In a message dated 06/16/2000 12:52:10 PM Central Daylight Time, [EMAIL PROTECTED]
Professor Jerry Mander writes:
" the FRB has numerous other functions, including regulating the natural
creation of money (which, thoretically, would be infinate without reserves)
by the establishment of reserves, and several other functions."
________________________________________________________________
Professor Mander, you display a surprising amount of ignorance here.
You write about "the natural creation of money".
Just what is this in your opinion?
What process of nature creates money?
You apparently hold the same view that many children are accused of holding;
namely, that money grows on trees.
You write of paper money being printed. Granted that most people probably
think of "money" in terms of the paper bills and coins in circulation; but
cash
is only a small part of what the Federal Reserve defines and measures
as "money". Here it is in their own words:
M1, M2, and M3 are progressively more inclusive measures of money:
M1 is included in M2, which is included in M3.
M1, the most narrowly defined measure, consists of the most liquid forms of
money, namely currency and checkable deposits.
The non-M1 components of M2 are primarily household holdings of savings
deposits, time deposits, and retail money market mutual funds.
The non-M2 components of M3 consist of institutional money funds and certain
managed liabilities of depositories, namely large time deposits, repurchase
agreements, and Eurodollars."
THE FACT IS THAT NEARLY ALL OF WHAT IS DEFINED ABOVE
AS "MONEY" IS BORROWED INTO EXISTENCE!
When a person goes to their local bank to obtain a loan for a new car,
the bank does not have the "money" sitting on a shelf in their safe.
The bank does not have that money anywhere.
When the bank customer signs the loan forms and the loan is
approved, the bank makes some computerized bookkeeping entries
and Shazam......the "money" suddenly appears in the customer's
account....literally from nowhere!
THE "MONEY" DID NOT EXIST UNTIL THE BANK CUSTOMER
BORROWED IT INTO EXISTENCE.
THE "MONEY" ISN'T IN THE FORM OF CASH, IT IS NOTHING MORE
THAN SOME NUMBERS ENTERED INTO A COMPUTER.
SO NOW THE BANK CAN EARN INTEREST ON SOMETHING IT
CREATED WITH SOME KEYSTROKES ON A COMPUTER.
PRETTY NEAT RACKET HUH?
BUT IT GET'S EVEN BETTER PROFESSOR.
THE FED NOW LETS THE BANK COUNT THAT LOAN AS AN "ASSET".
THE LOAN NOW COUNTS AS PART OF THE BANK'S "RESERVE".
UNDER THE TOTALLY FRAUDULENT SYSTEM OF "FRACTIONAL RESERVE
BANKING", THAT BANK CAN NOW CREATE MORE "MONEY" IN THE FORM
OF NEW LOANS. UNDER THIS SYSTEM, THE BANK CAN NOW LOAN OUT
16 MORE DOLLARS FOR EVERY DOLLAR IT IS OWED UNDER THE TERMS
OF THE LOAN MADE TO THE FIRST CUSTOMER IN THIS EXAMPLE.
ISN'T THIS THE MOST FANTASTIC SCHEME IMAGINABLE?
You write about: "the establishment of reserves" by the FED.
These "reserves" are not money on deposit.
The "reserves" are debts owed to the bank from loans made by
the bank with "money" created out of thin air by computer entries!
In various news reports, we sometimes hear the term "hard currency".
For instance, Russia and China are often reported to be short of
"hard currency".
The truth is......there is no "hard currency" in the world today!
Definitions:
Currency - originally this term meant "current for coin" (gold or silver
coin)
Hard Currency - paper "Bearer Notes" backed by gold or silver.
The currency was "hard" because it was backed
by hard metal.
Fact is that the U.S. Dollar isn't backed by anything other than the faith
that people can spend it.
THERE ARE NO GOLD OR SILVER RESERVES TO BACK
U.S. CURRENCY!
The U.S. went off the "gold standard" in 1933.
At that time the "Promise to Pay Bearer on Demand" in gold was cancelled.
The U.S. went off the "silver standard" in 1965.
At that time the silver backing for U.S. paper money was removed.
No hard currencies professor.....not anymore.
First the bankers promised to hold the people's gold and silver
in a safe place and they issued paper "Bearer Notes" which could
be redeemed in gold or silver.
Then, the bankers cancelled the promise to redeem the paper notes
with gold or silver.
It's likely that in the next phase, the bankers will do away with the
"paper money" completely.
The next step they have planned for us is the "cashless society".
Under this scheme, our "money" will be nothing more than
electronic blips in computers.
Just think professor.....no more armed robberies.
Nobody will hold up a bank or a convenience store to take the money.
There won't be any money.
Sound great?
Consider that whoever has control of the money computers will literally
have total control over the lives of everyone.
That's a power that the most powerful rulers in history could
never have even imagined.
It's coming professor.
Whether you or Rush believe it or not.......it's coming.
The fate of our Republic was sealed on that dark night
of December 23, 1913 when evil men in the Federal government
handed over the "money power" to a private corporation of
international bankers.
Regards to All
Nakano
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