2007 – QUOTE BY BEN BERNANKE, CHAIR OF THE US FEDERAL RESERVE
“At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”
[Note: So much for believing that the head of the Fed should be thought of as a monetary guru.]
2010 – REUTERS ARTICLE, UK LAWMAKERS SEEK RADICAL, NOT RUSHED BANK REFORM
“Radical and carefully thought reform is needed to shield British taxpayers from having to bail out troubled banks again, a UK parliamentary report said on Monday.
If a bank is too complex to adopt practical and speedy wind-up plan or living will, regulators should be ready to break it up, the Treasury Committee report on banks said.”
2006 – LECTURE BY PROFESSOR FARLEY GRUBB, “BENJAMIN FRANKLIN AND THE BIRTH OF A PAPER MONEY ECONOMY,” AT THE FEDERAL RESERVE BANK IN PHILADELPHIA — ONE OF MANY EVENTS IN THE CITY MARKING THE 300TH BIRTHDAY OF FRANKLIN
“No other American was involved over as long a period of time with so many different facets of colonial paper money as was Benjamin Franklin — certainly no other American with such a preeminent stature in science, statesman- ship, and letters…
“The outcome of this discussion prompts him to write an anonymous pamphlet, one of the first to be published by his press: ‘A Modest Enquiry into the Nature and Necessity of a Paper Currency”…
“But what gives paper money its value? Here Franklin is clear throughout his career: It is not legal tender laws or fixed exchange rates between paper money and gold and silver coins but the quantity of paper money relative to the volume of internal trade within the colony that governs the value of paper money. An excess of paper money relative to the volume of internal trade causes it to lose value (depreciate). The early paper monies of New England and South Carolina had depreciated because the quantities were not properly controlled.“
1948 – BIRTH OF MERVYN KING, FORMER GOVERNOR OF THE BANK OF ENGLAND
“Of all the many ways of organizing banking, the worst is the one we have today.” Possible remedies included not just breaking up banks, but also “eliminating fractional reserve banking.”
1913 – DEATH OF J. PIERPONT MORGAN, BANKER
J.P Morgan founded one of the world’s most powerful banks and had extraordinary political influence in the U.S. The National Citizens League, funded by millions of dollars from Morgan and a few other major bankers, financed respected university professors to endorse the concept of creating a private/corporate central bank, which became the Federal Reserve Bank, created by the 1913 Federal Reserve Act. Morgan’s men were among the small number of architects of the private/corporate Federal Reserve.
1999 – “THE MATRIX” FILM RELEASE DATE
“Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world. You don’t know what it is, but it’s there, like a splinter in your mind driving you mad. It is this feeling that has brought you to me. Do you know what I’m talking about?” — Morpheus to Neo
2015 – PUBLISHED ARTICLE, “ICELAND LOOKS AT ENDING BOOM AND BUST WILL RADICAL MONEY PLAN”
“Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank.”
2011 – PUBLISHED ARTICLE IN BLOOMBERG: “FOREIGN BANKS TAPPED FED’S SECRET LIFELINE MOST AT CRISIS PEAK”
“Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request… The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record.”
[Note: The Fed worked very hard to keep this information secret. The amount in secret loans to US banks and corporations and foreign banks following a partial audit of the Fed in 2012 revealed a total of $16 trillion. The GDP of the United States is only $14 trillion by comparison.
1792 – COINAGE ACT PASSES CONGRESS
Congress used its power (as established under the U.S. Constitution) to establish a national Mint. The act authorized the creation of U.S. money — something that we have since forgotten and that Congress has willingly handed over the private banking corporations. Article I, Section 8 states that the government has the power to “coin” money. Coin is used as a verb, as in creating money.
2011 – EMAIL TO HILLARY CLINTON FROM SIDNEY BLUMENTHAL ABOUT QADDIFI’S GOLD (FROM WIKILEAKS)
“On April 2, 2011 sources with access to advisors to Salt al-Islam Qaddafi stated in strictest confidence that while the freezing of Libya’s foreign bank accounts presents Muammar Qaddafi with serious challenges, his ability to equip and maintain his armed forces and intelligence services remains intact. According to sensitive information available to this these individuals, Qaddafi’s government holds 143 tons of gold, and a similar amount in silver. During late March, 2011 these stocks were moved to SABHA (south west in the direction of the Libyan border with Niger and Chad); taken from the vaults of the Libyan Central Bank in Tripoli. This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar. This plan was designed to provide the Francophone African Countries with an alternative to the French.franc (CFA). (Source Comment: According to knowledgeable individuals this quantity of gold and silver is valued at more than $7 billion. French intelligence officers discovered this plan shortly after the current rebellion began, and this was one of the factors that influenced President Nicolas Sarkozy’s decision to commit France to the attack on Libya.”)
1729 – PUBLICATION OF “A MODEST INQUIRY IN THE NATURE AND NECESSITY OF A PAPER-CURRENCY” BY BENJAMIN FRANKLIN
“Thus the Riches of a Country are to be valued by the Quantity of Labour its Inhabitants are able to purchase, and not by the Quantity of Silver and Gold they possess”
The paper currency reduced the inconvenient method of barter transactons, expanded businesses and promoted the settlement of the area. New York and New Jersey experienced the same prosperity when they began printing and circulating their own paper currencies.
1912 – FEDERAL RESERVE BANK IS A FRAUD QUOTE BY H. L. BIRUM SR.
“The Federal Reserve Bank is nothing but a banking fraud and an unlawful crime against civilization. Why? Because they ‘create’ the money made out of nothing, and our Uncle Sap Government issues their “Federal Reserve Notes” and stamps our Government approval with NO obligation whatever from these Federal Reserve Banks, Individual Banks or National Banks, etc.”
2020 – “WAS THE FED JUST NATIONIZED?” BLOG POSTING BY ELLEN BROWN
“The Fed has evidently abandoned its vaunted “independence” and is now working in partnership with the Treasury. In some sense, it has been nationalized. A true partnership, however, would make the printing press available for more than just buying toxic corporate assets. A central bank that was run as a public utility could fund programs designed to kickstart the economy, stimulate productivity and generally serve the public.
“The reason the Fed is now working with the Treasury is that it needs the Treasury to help it bail out a financial industry burdened with an avalanche of dodgy assets that are fast losing value. The problem for the Fed is that it is only allowed to purchase or lend against securities with government guarantees, including Treasury securities, agency mortgage-backed securities, debt issued by Fannie Mae and Freddie Mac, and (arguably) municipal securities. To get around that wrinkle, as Wolf Richter explains:
“’[T]he Treasury will create (or resuscitate) a series of special-purpose vehicles (SPVs) to buy all manner of financial assets, backed by $425 billion in collateral conveniently supplied by the US taxpayer via the Exchange Stabilization Fund. The Fed will lend to SPVs against this collateral which, when leveraged, could fund $4-5 trillion in asset purchases.
“’That includes municipal bonds, non-agency mortgages, corporate bonds, commercial paper, and every variety of asset-backed security. The only things the government can’t (transparently, yet) buy are publicly-traded stocks and high-yield bonds.’”