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2012 July 13
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"When you or I write a check there must be sufficient funds
in our account to cover that check, but when the Federal Reserve
writes a check, it is creating money." |
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." |
"The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank." |
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2012 July 12
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"Money is a new form of slavery, and distinguishable
from the old simply by the fact that it is impersonal --
that there is no human relation between master and slave." |
"If Congress has the right under the Constitution to issue paper money,
it was given to be used by themselves, not to be delegated to individuals
or corporations." |
"The bold effort the present bank had made to control the government
... are but premonitions of the fate that await the American people
should they be deluded into a perpetuation of this institution or the
establishment of another like it." |
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2012 July 11
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"In a small Swiss city sits an international organization so obscure and secretive....Control of the institution, the Bank for International Settlements, lies with some of the world's most powerful and least visible men: the heads of 32 central banks, officials able to shift billions of dollars and alter the course of economies at the stroke of a pen." |
"The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements.... The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States.... The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it." |
"I am afraid that the ordinary citizen
will not like to be told that the banks
can and do create and destroy money.
And they who control the credit of a nation
direct the policy of governments, and
hold in the hollow of their hands
the destiny of the people." |
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2012 July 10
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"I consider the foundation of the Constitution as laid on this ground that 'all powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are preserved to the states or to the people.' ... To take a single step beyond the boundaries thus specially drawn around the powers of Congress is to take possession of a boundless field of power, no longer susceptible of any definition. The incorporation of a bank, and the powers assumed by this bill (chartering the first Bank of the United States), have not, been delegated to the United States by the Constitution." |
"The system of banking [is] a blot left in all our Constitutions,
which, if not covered, will end in their destruction...
I sincerely believe that banking institutions are more dangerous
than standing armies; and that the principle of spending money to
be paid by posterity... is but swindling futurity on a large scale." |
"By a declaration of rights, I mean one which shall stipulate
freedom of religion, freedom of the press, freedom of commerce
against monopolies, trial by juries in all cases, no suspensions
of the habeas corpus, no standing armies. These are fetters against
doing evil which no honest government should decline." |
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2012 July 09
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"It's a sad and stupid thing to have to proclaim yourself a revolutionary just to be a decent man." |
"If, as it appears, the experiment that was called 'America' is at an end... then perhaps a fitting epitaph would be ... 'here lies America the greatest nation that might have been had it not been for the Edomite bankers who first stole their money, used their stolen money to buy their politicians and press and lastly deprived them of their constitutional freedom by the most evil device yet created --- The Federal Reserve Banking System.' " |
"These, and other grievances, were patiently borne by the people of Texas, untill they reached that point at which forbearance ceases to be a virtue. We then took up arms in defence of the national constitution." |
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