Origins of Fed Explain Financial Collapse
By Joan Veon
In 1913, at 11:45 p.m., on Dec. 23, Congress approved a private corporation designed to form a private corporation, designed to control the monetary system of our country. They moved with a calculated craftiness and deceit to pass legislation that would enslave every American as a debtor to their corporation.
To give you an idea as to where our country is with debt, as of September 2008, the [official] U.S. federal debt had reached approximately $9.7 trillion, or $31,700 per person. [As of October 2010, the national debt now stands at $13.6 trillion.—Ed.] However, when the unfunded liabilities such as Social Security, Medicare, and other social programs are added in, our total debt grows to $59.1 trillion, or $516,348 per household.
In 2005, the total personal debt, consisting of mortgages and consumer loans, was estimated at $11.4 trillion, with total U.S. household assets, including real estate, totaling $62.5 trillion.
Why it is Americans can’t forgive themselves the interest on the debt? Well, we don’t “owe” it to “we the people,” we “owe” it to the Federal Reserve and to foreign governments in the form of U.S. Treasury bills, notes and bonds.
As of two years ago, the top four foreign owners of our debt were: Japan at $592.2 billion, China at $502 billion, United Kingdom at $251.4 billion and oil exporters at $153.9 billion. Other owners of U.S. debt include Brazil, Caribbean Banking Centers, Luxembourg, Hong Kong, Russia, Norway, Germany, Taiwan and Switzerland.
Through the untrustworthy corporate media, economists and other sources, we are told
that there are a number of reasons for the financial crisis we are in today. One reason, the ivory tower people claim, was the passage of the Home Ownership Equity Protection Act of 1994, whereby the Federal Reserve was given authority to issue regulations and interest rates over mortgages and home equity lending. Its enactment caused a sharp increase in home-equity lending accompanied by a sharp boost in the subprime mortgage market, from 80,000 subprime loans in 1993 to 790,000 by 1998.
Another reason was the passage of the 1999 Gramm-Leach-Bliley Act, removing all the protection put in place following the 1929 stock market crash. Without such protection, foreign banks, brokerage firms and insurance companies were allowed to buy American-owned banks, brokerage firms and insurance companies.
Additionally, this increased the risk to our economic system by easing regulations on monetary policy. The 45-year low interest rates of 2001-2002, enacted to stimulate the economy following the 9-11 attacks, exacerbated the stress on our economy.
In short, we have been set up. Laws were designed and passed to specifically get us into this dreadful position. We are the sheep being shorn, but our shepherd is not Moses, King David or the Great Shepherd. Now
many of the career-congressmen who supported passage of the above laws will go home and campaign for re-election. It’s incredible that the great media spin machine can provide the cover they need to get re-elected and continue this financial skullduggery.
The bottom line is that unless you know the chicanery of how the Federal Reserve Act was passed in 1913, unless you understand the central banking system that runs almost all the countries of the world and their history of manipulation, deceit, deception, and distortion, you will not be able to hear, see and understand what is happening under your nose.
Note: We believe that Ms. Veon would have agreed that every means possible should be explored to repudiate the national debt, as AFP maintains.—Ed.
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(Issue # 41, November 1, 2010)