The bankers create inflation, sell their, stocks before the market crashes, then buy up at cheaper prices. Bankers admitted this to Congress. This violates the law, yet Congress does not act, because these bankers are large, political contributors. (Reference 17, P. 96-98; Reference 1, P. 162163; Reference 22, P.114-170 & 136). Thomas Jefferson predicted this scenario if we ever allowed a private bank, like the FED, to create out currency. (Reference 1, P. 247)
FED Chairman Burns stated, "A killing can be made simply by knowing the next few months newspapers ahead of time." Congressman Patman said, "The FED officials own more than 100 million dollars (of stocks) while making decisions influencing these stock prices ... " (Reference 24, P. 123). History proves that banks profit from bankrupting a nation. (Reference 22, P. 56)
Congress consistently defeats balanced-budget amendments. In the past 30 years, Congress has raised our taxes 56 times and balanced the budget only once. We need the sound banking system our forefathers wanted us to have. History proves that banking systems, like the FED, don't work. Major world powers have been destroyed ,over similar banking systems (Reference 1). If we don't change this system, as soon as possible, in less than five years, all our taxes will pay only the interest on the national debt.
Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of the FED should flow into the U.S. Treasury. In 1959, new legislation allowed the FED to transfer bonds to commercial banks, at no cost to the bank. Now, the FED receives less usury income and less profit to the U.S. Treasury, because the money is diverted to other banks, through an accounting entry. (Reference 17, P. 115-130). Congress and the IRS do not have access to the financial records of the FED. Every year, Congress introduces legislation to audit the FED, and every year it is defeated. The FED banking system could easily be netting 100's of billions in profit each year. Through "creative accounting", profit can easily be reclassified as expense (Reference 14, P. 20, Reference 17, P. 239). Within the first few years, the shareholders of the FED, received their initial investment back, with no risk. All the profit is tax free, except for property tax, according to the Federal Reserve Act. When are the profits, of the FED, going to start flowing into the Treasury, so that average Americans are no longer burdened with excessive, unnecessary taxes? Clearly Congress can not, or will not, control the FED.
IT IS TIME TO ABOLISH IT.
3 WAYS TO ABOLISH THE FED AND ISSUE MONEY PER THE UNITED STATES CONSTITUTION ARTICLE 1, SECTION 8:
*** Buy back the FED and have the U.S. government collect all profits.
*** Abolish the FED by printing real U.S. Dollars, as President Kennedy attempted (Executive order # 11.110, 1963). (Reference 4).
*** Request your county/state to use their Constitutional powers to abolish the FED. This is the BEST SOLUTION. Nearly half the States are attempting, or considering, this action (Reference 5). Congress has had 80 years to follow the Constitution, and has refused to abolish the illegal FED. The State/County effort is working faster than any other method. We need your support to start a local chapter, and petition your County.