The Fed was deliberately designed to appear as a sort of government body to hide the fact that it is a private banking cartel whose member banks share in the vast profits of seigniorage (i.e., the difference between the cost of printing/minting or otherwise creating money [a few cents per $100], and its face value). Yes, the Department of the Treasury does still mint our coins (at the US mint) but that represents under 1% of the US money supply, the great bulk of which is simply bankbook entries - electronic keyboard impulses in computer memories - created by banks on-the-spot to fund loans they make in response to loans applications their "customers" submit (hence the competition by banks for your loan applications and credit card borrowing).
Wouldn't you love to have that exclusive ability - simply to type numbers on your keyboard creating bank accounts, and then write checks or charge purchases to those accounts (actually, no - it is gravely unjust to everyone else and is impoverishing the world for that power to be in private hands).
Friday, March 27, 2009
Money is not real.
From The Money Masters, via Linh Dinh's blog: