Commentary: Federal Reserve Quotes (Part 3)

Commentary: Federal Reserve Quotes (Part 3)

How it “Makes” Money
#1066c
John W. Ritenbaugh
Given 17-Sep-11; 13 minutes

Go to the Federal Reserve Quotes (commentary series)

description: (hide) John Ritenbaugh maintains that both major political parties have shamelessly lied about the purpose and the responsibilities of the Federal Reserve System—a money-making scheme controlled by a small number of unscrupulous money lenders. The entity has never been audited, answerable to no one. In 1913, Congress awarded the Federal Reserve System exclusive control over the commodity of money. This corporation has tremendous control over all business in this country, taking its revenue from taxes. The Federal Reserve System creates money out of thin air by issuing I.O.U. bonds and cranking out greenbacks which are becoming increasingly worthless—a disgusting Ponzi scheme. A central bank given to a private corporation, making profit by usurious interest on I.O.U.s makes for a dangerous and sleazy operation. In a sense, Congress has given away its responsibility for oversight of finances.