Several pieces of the puzzle fell in line created by the global system of the time. First, the global bankers met at Jekyll Island off of the coast of Georgia in 1910.
Planning of the Federal Reserve SystemThis is history from long ago, but as you can see the Federal Reserve Act was passed on December 23, 1913 two days before Christmas when many of the Senators were not even in town. It was also passed after The Seventeenth Amendment (Amendment XVII) to the United States Constitution established direct election of United States Senators by popular vote.
At the end of November 1910, Senator Nelson W. Aldrich and Assistant Secretary of the Treasury Department A. Piatt Andrew, and 5 more of the country's leading financiers, who together represented about one-fourth of the world's wealth[citation needed], arrived at the Jekyll Island Club to discuss monetary policy and the banking system, an event led to the creation of the current Federal Reserve. According to the Federal Reserve Bank of Atlanta, the 1910 Jekyll Island meeting resulted in draft legislation for the creation of a U.S. central bank. Parts of this draft (the Aldrich plan) were incorporated into the 1913 Federal Reserve Act. On November 5 - 6, 2010, Ben Bernanke stayed on Jekyll Island to commemorate the 100-year anniversary of this original meeting.
The Federal Reserve Act of 1913
The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch.3) is the Act of Congress that created the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue legal tender. The Act was signed into law by President Woodrow Wilson.
For nearly eighty years the U.S. had been without a central bank since the charter for the Second Bank of the United States was allowed to expire. After various financial panics, particularly a severe one in 1907, some Americans became convinced that their country needed some sort of banking and currency reform that would, when threatened by financial panics, provide a ready reserve of liquid assets, and furthermore allow for currency and credit to expand and contract seasonally within the U.S. economy.
In the election of 1912, the populist-leaning Democratic Party won control of the White House and both chambers of Congress and that year's party platform stated strong opposition "to the so called Aldrich bill for the establishment of a central bank." However, the platform also called for a systematic revision of banking laws in ways that would provide relief from financial panics, unemployment, and business depression and protect the public from the "domination by what is known as the Money Trust."
The amendment supersedes Article I, § 3, Clauses 1 and 2 of the Constitution, under which Senators were elected by state legislatures. It also alters the procedure for filling vacancies in the Senate, to be consistent with the method of election. It was adopted on April 8, 1913.And as one reads, it was passed and signed by Woodrow Wilson even after he and the Democrats ran in 1912 on a platform opposing Aldrich's plan of a central bank. In 1913 the Seventeenth Amendment to the Constitution was passed making Senators directly elected by the people of the State they represent. That was not the intent of the Founding fathers and many people believe that these two acts enabled the Federal government to lose its checks and balances with the States and begin the journey towards the giant monolith it has become today.
Repeal the Seventeenth Amendment - by Thomas J. DiLorenzo:
S.J. Res. 35 reads: "Resolved . . . . The seventeenth article of amendment to the Constitution of the United States is hereby repealed." That's Section 1. Section 2 reads that "The Senate of the United States shall be composed of two Senators from each State, chosen by the legislature thereof, for six years . . ."The Federal reserve has been allowed to become a separate branch of the Government with unfettered power or check and balances. This has allowed the Federal Reserve, holding the purse strings, to become the most powerful organization in the Federal System. Look at the information that has come out over the last few days.
This was the original design of the founding fathers; U.S. senators were not directly elected by the voting public until 1914. Thus, S.J. Res. 35 proposes a return to founding principles and is therefore a most revolutionary idea. A good overview of the history of the Seventeenth Amendment is Ralph A. Rossum's book, Federalism, the Supreme Court, and the Seventeenth Amendment. Rossum correctly points out that the system of federalism or "divided sovereignty" that the founding fathers created with the Constitution was never intended to be enforced by the Supreme Court alone. Congress, the president, and most importantly, the citizens of the states, were also to have an equal say on constitutional matters.
The citizens of the states were to be represented by their state legislatures. As Roger Sherman wrote in a letter to John Adams: "The senators, being . . . dependent on [state legislatures] for reelection, will be vigilant in supporting their rights against infringement by the legislative or executive of the United States."
Rossum also quotes Hamilton as saying that the election of senators by state legislatures would be an "absolute safeguard" against federal tyranny. George Mason believed that the appointment of senators by state legislatures would give the citizens of the states "some means of defending themselves against encroachments of the National Government."
Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms - Washington Post - 12/2/2010
The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.....Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans - Bloomberg - 12/1/2010
The Fed launched emergency programs totaling $3.3 trillion in aid, a figure reached by adding up the peak amount of lending in each program.
Companies that few people would associate with Wall Street benefited through the Fed's program to ease the market for commercial paper, a form of short-term debt used by major corporations to fund their daily activities...
Foreign-owned banks also benefited from the Fed's commercial-paper facility. The Korean Development Bank, owned by the South Korean government, used the program to the tune of billions of dollars, including a $407 million short-term loan on a single day. Many foreign banks, including the French BNP Paribas, the Swiss UBS and the German Deutsche Bank, took extensive advantage of various programs. Even a major bank in Bavaria benefited, as well as another one headquartered in Bahrain, a tiny island country in the Middle East....
Sanders, for one, said these banks got off easy while receiving extraordinary aid. In rescuing these firms, the Fed never required them to lend to small businesses, modify the mortgages of homeowners or invest in a way that would create jobs.
"We bailed these guys out, but the requirements placed upon them had very little positive impact on the needs of ordinary Americans," Sanders said.
The Hound says listen to Max Keiser. Buy just a little. Take down the derivatives market and the Fiat Currency Empire. It is us versus them. Is it fair for the Banks to hold us hostage, when it was our money that they were bailed out with.
If you buy silver, you will help dry up the market and force the banking cartel to cover their short positions. The price of silver will begin to escalate. This movement will feed off of itself. The banks have shorted silver to the extent that they are in positions several times the multiple of the physical silver stock available to the world.
What the banks have done is unethical and illegal. It is time that their bluff is called. If the stock market is going to crash, which it will anyway without real economic growth and tangibility, then let it crash. It is time to regain control of our currency and exposing the fractional reserve, fiat system is the best way to do this.
Only the ignorant are powerless. It is time to educate yourself about what I am speaking of. Don't take my word for this. Learn that true power comes from mass. The American people are not powerless, if they work together under a common focus and objectives.
1 comment:
Bring back Andrew Jackson!
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