Federal Reserve Century Marked by Booms, Busts, and Fraud

Staff Writer, DL Mullan

News / Economics

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As of December 23rd, 1913, the Federal Reserve was created by an act of Congress. "The House passed the bill 298-60 on the evening of Dec. 22, 1913.3 The Senate began debate the following day at 10am, and passed it 43-25 at 2:30pm.4" Later, "President Wilson signed the Currency Bill into law in an 'enthusiastic' public ceremony on Dec. 23, 1913."

Unfortunately for the American people, the Federal Reserve was created constitutionally. Even though approved by Congress, the Federal Reserve has not been the best policy in regards to our economic and national security.

In the article "On The 100th Anniversary Of The Federal Reserve Here Are 100 Reasons To Shut It Down Forever," the website, The Economic Collapse, outlines how the Federal Reserve has repeatedly failed the United States. 

But as a simple synopsis, the article states:

Since the Federal Reserve was created, there have been 18 recessions or depressions, the value of the U.S. dollar has declined by 98 percent, and the U.S. national debt has gotten more than 5000 times larger.  

The question becomes: why is the United States dependent on this private institution instead of making its own currency? Congress is supposed to: 

Article I Section 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

Why in the world was the Federal Reserve ever created? In light of the Federal Reserve's terrible track record, why is the United States still tied to this private institution?

Many Americans are asking the same question: why? Capitol Hill is remiss to answer.

The United States faces many challenges. We have wars, terrorism, and a police state. All of which could be eliminated by placing the National Security of the United States above the need for foreign banks and bankers. 

Without an endless supply of fiat money that is no more relevant than children's play money produced on the computer and printed out on their parent's desk, the United States would not be able to: create endless wars, invade sovereign nations to seize their natural resources, maintain black operations sites and prisons (like Gitmo) to create terrorists, or give out billion dollar no-bid military contracts.

Nevermind, we just found out why.

Source: The Economic Collapse, Cornell Law, FamGuardian,

CitiGroup Writes its Own Law

Staff Writer, DL Mullan

News / Politics

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What's worse than ALEC, where corporations write our laws, bribe our elected officials with a nice weekend conference, and then those same politicians introduce those laws into State legislatures verbatim... including Arizona? 

Megacorporations that caused the recent economic collapse writing legislation to deregulate their deceptive and gambling practices to let another economic collapse happen with derivatives, that's what.

Frank-Dodd protects Americans from bearing the cost of FDIC backed gambling by banks. “After inflicting so much pain and suffering on the American people, now is not the time to let the largest banks back into the casino,” Representative Maxine Waters (D-California) said in a statement. Yet, they are.

The House passed this gutting of Frank-Dodd. 292-122 vote with which 70 Democrats and all but three Republicans granted. So if you ever believed the two party system is really a one party system, here is another clue that you are correct. 

To add insult to injury: "Citigroup was responsible for recommendations made in 70 lines of the 85-line bill, according to Eric Lipton and Ben Protess of The New York Times. In fact, reported the writers, a couple key paragraphs in the bill had been copied word for word from Citigroup’s submitted draft, which it had developed in conjunction with other Wall Street banks."

When will the American people begin to stand against such blatant disregard for the economic impacts of banks swapping, gambling, and doing what they want? CitiGroup had to be bailed out at a tune of $45 billion and the market collapse ruined other companies such as: Countrywide Mortgages, Bear Stearns, AIG, Lehman Brothers, Washington Mutual, Wachovia. 

Too big to fail should become: monopolies that must be broken up for the public good. Instead Congress keeps handing these duplicitous, unprofessional, and unethical monstrosities every advantage at the cost of our National Security. 

This corporate writing of our laws needs to come to an end. These entities are using the People's money to hedge their bets, so the People should be in charge of the till.

Source: The People's Newz and The People's Newz