Lyle Myhr Quote

The Federal Reserve IS a private corporation -- and yes, it is a quasi-government institution -- why? Because Congress needs it to pay off the voters who voted them into office. But it is unelected, and the government is completely beholden to them via their monopolistic bank charter. The total debt owed to the Fed exceeds everything the government has and will EVER have -- and the government has nothing except what the People give it. Bruce says, "The debt can easily be paid." LOL!! Look, every 'dollar' in circulation is a promissory note issued by the Fed -- every single note is an IOU with interest. If every note were returned to the Fed, there would be no more money and we would still owe the outstanding interest -- what do you think these pieces of paper mean?!! Contrary to popular belief, banks do not 'lend' a fraction of the money on hand of others' people's savings -- quite the opposite. The banks 'extend credit' (by legal fiat) based on a fractional reserve they have on deposit. For example, if a 10% 'reserve' is required, then they may issue credit 10 times more than what they have on deposit -- that means that my $1000 deposit allows them to 'loan' $10,000' ($9,000 of which is created out of nothing) and is merely created when a person promises to pay it back. We are dealing in 100% IOU's. Look, the entire currency market is based on this premise -- every currency trader in the world knows this. That is why they investigate how much each country is issuing vs. their corresponding GNP -- and that is why the US dollar has been steadily losing its value for the last 5 years -- and it is really going to plunge in the next year with record bankruptcies and mortgage losses (all part of the system of fiat currencies -- confiscation of mortgaged properties with money they simply created out of nothing). THE PROFITS OF THE FED DO NOT GO TO THE GOVERNMENT!! In fact, the profits of the Fed stay with the Fed -- and are used to fund the Council on Foreign Relations and other interests of the shareholders of the Fed. Would you believe that the Fed holds ALL the gold certificates EVER issued (except for a few still held by collectors)? Once the US government could no longer pay their T-Bill interest in gold (as had always been the case prior to the Fed), the Fed said, OK, you can just pay us interest in Federal Reserve Notes (that they themselves had issued) -- do you know why? Because they had already accumulated ALL the US gold!!! That is right, every single gold dollar stored in the US Treasury now belongs to the Fed!!! (and we still have to pay to keep it safe for them.) Bruce, my friend, you have been duped. I know that you think Mike, Dave,and I (and thousands of currency traders around the world) are fools, but I am afraid it is YOU that has been conned. Your argument above is HERESAY only. There would be no currency market if what you said were true. I am very sorry, but you are dreadfully wrong. But don't take my word for it -- do your own due diligence. Answer simply, where do 'US dollars' (i.e. Federal Reserve Notes) come from? How are they issued? Where does your credit card company get the money you use to buy stuff before you pay them? When someone gets a mortgage, does the bank actually lend money it has or does it merely create money on-the-fly when you 'borrow' it? How much does the US government raise in taxes each year -- how much do they spend -- which is more? -- if they spend more than they raise, where does that extra money come from -- and who must pay it back? What is the total debt of the US government -- what is the total amount of wealth of every man, woman and child in America -- which one is higher? How much of our tax money pays for services -- do you know that in 1980 the Grace Commission reported that 100% of our income taxes merely paid the interest on the country's debt? I could go on, but if you can answer these questions honestly, you will find that we have been duped by the central banking system, and the politicians merely cow-tow to the voters to which they have promised money -- the Republicans promise money to the wealthier classes, and the Democrats promise money to the poorer classes -- and where does this money come from year after year? The Fed, because the US government is absolutely bankrupt. And when the People realize this, there will be a revolution. Bruce says, "Once this debt is paid off then we will have freedom, freedom from the interest and a substantial reduction of tax rates." LOL, sorry, Bruce, the debt can NEVER be repaid unless we start using REAL MONEY again -- every dollar in your pocket is an IOU to the Fed -- read the fine print. Federal Reserve Notes are not dollars!
 -- E Archer, NYC