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that they do. 95% of all "cash" transactions in the U.S. are by check.
Checks are thus effectively also currency. The banker creates the so-
called "loan" by writing a check or deposit slip, not against actual
money, but against your promise to pay back the loan. The only cost to the
bank is the paper,ink, and a few dollars in salaries and office costs for
each tansaction. It is "check-kiting" on an enormous scale! The profits
are enormous as shown below.
THE COST TO YOU? PRACTICALLY EVERYTHING
In 1910 the U.S. federal debt was $1,147,000,000 - $12 per citizen.
State and local debts were practically non-existent, and government was
small and not oppressive.
By 1920, after only six years of the Federal Reserve handling our
currency, the federal debt had jumped to $24 billion - $228 per citizen.
The Federal Government began to grow like an invisible cancer in its ear-
ly stages.
By 1968 the federal debt had jumped to $347 billion - $1,717 per cit-
izen. Ten years later, by 1978 it had doubled again to $763 billion
- $3,500 per citizen. That is a debt of $17,500 for every family of five
in America. Federal debt has been growing faster and faster since. And
the Federal Government has become a debilitating cancer rapidly sapping
and weakening its victim.
Today in 1992 the federal debt is over $4 trillion. (And they "cook the
books" on the low side to come up with that figure - see Chapter Nine.)
The $4 trillion national debt amounts to $16,000 per citizen, or $80,000
per family of five. And if that debt were calculated in terms of working
or tax-paying families, it would be considerably higher. The Federal Gov-
ernment has become a bloated, out-of-control parasite, a terminal cancer.
The economy seems so weak that even after many months of blowing up the
currency supply, signs of recovery have to be searched for. The entire
system may be on the brink of complete collapse.
The above figures do not include state, municipal, school district,
business, or personal debts, which total an additional $3 trillion. Total
debt in America is thus over $7 trillion - $28,000 per citizen - $120,000
per family of five. This is more than twice the assessed value of all the
land and buildings in America. Effectively all of America has been signed
over to the bankers. They can take America and we would still owe them
another America! Of course, it is to their advantage not to take actual
title to the property, so we will not realize that we really own nothing.
Instead they leave us with "ownership" so we will willingly continue to
work and pay ever higher tributes to the bankers.
What we really have is national bankruptcy. Let me repeat the words of
Senator John Danforth:
"I have never seen more senators express discontent with their jobs..
I think the major cause is that, deep down in our hearts, we have been
accomplices to doing something terrible and unforgivable to this won-
derful country. Deep down in our hearts, we know that we have bankrupted
America and that we have given our children a legacy of bankruptcy.... We
have defrauded our country to get ourselves elected."
THE INEXORABLE TRANSFER OF WEALTH TO THE BANKERS
To grasp the fact that periodic withdrawal of currency through interest
payments to the bankers will inexorably transfer all wealth in the nation
to the receivers of interest, imagine yourself in a poker or dice game.
Everyone has to buy chips (the medium of exchange) from a "banker" who
does not risk chips in the game, but watches the table and every hour rea-
ches in and takes 10% to 15% of all the chips on the table. As the game
progresses, the number of chips in the possession of each player will go
up and down with his or her "luck." However, the total number of chips
available to play the game (carry on business and trade) will decrease
steadily, while the "banker's" mountain of chips just grows and grows.
The game will get low on chips, and some players will run out. If they
want to continue to play, they must buy or borrow more chips from the
"banker." The "banker" will sell (lend) the player more chips only if the
player signs a "mortgage" agreeing to give the "banker" some real pro-
perty (car, home, farm, business, etc.). If the payments should go into
default, the banker takes the property. The payments must be made on time,
whether the player wins (makes a profit) or not.
It is easy to see that no matter how skillfully the players play,
eventually the "banker" will end up with all of his chips back. Except
for the very best or "luckiest" players, the rest, if they stay in the
game long enough, will end up owing to the "banker" their cars, their
homes, their farms, their businesses, and perhaps even their watches,
rings, and the shirts off their backs!
Sir Josiah Stamp, President of the Bank of England in the 1920s, and
the second richest man in Britain at the time, said:
"Banking was conceived in iniquity and was born in sin. The bankers
own the earth. Take it away from them but leave them in power to create
deposits, and with the flick of the pen they create enough deposits to
buy it back again. However, take it away from them, and all the great
fortunes like mine will disappear, and they ought to disappear, for this
would be a happier and better world to live in. But, if you wish to re-
main the slaves of bankers and pay the cost of your own slavery, let
them continue to create deposits."
Our real-life situation is much worse than any poker game. In a poker
game no one is forced to go into debt, and anyone can quit at any time
and keep whatever he or she still has. But in real life, even if we borrow
little ourselves from the bankers, the local, state, and federal govern-
ments borrow billions in our name, squander it, then confiscate our earn-
ings from us and pay it to the bankers with interest. We are forced to
play their game, and it seems we can only leave the game by dying. We
pay as long as we live, and our childern pay after we die. If we cannot
pay, the same government sends the police to take our property and give
it to the bankers. The bankers risk nothing (at least, the Federal
Reserve bankers) in the game; they just collect their percentage and "win
it all." In Las Vegas all the games are "rigged" to pay the house (owner)
a percentage. They rake in millions. The Federal Reserve bankers' "game"
is similarly rigged, and it pays off in billions.
In recent years bankers have added more "cards" to their game.
"Credit" cards are promoted as a convenience and a great boon to trade.
Actually, they are ingenious devices by which bankers collect %2 to 5%
of every retail sale from the seller and 18% or more interest from buy-
ers. A real stacked deck!
POLITICIANS AND BANKERS IN THE SAME LEAGUE
Democrat, Republican, and Independent voters have wondered why poli-
ticians always spend more tax currency than they collect. The reason
should now be clear. When you study our "debt-currency" system, you soon
realize that the politicians are not the agents of the people. They are
the agents of the Federal Reserve Bankers, for whom they plan ways to
place the people further in debt. Let me again quote the words of Senator
John Danforth:
"I have never seen more senators express discontent with their jobs...
I think the major cause is that, deep down in our hearts, we have been
accomplices to doing something terrible and unforgivable to this wonder-
ful country. Deep down in our hearts, we know that we have bankrupted
America and that we have given our children a legacy of bankruptcy....
We have defrauded our country to get ourselves elected."
Article 1, Section 8 of the U.S. Constitution states, "The Congress
shall have power... to coin money, regulate the value thereof..." But what
have our politicians done? In 1913 the traitorously gave the U.S. Treasury
to the Federal Reserve bankers - lock, stock, and barrel! Someone recently
asked, "What's the difference between Kindergarten and Congress?" Answer:
"One has adult supervision!" Actually, we shouldn't criticize Congress,
after all, we have the best Congress money can buy. Chapter Ten examines
Congress in more detail.
FEDERAL RESERVE SYSTEM AUDIT
The Federal Reserve has never been audited by the government. In 1975
a bill H.R. 4316, to require Federal Reserve audits, was introduced in
Congress. Due to pressure from the currency-controllers, it was rejected.
No audit of the Federal Reserve has ever been done.
MOUNTING DEBTS AND WARS
We, as a people are now ruled by a "banker-owned system" that has
usurped the mantle of government, disguised itself as our legitimate
government, and set about to pauperize and control the people. It is now
a centralized, all-powerful apparatus whose main purposes are spending the
people's currency, promoting war, and propagandizing to perpetuate itself
in power. Our two large political parties (the "Demopublicans" also call-
ed "Republicrats") have become its servants, the various departments of
government its spending agencies, and the Internal Revenue Service its
collection agency.
Unknown to the people, our "banker-owned system" operates in close
cooperation with similar apparatuses in other nations, also disguised as
"governments." Some, we are told, are friends. Others, we are told, are
enemies. "Enemies" are built up through international manipulations and
used to frighten the American people into going billions of dollars more
into debt to the bankers for "military preparedness," "foreign aid to
stop communism," "minority rights," etc. Citizens, deliberately confused
by brainwashing propaganda, watch helplessly while our politicians give
our food, goods, and gold to banker-controlled alien governments under the
guise of "better relations," "easing tensions," or "humanitarian aide."
Our banker-controlled government takes our finest and bravest sons and
sends them into foreign wars, where tens of thousands are murdered and
hundreds of thousands are crippled. Other thousands are morally corrupted
and addicted to drugs. When the "war" is over we have gained nothing, but
we are scores of billions mre in debt to the bankers - which was the real
reason for the war in the first place!
MORE THAN JUST ECONOMIC RAPE
The profits from these massive debts have been used to erect a com-
plete and almost hidden economic and political colossus over our nation.
Our "banker-owned system" keeps telling us they are trying to do us good,
when in truth they work to harm and injure the people. These would-be
despots kow it is easier to control and rob an ignorant, poorly-educated,
and confused people than it is an informed population, so they deliber-
ately degrade our educational systems. For the same reason they secretly
favor drug use, alcohol, racial conflict, and crime in general. Their "war
on drugs," as an example, only produces more drug use and a host of relat-
ed crimes. Everything which debilitates the minds and bodies of the people
is secretly encouraged, as it makes the people less able to oppose them,
or even to understand what is being done to them. The system wants medio-
cre, unthinking, helpless "sheople."
Family, morals, and all that is honorable is being swept away, while
our "banker-owned system" builds their new subservient man, the found-
ation of their "new world order." Our new rulers are trying to change our
whole political, social, and racial order, but they will not change the
debt-currency economic system by which they rob and rule. Our people have
become tenants and "debt-slaves" to the bankers and their agents in the
land our fathers conquered. It is conquest through the most gigantic
fraud and swindle in the history of humankind. And we remind you again:
The key to their wealth and power over us is their MONOPOLISTIC ability
to "create" currency out of nothing and to lend it to us at interest. If
Congress had not allowed them to do that, they never would have gained
secret control over our nation.
CONTROLLED NEWS AND INFORMATION
This currency-lender conspiracy ("consPIRACY") is as old as Babylon.
Even in America it dates far back before 1913. Actually, 1913 was the
year in which the way opened for complete economic conquest of our peo-
ple. The conspiracy is old enough to America so that the system's agents
have been for many years in positions such as newspaper publishers, edit-
tors, columnists, church ministers, university presidents, professors,
textbook authors, attorneys, accountants, labor union leaders, movie mak-
ers, radio and TV commentators, politicians from school board members to
U.S. Presidents, and many others.
These agents control the information available to our people. They
manipulate public opinion, elect who they will locally and nationally,
and never expose the crooked currency system. They promote school bonds,
municipal bonds, expensive and detrimental farm programs, "urban renew-
al," "foreign aid," and many other schemes which will put the people more
in debt to the bankers. Thoughtful citizens wonder why billions are spent
on one program and billions on another which may duplicate or even null-
ify it, such as paying some farmers not to raise crops, while at the same
time building dams or canals to irrigate more farm land. Crazy or stupid?
Neither. The goal is more debt. Thousands of government-sponsored ways to
waste "money" are perpetrated continually. Most make no sense, but they
are never exposed for what they really are: builders of billions for the
bankers and debts for the people.
So-called "economic experts" write syndicated columns in hundreds of
newspapers, craftily designed to prevent the people from learning the
simple truth about our debt-currency system. Commentators on radio and
TV, educators, and politicians blame the people as wasteful, lazy, or
spendthrift, and blame the workers and consumers for the increase in
debts and the inflation of prices, when they really know that the basic
cause is the debt-currency system itself. Our people are drowned in char-
ges and counter-charges designed to confuse them and keep them from under-
standing the evil currency system that so silently robs the workers, farm-
ers, and business people of the fruit of their labor. And, increasingly,
the system is being used to rob us of our rights and freedoms, supposedly
guaranteed by the U.S. Constitution.
In his book INVENTING REALITY, Michael Parenti wrote:
"Ten business and financial corporations control the three major tele-
vision and radio networks (NBC, CBS, ABC), 34 subsidiary television stat-
ions, 201 cable TV systems, 62 radio stations, 20 record companies, 59
magazines, 58 newspapers, including the NEW YORK TIMES, the WASHINGTON
POST, THE WALL STREET JOURNAL, and the LOS ANGELES TIMES, 41 book pub-
lishers and various motion picture companies like Columbia Pictures and
Twentieth Century Fox. Three quarters of the major stockholders of ABC,
CBS and NBC are banks, such as Chase Manhattan, Morgan Guaranty Trust,
Citibank, and Bank of America.
The overall pattern is one of increasing concentration of ownership
and earnings. According to a 1982 LOS ANGLEES TIMES survey, independent
daily newspapers are being gobbled up by the chains at the rate of fifty
or sixty a year. Ten newspaper chains earn over half of all newspaper rev-
enue in this country. Five media conglomerates share 95 percent of the
record and tapes market with Warner and CBS alone controlling 65 percent
of the market. Eight Hollywood studios account for 89 percent of U.S.
feature film rentals. Three television networks earn over two-thirds of
total U.S. television revenues. Seven paperback publishers dominate the
mass market for books...
While having an abundance of numbers and giving an appearance of di-
versity, the mass media actually are highly centralized outlets that
proffer a remarkably homogenized fare. New services for dailies through-
out the entire nation are provided by the Associated Press and United
Press International (which may soon merge with AP or go under), The New
York Times-Washington Post wire services, and several foreign wire ser-
vices like Reuters. The ideological viewpoint of these news conduits are
pretty much the same, marked by prefabricated standardization of news
which is constricting and frightening."
In his book THE MEDIA MONOPOLY, Ben H. Bagdikian writes:
"The power to control information is a major lever in the control of
society. Giving citizens a choice in ideas and information is as impor-
tant as giving them a choice in politics. If a nation has narrowly con-
trolled information it will soon have narrowly controlled politics."
When a few informed and concerned people or organizations who know the
truth begin to expose the bankers and their agents, or try to stop any of
their mad schemes, the messengers are ridiculed and smeared as "right-
wing extremists," "super-patriots," "bigots," "racists," "facists," or
"antisemites." Any name is used to discredit them, and to stop other peo-
ple from listening. Books and articles such as you are now reading are
kept out of schools, libraries, and book stores.
Some, who are especially vocal in their exposure of the treason com-
mitted against our people, are harassed by government agencies such as
the IRS, FDA, EPA, OSHA, and others, causing them financial loss or bank-
ruptcy. Sometimes their businesses and homes are violently raided at gun-
point, and their money, currency, equipment, and records confiscated, so
it is very difficult, if at all possible to continue their business. In
Chapter One the National Commodity and Barter Association was mentioned as
an example of such raids. But the most striking case has been that of Ezra
Pound, which is covered below.
Using these methods, the Federal Reserve bankers and their agents have
been completely successful in preventing most Americans from learning the
things you are reading in this report. However, in spite of their control
of information, they realize that more and more citizens are learning the
truth. Therefore, to prevent retaliation and armed resistance to their
plunder of America, they plan to register all firearms and eventually
disarm all citizens. They want to eliminate all guns not in the hands of
their government police or army. Our wise Founding Fathers wrote the Se-
cond Amendment to the Constitution so that the people could protect them-
selves against the government.
Love of life, interest in your freedom, compassion for humanity, con-
cern for your children, and the safety of all you have worked for should
make you deeply interested in this, America's greatest problem. Our gener-
ation has not suffered under the bankers' yoke as the coming generations
will. Usury and taxes will continue to take a larger and larger part of
the earnings of the people and put them deeper into the pockets of the
bankers and their agents. Increasing "government" regulations will prevent citizen
protest and opposition to their control. Is it possible that your grand-
children will own neither car nor home, but will live in "government-
owned" apratments and ride to work in "government-owned" buses, and be
allowed to keep just enough of their earnings to buy a minimum of food and
clothing, while their rulers wallow in luxury? In Asia and Eastern Europe
this used to be called communism. In America it is called democracy or
capitalism.
Horace Greeley stated, "While boasting of our noble deeds, we are
careful to conceal the ugly fact that by an iniquitious currency system
we have nationalized a system of oppression which, though more refined, is
no less cruel than the old system of chattel slavery."
THE CASE OF EZRA POUND
Ezra Pound was a poet, one of America's greatest - if not the great-
est. He played a major role in the development of writers and poets, such
as E.E. Cummings, T.S. Elliot, Robert Frost, Ernest Hemingway, James Joyce,
and William Carlos Williams. He also studied politics, economics, banking,
and monetary theory. He disapproved of war. During World War II, he hid a
number of Jews from the Nazi exterminators; if discovered the penalty
would have been death. He broadcast a series of talks on Italian radio
aimed at Americans. He had wanted America to stay out of the war, and he
said some uncomplimentary things about President Franklin D. Roosevelt. He
also stated some of his political and monetary ideas. He was accused of
being a traitor. At the end of the war he was imprisoned in an American
concentration camp near Pisa, Italy for six months without trial. Then he
was transferred to America where he was declared insane and imprisoned in
a mental hospital in Washington D.C. for thirteen years. After which the
treason charges, for which he had never stood trial, were dropped, and he
was released. He returned to Italy, where he lived until his death in
1972.
The reason he was not tried seems to be that his prosecutors didn't
have a case that would hold up in court and/or they were afraid that he
would repeat in court what he had said over the radio in Italy. Wendell
Muncie, M.D., one of the psychiatrists involved in his "sanity hearing,"
said that Pound's insanity consisted of three factors: his passion for the
U.S. Constitution, his espousal of the Confucian ethic, and his desire for
world peace. No formal diagnosis of Pound's supposed "insanity" has been
found. His captors in Washington openly admitted that Pound was a polit-
ical prisoner. A Congressional investigation started in 1957 and completed
in 1958 exposed the inadequacy of the case against Pound and led to his
release.
Here are some extracts from Pound's radio talks:
. "I think an alliance with Stalin's Russia is rotten." (January 29,1942)
."Liberty is not a right but a duty." (March 8, 1942)
."Sovereignty inheres in the right to issue money. And the American sov-
ereignty belongs by right to the people, and their representatives in
Congress have the right to issue money and to determine the value thereof.
And 120 million, 120 million suckers have lamentably failed to insist on
the obeservation of this quite decided law.... Now the point at which em-
bezzlement of the nation's funds on the part of her officers becomes trea-
son can probably be decided only by jurists, and not by hand-picked judges
who support illegality." (April 9, 1942)
.Quotes read by Pound: 1. "'I believe that banking institutions are more
dangerous to our liberties than standing armies.' - Thomas Jefferson.
2. 'I have two great enemies, the southern army in front of me and the
financial institutions in the rear. Of the two, the one in the rear is the
greatest enemy.' - Abraham Lincoln.
3. 'The money power preys upon the nation in times of peace and conspires
against it in times of adversity. It is more despotic than monarchy, more
insolent than autocracy, more selfish than bureaucracy; it denounces as
public enemies all who question its methods, or throw light upon its
crimes.' - William Jennings Bryan." (July 26, 1942)
.Back to Pound's own words: "Wars in old times were made to get slaves.
The modern implement of imposing slavery is debt." (March 25, 1943)
."The phase of the usury system which we are trying to analyze is more or
less Patterson''s perception that the Bank of England could have benefit
of all the interest on all the money that it creates out of nothing....
Now the American citizen can, of course, appeal to his constitution, which
states that Congress shall have power to coin money or regulate the value
thereof and of foreign coin. Such appeal is perhaps quixotic." (March 30,
1943)
."That text is known to them that have the patience to read it, possibly
one-hundredth of one percent of the denizens. They forget it, all save
a few Western states. I think somebody in Dakota once read it. The Consti-
tution." June 30, 1943)
THE FEDERAL RESERVE SYSTEM IS UNCONSTITUTIONALAND ILLEGAL
Although there has never been a court case that challenged the legal-
ity of the Federal Reserve System, there was a challenge to the National
Recovery Act or NRA, which has ruled unconstitutional. The U.S. Supreme
Court - Schechter Poultry v. U.S.,29 U.S.495, 55 U.S. 837.842 (1935) -
ruled that, "Congress may not ABDICATE OR TRANSFER TO OTHERS ITS LEGITI-
MATE FUNCTIONS.." Article I, Section 8 of the U.S. Constitution states,
"The Congress shall have power... to coin money, regulate the value there-
of..." By passing the Federal Reserve Act, Congress abdicated and trans-
ferred to the Federal Reserve bankers its constitutionally legitimate
function of issuing and controlling money. If the Supreme Court ruling on
the NRA is applied to the Federal Reserve System, the unconstitutionality
and illegality of the Fed becomes obvious.
TELL THE PEOPLE
America will not shake off her illegal banker-controlled dictatorship
as long as the people are ignorant of the hidden controllers. Interna-
tional bankers, who control most of the governments of the nations and
most sources of information, seem to have us completely in their grasp.
They are afraid of only one thing: an awakened citizenry armed with the
truth. An ignorant citizen is the banker-government's best "client." An
informed citizen is the banker-government's worst nightmare.
Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of At-
lanta Georgia, said:
"This is a staggering thought. We are completely dependent on the com-
mercial banks. Someone has to borrow every dollar we have in circulation,
cash, or credit. If the banks create ample synthetic money, we are pros-
perous; if not, we starve. We are absolutely without a permanent money
system. When one gets a complete grasp of the picture, the tragic absur-
dity of our hopeless position is almost incredible, but there it is. It
is the most important subject intelligent persons can investigate and re-
flect upon. It is so important that our present civilization may collapse
unless it becomes widely understood and the defect remedied very soon."
PRIVATE BANKING
In California a very private "non-bank" has been operating successfully
for fifteen years. It caters for accounts in gold or Federal Reserve
Notes. It is completely private and doesn't report to anyone. It pays in-
terest on both gold and Federal Reserve Note balances. Ideally, we need to
establish a network of private banks throughout the country, and even-
tually throughout the rest of the world. See Chapter Twelve.