Excerpt => http://www.apfn.net/Doc-100_bankruptcy27.htm

"...Instead, America has legislated away this priceless power of monetary and credit creation to a group of primarily foreign, self-serving bankers!  According to the Supreme Court, this transfer of power is in direct violation of the law.  

"Congress may not abdicate or transfer to others its legitimate functions" Schechter Pultry v U.S. 29 U.S. 495, 55 U.S. 837.842  (1935) 

Following is a simplified explanation of the inane method in which currency and credit is currently created in the United States.  This system benefits a few elitists at an exorbitant cost to We the People!  The average American contributes one third of his hard earned dollars to support this corruption!  

Let's say, for example, that to carry out its legitimate functions, the United States needs $300 billion in credit and $100 million in currency
 1. The U.S. Bureau of Printing and Engraving at the U.S. Treasury is instructed to print $100 million in Federal Reserve Notes, as currency for the privately owned Federal Reserve.  
2. The privately owned Federal Reserve System pays the U.S. Bureau of Printing and Engraving $20.60 per 1000 bills it prints! That is approximately two and a half cents for each bill, regardless of their face denomination, ie. $1, $5, $10, $20, $50, $100 bill.  WHAT A DEAL!!
 3. Next, the United States orders the same U.S. Bureau of Printing and Engraving to print $300 billion, $100 million worth of U.S. Treasury Bonds.  
4. The privately owned Federal Reserve then purchases $100 million of U.S. Treasury Bonds (redeemable at full face value plus interest) from the United States.  To pay for these, the Fed uses the privately owned Federal Reserve Notes that they just purchased for two and a half cents per bill! Next, the privately owned Federal Reserve purchases the other $300 billion in U.S. Bonds with a simple ten second computer entry that transfers $300 billion in "credit" into the United States' Treasury account.  Where did the privately owned Federal Reserve System get the $300 billion?  It created it from NOTHING.

 The People are then obligated to repay the privately owned Federal Reserve, with their tax dollars, at full face value, plus interest (which is converted to gold at par, through the International Monetary Fund).  The privately owned Federal Reserve Notes and federal government credits were created for virtually nothing.  

Conversely, the repayment of just the interest on these bonds requires a Citizens' physical labor from approximately January 1st until May 1st and giving 100% of their substance to the privately owned Federal Reserve. What does the privately owned Federal Reserve or the federal government give back to We the People in exchange for the sweat of our brow?  NOTHING! ZIP! NADA!  

That constitutes servitude without just compensation.  COST TO WE THE PEOPLE:  $300 Billion, $100 Million, plus continuously compounding interest. COST TO THE PRIVATELY OWNED FEDERAL RESERVE: About $26,000

"PERMIT ME TO CONTROL THE CURRENCY OF A NATION AND I CARE NOT WHO MAKES ITS LAWS!" Baron de Rothschild  

THE POWER OF MONETARY AND CREDIT CREATION  Where does the privately owned Federal Reserve get its money? IT CREATES IT FROM THIN AIR!

The privately owned Federal Reserve has created a debt based economy.  It creates nothing. Every dollar that America spends, it borrows from someone else.  Every privately owned Federal Reserve note in your wallet is nothing more than a debt certificate.  America has given its greatest power, monetary creation, to the privately owned Federal Reserve.

 MONEY FACTS: House Banking and Currency Committee,  1964, pp. 9, states: "The privately owned Federal Reserve Banks create Federal Reserve Notes out of thin air to buy government bonds from the United States Treasury by lending into circulation at interest and by bookkeeping entries of checkbook credit to the United States Treasury.  The Treasury writes up an interest bearing bond for one billion dollars.  The privately owned Federal Reserve gives the Treasury a one billion dollar credit for the bond, it has created from nothing.  This is one billion dollar debt which the American people are obligated to pay full, with interest."  

A publication called, "PUTTING IT SIMPLY", by the Boston Federal Reserve Bank, sums it up as:                   "When you or I write a check there must be sufficient funds in our account to cover that check, but when the privately owned Federal Reserve writes a check, it is CREATING money."  LOGIC ECONOMICS  In reality money is not created from thin air.  The backing or value of the dollar does NOT exist at its creation, but by its redemption.  It is not gold or silver that backs our currency but the willingness by the American people to exchange that currency for raw materials, goods, services, manpower and brainpower!  In other words, the REAL collateral behind the dollar is the American Peoples productivity.  This is a commodity in which America is extremely rich in!  If you use currency to buy food, it is the food that gives the currency value.  The food has value without the currency, but the currency has no value without the food or other valuable substance or service.

  The creator of the currency merely prints "Notes" that we exchange among each other for goods and services.  Currency is, simply put, barter certificates.  Although gold and silver, because of their intrinsic value, are an excellent hedge against FED engineered inflation. It is the productivity of the American people that gives currency its purchasing value. If we all refused to use privately owned Federal Reserve notes for our exchanges, the Feds currency would have absolutely NO VALUE.

Someone has to create currency if we are to have a medium of exchange other than direct bartering.  The biggest mistake in American history was to give this awesome creative power to the privately owned Federal Reserve!  Because it is the productivity of the people that is collateralizing the currency, it should be the people that benefit by its creation.  the Congress should immediately take back the power of legislative monetary and credit creation, with safeguards, for the benefit of prosperity of the American People!..."
Source http://www.apfn.net/Doc-100_bankruptcy27.htm

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Secrets Of The Federal Reserve The London Connection

Dedicated to two of the finest scholars of the twentieth century GEORGE STIMPSON and EZRA POUND who generously gave of their vast knowledge to a young writer to guide him in a field which he could not have managed alone.

ACKNOWLEDGEMENTS

http://www.federal-reserve.net/secrets.htm

"I wish to thank my former fellow members of the staff of the Library of Congress whose very kind assistance, cooperation and suggestions made the early versions of this book possible. I also wish to thank the staffs of the Newberry Library, Chicago, the New York City Public Library, the Alderman Library of the University of Virginia, and the McCormick Library of Washington and Lee University, Lexington, Virginia, for their invaluable assistance in the completion of thirty years of further research for this definitive work on the Federal Reserve System.

About the Author

Eustace Mullins is a veteran of the United States Air Force, with thirty-eight months of active service during World War II. A native Virginian, he was educated at Washington and Lee University, New York University, Ohio University, the University of North Dakota, the Escuelas des Bellas Artes, San Miguel de Allende, Mexico, and the Institute of Contemporary Arts, Washington, D.C.

The original book, published under the title Mullins On The Federal Reserve, was commissioned by the poet Ezra Pound in 1948. Ezra Pound was a political prisoner for thirteen and a half years at St. Elizabeth's Hospital, Washington, D.C. (a Federal institution for the insane). His release was accomplished largely through the efforts of Mr. Mullins.

The research at the Library of Congress was directed and reviewed daily by George Stimpson, founder of the National Press Club in Washington, whom The New York Times on September 28, 1952 called, "A highly regarded reference source in the capitol. Government officials, Congressmen, and reporters went to him for information on any subject." Published in 1952 by Kasper and Horton, New York, the original book was the first nationally-circulated revelation of the secret meetings of the international bankers at Jekyll Island, Georgia, 1907-1910, at which place the draft of the Federal Reserve Act of 1913 was written.

During the intervening years, the author continued to gather new and more startling information about the backgrounds of the people who direct the Federal Reserve policies. New information gathered over the years from hundreds of newspapers, periodicals, and books give corroborating insight into the connections of the international banking houses.*

While researching this material, Eustace Mullins was on the staff of the Library of Congress. Mullins later was a consultant on highway finance for the American Petroleum Institute, consultant on hotel development for Institutions Magazine, and editorial director for the Chicago Motor Club's four publications.
__________________________
* The London Acceptance Council is limited to seventeen international banking houses authorized by the Bank of England to handle foreign exchange.

ABOUT THE COVER

The cover reproduces the outline of the eagle from the red shield, the coat of arms of the city of Frankfurt, Germany, adapted by Mayer Amschel Bauer (1744-1812) who changed his name from Bauer to Rothschild ("Red Shield"). Rothschild added five golden arrows held in the eagle's talons, signifying his five sons who operated the five banking houses of the international House of Rothschild: Frankfurt, London, Paris, Vienna, and Naples.

Table of Contents

Chapter One Jekyll Island 1
Chapter Two The Aldrich Plan 10
Chapter Three The Federal Reserve Act 16
Chapter Four The Federal Advisory Council 40
Chapter Five The House of Rothschild 47
Chapter Six The London Connection 63
Chapter Seven The Hitler Connection 69
Chapter Eight World War One 82
Chapter Nine The Agricultural Depression 114
Chapter Ten The Money Creators 119
Chapter Eleven Lord Montagu Norman 131
Chapter Twelve The Great Depression 143
Chapter Thirteen The 1930's 151
Chapter Fourteen Congressional Expose 171
Addendum 179 Appendix I 181 Biographies 186 Bibliography 193 Index 197
@The above facsimile is reproduced from page 60 of "HISTORICAL BEGINNINGS . . . . THE FEDERAL RESERVE", published by the Federal Reserve Bank of Boston in its seventh printing, 1982.

Foreword

In 1949, while I was visiting Ezra Pound who was a political prisoner at St. Elizabeth's Hospital, Washington, D.C. (a Federal institution for the insane), Dr. Pound asked me if I had ever heard of the Federal Reserve System. I replied that I had not, as of the age of 25. He then showed me a ten dollar bill marked "Federal Reserve Note" and asked me if I would do some research at the Library of Congress on the Federal Reserve System which had issued this bill. Pound was unable to go to the Library himself, as he was being held without trial as a political prisoner by the United States government. After he was denied broadcasting time in the U.S., Dr. Pound broadcast from Italy in an effort to persuade people of the United States not to enter World War II. Franklin D. Roosevelt had personally ordered Pound's indictment, spurred by the demands of his three personal assistants, Harry Dexter White, Lauchlin Currie, and Alger Hiss, all of whom were subsequently identified as being connected with Communist espionage.

I had no interest in money or banking as a subject, because I was working on a novel. Pound offered to supplement my income by ten dollars a week for a few weeks. My initial research revealed evidence of an international banking group which had secretly planned the writing of the Federal Reserve Act and Congress' enactment of the plan into law. These findings confirmed what Pound had long suspected. He said, "You must work on it as a detective story." I was fortunate in having my research at the Library of Congress directed by a prominent scholar, George Stimpson, founder of the National Press Club, who was described by The New York Times of September 28, 1952: "Beloved by Washington newspapermen as 'our walking Library of Congress', Mr. Stimpson was a highly regarded reference source in the Capitol. Government officials, Congressmen and reporters went to him for information on any subject."

I did research four hours each day at the Library of Congress, and went to St. Elizabeth's Hospital in the afternoon. Pound and I went over the previous day's notes. I then had dinner with George Stimpson at Scholl's Cafeteria while he went over my material, and I then went back to my room to type up the corrected notes. Both Stimpson and Pound made many suggestions in guiding me in a field in which I had no previous experience. When Pound's resources ran low, I applied to the Guggenheim Foundation, Huntington Hartford Foundation, and other foundations to complete my research on the Federal Reserve. Even though my foundation applications were sponsored by the three leading poets of America, Ezra Pound, E.E. Cummings, and Elizabeth Bishop, all of the foundations refused to sponsor this research. I then wrote up my findings to date, and in 1950 began efforts to market this manuscript in New York.

Eighteen publishers turned it down without comment, but the nineteenth, Devin Garrity, president of Devin Adair Publishing Company, gave me some friendly advice in his office. "I like your book, but we can't print it," he told me. "Neither can anybody else in New York. Why don't you bring in a prospectus for your novel, and I think we can give you an advance. You may as well forget about getting the Federal Reserve book published. I doubt if it could ever be printed."

This was devastating news, coming after two years of intensive work. I reported back to Pound, and we tried to find a publisher in other parts of the country. After two years of fruitless submissions, the book was published in a small edition in 1952 by two of Pound's disciples, John Kasper and David Horton, using their private funds, under the title Mullins on the Federal Reserve. In 1954, a second edition, with unauthorized alterations, was published in New Jersey, as The Federal Reserve Conspiracy. In 1955, Guido Roeder brought out a German edition in Oberammergau, Germany. The book was seized and the entire edition of 10,000 copies burned by government agents led by Dr. Otto John.

The burning of the book was upheld April 21, 1961 by judge Israel Katz of the Bavarian Supreme Court. The U.S. Government refused to intervene, because U.S. High Commissioner to Germany, James B. Conant (president of Harvard University 1933 to 1953), had approved the initial book burning order. This is the only book which has been burned in Germany since World War II. In 1968 a pirated edition of this book appeared in California. Both the FBI and the U.S. Postal inspectors refused to act, despite numerous complaints from me during the next decade. In 1980 a new German edition appeared. Because the U.S. Government apparently no longer dictated the internal affairs of Germany, the identical book which had been burned in 1955 now circulates in Germany without interference.

I had collaborated on several books with Mr. H.L. Hunt and he suggested that I should continue my long-delayed research on the Federal Reserve and bring out a more definitive version of this book. I had just signed a contract to write the authorized biography of Ezra Pound, and the Federal Reserve book had to be postponed. Mr. Hunt passed away before I could get back to my research, and once again I faced the problem of financing research for the book.

My original book had traced and named the shadowy figures in the United States who planned the Federal Reserve Act. I now discovered that the men whom I exposed in 1952 as the shadowy figures behind the operation of the Federal Reserve System were themselves shadows, the American fronts for the unknown figures who became known as the "London Connection." I found that notwithstanding our successes in the Wars of Independence of 1812 against England, we remained an economic and financial colony of Great Britain. For the first time, we located the original stockholders of the Federal Reserve Banks and traced their parent companies to the London Connection.

This research is substantiated by citations and documentation from hundreds of newspapers, periodicals and books and charts showing blood, marriage, and business relationships. More than a thousand issues of The New York Times on microfilm have been checked not only for original information, but verification of statements from other sources.

It is a truism of the writing profession that a writer has only one book within him. This seems applicable in my case, because I am now in the fifth decade of continuous writing on a single subject, the inside story of the Federal Reserve System. This book was from its inception commissioned and guided by Ezra Pound. Four of his protégés have previously been awarded the Nobel Prize for Literature, William Butler Yeats for his later poetry, James Joyce for "Ulysses", Ernest Hemingway for "The Sun Also Rises", and T.S. Elliot for "The Waste Land". Pound played a major role in the inspiration and in the editing of these works--which leads us to believe that this present work, also inspired by Pound, represents an ongoing literary tradition.

Although this book in its inception was expected to be a tortuous work on economic and monetary techniques, it soon developed into a story of such universal and dramatic appeal that from the outset, Ezra Pound urged me to write it as a detective story, a genre which was invented by my fellow Virginian, Edgar Allan Poe. I believe that the continuous circulation of this book during the past forty years has not only exonerated Ezra Pound for his much condemned political and monetary statements, but also that it has been, and will continue to be, the ultimate weapon against the powerful conspirators who compelled him to serve thirteen and a half years without trial, as a political prisoner held in an insane asylum a la KGB. His earliest vindication came when the government agents who represented the conspirators refused to allow him to testify in his own defense; the second vindication came in 1958 when these same agents dropped all charges against him, and he walked out of St. Elizabeth's Hospital, a free man once more. His third and final vindication is this work, which documents every aspect of his exposure of the ruthless international financiers to whom Ezra Pound became but one more victim, doomed to serve years as the Man in the Iron Mask, because he had dared to alert his fellow-Americans to their furtive acts of treason against all people of the United States.

In my lectures throughout this nation, and in my appearances on many radio and television programs, I have sounded the toxin that the Federal Reserve System is not Federal; it has no reserves; and it is not a system at all, but rather, a criminal syndicate. From November, 1910, when the conspirators met on Jekyll Island, Georgia, to the present time, the machinations of the Federal Reserve bankers have been shrouded in secrecy. Today, that secrecy has cost the American people a three trillion dollar debt, with annual interest payments to these bankers amounting to some three hundred billion dollars per year, sums which stagger the imagination, and which in themselves are ultimately unpayable. Officials of the Federal Reserve System routinely issue remonstrances to the public, much as the Hindu fakir pipes an insistent tune to the dazed cobra which sways its head before him, not to resolve the situation, but to prevent it from striking him. Such was the soothing letter written by Donald J. Winn, Assistant to the Board of Governors in response to an inquiry by a Congressman, the Honorable Norman D. Shumway, on March 10, 1983. Mr. Winn states that "The Federal Reserve System was established by an act of Congress in 1913 and is not a 'private corporation'." On the next page, Mr. Winn continues, "The stock of the Federal Reserve Banks is held entirely by commercial banks that are members of the Federal Reserve System." He offers no explanation as to why the government has never owned a single share of stock in any Federal Reserve Bank, or why the Federal Reserve System is not a "private corporation" when all of its stock is owned by "private corporations".

American history in the twentieth century has recorded the amazing achievements of the Federal Reserve bankers. First, the outbreak of World War I, which was made possible by the funds available from the new central bank of the United States. Second, the Agricultural Depression of 1920. Third, the Black Friday Crash on Wall Street of October, 1929 and the ensuing Great Depression. Fourth, World War II. Fifth, the conversion of the assets of the United States and its citizens from real property to paper assets from 1945 to the present, transforming a victorious America and foremost world power in 1945 to the world's largest debtor nation in 1990. Today, this nation lies in economic ruins, devastated and destitute, in much the same dire straits in which Germany and Japan found themselves in 1945. Will Americans act to rebuild our nation, as Germany and Japan have done when they faced the identical conditions which we now face--or will we continue to be enslaved by the Babylonian debt money system which was set up by the Federal Reserve Act in 1913 to complete our total destruction? This is the only question which we have to answer, and we do not have much time left to answer it. Because of the depth and the importance of the information which I had developed at the Library of Congress under the tutelage of Ezra Pound, this work became the happy hunting ground for many other would-be historians, who were unable to research this material for themselves. Over the past four decades, I have become accustomed to seeing this material appear in many other books, invariably attributed to other writers, with my name never mentioned. To add insult to injury, not only my material, but even my title has been appropriated, in a massive, if obtuse, work called "Secrets of the Temple--the Federal Reserve". This heavily advertised book received reviews ranging from incredulous to hilarious. Forbes Magazine advised its readers to read their review and save their money, pointing out that "a reader will discover no secrets" and that "This is one of those books whose fanfares far exceed their merit." This was not accidental, as this overblown whitewash of the Federal Reserve bankers was published by the most famous nonbook publisher in the world.

After my initial shock at discovering that the most influential literary personality of the twentieth century, Ezra Pound, was imprisoned in "the Hellhole" in Washington, I immediately wrote for assistance to a Wall Street financier at whose estate I had frequently been a guest. I reminded him that as a patron of the arts, he could not afford to allow Pound to remain in such inhuman captivity. His reply shocked me even more. He wrote back that "your friend can well stay where he is." It was some years before I was able to understand that, for this investment banker and his colleagues, Ezra Pound would always be "the enemy".

Eustace Mullins Jackson Hole, Wyoming 1991

Introduction

Here are the simple facts of the great betrayal. Wilson and House knew that they were doing something momentous. One cannot fathom men's motives and this pair probably believed in what they were up to. What they did not believe in was representative government. They believed in government by an uncontrolled oligarchy whose acts would only become apparent after an interval so long that the electorate would be forever incapable of doing anything efficient to remedy depredations.

EZRA POUND (St. Elizabeth's Hospital, Washington, D.C. 1950

............

"...The shareholders of these banks which own the stock of the Federal Reserve Bank of New York are the people who have controlled our political and economic destinies since 1914.

They are the Rothschilds, of Europe, Lazard Freres (Eugene Meyer), Kuhn Loeb Company, Warburg Company, Lehman Brothers, Goldman Sachs, the Rockefeller family, and the J.P. Morgan interests. These interests have merged and consolidated in recent years, so that the control is much more concentrated. National Bank of Commerce is now Morgan Guaranty Trust Company. Lehman Brothers has merged with Kuhn, Loeb Company, First National Bank has merged with the National City Bank, and in the other eleven Federal Reserve Districts, these same shareholders indirectly own or control shares in those banks, with the other shares owned by the leading families in those areas who own or control the principal industries in these regions.* The "local" families set up regional councils, on orders from New York, of such groups as the Council on Foreign Relations, The Trilateral Commission, and other instruments of control devised by their masters. They finance and control political developments in their area, name candidates, and are seldom successfully opposed in their plans.

With the setting up of the twelve "financial districts" through the Federal Reserve Banks, the traditional division of the United States into the forty-eight states was overthrown, and we entered the era of "regionalism", or twelve regions which had no relation to the traditional state boundaries.

These developments following the passing of the Federal Reserve Act proved every one of the allegations Thomas Jefferson had made against a central bank in 1791: that the subscribers to the Federal Reserve Bank stock had formed a corporation, whose stock could be and was held by aliens; that this stock would be transmitted to a certain line of successors; that it would be placed beyond forfeiture and escheat; that they would receive a monopoly of banking, which was against the laws of monopoly; and that they now had the power to make laws, paramount to the laws of the states. No state legislature can countermand any of the laws laid down by the Federal Reserve Board of Governors for the benefit of their private stockholders. This board issues laws as to what the interest rate shall be, what the quantity of money shall be and what the price of money shall be. All of these powers abrogate the powers of the state legislatures and their responsibility to the citizens of those states..." (continued)
http://www.federal-reserve.net/secrets.htm

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We will find the Rothschilds playground here in The City of London .....

And this is where we need to look to enable change elsewhere in the world whether it be USA - Russia - Iraq - Afghanistan or China. USURY & Banking - That is our common enemy!

How City of London (British Crown) Runs the World by HENRY MAKOW, PhD

http://www.conspiracyplanet.com/channel.cfm?channelid=126&contentid=1281

Conspiracy theorists like myself believe modern history reflects a long-term conspiracy by an international financial elite to enslave humanity.

Like blind men examining an elephant, we attribute this conspiracy to Jews, Illuminati, Vatican, Jesuits, Freemasons, Black Nobility, and Bildersbergs etc. The real villains are at the heart of our economic and cultural life. They are the dynastic families who own the Bank of England, the US Federal Reserve and associated cartels. They also control the World Bank and IMF. Their identity is kept secret, but Rothschild is certainly one of them.

England is in fact a financial oligarchy run by the "British Crown" which refers to the "City of London," not the Queen. The City is run by the Bank of England, a "private" corporation. The City is a sovereign state located in the heart of greater London. Considered the "Vatican of the financial world," the City is not subject to British law.

Banking Cartel is the Cause of Humanity's Woes

By Henry Makow Ph.D. June 26, 2002 http://savethemales.ca/260602.html

"Notwithstanding the war of independence against England," writes Mullins, "we remained an economic and financial colony of Great Britain." Between 1865 and 1913, he says London bankers led by the Rothschilds used agents such as J.P. Morgan and J.D. Rockefeller to gain control of American industry and organize it into cartels.

Where did these bankers get the money? For over 200 years, European bankers have been able to draw on the credit of their host countries to print it! In the Seventeenth Century, the moneylenders and the aristocracy made a pact. If the king would make paper currency a liability of the state, the moneylenders would print as much as he liked! Thus the Banks of England, France and the Reichsbank came into being but they were all private corporations and remain so today.

According to this nefarious pact, the moneylenders got to charge interest on assets they created out of thin air. The aristocracy all took shares in the central banks plus they got to finance a burgeoning government and to wage costly wars.

This piece of chicanery is at the heart what plagues humanity.

Spitalfields - London http://www.nationalarchives.gov.uk/pathways/census/pandp/places/spit.htm

By 1901, the area of east London known as Spitalfields (now Whitechapel) had become home to a large Jewish population. From 1881, mounting persecution in eastern Europe and Russia led to the arrival of thousands of Jewish immigrants. They made their way to the tenement houses of Spitalfields already occupied by a considerable Jewish working-class community. By 1901, parts of Spitalfields had a 95% Jewish population

The Rothschild Archive http://www.rothschildarchive.org/ta/

1. The Federal Reserve System was created by the Federal Reserve Act, and passed by both houses of Congress just prior to Christmas recess on December 22, 1913. Section 5 of the Act calls for a member bank to buy and hold stock in a district Federal Reserve Bank equal to 6% of its capital and surplus. For example, as of 1983, ten major New York City banks owned approximately 66% of the outstanding stock in the Federal Reserve Bank of New York. That Bank in turn owns a portion of the stock in the Federal Reserve Bank of the U.S. together with the eleven regional member banks. A review of the major stockholders of the ten New York city banks clearly shows that a few families related by blood, marriage or business interests control those 10 New York city banks, which in turn, hold the controlling stock in the Federal Reserve Bank of New York. In addition, approximately 38% of the stock of the Federal Reserve Bank of New York (as of 1983) was held by banks that are subsidiaries of foreign banks, namely the House of Rothschild which controls the Bank of England. The fact that the Federal Reserve System is controlled by private interests is one of the best kept secrets in American history.  

2. Article 1, Sec. 8 of the U.S. Constitution provides that "The Congress shall have power to borrow money on the credit of the United States...and to coin money, regulate the value thereof, and of foreign coin, and fix the Standard of Weights and Measures." According to the National Recovery Act (NRA) decision in the 1930's, Congress can not delegate the power to coin money to the Federal Reserve System. However, during the great depression and during Franklin D. Roosevelt's first term as President, the U.S. went off the gold standard and gold and silver Treasury Certificates were gradually replaced by Federal Reserve Notes Which are "coined" by the Fed in violation of the Constitution.  

3. Prior to 1933, the Federal Reserve Act required that a portion of the earnings of the Federal Reserve Banks go to the government, but the banks never complied. The Banking Act of 1933 legislated that all earnings of the Federal Reserve Banks go to the banks themselves. The assets of the Federal Reserve Banks increased from $143 million dollars in 1913 to $45 billion dollars in 1949, which enriched all of the shareholders of the banks. There is no evidence that the law or the method of accounting of earnings has changed since 1949..."
(continued at http://www.rense.com/politics6/fedres.htm)

FEDERAL RESERVE ACT RULED UNCONSTITUTIONAL!

Judge Martin Mahoney wrote the following about a case he ruled over, The First National Bank of Montgomery v. Jerome Daly, December 7, 1968: (See 17 Am. Jur. 85, 215, and 1 Mer. Jur. 2nd on Actions, Section 550) "There is no lawful consideration for these Federal Reserve Notes to circulate as money. The banks actually obtained these notes for the cost of printing. A lawful consideration must exist for a note...

"The activity of the Federal Reserve Banks...and the First National Bank of Montgomery, is contrary to public policy and contrary to the Constitution of the United States, and constitutes an unlawful creation of money and credit for no valuable consideration. Activity of said banks in creating money and credit is not warranted by the Constitution of the United States.

"The Federal Reserve Banks and National Banks exercise an exclusive monopoly and privilege of creating credit and issuing notes at the expense of the public, which does not receive a fair equivalent. This scheme is obliquely designed for the benefit of an idle monopoly to rob, blackmail, and oppress the producers of wealth [you and me and our ability to work and be productive].

"The Federal Reserve Act and the National Bank Act are, in their operation and effect, contrary to the whole letter and spirit of the Constitution of the United States, for they confer an unlawful and unnecessary power on private parties; they hold all of our fellow citizens in dependence; they are subversive to the rights and liberation of the people.

"These Acts have defied the lawfully constituted Government of the United States. The Federal Reserve Act and National Banking Act are not necessary and proper for carrying into execution the legislative powers granted to Congress [See Article 1, Section 8, Clause 5 of the Constitution of the United States] or any other powers vested in the government of the United States, but on the contrary, are subversive to the rights of the People in their rights to life, liberty, and property...

"No rights can be acquired by fraud. The Federal Reserve Notes are acquired through the use of unconstitutional statutes and fraud. The law leaves wrongdoers where it finds them. Slavery and all its incidents, including peonage, thralldom, and the debt created by fraud is universally prohibited in the United States. This case represents but another refined form of slavery by the bankers. Their position is not supported by the Constitution of the United States."

Two weeks after Judge Mahoney ruled in favor of Daly, and wrote the above, he was assassinated.

http://www.livingdebtfree.info/newsstand/