We Are All Victims
No crystal ball is necessary to predict that a turning-point in the history of money and banking in the United States is drawing nigh. The burden of governmental debt - much of it made possible only by central-bank "monetization" - has approached levels unsustainable in real terms even with drastically increased confiscation of Americans' earnings through explicit taxation. But Americans seem reluctant to accept more taxation to fund the never-ending follies of a spendthrift welfare state. Thus, repudiation of the debt (in whole or in part) through extreme depreciation of FRNs and bank-deposits denominated therein appears likely, if not certain.
For this looming debacle, Americans can thank the FRS, the "experts" who administered it since 1913, the politicians who wed it as a "cover" to finance their own careers, the bankers who profited from their monopoly over the emission of "legal-tender" paper currency, and the "intellectuals" in academia, the press, and the media who (quite unlike their counterparts in the last century) remained strangely silent on the issue of money and banking. That is, Americans can properly thank these people if Americans become aware of what the FRS is, what it does, and why it is responsible for having undermined to the point of collapse the nation's once proudly prosperous economy and staunchly republican political process.
According to Daniel Webster:
"A disordered currency is one of the greatest political evils. It
undermines the virtues necessary for the support of the social system,
and encourages propensities destructive to its happiness. It wars
against industry, frugality and economy, and it fosters evil spirits
of extravagance and speculation. Of all the contrivances for cheating
the laboring classes of mankind, none has been more effectual than
that which deludes them with paper money."
(Congressional Record, March 4, 1846)
This is what we now have and if We the People don't force Congress to
rectify this matter, the whole house of paper money is going to fall
down around our heads in a few short years. The ultimate mathematical
equation is complete and total bankruptcy or all but the elite few.
Tens of thousands of Americans have been begging Congress after
Congress to stop this fraud for over 30 years. All we have received
is more and more taxation to feed this monster and the debt it
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