"The dollar represents a one dollar debt to the
Federal Reserve System. The Federal Reserve Banks
create money out of thin air to buy Government Bonds
from the U.S. Treasury ... and has created out of
nothing a ... debt which the American people are
obliged to pay with interest."
by:
Wright Patman
[John William Wright Patman] (1893-1976) US Congressman (TX-D)
Date:
1964
Source:
http://centre.telemanage.ca/links.nsf/key/Federal_Reserve_Quiz
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Reader comments about this quote:
The wealthy minority pays the majority of the debt, and will suffer greatly if the debt continues to grow. Shame that the money hasn't been used for greater things. The American people spend more on education than any other, but the results are generally pathetic. If an auto mechanic doesn't fix your car, you don't pay him. But if a Congress doesn't fix the country, they give themselves another big pay increase. And the debt grows, while Nero fiddles.
 -- David L. Rosenthal , Hollywood     
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    The wealthy minority does not carry their fair share. They are only wealthy due to the benefits and opportunities that society has presented them. The weathy minority is not suffering, but rather they are laughing all the way to the bank. It is the poor who are suffering in this country, as we systematicly rip every safety net from them and do all we can to enslave them. We spend more on the military industrial complex than upon any other... we hardly put any of our resources into education. The filthy rich are nothing without the worker base that supports them, and we are on a path to colapse, which will in turn hurt us all.
     -- Anonymous, Reston, VA US     
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    The federal reserve "system" is unconstitutionally created debt trust created by the private banking families to control the nation through debt and artifically created boom and bust cycles. It is a private trust whose stock is non tranferable: tyranny!
     -- al, washington dc     
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    The Fed IS the wealthy minority. The US Public Education 'system' is working perfectly as planned -- why do you think the wealthy send their children to private school? 'Safety nets' that require indebting the nation forever are not safety nets at all -- it is a theft of the grandest scale. The Fed IS the greatest enemy of the People -- it is high time we bought the shares of the Fed back (for less than a billion dollars) and forgive all interest on the public debt. Do you realize that the Fed STOLE nearly every ounce of gold in America in 1934? All in exchange for paper currency and an unpayable public debt -- with rivers of interest flowing to the Fed (trillions of dollars). He who has the gold makes the rules.
     -- E Archer, NYC     
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     -- Logan, Memphis, TN      
    E Archer...ever wonder what happened to the billions in bullion that was removed from the vault under the WTC the night before the planes hit? I do....
     -- J Carlton, Calgary     
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    Now they want to sell you "Thin Air" through the "Cap and Trade"scam based on the fabrication and junk science of Global Warming,no,Global Cooling,ah no, Climate Change that's it. Now the people can pay for non existant Bottles of Thin Air Carbon Credits with Non existant Federal Reserve Dollar Credits and we can all work for the Chinese as Coolies. At least in the past you got some Tea in the bargain.
     -- N. Olotour, New York     
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    Anonymous, Reston, Don't be late for the Party meeting tonigt. You know how testy those Komrads get when you're late.
     -- jim k, austin     
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    Anon, Reston...are you saying that the accomplishments of the wealthy were "stolen" from the poor? Been reading up on Che have ya? Socialism: Because "everyone deserves some of what you've worked hard for"
     -- J Carlton, Calgary     
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     -- Mike, Norwalk      
    The man did not know what he is talking about. Follow the money! To whom is the interest on the debt paid. I know I get my share because part of my pension fund is in US Treasuries, I know the Chineese, Russians, Japanese etcetera all get their share and yes since the General Fund owes the Socail Security Fund close to 2 trillion dollars, Social Security gets its share. Thus Patman's broadside would is patently false. The debt is owed to all of us. Paying off the debt would simply be a transfer payment for the super rich who own billions of dollars and bonds and collect interest thereon. Increasing taxes and buying back their bonds is what needs to be done. The lack of courageous and honest leaders is what has been the problem. Calling people who have the courage to state truth is not going to accomplish our goals.
     -- Waffler, Smith     
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    I agree with anonymous from Reston. If you are not wealthy then you are a dirty liberal. Stop playing the divide and conquer. Conservatives are "always" so haughty and critical of those without. Trying to call A from Reston a communist without saying the word was pretty cheap. I say make the dirty rich pay the deficit. Bill Gates and all the rest of the "can't ever get enough" of anything crowd should pay. Maybe we can get the liberal congress to go along with it. Send in our lobbyists.
     -- Juggs, Any Town     
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    "Trying to call A from Reston a communist without saying the word was pretty cheap. I say make the dirty rich pay the deficit."... That is just plain wrong headed. Rob the rich to feed the poor? There's still a crime taking place and a person of principle knows that. Perhaps what you are trying to say is eliminate the means of becoming rich by riding in the governments pocket? That's called fascism and its how corporations and politicians working together become filthy rich by working in collusion. But those who've worked their way to the top deserve every penny. Those who don't work deserve what they get too. That's the "American way" if you hadn't noticed.
     -- J Carlton, Calgary     
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    After second reading, needed to put a more specific response to the quote and the article provided with the quote. It seems our national debt is predicated upon the interest that the Federal Reserve demands is due on the money lent the government. When in fact it is only paper with nothing behind it the Fed is criminal is demanding interest. It is mafia demands with threat of collapse of dollar if it is not paid. We should refuse to pay their ridiculous interest and are stupid if we will. Kuchinich has presented a bill to require an audit of the Federal Reserve. I have written my representative who recently sent his letter to constituents calling the Federal Reserve a government agency. I wonder if he even knows the difference, or is purposefully misleading his constituents. Carlton, what is this new morality now where it does not make a difference where or how someone makes their money. It makes a big difference to me. Perhaps you really mean "worked" their way to the top but I cannot think of many professions where one can work themselves to the top without someone else' money being stolen, in one manner or another. Attorneys are good at that, but I don't like to target anyone since one of the responders could be an attorney. Being innovative and making a huge contribution to progress or to benefit the environment, like a non-polluting fuel replacement, should be highly rewarded. But look at Bill Gates, who has really manipulated the system and used his advantage to make money and prevent a better product for the public. I have heard Apple computer has a much better operating system that is easier to use, and less problematic, less holes, etc. But Microsoft windows has tried to monopolize the market and gotten away with it for the most part. How much money do people need. Actually Gates tries to affect public policy with his wealth such as when he entertained heads of corporations and heads of states at his own home in Seattle area.(I think it is called Clyde Hill.) Why else did he invite this diverse but powerful group to his home to present his latest products. CEO's making several millions a year who do little that someone else with a similar degree and experience could do. They get rewarded for failure, like GM CEO. Where do those outrageous payrolls come from? It is as they are mafia. It is shameless. I
     -- Juggs, Any Town     
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    Juggs and Carlton are on the right track or at least they are talking about paying off our legal debts "to ourselves". It really is refreshing even though they are somewhat of different opinions. Now money is only good for one thing, spending. Their is enough wealth in this our country to do anything we wish to do. Drive Rolls Royces and live in 10,000 square foot homes while others live under cardboard shelters or drive hybrids and live in 2000 square foot homes and pay off our government debt, it is not a difficult choice, but one that must be made. Juggs the interest does not go to the Federal Reserve it goes as I said above to you and I if you own bonds and to every one else who does, the Chinese, Russians etcetera. YOU ALL MUST GET OVER THIS ERROR THAT IT GOES TO THE FEDERAL RESERVE.
     -- wAFFLER, sMITH     
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    The US government sells Treasury Bonds -- it sets the interest it is willing to pay. If the people or foreign governments do not buy T-Bills (i.e. loan money to the government at interest), then the US government cannot pay for its subsidies, programs, and votes. SO a private banking cartel, now called the Federal Reserve, was given an exclusive right to buy T-bills with their own self-issued promissory notes called Federal Reserve Notes on the condition that the private banking cartel would get all the gold in circulation in America (!!) and the nation would use Federal Reserve Notes as its currency. As a result the Fed now determines how much interest they will demand for buying T-Bills. In short the Fed may buy T-bills with notes/cheques it creates out of nothing. It is inevitable that if there is an entity that can create its own money that others must legally accept, that entity will eventually acquire the control and possession of everything. Waffler refuses to get this point -- the Fed buys T-bills with NOTHING and the US must pay them the interest none-the-less. So, yes, the US is bankrupt and beholden to all the bond holders -- the Fed included. But you can bet they will figure out a way that the real people who hold the bonds will be ripped off while the banks will get every last dime. A revolution is inevitable.
     -- E Archer, NYC     
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    As usual Archer makes no sense at least to me. You can find out all you want about the Public Debt by googling Bureau of the Public Debt. Basically 7 trillion is owed to peopel you and I, foreign governments, etc. the other 4 trillion is owed to other government agencies like Social Security, the Highway Trust Fund etcetera. The Federal Reserve has nothing to do with it. It is not an illusion it is not difficult just do your research.
     -- Waffler, Smith     
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    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. Waffler, this is a quote taken from the Federal Reserve Quiz by EU... that was a link below the quote. The interest goes to the shareholders of the banks, and I do not own shares in any bank. Another example of the rich getting richer as the poor contribute toward paying off interest on paper created by the Federal Reserve. That is illegal money!!
     -- Juggs, Any Town     
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    Sorry, but forgot the quote marks. Waffler, when the government lacks money to pay for Social Security, the highway trust fund (not aware of that by likely a so-called savings from taxes on fuel), etc., don't they just borrow the money from the Fed who prints more "notes" which they charge interest to the government (i.e. people), etc. We are being played. This is a ponzy scheme.
     -- Juggs, Any Town     
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    No Juggs, you do not have it correct. If you are correct then why do I have tens of thousands of dollars in US Securities on which the government is paying me interest? The National Debt (and I repeat myself) is the sum total of my bonds as well as the bonds of all other bond holders, including citizens, foreign governments, the Social Securtiy Fund, Hwy Trust Fund etcetera. I repeat that it has nothing to do with The Federal Reserve. I will check but I think your information about banks getting rich off of the Fed is all wrong. The Fed is a banking service company of sorts, it is the banker for the banks. Everynation has a central bank, like the Bank of England, or the one in France and Germany. Any profit made by the Fed goes to the U.S, Treasury. Again Juggs google Bureau of The Public Debt, Federal Reserve System etcetera. There is plenty of info out there. We are not being played, this is not a ponzy scheme! We are doing it to ourselves by not educating ourselves to truth and by believing every lie that comes down the pike.
     -- Waffler, Smith     
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    Juggs the Fed does not print money, the Bureau of the Mint which is part of The Treasury does. The Fed just regulates banking..
     -- Waffler, Smith     
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    Waffler, Please read this: http://centre.telemanage.ca/links.nsf/key/Federal_Reserve_Quiz This was the link given by the web master who sends us the quotes, and was included with the quote in the email. Since I am not an economist nor an intellectual, I may be easily misled. But after reading this source I believe it says the Fed does print money and that the profits of money loaned by the Federal Reserve goes to the the member banks of the Fed Reserve. Yes, I don't disagree that SS and HTF has nothing to do with the FR. I will Google the Bureau of Public Debt and see what I learn.
     -- Juggs, Any Town     
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    Waffler, every currency trader in the world knows how money is created -- how do you think the volume of currency in circulation expands and contracts? How do you think currency is put into circulation to begin with? What are Federal Reserve Notes and why have we stopped using gold and silver certificates? I understand that the topic may be complex and that you have not yet grasped it -- I do understand, because what if what I am saying is correct, what if we really are being duped and bound to an eternal progressive debt? Like any zealot, when the truth challenges his long held beliefs, he usually casts the truth aside. Now, you tell me, Waffler, where do dollar bills come from? How are they issued? How is money created?
     -- E Archer, NYC     
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     -- Kin ; Reaves, Independence Mo.      
    Tell me I'm wrong... The FED isn't the only entity that creates money from nothing. Private banks also do. The scheme is that govt's have the right to issue debt-free money for the general welfare of everyone, but they've given that power away to private banks and they issue debt at no risk for pure profit. Our currency is a private monopoly secured by extortion of the public. ------------- Banks leverage our dollar and demand interest payments on money they never had, nor risked. They gamble with other people's money.
     -- lucid, Ottawa, IL     
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