Friday, November 5, 2010

Federal Reserve celebrates 100 years of dominating America

This week is the 100th anniversary of the founding of the Federal Reserve.

It was formed during a meeting held, 100 years ago this week, at Jekyll Island in Georgia. To honor the 100th anniversary they are holding a meeting at the same Jekyll Island resort.

The video below starts at that point but goes on to rant a bit about how the Federal Reserve was invented to enslave the U.S. with a mountain of debt. That may be, or might not be. It is true that the U.S. is saddled with a mountain of debt but it's plausible the debt could be paid off if everyone were to focus on doing so. That is, including the Fed.

The system as it is seems geared to continue the debt situation. The people who make megabucks by loaning money to the federal government will want the current system to continue. The Federal Reserve is the largest entity to be making money by loaning money to the federal government. Clearly they want the current system to continue.

As it stands a huge portion of the national income (taxes etc) is siphoned directly into paying INTEREST on the national debt. When the Bush Administration (both of them) participated in raising huge amounts of debt, this directly benefited the bond holders, the largest of which is the Federal Reserve.

What it means is that a huge portions of our lives are wasted on paying the interest on the national debt. Paying interest on debt does nothing other than enrich the bond holders.