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Thread: How Federal Reserve Bankers swindled working people’s gold and silver deposits

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    How Federal Reserve Bankers swindled working people’s gold and silver deposits

    During the time period when the Federal Reserve was created back in 1913, America’s laboring class people ___ plumbers, carpenters, electricians, store clerks, janitors, etc. ___ were paid in gold or silver coins, a real commodity having intrinsic value, or, they were paid with various forms of Federal Reserve Notes, each of which could be brought to the bank of issue and exchanged for the Note’s expressed face value, in gold or silver “dollars”. . . real material wealth!

    Keep in mind, if you have $20 in your bank account today, and withdrew it, and the bank had to give you twenty silver dollars, you would be able to consume approximately what $300 in Federal Reserve notes now allows you to consume. This gives you an idea of how much purchasing power a person has lost since the introduction of the Federal Reserve System. And that loss in purchasing power is the gain of bankers who have seized control over the issuance of our nation’s money supply.

    Getting back to our nation’s money history, eventually, working people who deposited their gold or silver coins, or Federal Reserve Notes which declared on their face were redeemable in gold or silver coins, when withdrawing their money, were handed Federal Reserve Notes which had a very clever change. These new Federal Reserve Notes circulated by the banks no longer guaranteed to be redeemable in gold or silver coins. But few, if any of the working people, realized the new Notes were no longer redeemable by Federal Reserve Banks in gold or silver coin.

    Eventually, the Federal Reserve Banks switched all incoming Notes which were redeemable in gold or silver coin with Notes no longer redeemable in gold or silver coins, and this is how the Federal Reserve System swindled the American People out of their gold and silver, and now, having swindled America’s working people out of their gold and silver coins, an honest medium of exchange, the Federal Reserve rents Bank Note script to the public to conduct their business while bankers now live large by a thieving Fractional Reserve Banking system. The following video will explain this swindling operation which allows bankers to live large and consume the productivity of America’s labor and industries using the Federal Reserve System.



    JWK

    "Of all the contrivances for cheating the laboring class of mankind, none have been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man's field by the sweat of the poor man's brow."_____ Daniel Webster.
    Last edited by johnwk; 09-09-2019 at 11:16 AM.

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    And when we move to digital currency, there will be no reality whatsoever. Imagine what happens when clever hackers create untold wealth from a few keystrokes. At some point, the system collapses, and YOU, the little guy, is left with an empty account.

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    Quote Originally Posted by teeceetx View Post
    And when we move to digital currency, there will be no reality whatsoever. Imagine what happens when clever hackers create untold wealth from a few keystrokes. At some point, the system collapses, and YOU, the little guy, is left with an empty account.
    Approximately 80 percent of money created under "fractional banking" is digital and takes form with a few keystrokes, and allows parasitic bankers to consume our wealth and live large by renting out this interest bearing digitally created imaginary money.

    JWK

    "We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it". — Congressman Louis T. McFadden in 1932 (Rep. Pa)

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    When our government-created housing bubble collapsed so did a large portion of the world's economy.

    The Fed decided Quantitative Easing was the answer so they pressed a few buttons and created trillions of dollars, which they used to artificially prop up the stock market. Other countries did the same.

    Along came Trump and both the economy and stock market rebounded. Now the Fed had to "unload the balance sheet" they created with their Quantitative Easing, but with a strong market they felt they could do so without causing too much disturbance. But they faced a problem. Taking too much out of the market too quickly would rattle the markets so they proceeded with the process very slowly.

    Last fall they halted the process of "unloading the balance sheet" because they felt it was too risky to continue at that time. Today they are left with a big chunk still on the books.

    If they couldn't completely undo their Quantitative Easing scheme during the best economy this country has seen in many decades then chances are it's not going to happen - ever.

    Next economic downturn they will begin the Quantitative Easing process all over again. But this time they will start with big red numbers already on the books.

    It all makes me very uneasy.

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    From 1933 to 1974 gold was basically illegal to privately own in the U.S. (with some small exceptions). Gold coin and gold bars were confiscated. The government had fixed the price of gold at $20.67 per ounce, then after confiscation raised the price to $35. Since the dollar was backed by gold at that time, this essentially devalued the value of the dollar by 59%. So the individual owners of gold were not adequately compensated; this was basically a seizure of private wealth.

    (i.e. basically by definition they were saying that a dollar was worth 0.048 ounces of gold, even though they were no longer backing the dollar with gold at that point because gold had just been made illegal, and then after they had taken everyone's gold, changed it so that all those dollars they had given everyone were only worth 0.028 ounces of gold)

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    Quote Originally Posted by kazenatsu View Post
    From 1933 to 1974 gold was basically illegal to privately own in the U.S. (with some small exceptions). Gold coin and gold bars were confiscated. The government had fixed the price of gold at $20.67 per ounce, then after confiscation raised the price to $35. Since the dollar was backed by gold at that time, this essentially devalued the value of the dollar by 59%. So the individual owners of gold were not adequately compensated; this was basically a seizure of private wealth.

    (i.e. basically by definition they were saying that a dollar was worth 0.048 ounces of gold, even though they were no longer backing the dollar with gold at that point because gold had just been made illegal, and then after they had taken everyone's gold, changed it so that all those dollars they had given everyone were only worth 0.028 ounces of gold)
    To be a bit more accurate, let me suggest you us Federal Reserve Note instead of dollar, i.e.,
    they were no longer backing the Federal Reserve Note with gold

    The distinction between the ”dollar”
    and a Federal Reserve Note is extremely important to note!

    JWK

    We are told the ”dollar” has lost its purchasing power over the years. But the truth is, Federal Reserve Notes have lost their purchasing power since their introduction as money, which are used by a notoriously evil banking scheme to plunder real material wealth created by America’s labor and industries.

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    Quote Originally Posted by kazenatsu View Post
    From 1933 to 1974 gold was basically illegal to privately own in the U.S. (with some small exceptions). Gold coin and gold bars were confiscated. The government had fixed the price of gold at $20.67 per ounce, then after confiscation raised the price to $35. Since the dollar was backed by gold at that time, this essentially devalued the value of the dollar by 59%. So the individual owners of gold were not adequately compensated; this was basically a seizure of private wealth.

    (i.e. basically by definition they were saying that a dollar was worth 0.048 ounces of gold, even though they were no longer backing the dollar with gold at that point because gold had just been made illegal, and then after they had taken everyone's gold, changed it so that all those dollars they had given everyone were only worth 0.028 ounces of gold)
    To be a bit more accurate, let me suggest you us Federal Reserve Note instead of dollar, i.e., they were no longer backing the Federal Reserve Note with gold

    The distinction between the ”dollar”
    and a Federal Reserve Note is extremely important to note!


    JWK

    We are told the ”dollar” has lost its purchasing power over the years. But the truth is, Federal Reserve Notes have lost their purchasing power since their introduction as money, which are used by a notoriously evil banking scheme to plunder real material wealth created by America’s labor and industries.

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    Quote Originally Posted by teeceetx View Post
    And when we move to digital currency, there will be no reality whatsoever. Imagine what happens when clever hackers create untold wealth from a few keystrokes. At some point, the system collapses, and YOU, the little guy, is left with an empty account.
    Not for the few of us who have some real, traditional money.

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    Quote Originally Posted by Foghorn View Post
    When our government-created housing bubble collapsed so did a large portion of the world's economy.

    The Fed decided Quantitative Easing was the answer so they pressed a few buttons and created trillions of dollars, which they used to artificially prop up the stock market. Other countries did the same.

    Along came Trump and both the economy and stock market rebounded. Now the Fed had to "unload the balance sheet" they created with their Quantitative Easing, but with a strong market they felt they could do so without causing too much disturbance. But they faced a problem. Taking too much out of the market too quickly would rattle the markets so they proceeded with the process very slowly.

    Last fall they halted the process of "unloading the balance sheet" because they felt it was too risky to continue at that time. Today they are left with a big chunk still on the books.

    If they couldn't completely undo their Quantitative Easing scheme during the best economy this country has seen in many decades then chances are it's not going to happen - ever.

    Next economic downturn they will begin the Quantitative Easing process all over again. But this time they will start with big red numbers already on the books.

    It all makes me very uneasy.
    It should. The FRB was sold as an alternative to a Central (sovereign) Bank - it was a quasi-private custodian of the dollar. AND it was to manage the money supply to prevent the banking "panics" of the 19th Century.

    Instead, we've had a dozen recessions, one (or two, depending on your measure) crushing depressions. The dollar has been debased by fiat status and money-creation to where it's worth about two cents of an 1870 dollar.

    Given the power to manage the money supply, they've managed it right into the pockets of the Chosen - the Elites. Always, with financial distortions, the flow of money is unequally channeled into the coffers of banks and financiers. From there, it goes to the connected, who have big plans that the Elites in government, like.

    The people who work and try to save...they are who pays for this lunacy. Increasing the money supply does not increase wealth. It simply takes wealth OUT of the hands of people who earned it, and that wealth is then split with the holders of newly-created dollars.

    Same wealth, divided more ways. For nothing, the crony moneychangers have equal claims (the New Money they control) to goods and services as do those who earned dollars by the sweat of their brows.
    Last edited by JustPassinThru; 09-16-2019 at 11:20 PM.

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    Quote Originally Posted by johnwk View Post
    Approximately 80 percent of money created under "fractional banking" is digital and takes form with a few keystrokes, and allows parasitic bankers to consume our wealth and live large by renting out this interest bearing digitally created imaginary money.
    Let's draw a distinction here between the Federal Reserve Bank and private banks. I assume you are talking about fractional reserve banking in private banks and how they "create" money. (In any case, let's just focus on just that aspect for now, so this does not get too confusing)

    In a sense, these banks do not really "create" money. But of course, to talk of that takes a more exacting definition of what "money" exactly is.

    Again, just so this does not get too confusing here, let's assume again that "money" only refers to Federal Reserve notes here.

    The money in bank accounts does not actually exist, but it does represent wealth. Or at least a form of wealth. And that wealth is denominated in dollars.

    A private bank works a lot like a money market account. A money market account is basically a mutual fund that acts similar to a bank, where you can pull your money out from the stock market any time. Of course, not everyone can pull their money out at the same time, but it works as long as it's only a small number of people at any given time. If worse came to worse, the money market fund might be forced to start selling off its stock to have enough money to pay off all the clients that wanted out.

    The wealth of a private bank is, in a sense, backed by loans to individual people and mortgages. But we saw during the housing bubble that sometimes these mortgages can end up being for more than the property actually is now worth. That creates a huge problem for the banks. When the worth of assets held by the bank does not back up the amount in bank accounts.

    This is all a form of wealth, but it's denominated in dollars. Most of your money in a bank account is really just someone else's loan that they owe the bank, and thus in some ultimate sense, owe you.

    It's interesting to think about what would happen if everyone suddenly decided they wanted to rapidly pay off their debt and not borrow anymore. Suddenly the amount of "money" in bank accounts would decrease.
    Contrary to what many people believe that would not necessarily create inflation. (Well, it actually probably would create some inflation, but it definitely would not be at all proportional to the decrease in accounts)

    Inflation is not ultimately dependent on money in bank accounts. As long as money is adequately backed, more money does not necessarily lead to more inflation. The complicated exchange is just denominated in dollars.

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