by Michael Snyder, The Economic Collapse Blog:
Most Americans have absolutely no idea how we got into the mess that we are in today. The reason why the U.S. government is 36 trillion dollars in debt and our society as a whole is 102 trillion dollars in debt is because the system is performing exactly as it was designed. We have a system that was literally designed to create colossal amounts of debt. But if you ask most Americans about this, they cannot tell you what the Federal Reserve is or why it is at the heart of our economic problems. When Americans get into discussions about the economy, most of them still blame either the Democrats or the Republicans for our rapidly growing economic problems.
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But the truth is that the institution with the most power over our economic system is the Federal Reserve. So exactly what is the Federal Reserve? Most people would say that it is an agency of the federal government. But that is not entirely accurate. In fact, the Federal Reserve itself has argued in court that it is not an agency of the federal government. The truth is that the Federal Reserve is a privately-owned banking cartel that has been given a perpetual monopoly over our monetary system by the U.S. Congress. This privately-owned central bank has been destroying the value of the U.S. dollar for decades, it has run our economy into the ground, and it has driven the U.S. government to the brink of bankruptcy. The Federal Reserve operates in great secrecy and it acts as if it is not accountable to the American people. Yet the decisions that the Federal Reserve makes have a dramatic impact on the lives of every single American citizen.
If you really want to understand what is causing our economic problems, it is absolutely crucial that you understand exactly what the Federal Reserve is and how it is systematically destroying our economy. Once you understand the truth about the Federal Reserve, you will view economic issues a whole lot differently.
The following are 19 reasons why the Federal Reserve is at the heart of our economic problems…
#1 The Federal Reserve is the central pillar of our debt-based financial system.
The way our system is designed, normally no money comes into existence without more debt being created.
But this creates a huge problem, because when a new dollar is created, the interest that will be owed on that new borrowed dollar is not also created at the same time.
Therefore, the amount money that is created is not equal to the larger amount of debt that is also created.
This is a Ponzi scheme that is designed to drain wealth from the American people and transfer it to the elite.
Today, the amount of debt in our economic system is far, far, far greater than the total amount of money.
The only way to keep the game going is to create even more money which creates even more debt.
#2 The Federal Reserve and the bankers have a monopoly on the creation of this debt-based money.
In the United States today, the only people that can create money are the bankers.
You cannot create money.
You would go to jail if you tried.
Even the U.S. government is not permitted to create money.
Although the U.S. Constitution specifically gives Congress the power to create money, the U.S. Congress has relinquished that power to the Federal Reserve.
This gives the Federal Reserve an enormous amount of power.
If you pull out a dollar bill, you will notice that it says “Federal Reserve Note” right at the top.
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