Creature From Jekyll Island (about the Fed, free Google vid)

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Creature From Jekyll Island (about the Fed, free Google vid)

Unread postby Christine on Wed Apr 30, 2008 12:45 am

G Edward Griffin explains the FEDERAL RESERVE - a total money scam.

G Edward Griffin - Creature From Jekyll Island A Second Look at the Federal Reserve - 42 min - Aug 28, 2007

The purpose of the Federal Reserve - the private banking cartel:

1) Protect the major banks and limit competition
2) Pass on the major banks' losses to the tax payer
3) Create money out of nothing and loan it to the government, increasing the money supply by the amount of money created.
4) Allow the BANKS to create 9 times MORE money than is deposited after the government spent the money created in step 3.

When the government borrows $100 billion (has the Fed create a $100 billion), it spends this money by paying for goods and services with checks. Those checks are deposited into commercial banks. The banks then can create $900 billion in LOANS.

It's called fractional reserve banking and is practiced in most industrialized countries. Because money is created by DEBT, the INTEREST to pay the debt does not exist. MORE loans have to be be made to pay the interest.

I documented how the bankers and the governments (federal and state) conspired to stop enforcing lending laws and to let just about ANYONE get a mortgage. It HAD to be done to avoid a recession around 2000.

Obviously, INFLATION results from the massive increase in money supply.

I don't agree with Mr. Griffin's conclusion to back the dollar with metals.

Imagine how many wars we'd have to fight to get more gold!

The EASY solution:

1) make the banks pay INTEREST on the money they create
2) the government prints the money it needs and it does NOT pay interest on its own money.

This can be done IMMEDIATELY, not over 30 years like Mr. Griffin suggests. In the beginning the government charges the banks very little interest, maybe only 1/4% on the money they create and you increase it slowly.

Rather than having the banks manipulate the money supply, the GOVERNMENT controls how much money is created.

The BIG benefit:

Not only will we need to pay less money in taxes to pay the interest on the government debt, but the government gets interest INCOME from the banks. Income tax on wages could possibly be eliminated.

I wonder what Griffin thinks about that.

Creating HUGE sums of new money is currently the ONLY way to avoid a complete collapse of the system. And I just don't see where it would come from, especially since it's so difficult to get mortgages.

Realistically, we can either have the economy collapse or have the GOVERNMENT create the INTEREST so we can pay our debts. It'll take a LOT more than $600 per family. It if can not work as long as the Federal Reserve creates the money and the banks get to create 9 times more without paying for it.

I'd really like to see the numbers.

How much money did the Fed create in 2007 and then in 2008 so far?

How much money did the banks create through fractional reserve lending?

How much money NEEDS to be created so that we can all pay the interest on the outstanding loans?

I briefly checked out Griffin's - will have to do some reading there.
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