Liberal Forum

peepee » 08 Nov 2017 6:12 am » wrote: ...no need for internet 'friends'...i do value readership though...thanks...it seems you are on the path towards 'monetary realism' much much more advanced than the squirmy/stinky/dildo clan of phony republican rodeo radioers...

...i believe you, sir, would benefit greatly from reading jerry voorhis' "out of debt, out of danger"....as near as i can tell, voorhis was/is 'the champ' as to explaining the distinction between 'the fed' and the PRIVATE commercial banks where most of 'our' 'money' is created and issued in 'the first round' to 'the secret-squirrel bankster$' ...who, btw, literally own you and everything/one else through their control over 'money and its issuance'..

http://www.webofdebt.com/articles/monetizethis.php

�As a direct result of logical and relentless agitation by members of Congress, led by Congressman Wright Patman as well as by other competent monetary experts, the Federal Reserve began to pay to the U.S. Treasury a considerable part of its earnings from interest on government securities. This was done without public notice and few people, even today, know that it is being done. It was done, quite obviously, as acknowledgment that the Federal Reserve Banks were acting on the one hand as a national bank of issue, creating the nation�s money, but on the other hand charging the nation interest on its own credit � which no true national bank of issue could conceivably, or with any show of justice, dare to do.�
Voorhis went on, �But this is only part of the story. And the less discouraging part, at that. For where the commercial banks are concerned, there is no such repayment of the people�s money.� Commercial banks, he explained, do not rebate the interest, although they also ��buy� the bonds with newly created demand deposit entries on their books � nothing more.�6
Voorhis noted that the Constitution provides, �Congress shall have the power to coin money [and] regulate the value thereof.� Whether �to coin money� means �to issue money� has been debated; but as President Andrew Jackson observed, if anyone was given the power to issue money, it was Congress, not a private banking elite. For a full century before the American Revolution, the colonists funded a period of unprecedented prosperity and productive enterprise with paper money issued directly by their own local governments or government-owned banks. According to Benjamin Franklin, it was chiefly to get that power back after King George halted the practice that the colonists fought the Revolution.7