Monday, 2 May 2011
CASE 277 - Federal reserve
The Federal Reserve Bank only creates the Principal - not the usury or interest that it lends to the U.S. government. Therefore the usury can NEVER be repaid and the end result is foreclosure and bankruptcy.
In 1765, the Bank of England demanded that the American Colonies pay taxes in British specie or coins which the people did not possess. If they had borrowed from the Bank of England to pay the tax, the end result would have been the same: foreclosure and bankruptcy with the Bank owning everything!!
In 1901 the national debt of the United States was less than $1 billion. It stayed at less than $1 billion until we got into World War I. Then it jumped to $25 billion. The national debt nearly doubled between World War I and World War II, increasing from $25 to $49 billion. Between 1942 and 1952, the debt zoomed from $72 billion to $265 billion. In 1962 it was $303 billion. By 1970, the debt had increased to $383 billion. Between 1971 and 1976 it rose from $409 billion to $631 billion. The debt experienced its greatest growth, however, during the 1980s, fueled by an unprecedented peacetime military buildup. In 1998, the outstanding public debt will roar past $5.5 trillion.
On December 23, 1913, the Federal Reserve System, which serves as the nation's central bank, was created by an act of Congress. The System consists of a seven member Board of Governors with headquarters in Washington, D.C., and twelve Reserve Banks located in major cities throughout the United States.
The unconstitutional "share" of this debt for every man, woman and child is currently $20,594.86 and will continue to increase an average of $630 million every day, which dosn't include the $26 trillion in individual credit card debts, mortgages, automobile leases and so on.
U.S. NATIONAL DEBT
The Outstanding Public Debt as of 08/25/98 at 10:28:37 AM PDT is:
The estimated population of the United States is 270,374,697
so each citizen's share of this debt is $20,403.90.
The Federal Reserve is the central bank of the United States. Its unique structure includes
a federal government agency, the Board of Governors, in Washington, D.C., and
12 regional Reserve Banks.
Reflecting this structure, which balances centralization with regional presence, the Fed has web sites that are national in scope (see links at right) and regional (see below).