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Don’t you think that it’s a little funny that both the Federal Reserve System and income tax as we now know it came into being in the same year 1913?

Prior to the landmark year of 1913 the Supreme Court had found income tax to be unconstitutional and numerous attempts to control the US currency by a non government bodies had been defeated.

However the circumventing of the ruling of the Supreme Court that income tax is/was unconstitutional was as easy as the 16th amendment to the continuation. Now the fact that the founding fathers designed the constitution to ensure that the problems that had plagued Europe did not take root in America was overlooked by politicians who knew that money always wins out over notions like free men and the aspiration like of equality.

The same government that voted to amend the constitution to legalize income tax also ratified the legislation that gave birth to the Federal Reserve System.

The Federal Reserve System is not, repeat is not a federal institution. It is not a part of the US government. It is a private for profit body.

So in 1913 both the Federal Reserve System and income taxes come into being and the American people will forever pay.

The Federal Reserve has no reserves. It creates money based on the promise of the US treasury (which is a government body) to repay. The dollar bill in your wallet is a promissory note signed by the US people and backed by their income taxes.

The system operates thus:

The United States Government creates a bond for say 10 billion dollars at an interest rate of 6%.
The Federal Reserve creates 10 billion dollars out of thin air and gives it to the US government.
The Us Government pays interest at 6% to the Federal Reserve System for money that it created out of nothing.
The Internal Revenue Service (a US Government body) collects income taxes and the Treasury (another US Government Body)pays it to the Federal Reserve System as interest on the money it created out of thin air and gave to the government.

Now if the Federal Reserve System as the Founding Fathers and the original constitution decrees where not in the picture the system would operate thus:

The Us Government would issue 10 billion dollars and lend it to itself at zero% interest.
Note: There would probably be no need for the US government to have actually created the 10 billion in the first place because the economy would be booming. Why! Because the ordinary citizens would be on a spending spree spending the money that they now pay in income taxes to fund the interest being paid to the Federal Reserve System for the money that they didn’t have but never the less lent to the US Government. The Federal Reserve System is a truly magical organization which creates money from nothing by the stroke of a pen and the gullibility of the average man.

The only problem with this scenario is that the Rothschild’s and their protégé would be as mad as a bear without honey. Do I care?

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This entry was posted on Thursday, June 25th, 2009 at 5:16 pm and is filed under Fish Talk. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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