From everything I've read, Wilson's famous confession is unverifiable. Maybe he said it, maybe he didn't, but no one that I've come across has been able to produce written proof or sufficient witness testimony to 100% confirm it. If you you look at the discussion page on Wilson at wikipedia, they won't allow that quote for those reasons. That's probably why it wasn't in that list of quotes I posted. Nevertheless, the accuracy of the statement is true, whether or not Wilson himself ever said it.Quote:
Originally Posted by DarkReign
I've wanted to start a comprehensive Fed thread for awhile, but I guess I never got around to it. I guess I might as well start one soon. But my take on the Fed goes way beyond skepticism. The Federal Reserve is a privately owned co-op of banks that is allowed to issue our money with no backing. That is no conspiracy theory; you can find that info in any money and banking textbook. Almost everyone thinks that the government issues our money; they don't. The dollar is a bank note issued by a group of private banks collectively known as the Federal Reserve - more info that is in any textbook on the subject.
People think that banks make all their money by charging interest on loans. They do not. Banks make money by, literally, making money. They do then charge interest on that money, but the bulk of their profits come from having the legal right to create credit, or money.
Imagine if you and a group of friends owned a printing press and the government told you that you can issue the money of your city. You then print money and and loan all of it out at interest. Pretty good business you have there. That is central banking. Then, the goverment allows you to loan out 10 times the amount of actual paper money that you posses in the form of credit that only exists in a database. If you posses $1 million dollars in paper money, you can loan out $10 million dollars worth of credit. That is fractional reserve banking.
That is how the banking system works, except it operates on a much, much larger level across the whole country and beyond. If you put these facts in front of someone who supports this system, they will tell you that, yes, the owners of the system gain from all of that, but so does everyone else because it is the best way to run the economy. Economic theory tells me that if someone is telling you that everyone is getting something for nothing, they are either lying or they are ignorant. Everything has a price; the question is who is paying it. That's my short take on the Federal Reserve.
As long as the Fed runs things, the value will be decreasing. Perpetual inflation is essential to keeping the system going.Quote:
Originally Posted by PixelPusher
