These statements were made during hearings of the House Committee on Banking and Currency, September 30, 1941. Members of the Federal Reserve Board call themselves "Governors." Governor Marriner Eccles was Chairman of the Federal Reserve Board at the time of these hearings:

Congressman Patman: "How did you get the money to buy those two billion dollars worth of Government securities in 1933?"
Governor Eccles: "Out of the right to issue credit money."
Patman: "And there is nothing behind it, is there, except our Government's credit?"
Eccles: "That is what our money system is. If there were no debts in our money system, there wouldn't be any money."
Congressman Fletcher: "Chairman Eccles, when do you think there is a possibility of returning to a free and open market, instead of this pegged and artificially controlled financial market we now have?"
Governor Eccles: "Never, not in your lifetime or mine."
by:
Marriner Stoddard Eccles
(1890-1977) US banker, economist, and Chairman of the Federal Reserve (1934-48)
Source:
during hearings of the House Committee on Banking and Currency, September 30, 1941.
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5 stars for the accuracy of the quote -- negative stars for the effect it has had, and will continue to have, into sending America into eventual bankruptcy...
 -- Logan, Memphis, TN     
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    Thumbs down for what its done to this nation, 5 stars for accuracy.
     -- Mike, Norwalk     
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    Five stars for honesty and for the success of the Federal Reserve System.
     -- Waffler, Smith, Arkansas     
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    Praising the Fed for its success is like praising a burglar for not being caught. The scam has about run its course, though and unfortunately, the tab will be paid by you and me. Eccles' quote sounds like the bad guy in the movies screaming, "You'll never catch me." All it needs is a maniacal laugh at the end.
     -- Bryan Morton, Stuart, FL     
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    Good Lord, how can anyone praise The Fed. Its a parasite, a leach, a cancer on free peoples. (All Hail the Dark Lord) I'll take hard currency thanks...
     -- J Carlton, Calgary     
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    Right on Bryan except I would add that it's like praising a burgler for only stealing half your money and not killing you, or maybe praising the Gestapo for it's sucess. Waff is either putting us all on or he's incredibly stupid.
     -- jim k, austin     
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    The future is in our hands gentleman.
     -- Me Again     
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    Here the absolute truth is being told about the omnipotent counterfeiter, the Federal Reserve. I have never heard ANYONE praise the system once they understood how it worked. Waffler has obviously benefited from it financially -- it takes layers and layers of bureaucratic agencies and offices to manage such a scam -- Waffler no doubt was a willing enabler for his own security. Yet another piece to the puzzle revealed. Thumbs down to Eccles and the Fed.
     -- E Archer, NYC     
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    "The few who understand the system, will either be so interested in its profits, or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests."
     -- John Sherman, agent for Rothschild Brothers of London, June 25, 1863     
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    I'm curious to know what success the Fed has had. Friedman blames the Fed for the Great Depression, as does multiple other great Economists (especially under the Austrian Economic theory), and Bernanke even recently admitted the Fed's direct cause of the Great Depression. Looks like it didn't work there. The Fed has arbitrarily and artificially postponed the natural and minor recessions that are needful for any economy to purge out bad investments and financial policies. The problem with this is that you can only postpone recessions, you cannot dissolve them away; the postponed recessions keep building up and up until all at once there is a problem (like we're having today) where it's difficult to know if we'll escape the consequence of a ludicrous financial system. I've spent hours talking to my father-in-law who, as a Vice President of one of the major banks in California and a reoccurring speaker and agent for the IMF in California, has even admitted that the entire US economic structure is one big legalized ponzi scheme. I have in my possession a $2 that was printed in the last year the "United States Note" was in circulation; afterward, all "US money" has born the ever famous "Federal Reserve Note" on it's face. US money used to be printed by the US, but not anymore. Inflation was almost non-existent when the nation was on a gold and silver standard, but now we have seen almost 100% inflation since the beginning of the Fed -- does THAT work? The small inflation that would happen under a gold and silver standard would always level off as the civilization grew and progressed -- more business required more money; as such, the purchasing power of the currency would increase as businesses became larger and needed more operating capital/money (which, if you know your history, there was only a finite amount of money in currency - supposedly equal to the amount of gold held in reserve). Free-market demands for gold and silver would drive the price up and then make it worthwhile to mine and look for the commodity. This "inflation" of the currency was a naturally occurring phenomena that was able to solve itself through free-market demands. Today, however, there are thousands of hard-working laborers who are now retiring and realizing that while they have saved for retirement, the purchasing power of the money they have saved has greatly decreased due to inflation. When you can pump money out into the economy as fast the printing press will go, you are able to inflate a currency faster than if you actually had to go out and look for the hard commodity yourself (gold and silver). As I have said before, the purchasing power of gold and silver has remained constant throughout all history, while artificially maintained fiat currencies (because of the natural human disposition of men) have ALWAYS been inflated. Only a few minutes researching this on youtube and you can find Bernanke admitting this whole thing before the Congressional Financing Committee. This is not a hidden fact: inflation is a tax wherein there is absolutely no representation. Whether I lose my money through direct taxation or whether I lose my money by inflation and the loss of my purchasing power due to bad fiscal policies in an artificial, arbitrary, and corrupt monetary system -- it makes little difference. True American Capitalism was so strong that it has taken nearly 100 years to destroy the prosperity gained by practicing such capitalism for a relatively short amount of time through the 1800's. Absolutely amazing.
     -- Logan, Memphis, TN     
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    Why or why does a very, very, very small few rail against a system for almost 100 years now and yet the system still exists. Only 5 years to go for the 100th birthday. There has to be something wrong with the naysayers argument(s). All the BS about Jews and all the rest of the crap. I use to walk by the Chicago Fed every day. Nice building "it ain't going no where anytime soon. Logan how can people believe or turst someone who is naive enough to accept without thinking the statement that "America is a republic not a democracy" and then for the same person to follow up that lack of understanding, thinking or insight with a failure to say whether or not the reporting and collection of $3 trillion dollars a year by the US Govt through the offices of the IRS is legal or not. How can you sir dodge or fail to have a position on the IRS question?
     -- Waffler, Smith, Arkansas     
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    The majority of people don't care, that's why no one is saying anything. I see it with students every single day; learning is not a driving force in academia, money is. The most frequently asked question is, "Will this be on the test?" The students I see are merely a product of the homes they come from. Americans aren't concerned with how things work, so long as they do. There are problems with tacit consent, and that is learned apathy; an educated generation would learn the principles of its fathers and then either enhance them or change them upon reasons of folly. There is no proof that our current society is thus educated in the language, philosophy, history, pressures, principles, or understanding of American history (especially its foundings). There are no academic classes anymore that teach the history, foundation, or theory of money -- why would the American people question something that has never entered their sphere of perception to alter, change, or completely abolish? The overwhelming majority of kids I see go through High School, through their under-grad and graduate College programs, and then onto life who have never ever even questioned any political aspect around them. Of those students who DO actually take interest in the economy, politics, or such fields of study (usually Political Science, Philosophy, Economics, or Urban Planning majors), only one or two ever even question seek to understand the original foundations of America. Classes today only teach what is known as "the game". Sadly, to play and know "the game" you don't have to know the history of where "the game" came from, it's premise, or even the rules -- you just have to know how to get your idea pushed ahead of someone else's. There are some very educated individuals who praise and support the Fed. However educated these men/women may be, they still dodge very serious questions concerning inflation and the loss of the purchasing power of the USD, the woes of a fiat currency, the trajectory of our current fiscal policies, etc.; hell, even Bernanke does it during Congressional Financing meetings (look it up on youtube; Ron Paul's got some great questions he's asked repeatedly to no avail). I don't know how you can call me naive (and by association I'm guessing you're also calling others naive as well -- such as Archer, Carlton, Mike, and others who frequent this site who disagree with your accepted ideology). You have failed to produce a single source wherein the founders specifically promoted Democracy, yet I have provided you multiple sources of the founders against Democracy; Archer has presented abundant sources for your study concerning Republics. I have directed you to learn the foundational philosophy wherein you can learn the principles yourself, which you are hell bent on avoiding. I have never said anything antisemitic concerning any individual or institution whatsoever -- I disagree with many international bankers who are Jews, but I also disagree with many international bankers who are Christians and atheists as well; this does not make me a bigot. I do not know what your comment has to do with me. While our news does not report on the issue, you should try watching international broadcasts to see how the private international financing community is predicting the collapse of the Fed. The world is not very trusting of us right now -- but that's nothing new. While the world has previously been very dependent on the United States -- due to the United State's position during the establishment of the industrial age -- we are not the epitome of "land of the free, home of the brave" country that we once were. While this is still a land of opportunity, we cannot be so naive as to see that such opportunities are now available in all quarters of the world. I do have opinions about the IRS, but I keep them relatively quiet because I make it a policy to not speak on something wherein I don't immediately have the documentation to back myself up. Philosophically, historically, and ethically -- no, the IRS has no legitimacy to collect revenue in the United States. Has the IRS been given an Enabling Act to operate within its function? I do not personally know, I have never searched for it -- but from what I've heard on good authority it has never been given such a legitimizing document from the United States. If it does not exist, I would never be able to find it -- and it is impossible to prove a negative. Is it a filed corp in Puerto Rico? I have no idea, but I think that's an unnecessary tangent if the IRS has never been given an Enabling Act in the first place; it could be filed in Podunkville, USA -- but without an Enabling Act it wouldn't have any legitimate authority to operate for the United States. Is there a specific "law" wherein people are required to file and pay income tax? I've never seen one, but, again, I can't prove a negative. I have, however, watched "America: Freedom to Fascism" and generally agree with what it purports (you can watch it on google video). Do I disagree with the 16th Amendment? Yes. Do I know for a fact that the Supreme Court defined the limits of the 16th Amendment in a way that is being overruled by Executive Action today? I do. Was the way "income" was defined during the passage of the 16th Amendment and the following decade differ from how it's supposedly defined and enforced today (and without any later visitation from the Supreme Court to redefine the term)? Yes. I don't dodge questions, especially from you; I make it a point to talk on a subjects wherein I am well versed, and I do my best to steer away from hyped up speech. The Fed hasn't always been popular, and to think that it has IS naive; if you really believe this, you need more exposure to the world around you...
     -- Logan, Memphis, TN     
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    All politicians Bush, McCain, Obama all of congress and the rest of our society are in your opinion then ass holes for talking about tax credits, tax rates, capital gains rates etcetea in your opinion. I will refrain from reading any posts by the likes of Archer, Mike and Logan. Logan you and your manchurian friends are a profanation to anything approaching academia, logic, honesty and sincerity. Your disrespect for 300 million Americans their society, institutions of government, and law abiding behavior is more than I wish to abide.
     -- Waffler, Smith, Arkansas     
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    Ass holes? No, just players of "the game". You can play "the game" all you want, or you don't have to. I personally chose to not play the game but to seek out the static amidst the flux. I don't care what choice of underwear our presidential candidates wear nor who is within a point or two points of each other -- I don't play that game -- I want to know whether or not their policies are going to keep vouchsafe the expression of inalienable liberty. It is for THIS case that I'll blatantly say MOST politicians, Bush, McCain, Obama, and MOST Congressmen are "ass holes"; what politicians operate under such a paradigm? What politicians actually keep at the forefront of their thought the duties and responsibilities entrusted them to protect the basic natural and inalienable liberty of the people? I see more partisan politics than principled argument. You can point fingers and name call all you want Waffler, but you still have failed to provide any evidence to legitimize your opinions -- any of them. Good luck to you and your endeavors Waffler.
     -- Logan, Memphis, TN     
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    Waffler, pretty funny. If you can't stand the fiery truth, you shouldn't come into the kitchen ;-) More than we 3, have you noticed the comments of Bryan, Carlton, and jim herein? The political problems with this country are of biblical proportions and you seem to support everything that is contrary to and, destroying the free society envisioned by this nation's founders, institutions of de jure government, and law abiding behavior.
     -- Mike, Norwalk     
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    Yeah your are all idiots.
     -- Waffler, Smtih, Arkansas     
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    What is of biblical proportions is the inability of contributors to be honest, sicnere, staright forward etc. If you can not discuss things maturely, honestly and sincerely what is the point at all. To be so weak minded that you fall for "republic not a democracy" have no clue about whether or not American people should be paying that 3 trillion in taxes etcetera. what is the point of your very existence.
     -- Waffler, Smith, Arkansas     
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    What in the hell are you talking about? We have been nothing but honest, sincere, strait forward -- we have given you countless evidence, history, and proof in as many ways as can possibly be given. To be so naive as to reject your whole American foundation, Waffler, makes you a traitor to the cause of liberty and freedom to any honest and truth seeking individual anywhere. It is either an evil man or an ultimately ignorant man who rejects the foundation of philosophy that has brought so much prosperity, goodness, and freedom to so many people -- I can't quite decide yet which one you are yet Waffler. Are you that heinously evil, or are you really that ignorant and stupid? Socrates would call you evil and unjust (which I don't expect you to actually understand), but for now I'll give you the benefit of the doubt and just call you ignorant.
     -- Logan, Memphis, TN     
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    Logan, great argument, well spoken and right on target. I think we all know that trying to convince Waffler is not worth the effort as he has made his living being an enabler for this corrupt system. I do believe though that many others will read these posts and be awakened by them. I mean what would happen if Waffler actually got it?! I know for myself that addressing his specious arguments daily has honed my skills in making these issues clearer and succinct enough for the average person to actually get it. Like an alcoholic, Waffler is in denial, and the price is too great to pay to face a life spent oppressing his fellows. I am sure Waffler has nothing better to do with his time than debate us all day every day -- he longs for companionship and agreement as collectivism is so important to him, yet he probably spends his nights on the internet searching for a woman who could put up with him for more than 10 minutes. I feel sorry for the guy actually.
     -- E Archer, NYC     
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    Logan. Message me through e-mail. Diabolical-Mind@hotmail.com
     -- TJ, surprise     
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    Diabolical!
     -- Mary - MI     
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    Eccles - Insane.Yet there are so many that believe that the ability to manipulate the economy of not just America,but the world as a whole,is a natural right. The only justification for paper or electronic transfers of funds is convenience;but gold,or some other element of value,must be the foundation of any monetary system. Five stars,for how the Fed and our own politicians have managed to entrap the nation in debt. Validate your 2nd Amendment Rights.Carry.
     -- aebe, North Powder,OR     
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