for an audit in the Senate, watered down the
original language of house bill (HR1207) so that a complete audit would not
be carried out. Ben Bernanke, Alan Greenspan, and others, opposed the audit.
What the audit revealed was incredible: between
December 2007 and June 2010, the Federal Reserve had secretly bailed out many
of the world’s banks, corporations, and governments by giving them
US$16,000,000,000,000.00 – that’s 16 TRILLION dollars.” Richard Mills, aheadoftheherd.com
It gets worse, much worse, in fact it’s downright
incestuous. Let’s do a follow up and see who, besides foreign banks and
corporations from Scotland to South Korea, received a large chunk of that
money.
But first know this - banks like JP Morgan are some of
the largest creditors of the bailed out countries. Instead of having to write
off their foreign losses the US Federal Reserve bailouts enabled them to be
paid in full.
The Government Accountability Office (GAO) investigates potential
conflicts of interest. The GAO did investigate the $16 trillion giveaway and
laid out the findings but did not name names. Later those names were released
- here’s three of the more shocking cases…
- “In Dimon's (JPMorgan Chase CEO
Jamie Dimon) case, JPMorgan received some $391 billion of the $4
trillion in emergency Fed funds at the same time his bank was used by
the Fed as a clearinghouse for emergency lending programs. In March of
2008, the Fed provided JPMorgan with $29 billion in financing to acquire
Bear Stearns. Dimon also got the Fed to provide JPMorgan Chase with an
18-month exemption from risk-based leverage and capital requirements.
And he convinced the Fed to take risky mortgage-related assets off of
Bear Stearns balance sheet before JP Morgan Chase acquired the troubled
investment bank.
- Another high-profile conflict
involved Stephen Friedman, the former chairman of the New York Fed's
board of directors. Late in 2008, the New York Fed approved an
application from Goldman Sachs to become a bank holding company giving
it access to cheap loans from the Federal Reserve. During that period,
Friedman sat on the Goldman Sachs board. He also owned Goldman stock,
something that was prohibited by Federal Reserve conflict of interest
regulations. Although it was not publicly disclosed at the time,
Friedman received a waiver from the Fed's conflict of interest rules in
late 2008. Unbeknownst to the Fed, Friedman continued to purchase shares
in Goldman from November 2008 through January of 2009, according to the
GAO.
- In another case, General Electric
CEO Jeffrey Immelt was a New York Fed board member at the same time GE
helped create a Commercial Paper Funding Facility during the financial
crisis. The Fed later provided $16 billion in financing to GE under this
emergency lending program.” Fed Board
Member Conflicts Detailed by GAO, http://www.sanders.senate.gov/
The hands that feed
Below are some of the 18 Fed board members who gave their
own banks four trillion dollars:
- Jamie Dimon, the Chairman and CEO of JP
Morgan Chase, has served on the Board of Directors at the Federal
Reserve Bank of New York since 2007. During the financial crisis, the
Fed provided JP Morgan Chase with $391 billion in total financial
assistance. JP Morgan Chase was also used by the Fed as a clearinghouse
for the Fed's emergency lending programs.
In March of 2008, the Fed provided JP Morgan Chase
with $29 billion in financing to acquire Bear Stearns. During the financial
crisis, the Fed provided JP Morgan Chase with an 18-month exemption from
risk-based leverage and capital requirements. The Fed also agreed to take
risky mortgage-related assets off of Bear Stearns balance sheet before JP
Morgan Chase acquired this troubled investment bank.
“I just think this constant refrain, ‘bankers,
bankers, bankers’ — it’s just a really unproductive and unfair way of
treating people. People should just stop doing that.” Jamie Dimon
- Jeffrey Immelt, the CEO of General
Electric, served on the New York Fed's Board of Directors from
2006-2011. General Electric received $16 billion in low-interest
financing from the Federal Reserve’s Commercial Paper Funding Facility
during this time period.
- Stephen Friedman. In 2008, the New York
Fed approved an application from Goldman Sachs to become a bank holding
company giving it access to cheap Fed loans. During the same period,
Friedman, who was chairman of the New York Fed at the time, sat on the
Goldman Sachsboard of directors and owned Goldman stock, something the
Fed’s rules prohibited. He received a waiver in late 2008 that was not
made public (the Fed provided conflict of interest waivers to employees
and private contractors so they could keep investments in the same
financial institutions and corporations that were given emergency
loans). After Friedman received the waiver, he continued to purchase
stock in Goldman from November 2008 through January of 2009 unbeknownst
to the Fed, according to the GAO.
During the financial crisis, Goldman Sachs received $814
billion in total financial assistance from the Fed.
- Sanford Weill, the former CEO of
Citigroup, served on the Fed's Board of Directors in New York in 2006.
During the financial crisis, Citigroup received over $2.5 trillion in
total financial assistance from the Fed.
- Richard Fuld, Jr, the former CEO of
Lehman Brothers, served on the Fed's Board of Directors in New York from
2006 to 2008. During the financial crisis, the Fed provided $183 billion
in total financial assistance to Lehman before it collapsed.
- James M. Wells, the Chairman and CEO of
SunTrust Banks, has served on the Board of Directors at the Federal
Reserve Bank in Atlanta since 2008. During the financial crisis,
SunTrust received $7.5 billion in total financial assistance from the
Fed.
- Richard Carrion, the head of Popular
Inc. in Puerto Rico, has served on the Board of Directors of the Federal
Reserve Bank of New York since 2008. Popular received $1.2 billion in
total financing from the Fed's Term Auction Facility during the
financial crisis.
- James Smith, the Chairman and CEO of
Webster Bank, served on the Federal Reserve's Board of Directors in
Boston from 2008-2010. Webster Bank received $550 million in total
financing from the Federal Reserve's Term Auction Facility during the
financial crisis.
- Ted Cecala, the former Chairman and CEO
of Wilmington Trust, served on the Fed's Board of Directors in
Philadelphia from 2008-2010. Wilmington Trust received $3.2 billion in
total financial assistance from the Federal Reserve during the financial
crisis.
“The Fed outsourced virtually all of the operations
of their emergency lending programs to private contractors like JP Morgan
Chase, Morgan Stanley, and Wells Fargo. The same firms also received
trillions of dollars in Fed loans at near-zero interest rates. Altogether some
two-thirds of the contracts that the Fed awarded to manage its emergency
lending programs were no-bid contracts. Morgan Stanley was given the largest
no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.” Mises.ca
Parasitic banksters and their political puppets
The financial sector parasites, the banksters and their
political puppets, that have historically fed on our society had never been
so brazen. The looting of the public treasury is very much in the open - if
anyone cares to look - and done with impunity.
This is all happening because our elected politicians do
not work for the people, our elected leaders have stuck their snouts deep in
the trough of power and self indulgence, representative democracy has been
co-opted by big-moneyed interests and political parties represent their
establishment not the people’s interests.
“The lending suites that were set up for months and
years, beyond the initial crisis point, were focused on how to keep banks
profitable, not just how to keep them alive. The banks were able to access
emergency lending facilities, or change themselves into bank holding
companies overnight, to borrow at next to nothing, and if they chose, lend
back to the government at a tidy profit. You didn’t have to think at all to
make money. And you didn’t have to worry about that toxic balance sheet,
because the government was going to help you grow your way out of it. They
will also facilitate mergers to help decimate your competition. The money
that the banks borrowed for nothing could have just as easily gone to
underwater homeowners. There’s nothing special about the banks except that
they know the Fed policymakers personally.”
David Dayen, firedoglake.com
Mayer Amschel Bauer Rothschild, founder of the
International Banking House of Rothschild said:
“Let me issue and control a nation’s money and I care
not who writes the laws.”
The Rothschild brothers, already laying the foundation
for the Federal Reserve Act, wrote the following to New York associates in
1863:
“The few who understand the system will either be so
interested in its profits or be so dependent upon its favours that there will
be no opposition from that class, while on the other hand, the great body of
people, mentally incapable of comprehending the tremendous advantage that
capital derives from the system, will bear its burdens without complaint, and
perhaps without even suspecting that the system is inimical to their
interests.”
Conclusion
Should we leave the creation of new money in the hands of
bankers or place its creation solely with our government?
The answer is solely with the government but with a
caveat.
Here’s bubble blower ex Fed chair Alan Greenspan…“If
we went back on the gold standard and we adhered to the actual structure of
the gold standard as it existed prior to 1913, we'd be fine. Remember
that the period 1870 to 1913 was one of the most aggressive periods
economically that we've had in the United States, and that was a golden
period of the gold standard. I'm known as a gold bug and everyone
laughs at me, but why do central banks own gold now?”
The following linktakes you to an excellent
article by Nathan Lewis describing the gold standard system in use during the
period Greenspan talks about. A very interesting and eye opening read.
This second link takes you to an article written by Murray N. Rothbard, another
excellent read on the history of the gold standard and why we are suffering
our current monetary chaos.
“The borrower is servant to the lender.” The Bible
“When you get in debt you become a slave.” Andrew Jackson
The Gold Standard is amenable to today, and it’s
certainly preferable to the actions, and consequences, of those who have
enslaved us in unknown voluntary servitude.
Imposition of a gold standard should be on all our radar
screens. Is it on yours?
If not, maybe it should be.
aheadoftheherd.com
Richard lives with his family on a 160 acre ranch in
northern British Columbia and is the owner of Aheadoftheherd.com.
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Legal Notice / Disclaimer
This document is not and should not be construed as an
offer to sell or the solicitation of an offer to purchase or subscribe for
any investment.
Richard Mills has based this document on information
obtained from sources he believes to be reliable but which has not been
independently verified.
Richard Mills makes no guarantee, representation or
warranty and accepts no responsibility or liability as to its accuracy or
completeness. Expressions of opinion are those of Richard Mills only and are
subject to change without notice. Richard Mills assumes no warranty,
liability or guarantee for the current relevance, correctness or completeness
of any information provided within this Report and will not be held liable
for the consequence of reliance upon any opinion or statement contained
herein or any omission.
Furthermore, I, Richard Mills, assume no liability for
any direct or indirect loss or damage or, in particular, for lost profit,
which you may incur as a result of the use and existence of the information
provided within this Report.
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