Deanna Spingola
February 21, 2009
NewsWithViews.com
On February 17, 1950, James Paul Warburg appeared before the U.S. Senate and declared: “We shall have World Government, whether or not we like it. The only question is whether world government will be achieved by conquest or consent.”[1] To establish a world government, it is necessary to incrementally eradicate the constitution, bring the U.S. to her knees economically, and shackle the taxpayers to perpetual debt through bailouts and stimulus packages funded by printing billions of dollars of interest and debt-bearing Federal Reserve Notes to drastically devalue the currency in circulation thus impoverishing the taxpayers. The only benefactors are the extant banks, certain corporations and the individuals who concocted the financial disaster.
The colonists issued debt-free script in the 1700s commensurate to the demands of trade and industry. The citizens were self-sufficient and industrious. Incensed over the currency issue, England burdened the colonists with excess taxes to fund Britain’s imperialistic wars. This precipitated the Revolutionary War. Alexander Hamilton, a Rothschild agent, convinced George Washington to allow the Rothschilds to finance the war. In 1791, with a big war debt to be paid, Hamilton set up a central bank, owned by the Rothschilds and other foreigners called the First Bank of the United States with a twenty-year charter.[2]
Congress rejected renewal of the charter and the bank was closed on March 4, 1811. Nathan Rothschild was outraged and asked the British Parliament to declare war to reinstate the bank. The Prime Minister refused and was assassinated on May 11, 1812. Parliament declared war on June 18, 1812. British troops burned the White House and other government buildings including the one that housed the ratification papers for the U.S. constitution. The war increased our national debt from $45 million to $127 million.[3] President Madison proposed the establishment of a second central bank on December 5, 1815 for a twenty year period. It was created by Congress on January 7, 1817. Nicholas Biddle, a Rothschild protégé, became the bank’s president in 1822. President Andrew Jackson refused to renew the charter in 1836, as promised during his presidential campaign.
In opposition to the international bankers, Abraham Lincoln issued debt-free, interest-free greenbacks through the Legal Tender Act of February 25, 1862. This currency funded the Civil War, a horrific, bloody battle that took the lives of over 600,000 souls and was devised to weaken and divide the country. The privately-owned Bank of England planned to impose a gold standard on the United States. Lincoln was soon assassinated by John Wilkes Booth, a Rothschild agent. No debt-free or interest-free money has been issued in America since then.
J. P. Morgan & Company was founded in New York City in 1871 as Drexel, Morgan & Company by J. Pierpont Morgan and Philadelphia banker Anthony Drexel, agents for Europeans investing in the United States. Ultimately, they were so well capitalized that they financed much of America’s industrial expansion. By the 1890s, Morgan became an industry consolidator, reorganizing and restructuring the debts of financially troubled railroads – the Northern Pacific, the Erie, the Reading and many other railroads for a total of one-sixth of the track in the U.S. Morgan financed and merged smaller companies to create U.S. Steel, International Harvester and others. A decline in competition results in a concentration of control. In 1904, J. P. Morgan & Company loaned money to finance the Panama Canal, the largest real estate transaction in history. J. P. Morgan & Company became the world’s most powerful investment bank.
J. P. Morgan loaned money to Thomas Edison for his incandescent light research and therefore directed Edison's power generation and distribution plants. Nikola Tesla (July 10, 1856 – January 7, 1943), a Serbian who later became a U.S. citizen, was fluent in seven languages. He patented the radio on March 20, 1900, a patent usurped and used by Marconi. Tesla needed the financing that the House of Morgan offered but wishing to retain independence, he resisted the accompanying control. He had witnessed the robber baron’s 1891 aggressive takeover of the struggling Thomson-Houston Company and the Edison Company to form General Electric.[4]
Tesla had also witnessed how Morgan coveted and endangered the autonomy of Westinghouse. Morgan wanted Tesla to sign over his broad spectrum radio patents as security for the loans. Tesla had plans for a directed-energy weapon, not yet patented. Tesla proposed an end to all war. Tesla’s alternating current induction motor could have provided free, world-wide electricity to every human. Undoubtedly, Morgan, making huge profits from energy, wished to conceal that possibility. German born George H. Scherff Sr. served as Tesla’s accountant and assistant. When Tesla died, his vast collection of papers were seized and classified by the banker-obedient government.[5]
By the turn of the century, Americans paid very few taxes, had minimal debt and grew their businesses internally – without bank loans. However, by 1910, there were, throughout the country, a combination of over twenty thousand private banks and national banks, chartered by the federal government, all taking business away from the big New York City banks. Legally, banks were allowed to issue currency or bank notes. Since they operated on a fractional reserve system, they could lend out 90 percent of their deposits. This system is manageable unless demands for cash in the form of checks or depositor withdrawals are greater than their reserve cash. Many of those banks failed in orchestrated financial panics. Those remaining would be coerced to join the Federal Reserve System, soon to be established, where their reserves would be managed and controlled by a small, highly competitive, greedy group.
In the fall of 1910, six influential competitor bankers and one well-connected congressman, Republican Senator Nelson Aldrich, stealthily collaborated at Jekyll Island to plot the establishment of a shared monopoly, the Federal Reserve System. The bankers represented the interests of J. P. Morgan, Rothschild, Rockefeller, Warburg, and Kuhn, Loeb & Company. Consequently, legislation was passed to create the Federal Reserve System in 1913, the culmination of decades of plotting by the international bankers. Under the jurisdiction of a board of directors, the U.S. was divided into twelve Federal Reserve Districts. Americans were led to believe that the Fed would eliminate financial catastrophes and stabilize the economy. In reality, the Fed is a cartel that was designed to obliterate competition and increase profits through higher prices and deceptive policies enforced by the government.
J. P. Morgan arranged the financing and purchasing of American supplies for France and Britain during World War I. By the end of that war, J. P. Morgan Bank had handled $3 billion in commercial transactions, netting $3 million in fees, and had arranged over $1.5 billion in credits to become the world’s most influential bank, moving it permanently into the political arena of foreign policy, serving as an extension of the federal government.[6]
In 1901, the U.S. national debt was less than $1 billion. After World War I, the national debt was $25 billion. Between World War I and II, it increased to $49 billion. In 1952, in the midst of the Korean War, under U.N. command, the debt stood at $72 billion. In 1962, the debt was $303 billion which increased to $383 billion by 1970 during the Vietnam War. By 1976, at the end of the Vietnam War, it was $631 billion. During the 1980s and the orchestrated Cold War military buildup, the debt increased substantially. The international bankers funded both the U.S. and the Soviet military buildup. However, all records evidencing congressional acquiescence to the massive banker-funded technological transfer from 1916 forward were classified by Eisenhower’s executive order in 1953.[7] By 1998, the debt was over $5.5 trillion. Now, the national debt is well over $10.8 trillion. This does not include personal indebtedness such as credit cards, car loans or mortgages.
By the 1920s, banks routinely offered low-interest credit to businesses that had previously relied on profits and patience for expansion. Soon, businesses, eager for additional profit accepted the deceptively low-interest loans offered by the banks. Once hooked, businesses became dependant on banks for growth. To maintain perceptions beneficial to their objectives, bankers have always entrenched like-minded minions into influential positions such as newspaper publishers, editors, columnists, university presidents, professors, textbook writers, labor union leaders, filmmakers, and radio and television commentators.
Even after the deliberate New York Panic of 1920-21, America was still industrially strong. Farms provided adequate and toxin-free, un-genetically modified food. Our infrastructure and transportation systems were then modern and efficient and we were technologically advanced compared to the rest of the world. In 1921, U.S. per capita income was $522. In 1925, Winston Churchill, Chancellor of the Exchequer, wanting England to return to world leadership, adjusted the British pound to $4.86 which limited the amount of British goods companies and individuals around the world could afford. Consequently, over the next two years, hundreds of millions of dollars of gold flowed to the U.S. from all over Europe.[8]
Montague Norman of the Bank of England, Charles Rist of the Bank of France, Hjalmer Scacht of the Reichsbank, Benjamin Strong of the Federal Reserve, all privately-owned central banks, and Andrew Mellon, Secretary of the Treasury convened in 1927 and agreed to lower U.S. interest rates and the Fed’s discount rate. Additionally, in July, 1927, the directors of the Bank of England, the New York Federal Reserve Bank, and the German Reichsbank plotted to move the gold out of the U.S. Allegedly, this helped to generate the depression. By 1928, about $500 million in gold was transferred to Europe, especially Germany, most under the guise of post-war aid.
By 1928, U.S. per capita income grew to $628. Winston Churchill, Benjamin Strong, the New York Federal Reserve chief and the U.S. Secretary of the Treasury, Andrew Mellon operated together to ensure that easy money for Wall Street speculation was readily available.
Newspaper and magazine articles promoted stock market speculation claiming that one could make a veritable fortune in a short time for minimum monthly investments. However, there were “special” speculators who owned dozens of accounts in various names which could be traded in enormous blocks. Small investors, never in a position to manipulate the market, suffered the consequences and received the blame for the 1929 crash. Blame for every catastrophe is always placed elsewhere.
Since Woodrow Wilson, the Fed has installed and managed many U.S. presidents. On October 25, 1929, President Herbert Hoover claimed: “The fundamental business of the country is on a sound and prosperous basis.” The crash of October 28-29, 1929 was devised. On November 8, 2002, current Federal Reserve Chairman Ben Bernanke said: “Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.”[9]
In 1929-1930, the banks, purportedly because they were short on gold, would not give loans to U.S. industry and individuals. Yet, three banks, J. P. Morgan & Company, First National Bank of New York and First National Bank of Chicago, had sufficient money to send huge amounts out of the country to the Bank of International Settlements which ultimately built up Nazi Germany. The money supply was deliberately decreased, causing the Great Depression. People defaulted on their loans and the banks repossessed farms, homes and business properties. People lost their savings – everything. The banks benefited. It was an unethical, egregious redistribution of assets. The catastrophic crash was world-wide, creating joblessness, hunger, disintegration of production and national bankruptcies.
On March 7, 1930, Hoover said: “All the evidence indicates that the worst effects of the Crash upon unemployment will have passed during the next sixty days.” He then signed the Smoot-Hawley Tariff Act against the advice of the thousand economists hired by Wall Street manipulators who were most concerned about repayment of their foreign loans. In September 1930, Bernard Baruch, after returning from a visit to Churchill in England, sent a cable affirming Churchill’s views about British world supremacy. On December 11, 1930, New York’s fourth largest bank, Bank of the United States, failed. Its 450,000 depositors had no recourse and no FDIC insurance. Another one thousand banks failed in 1930.[10] Bank failures signal bank consolidation – extant banks consume them.
The entire national debt in 1932 was $19.5 billion. Roosevelt then initiated the New Deal in 1933 by introducing the practice of deficit spending, which was the brain-child of Britain’s John Maynard Keynes, a member of the Illuminati. In 1910, Lenin said: “The surest way to overthrow an established social order is to debauch its currency.” Nine years later, Keynes wrote: “Lenin was certainly right, there is no more positive, or subtler, no surer means of overturning the existing basis of society than to debauch the currency ... The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million is able to diagnose.”[11]
On March 9, 1933, Franklin Roosevelt issued Executive Orders 6073, 6102, 6111, and 6260 which declared that the U.S. was bankrupt. On April 5, 1933, Roosevelt declared a National Emergency and made it illegal for U.S. citizens to own gold. He ordered all gold coins, gold bullion, and gold certificates to be turned into the Federal Reserve banks by May 1 (the Illuminati was created on May 1, 1776). People would face imprisonment and fines if they refused to relinquish their gold. Further, on June 5, 1933, Congress enacted a joint resolution outlawing all gold clauses in contracts. The Federal Reserve System was not energized until 1933 when the U.S. went off the gold standard which allowed the expansion and devaluation of the money supply. The Federal Reserve collects usury on every bill printed. “Our currency has no value past the confidence of those who use it.”[12]
Gold coinage was withdrawn from circulation, and kept in the form of bullion. The public and the Federal Reserve returned their stocks of gold to the government. The people were paid $20.67 an ounce in Federal Reserve money. The Federal Reserve received Gold Certificates. So the Federal Reserve, owned by some Illuminati families, had control of the country’s gold and could control its price. The stability and responsibility of the government that issues a currency is the primary reason people accept that currency. Obviously, the collapse of that government would render the currency worthless.
Unconstrained, the bankers have financed all of the profit-producing, declared and undeclared wars. The U.S. government alleged that the Second World War was caused by obstacles to free trade, exacerbated by the financial events of 1929 manifested in Nazi fascism and responsible for the tensions that led to the Second World War. As a consequence of their questionable theory, the conditions of receiving American economic aid included the implementation of a free trade policy. Free trade policies, like central banks, only assist the bankers and the corporations who exploit cheap labor in third world countries.
World War II ended the depression. There was plenty of money. People had jobs. Women were encouraged to work – more money to service the interest payments to the Federal Reserve. Shuffling women into the workplace was really never about equal rights and opportunities, despite the rhetoric. Bankers serve on corporate boards and control corporate decisions. They depress or increase corporate stock by leveraging loans. When stock prices are depressed, bankers' agents purchase large blocks of the company's stock. The bank may then approve a multi-million dollar loan to the company which increases the stock which can be sold at a profit. Billions are accrued, enabling the purchase of additional stock. The Federal Reserve Board manipulates the market by increasing or decreasing their discount rates. Stocks soar or crash at their whim, sustained by economic experts who manipulate public opinion.
The Fed can also coerce corporations to borrow huge sums so that earnings can be siphoned off to pay the interest to the banks, reducing actual profits. Banks may collect billions in interest through corporate loans even with depressed stock prices. The bankers benefit while individual stockholders suffer. New money or credit carries debt, keeping most citizens in a never-ending cycle of debt. Dumping more money into the system, which bailouts and stimulus packages do, devalues the money already in circulation which escalates the prices of basic commodities, usually without comparable wage increases. Compound interest on mortgages and other items produces massive profits for the banks. Over the term of a mortgage, a house ultimately costs as much as three homes. With numerous taxes attached to products and services, plundered Americans are drowning in debt. If you think you are off the hook because you have paid off your mortgage, just fail to pay property taxes and see how fast the government seizes your house. We have been transformed from a debt-free nation into a debt-ridden nation.
Since 1935, the one dollar Federal Reserve Note has had the Illuminati all-seeing eye within the Great Seal. At the base of the pyramid is Roman numerals 1776, the year the Illuminati was founded. One dollar bills were printed as Federal Reserve Notes beginning in 1963. The phrase “In God We Trust” was added in 1957. Considering the enslaving amount of usury that we pay, totally eschewed by Jesus, the Fed’s use of that statement on their notes appears to be an ironic hoax on the Christian citizens of this country. The Power Elite enjoy concealing their nefarious agenda in plain sight. Under the pyramid are the Latin words – “Nova Ordo Seclorum” which means “a new order of the ages” or “new order of the centuries.” The words “Annuit Coeptis” are above the eye which means “he looks upon your endeavors favorably.” Who would that be? Some suggest that it represents Osiris, Egypt’s pagan god.[13]
In 1958, Chase Manhattan Bank introduced the Chase Manhattan Charge Plan, the first bank in the nation to offer customers a convenient, immediate gratification interest-bearing credit card. Consumer credit, encouraged by constant tantalizing media advertising, has sky-rocketed. Recently, big pharma started advertising their consistently inadequately tested, questionably-safe products. If your doctor fails to prescribe their latest miracle cure or vaccines for every minor malady, just ask for the product or injection and hope that the side effects don’t permanently harm or kill you.
On June 4, 1963, President John F. Kennedy issued Executive Order 11110 which directed the U.S. Treasury to issue $4,292,893,815 in interest-free U.S. Notes. On October 2, 1963, he issued NSAM 263, an order for the immediate withdrawal of 1,000 U.S. military advisors from Vietnam and a timetable for the withdrawal of all CIA operatives and U.S. personnel. This would have ended the steady stream of profits to the banks. He was assassinated on November 22, 1963 in Dallas, Texas.
Government bailouts started in 1970 with the bailout of Penn Central which had 96,000 employees and had borrowed from most of the major banks. Additionally, those same banks held stock in the railroad and seats on their board of directors. They made many of the management decisions and were privy to insider financial information. The banks loaned the railroad more money – millions that were used to artificially inflate the stock market price and pay dividends. A month before the railroad failed and before the public was notified, Chase Manhattan’s trust department dumped 262,000 shares. The bevy of bankers who held the loans had received dividends on the worthless stock, earned interest on the loans and unloaded a total of 1.8 million share of stock after they collected the dividends.[14]
Lockheed was near bankruptcy in 1970. Bank of America had loaned them $400 million. Lockheed’s managers and employees approached congress with pleas – 31,000 jobs would be lost, national security would be at risk, sub contractors and suppliers would be hurt. Banks, due to Lockheed’s dire financial straits, would not make any further loans. Allegedly, to protect the economy, Treasury Secretary John B. Connally finagled a bailout plan guaranteed by the government (taxpayer). Once the government stepped in, the banks freely loaned Lockheed money. Ultimately, the government awarded hundreds of no-bid contracts to Lockheed which has become one of the nation’s biggest war contractors. Other similar companies who operated more efficiently lost contracts to Lockheed.[15]
Connally, a former big oil lawyer turned Texas governor, was riding in John F. Kennedy’s limousine in the motorcade and witnessed the president’s assassination.
Connally encouraged Johnson to be aggressive in accelerating and executing the war in Vietnam. When Connally was Treasury Secretary under Nixon, he oversaw a $50 billion increase in the debt limit. Additionally, he endorsed a $40 billion budget deficit referred to as a “fiscal stimulus.” At the time, five million Americans were unemployed. Secretary Connally announced Nixon’s program to increase gold prices and officially devalue the dollar. During Nixon’s administration, the U.S. was taken off the gold standard completely, a process started by Roosevelt.
Then there was the bailout of New York City, a city overflowing with corruption and a burgeoning bureaucracy. In 1975, New York, a huge welfare state, was unable to get additional credit. New York City employees, otherwise known as friends and relatives, were paid huge salaries for lower-paying comparable jobs in private industry. The city managed to get a loan from the Treasury for $2.3 billion, approved by Congress. It was enough to continue paying interest on their previous bank loans. The taxpayers suffered the consequences through massive inflation. But the banks collected their interest, a huge source of income. New York was supposed to make changes and reduce spending. That didn’t happen.[16] Chicago, with their glut of relative and friend employees, is in similar circumstances. But Mayor Daley manages to stealthily sell public property. Recently, it was the city’s parking meters. Now, in addition to inflation, citizens pay outrageous fees to park in the city which affects business. Before that, it was the famous Skyway.
Rod Blagojevich, the former Illinois governor was arrested December 9, 2008, the day after he publicly declared that the state of Illinois would suspend all business dealings with the Bank of America, the recipient of a $25 million bailout, until it restored a credit line to Republic Windows & Doors which, without credit, was forced to close and lay off their 240 employees. The governor apparently forgot who really runs everything. His indiscretions, attributable to every other professional politician, went unnoticed until he challenged the banks. Goldman Sachs, another bailout recipient, used $6.5 billion of our taxpayer dollars to give bonuses to their financial staff.
Banks create money with a computer keystroke. The money changers can print a $5 bill or a $100 bill for a few cents each. The Federal Reserve prints money to pay the obligations of the metastasizing government. Congress authorizes the Treasury Department to print U.S. bonds, held by the Federal Reserve which the government agrees to pay it back, plus interest, by plundering the labor of the taxpayers. The Fed now considers those bonds as assets, reserves to create more credit to lend to states, municipalities, individuals and businesses. Currently, banks give credit for home purchases, cars and other commodities that people used to save for. U.S. citizens depend on consumer and business credit. When that credit is arbitrarily withheld or withdrawn, industry and spending comes to a halt.
The Federal Reserve is the power behind the recently inaugurated, smooth-talking, charismatic Barack Obama who is overly-anxious to impose government control and dispense bailouts through the Stimulus Package. Through wealth transference and suppressive legislation designed to decrease liberty, each consecutive administration moves America closer to economic collapse and one world governance. Bush coerced passage of the PATRIOT Act (written long before 9/11 and unread by Congress), facilitated the Department of Homeland Security, increased the number of FEMA detention centers, allowed unrestrained illegal invasion to drain state economies (especially California), and incited invasive economy-destroying war against two countries which do not have central banks with debt-based money under the control of the international bankers. Arabs do not believe in charging or paying usury (interest on loans). By the end of 2008, the U.S. had spent $3 trillion on the Iraq War, borrowed from the Fed with interest.
With Obama, citizens will likely be disarmed, in direct violation of the 2nd Amendment, created for citizens to protect themselves against a tyrannical government. We will finally get Hillary Clinton’s universal health care. Big pharma, run in concert with big banks and insurance companies, the main benefactors. The government will make all health decisions – who lives, who dies, how many children one may bare, etc. Natural solutions for health care may be outlawed. Warfare will continue as demonstrated by the very recent deployment of 17,000 troops to Afghanistan. This, despite those campaign promises about reducing the troops. Warfare, a huge drain on our economy and a financial boon for the Fed, will continue. Troop numbers are being augmented by waiving criminal histories of those who enlist simply because they are unable to find work. The economy will ultimately bleed-out resulting in riots, food shortages and eventually martial law and perhaps mass detention.
The recent bailouts and the current stimulus package, disguised as assistance to the populace, is a huge transference of wealth – from the taxpayer’s pockets into the banker’s pockets. Any promised infrastructure enhancements may consist of such things as the completion of the unpublicized NAFTA super highway to connect Canada, the United States and Mexico. While in Denver signing the Stimulus Package, Obama said: “We will build on the work that’s being done in places like Boulder, Colorado – a community that is on pace to be the world’s first Smart Grid city.”[17] This appears to refer to an Agenda 21 program being initiated in Boulder by Xcel Energy.
Senators disregarded the taxpayer’s pleas to reject the socialist Stimulus Package. The taxpayers, stuck with the tab, are outraged. Democratic senators, including the newly-installed Roland Burris, voted for the stimulus. Burris is now under criminal investigation for his duplicitous involvement with Rod Blagojevich’s brother regarding questionable fundraising. This issue was concealed until after his guaranteed vote. Concealment of significant facts seems common with the incoming administration and its appointments. Apologies that follow embarrassing exposures somehow seem insincere.
The outrageous, squealing, pork-filled stimulus plan was designed to benefit the bankers and bleed America dry. The 1000+ page package was certainly written months ago. Pelosi, who recently claimed that America was losing 500 million jobs a month, lacks the intelligence to devise anything more that a one page yes-memo to the bankers that finance her repetitive campaigns. Congress, with few exceptions, have not represented the voters for decades. They are agents for the banks and corporations while paying lip service to their constituents during election campaigns. They profess concern for the voter’s essential needs and pass measures that appear to address those needs which in reality expand the coffers of big business and the banks. Meanwhile, members of congress collect generous salaries with regular self-approved pay increases, lobbyist perks, private health plans, and look forward to a life-long, non-Social-Security pension.
Ayn Rand (1905-1982) said in her book Atlas Shrugged: “When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see that money is flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self-sacrifice – you may know that your society is doomed.”
Banks and corporations run a centralized, metastasizing entity, disguised as the federal government. Their objectives are promoting war while financing both sides, confiscating people's money and resources, and propagandizing the naïve masses to maintain and perpetuate their power. Our two main political parties are their servants, government departments are the spending agencies, and the Internal Revenue Service, a private offshore corporation is the collection agency.
Thomas Jefferson said: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” For part one click below.
Footnotes:
1, Liberty Tree
2, The Ultimate Yellow Brick is GOLD!
3, Financial Background, the Beginning of Monetary control by David Allen Rivera
4, The New York Times Guide to Essential Knowledge: A Desk Reference for the Curious Mind By The New York Times, Published by Macmillan 2004, pgs. 142-143
5, Tesla, Man Out of Time by Margaret Cheney, Barnes & Noble, New York, 1993, pg. 99, 80, 157-160
6, The Yamato Dynasty, the Secret History of Japan’s Imperial Family by Sterling and Peggy Seagrave, Broadway Books, New York, 1999, pgs. 116-125
7, National Suicide, Military Aid to the Soviet Union by Antony C. Sutton, Arlington House, New Rochelle, New York, 1973, p. 49
8, The Greatest Story Never Told, Winston Churchill and the Crash of 1929 by Pat Riott, 1994, Nanoman Press, pg. 34
9, Remarks by Governor Ben S. Bernanke At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois, November 8, 2002
10, The Greatest Story Never Told, Winston Churchill and the Crash of 1929 by Pat Riott, 1994, Nanoman Press, pg. 148-163
11, Gold Reserves Manipulated And Us Economy Destroyed Final Warning: A History Of The New World Order by David Allen Rivera
12, The Reality of the Debt
13, The Greatest Story Never Told, Winston Churchill and the Crash of 1929 by Pat Riott, 1994, Nanoman Press, pg 28.
14, The Creature From Jekyll Island by G. Edward Griffin, American Media, 2002, pp. 41-48
15, Ibid
16, Ibid
17, Obama’s Remarks at Stimulus Signing, New York Times, February 17, 2009, p. 2
© 2008 Deanna Spingola - All Rights Reserved
Deanna Spingola has been a quilt designer and is the author of two books. She has traveled extensively teaching and lecturing on her unique methods. She has always been an avid reader of non-fiction works designed to educate rather than entertain. She is active in family history research and lectures on that topic. Currently she is the director of the local Family History Center. She has a great interest in politics and the direction of current government policies, particularly as they relate to the Constitution.
web site: www.spingola.com
email: deanna@spingola.com
http://www.newswithviews.com/Spingola/deanna105.htm
Mr. BERNANKE. Congressman, first, you’re absolutely right. We do look at a wide variety of indicators, and money aggregates are among those indicators. In particular, M2 has proven to have some forecasting value in the past, and I think the slowdown this year is consistent with the removal of accommodation that’s been going on. In regard to your references to M3, a still broader measure of money, we have done, and I’m now speaking about the Federal Reserve before my arrival, but we have done periodic analyses of the various data series that we collect to see how useful they are. And our research department’s conclusion was that M3 was not being used by the academic community, nor were we finding it very useful ourselves in our internal deliberations. Now it’s not just a question of our own cost; although, of course, we do want to be fiscally responsible on our own budget, but it’s also I think important for us to recognize the burden that’s placed on banks that have to report this information. And so when we can reduce that burden, we would like to do so. And that was one of the considerations in the decision that was made about M3. Would we reconsider it? If there were evidence that this was an informative series and that it was useful to the public and to the Federal Reserve in forecasting the economy, naturally we would look at it again. There’s nothing dogmatic going on here. 
