Several presidents have spoken out against the Federal Reserve system, which is a privately owned network of regional banks. The Federal Reserve system is called a central bank in other countries. America has had four versions of central banking. Thomas Jefferson and George Washington were against it; Andrew Jackson, the first president subject to assassination attempts, beat back the supporters of it; and Abraham Lincoln and John F. Kennedy - both assassinated - circumvented it.
The Constitution grants the power to coin money solely to the federal government. The Treasury, therefore, can create money. Both Lincoln and Kennedy did just that.
Opposed to this, is the central bank concept, whereby the franchise to print money, at a cost, is given to privately owned corporations. When the Fed creates money and loans it to the government, we the people incur both an obligation to pay back the loan and the interest. These debts are both unnecessarily and illegally created and assumed.
President Barack Obama had an opportunity to emulate Lincoln and Kennedy and directly print money in a time of emergency. Trillions in loans and interest could have been avoided.
Both the Federal Reserve and the current income tax law were approved in 1913. Personal income taxes gave bankers greater assurance that loans and interest would be paid; that dividends to shareholders would not be interrupted.
Raphael O'Suna
Haiku
