The Duty Of The Federal Reserve

717 words - 3 pages

The Federal Reserve Act was signed into law on December 23, 1913. Due to a series of financial panics around 1907, the Federal Reserve (also referred to as the “Fed”) was created by Congress to promote a stable banking system and an active economy. The Federal Reserves’ greatest client and biggest spender is the government of the United States. All proceeds from taxes generated and disbursements are managed through the account that the United States government has set up with the Federal Reserve. The Fed operates independently of the government; however, the Feds’ jurisdiction originates from Congress and the Fed is subject to congressional supervision. Furthermore The President ...view middle of the document...

With exception of the a few examples, history has proven that banks and treasuries always loan out more than what is in the reserves. Banks employ fractional reserve banking which allows banks to loan out and collect more interest than the funds available in reserves; with the remainder invested or issued as credit. The Fed is an abomination, as is any agency manipulating and devaluing the money supply are acting unscrupulously by engaging in diversified weights and measures. The Bible clearly states such practices are an infraction of justice; “Do not have two differing weights in your bag…You must have accurate and honest weights and measures…For the LORD your God detests anyone who does these things, anyone who deals dishonestly” (NIV, Deut. 25: 13-16; Compare Lev. 19: 35,36; Proverbs 11:1, 16:11, 20:10; Ezekiel 18:8, 45:10; Matt. 21: 12,13; Mark 11: 15-17). The wisdom of God is righteous and those who deny His authority simply wish to cross boundaries and abandon accountabilities.
Fractional reserve banking is a huge Ponzi Scheme; anyone who is not a member of the Fed doing this, would be prosecuted and imprisoned. The accepted experience of Americans is the government control...

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