Posted by
Chad MacINNES on Thursday, October 15, 2009 12:25:04 PM
Early on in his book “End the Fed” Dr. Ron Paul makes the following statement: “Everyone should have an intense interest in what money is and how it is manipulated by the few at the expense of the many. Money is crucial for survival. It is necessary for maintaining a free society. A healthy economy depends on it. Limiting political power is impossible without it. Sound money is essential for preventing unnecessary wars. Prosperity and peace are impossible in the long run without it. To understand money, one absolutely must understand what a central bank is all about. In the United States, the central bank is the Federal Reserve, the instrument by which our money and credit are constantly manipulated for the benefit of a privileged few.” (End the Fed, pp.3-4).
He continues: “Over the years the Fed has been granted ever more leeway in the means it uses to inflate the money supply. It can now buy just about anything it wants and write it down as an asset. When it buys debt, it buys with newly created money. It maintains a strict system of low-reserve ratios that allows banks to pile loans on top of deposits as the basis for ever more loans.” (End the Fed, p 29).
So, have you ever wondered about the mysterious world of banking? Have you ever thought about where your money comes from and where it goes? Have you ever really thought about what your money really is and what it is not? Have you ever really taken the time to question what you’ve always been told about money and banks, be it from our political elites or from the banksters themselves? Really: even in the midst of this global economic crisis, have you really taken the time to learn about your money and your bank? You should, because what you don’t know about your bank and your money could hurt you.
Here is a question to begin with: Have you ever really thought about why we need to have the FDIC (Federal Deposit Insurance Co.) if there is nothing wrong with our banking system? We always assume that whenever we wish we can just show up at a branch of our bank and slip our card into the ATM or write a check and we can withdraw as much of our money as we want, even up to the total sum we have deposited. After all, we’ve always assumed and been told that when we open an account, say for example a demand deposit (standard checking account) that the money is there for our use, that it is obviously ours, and that we can demand its redemption at any time, without notice. We’ve either been told or led to believe that once we deposit our money in a bank it is there for safe keeping, until such time as we, it’s owners, should decide to utilize it for whatever purpose we should choose. If this is indeed so, then why would we ever need the FDIC to insure our money, now up to $250,000 per account, if it is just being stored there in an account? This is one of those things that ought to raise a red flag, because although on the surface it seems benign, once one scratches even a little bit below that surface one soon discovers a mountain of evidence that only leads to more questions, and one of the best-kept open secrets of all time. What is that secret? The secret is the fact that our banks are inherently insolvent. The reason is called fractional reserve banking. The primary culprit is the Federal Reserve. (continued...)