An Institution Of The Most Deadly Hostility
May 12, 2011 by Bob Livingston
The Federal Reserve has presided over the death of the dollar, which is now in its final spiral.
When the Federal Reserve opened in 1914, an ounce of gold equaled $18.99. Today, it takes more than 1,500 fiat dollars to buy that same ounce.
In 2008, the banking industry became a shambles thanks to the bursting of the housing bubble, which had been created by the Fed’s easy-money policies. The nation’s largest banks — and some foreign banks as well — knew the government would bail them out of their troubles, so they played fast and loose with their credit by lending to people who had no means of paying the loans even if the economy prospered, and they swapped bad debt among themselves in a giant Ponzi scheme.
Today, thousands of U.S. homeowners find themselves either underwater on their mortgages, behind on their mortgage payments or out on the street thanks to a foreclosure. Official unemployment stands at 9 percent, but actual unemployment is nearer 22 percent. And, according to the National Inflation Association, “Since 1970, Americans have experienced a 50 percent decline in their standard of living due to the Federal Reserve’s dangerous and destructive monetary policies.”
While the 2008 crash and the slow — or nonexistent — recovery came as a surprise to many, including the failed Fed Chairman Helicopter Ben Bernanke, his minions at the Federal Reserve and the elites in Washington, it is not a surprise to some. In fact, the nation was warned of such a result by Thomas Jefferson.
“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution,” he wrote. “I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”
After the collapse is complete and we begin to rebuild out of the ruins of this failed financial system, perhaps we can do so without a central bank.