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Why is The Fed a fraud?

*Dow Theory Letters, Richard Russell, September 26, 2006

“The income tax is a product or a result of the central bank system. If the US government issued its own money instead of issuing debt, there would be no need to tax its citizens. The Federal Reserve has caused the US to be loaded with debt. The Federal Reserve has been an unbelievable boon for bankers and a never-ending curse to US citizens. A curse? Yes, via inflation and taxes, both of which rob workers of the fruits of their labor.

If the above is true, how is it that the citizens of this great country put up with the Federal Reserve? Easy, very few people understand how money is created in this country, and that includes our law-makers in DC. Nothing remains more of a mystery to the average citizen than our central bank system. People complain about taxes, they complain about inflation, but they never move their butts to ask, “How does the system work? And who does it work for? And why doesn’t the US government issue is own money, instead of issuing debt?

The cental bank system is the greatest fraud ever perpetrated on the American public. It was installed through the ignorance and laziness of Congress. And it exists through the ignorance of the US public. The rationale for the Federal Reserve is never even questioned. It’s legitimacy has never been debated before the Supreme Court. It’s establishment was never legitimized by a Constitutional amendment. Its existence is a disgrace and a curse upon the nation.

So in the end, maybe taxes and inflation are what we deserve. And when did you last question our money system, or, for that matter, our money?”


*This information is solely a highlight of the opinion of a third-party publication and is incomplete.  Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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