Is the Federal Reserve System Morally and Socially Bankrupt?
May 29th, 2010 by Randy Toman
The M3 is a measure of the money supply. In 2006, the Federal Reserve stopped publishing M3 figures and Congress said nothing. The FED said it did this to save money, nonsense. It did this to stop you from understanding what the big boys are doing with the money supply. It allowed them to more effectively cook the books and keep you in the dark. It allows them to portray the largest economic crisis in history as a recovery.
Manipulating the money supply is how the banksters control economies and force nations to do their bidding. The system is not being fixed and deliberately so. The elitists do not want it fixed, they want it to collapse. This is the only way they can force people to accept world government, writes Bob Chapman. Many say they do not know where it will end, but if they studied history they’d know exactly where it would end. It will end with the deliberate collapse of the financial and economic system and war, the way it always has.
I wish to address the problem of the Federal Reserve System from a point that is not original thinking on my part but was thought through some 655 years ago by a man named Nicholas Oresma (1320-1382) in his treatise on “The Origin, Nature, Law and Alterations of Monies” published in 1355.
In the book he argues the following;
“The money of a country belongs to the community, not to the King; it is a social utility, not a royal perquisite; the ruler or government may regulate its issue, but should make no profit from minting it and should maintain it metallic quality undebased.”
Point one which will not be argued here is the government has turned over the control of money to a private entity of bankers, thereby taking the money away from the community and the control of it away from the citizen. The part of Oresma’s statement that intrigued me the most was; “…should maintain it metallic quality undebased.” In Jorg Guido Hulsman article “Nicholas Oresma and the First Monetary Treatise” Ludwig von Mises Institute May 18, 2004 explains.
“Inflation benefits those who create the inflation.”
He then quotes from Oresma Treatise;
“I am (Oresma) of the opinion that the man and final cause why the prince pretends to the power of altering the coinage is the profit or gain which he can get from it,…”
Oresma goes on;
“And if he (the prince) tell the tyrants’ usual lie, that he applied that profit to the public advantage, he must not be believed, because he might as well take my coat and say he needed it for the public service.”
Saint Paul says that we are not to do evil that good may come. Nothing should therefore be extorted on the pretence that it will be used for good purposes afterward.
Nicholas Oresma true interest was in the morals of money production. He goes on to state; “ Money changing and usury might be tolerated because it was by consent of the party’s but debasement of currency is something inflicted on the social order and the citizen and not permitted by the King or the government. He further states the money is not the property of the king but he is only acting as a controlling agent; the money belongs to the people of the society.”
Thus inflation (debasement) of the currency is morally repugnant, economically destructive, and entails exploitation of the people and will lead to tyranny through control of the people’s money.
Oresma Treatise puts forth these 6 basic causes and effects;
1. Inflation is predominantly a creature of government.
2. It harms commerce and the economy, and it entails the decline of civilization.
3. It is not necessary from any larger social point of view- it serves no useful social function. Rather:
4. It creates illegitimate winners and losers. Typically it benefits the government and its allies at the expense of the citizenry.
5. It therefore paves the way to tyranny.
6. The way to get rid of it is to bar government from meddling with money at all.
“Public trust In politicians is at an all-time low, and this is not only (but also) because no one of them personally leads us into battle anymore.” So says Jorg Guido Hulsman.
We Shall See and shortly if any of the politicians understand any of what Nicholas Oresma published 655 years ago.