The history of the Fed and their creation.
Look at the documents under the National Monetary Commission about 70% down the page. Read here Link to document page 259 where it begins the "Panic of 1907."
Quite of story of Government mismanagement of the Treasury and the weak position politicians put this country through.
Sound familiar????
Only this time we are 3 O's.
- Out of Money, (Out of gold and currency backed by real gold)
- Out of Credit,
- Out of Time,
More bonds and fiat currency anyone????
Is your wealth still in paper? Want to know what that paper will be good for?
Quote from the document sited.
ReplyDelete"The funds of these banks were of course used for the promotion of industrial speculation in which those in control of them were interested. This use of commercial banks, it may be said, is the most vicious feature of our recent American banking practice. The confidence of the public in banking management has been more severely shaken, perhaps, by the practice of using commercial banks, not for commercial purposes, but for the promotion of industrial and financial enterprises, than by any other evil in our banking practice."
So what was solved by the introduction of the FR. A larger system of commercial banks with unlimited resources to print and create fiat money.