Enslaved - Blog Posts

The Federal Reserve

NO. 1

Today, we’re going to asking some questions all focused on the Federal Reserve. Who created the Federal Reserve? What is its purpose? And how does it continue to control us, poor and middle-class folks, today? The Federal Reserve Act was signed by President Woodrow Wilson on December 23, 1913. Generally speaking, it has five general functions, ‘‘like conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the stability of the financial system; promotes the safety and soundness of individual financial institutions; fosters payment and settlement system safety and efficiency and promoting consumer protection and community development.

NO. 2

The first myth about the Federal Reserve, is that it is controlled by the federal government, hence the name. But in actuality, it is a private institution whose shareholders are commercial banks, hence the term, ‘bankers bank’. The word ‘federal’ is designed deliberately to create the impression that it is a public entity. Indeed, misrepresentation of its ownership is not merely by implication or impression created by its name. More importantly, it is also officially and explicitly stated on its website: ‘The Federal Reserve System fulfills its public mission as an independent entity within government. It is not owned by anyone and is not a private, profit-making institution” [1]. To unmask this blatant misrepresentation, the late Congressman Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s, described the Fed in the following words: ‘Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.”

NO. 3

Henry Ford quoted, ‘It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” In simplistic terms, the Federal Reserve basically controls the money supply, and average citizens, like you and me, work for any valuable company, and in order to receive those paychecks, you used where only a fraction of bank deposits are backed by actual cash on hand and available for withdrawal. This is called fractional reserve banking, and it is done to theoretically expand the economy by freeing capital for lending. Every single person on this planet is working under the Federal Reserve.

For more information, please watch the documentary ‘Capital in the Twenty-First Century’, based on Thomas Piketty's best-selling book, on Netflix. They give a widespread selling of how far back the plans to implement the Federal Reserve goes.