Sunday, September 28, 2008
Abolish the Federal Reserve system!
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, 1802
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The Federal Reserve holds $1 trillion in US securities. Their shareholders earn 6% as a dividend from the US securities help. The law says that they maintain the stability of the financial system and contain systemic risk in financial markets. nomedals.blogspot.com
OK. Let's say they hold $1 trillion in assets. Those asset should belong to the people of the United States, not some private bankers. Americans should benefit. Fractional reserve banking is at the core of the problem in the markets today.
The Fed does not provide stability. It creates instability so it can gain more control.
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