Banking was conceived in iniquity and born in sin… Bankers own the Earth. Take it away from them but leave them the power to create money, and, with the 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 and they ought to disappear, for then this would be a better and happier world to live in. But, if you want to continue to be the slave of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit. – Sir Josiah Stamp, President of the Bank of England
Most people never consider exactly what money is. Take out a dollar bill and read it. It reads “Federal Reserve Note”. What is a note? A note is a bill of credit, an IOU. These pieces of paper are not dollars, they are dollar bills. It is the same as the Federal Reserve writing on a piece of paper, “IOU one dollar”. A dollar is a unit of money, payable in gold or silver. Article I Section X of the Constitution reads that no state shall “emit bills of credit [or] make anything but gold and silver coin a tender in payment of debts.” It provides Congress alone the power “to coin money [and] regulate the value thereof”.
How does our system today resemble the system the Constitution set up? Today we have a private corporation (not a government body), the Federal Reserve (think Federal Express) issuing bills of credit which are accepted as tender in payment of debts in all 50 States. This private institution also regulates the value of the money by increasing (inflation) and decreasing (deflation) the available supply of bills of credit. We know the Federal Reserve is private and non-governmental by examining the ruling in Lewis vs. US, case #80-5905, 9th Circuit, June 24, 1982. It reads:
“Examining the organization and function of the Federal Reserve Banks and applying the relevant factors, we conclude that the federal reserve are not federal instrumentality’s… but are independent and privately owned and controlled corporations – federal reserve banks are listed neither as ‘wholly-owned’ government corporations [under 31 USC Section 846] nor as ‘mixed ownership’ corporations [under 31 USC Section 856]… 28 USC Sections 1346(b), 2671.”
The federal income tax was set up, along with the Federal Reserve, in 1913 as revenue to pay the national debt, incurred by the printing (not coining) of notes (not money) by the private Federal Reserve (not the Congress).
Today we see what happens when we allow bankers to control our money. Everybody became complacent while they were inflating the housing bubble. Now that it’s exploding, people are left living in tent cities after foreclosures. We had ample warning.
“If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.” – Thomas Jefferson
And, finally, from the horses mouth:
“If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent monetary system.When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible – but there it is. It (the banking problem) is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.” – Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta