Theory vs. Practice
Diagnosis is not the end, but the beginning of practice.
The Hidden (Deadly) Costs of De-Correlating Price from Value
All that glisters is not gold.
Billionaire venture capitalist Marc Andreessen has recently stated:
"You're probably not going to get the bicycle manufacturing plant back that's going to build bicycles the way they existed 40 years ago. [...] What you actually want is you want to be making electric bikes, which are much more sophisticated physical artifacts that involve batteries and computers and chips."
I agree on the strategy but I disagree on the execution – because ever-growing complexity (an excremental process lacking a clear and sustainable vision for progress) is bad, not good.
Don't attempt to copy China – disrupt it:
I want a cheap, subscription-based, light, reliable, infinite-range battery-less bicycle – not a fragile, hackable, expensive, clunky smartphone on wheels obsolete within 2 years and requiring periodic battery replacement. If we deliver the former, we will get 100% of the global market – at the price we ask! If we make the second kind, we will compete on price with China... and lose, again.
30 years ago we had software or devices lasting decades. Today, APACHE has 14+ CVEs per month and NGINX 3+. Hardware routinely fails after a one-year warranty. Planned-obsolescence enriches a very few via eventually-failing "circular deals", but it destroys productivity and therefore our economy: people prefer things that actually work, seamlessly, and on the long-term.
Sustainable profit is not achieved by extracting more and more money from the ever-depleted pockets of consumers and governments – it is granted by offering immensely better alternatives to the general sorry state of things.
What is needed (to please customers – the ones paying for the products), is ground-breaking technologies cutting manufacturing and operating costs rather than incremental complexity generating ever-rising costs.
Economic Value is defined in "Principles of Economics" by Carl Menger (1871), as: "the importance of the goods at their disposal for the maintenance of their lives and well-being".
Value is how much a product satisfies... end-user needs.
Economists have defined "Equilibrium" as "perfect markets", that is: perfect information, perfect competition, real-time price adjustments, zero transaction additional costs, profit maximization of rational, uninfluenced agents.
But "Equilibrium" is yet another academic abstraction (a "fictional story") not reflecting reality: heavily-subsidied battery-powered cars are a nonsense for the economy (debt, subsidies), ecology (unrecyclable batteries, mining of rare earths), technology and sustainability (the manufacturing, storage, transportation and distribution of bioenergy, solar panels and wind turbines rely on... fossil fuels).
Batteries are unsafe, expensive, and need replacements. Lossy (when charging/decharging), fast-degrading batteries are not approaching the constant power-to-weight ratio of the internal combustion and turbojet engines getting their oxidant free-of-weight from the atmosphere. Batteries won't ever power heavy planes and helicopters.
Planned inefficiency was imposed by Finance-owned government regulations to defeat the natural market leaders (making the most desirable products), a self-defeating, myopic defensive tactic (to promote a very few Finance-owned carbon-tax credits BigCo beneficiaries).
Chinese cars now outperform Tesla cars at this game because electric engines are cheaper and simpler than high-end petrol engines.
There was no distinctive Value making this switch sustainable – so we have lost, again.
Worse, we have lost due to a "fictional story", a well-funded scientific fraud called "global warming": on hundreds of millions of years, the temperatures today are actually some of the coldest ever recorded!
It took 25 years for the "peer-reviewed" scientific community to retract a 2000 study fraudulently claiming that "roundup and glyphosate are safe for humans"... despite plenty of evidence of the contrary, since day one.
In both of the above cases, the same billionaire, well-known for having funded decades of criminal activities while always escaping judicial sanctions, was (again) involved to actively "sponsor" Science to create the fraud, and the public regulators to use this scientific fraud as a government regulatory tool.
The U.S. National Academy of Sciences (NAS) has published "The entities enabling scientific fraud at scale are large, resilient, and growing rapidly" with the publication of fraudulent papers is growing at an even faster rate than legitimate publications. It even got a name: "paper mills" relying on IA fake research, forged pictures, and the coordination between editors and authors for the publication of outrageously fraudulent peer-reviewed science published by the most reputed journals.
Due to infinite funding, the largest economic players enjoy undue gains at the expenses of all others: by increasing the price while diminishing the utility-Value of the goods and services: durability (planned obsolescence), quality / quantity, manipulated information (media, fake-science) to maximize profit by making buyers unable to evaluate offers.
Media cover-stories, fraudulent science, and obscure terminology (that is, disinformation) is the foundation of this blocked progress: greed, maximizing gains by fraud rather than increased Value, justifies an ever-growing degradation of moral standards, skills, quality, durability, and efficiency.
There is just a little problem with this short-term tactic: it will not end well. Fraud is good up to the point that it delivers ruin.
The only sustainable way to preserve the economic "Equilibrium" is through legitimacy: gaining market share because we deliver immensely better Value for the asked Price.
The USA have been the leading force behind many technological innovations disrupting world markets and letting the Western economy grow – without a fight. That's where the Value is, for our know-how, our people, and our economy.
That's also where the investments should go – unless the taxpayers want to keep losing while enriching the "Too Big to Fail" crooks.
Linking Today's Manufactured Chaos To The World's History
When Finance-owned governments tax fossil fuels usage and mandate electrification (while blocking WET with a 2014 prototype presented at the Munich Security Conference 2019 – to impose inferior, ever-failing, unsafe, expensive batteries), progress is artificially stopped (AI, chips, drones, robots, clean tech, EVs, telecom, power generation and distribution) for the sake of... "arbitration", that is, picking the winners – an old bankers' tactic:
"The members of society are unequal only to the extent that their capitals are unequal, as capital is the decisive power, the capitalists, the bourgeoisie, have become the first class in society.
Having destroyed the social power of the nobility and the guildmasters, the bourgeois also destroyed their political power. Having raised itself to the actual position of first class in society, it proclaims itself to be also the dominant political class."
– Karl Marx (1818-1883) and Frederick Engels (1820-1895), The "Communist Manifesto" (1848)
The founders of Communism knew so well how Capitalism went to power because... the Communists were funded by the Capitalists: after Stalin's death in 1953,
The Cold War degenerated into a farce, as the West, and in particular the United States, invested heavily in the Soviet Union.
In 1991 the Soviet Union imploded and a swarm of advisers arrived from the USA, who introduced the wonders of unregulated free market capitalism which included income tax and usury. [...] For almost 200 years the Tsars and Soviets resisted, but finally Russia fell entirely into the hands of the Rothschilds.
That puts some famous declarations in perspective:
The best way to control the opposition is to lead it ourselves.
"Wall Street and the Bolshevik Revolution" (1974) by Antony Cyril Sutton (British-American economist), or a a 1920 article by Winston Churchill, or the 1932 speech of Louis T. McFadden, former chairman of the U.S. House Banking and Currency Committee certainly help to explain this apparent contradiction:
The 1848 "Communist Manifesto" had the same program as the 2020 "World Economic Forum": confiscation of private property, a Central Bank exclusive monopoly (planned to be soon imposed worldwide with CBDCs – Central Bank Digital Currencies), and monopolies for communication, transport, commerce and the industry.
Are Russia and China still the Capitalism "fake opposition"? Only time can tell. But Russia and China are at the forefront of CBDCs (and social credit for China) – while Europe did not deploy them yet.
In the past, the ruling groups of all countries, although they might recognize their common interest and therefore limit the destructiveness of war, did fight against one another, and the victor always plundered the vanquished. In our own day they are not fighting against one another at all. The war is waged by each ruling group against its own subjects, and the object of the war is not to make or prevent conquests of territory, but to keep the structure of society intact.
Even Winston Churchill has publicly stated that the Communist Revolution was planned and funded by the "international Jews" (that he depicted as nefarious and distinct from the "good, national Jews" that he was admiring):
The International Jews. The adherents of this sinister confederacy are mostly men reared up among the unhappy populations of countries where Jews are persecuted on account of their race. Most, if not all, of them have forsaken the faith of their forefathers, and divorced from their minds all spiritual hopes of the next world.
This movement among the Jews is not new. From the days of Spartacus-Weishaupt to those of Karl Marx, and down to Trotsky [alias Lev Davidovitsj Bronstein] (Russia), Bela Kun (Hungary), Rosa Luxembourg (Germany), and Emma Goldman (United States), this world-wide conspiracy for the overthrow of civilisation and for the reconstitution of society on the basis of arrested development, of envious malevolence, and impossible equality, has been steadily growing. It played, as a modern writer, Mrs. Webster, has so ably shown, a definitely recognisable part in the tragedy of the French Revolution.
It has been the mainspring of every subversive movement during the Nineteenth Century; and now at last this band of extraordinary personalities from the underworld of the great cities of Europe and America have gripped the Russian people by the hair of their heads and have become practically the undisputed masters of that enormous empire.
The same year, in 1920, this "world-wide conspiracy for the overthrow of civilisation" denounced by Churchill was unequivocally celebrated by the perpetrators of the plan:
The Bolshevik Revolution in Russia was the work of Jewish planning and Jewish dissatisfaction. Our Plan is to have a New World Order. What worked so wonderfully in Russia is going to become Reality for the whole world.
Nobel Prize Alexander Solzhenitsyn (1918-2008) has explained how "wonderful" this "New World Order" has been for the Tsarist Russia:
On 17 November 1917, the Rothschilds, fearful that replication of this [Tsarist Russia] extraordinary example of freedom and prosperity would destroy their malevolent banking empire, instigated and financed a Judeo-Bolshevik revolution in Russia, which wrecked and ruined a wonderful country and resulted in the deaths by murder and starvation, according to Alexander Solzhenitsyn, of 66 million innocent people.
Wow. School textbooks, newspapers and politicians focus on a 11 times smaller genocide, but don't mention this one (which did not trigger many decades of monetary reparations to the affected families). This reveals how much we are deprived from our own History.
Now, to see if today's chaos is due to the "New World Order" of Churchill's "sinister confederacy", we have to check what has changed since 1920, and how it was done – so we have a chance to undo it... before (or after) we all have been ruined.
How It Was Done "With The Stroke Of A Pen" – Is Also How Fast It Can Be Undone
The market was supposedly a (buyer-driven) mechanism for price discovery: people would buy performing companies to get a dividend.
But as publicly traded stock depends on company valuations influenced by (notoriously inaccurate) Notation Agencies owned by... investment banks, it was rather a tool for wealth extraction by its largest players (the famous "whales" in love with "pump & dump") who were able to quickly buy/sell in large amounts to completely change market positions, making hefty profits).
When fraud is not stopped, it grows further, and the market has become a liquidity-driven hallucination, promoting nonsensical narratives that substitute for actual financial performance and industrial value (ie: Cryptos and AI).
Buyers face "fictional stories" with no earnings and lifetime negative cash flow that behave like they are invincible gods – merely because they are infinitely funded. These market distortions eventually resolve themselves, in a general bloodbath (with the guilty making gigantic profits):
In 1928, based on past productivity gains and consequent per capita growth in national income, John Maynard Keynes predicted that a century later, we would be so prosperous that we would no longer have to work.
Productivity growth and per capita income growth have ended at the upper end of Keynes' predicted range. So what is the cause of prosperity was achieved.
Keynes could not imagine that the benefits of this vast prosperity would be so unequally distributed that the elites would capture it almost entirely for themselves and the majority of the population would still need to work.
With their infinite magic money creation, banks have de-correlated Price from Value, on an exponentially-growing massive scale.
I am afraid the ordinary citizen will not like to be told that the banks can and do create and destroy money. The amount of money in existence varies only with the action of the banks in increasing or decreasing deposits and bank purchases. Every loan, overdraft or bank purchase creates a deposit, and every repayment of a loan, overdraft or bank sale destroys a deposit.
While our GDP (Gross Domestic Product) slowly grows, real-estate prices rose 5 times faster due to an artificially-created bubble caused by Finance constantly buying to maintain high prices (exchanging virtual fiat money –'fiat' means 'trust' in Latin– for tangible land and real-estate assets):
Yet, the real-estate bubble has been dwarfed by the exponentially-growing publicly-traded stock bubble (where our chronically indebted pension funds are "investing for our better good" and where private Central Banks so aptly invest the public money they honestly manage on our behalf – "independently" so we have no way to stop them).
Founded in 1913, the FED is a private bank with 12 regional Federal Reserve Banks owned and managed by the To Big To Fail, 2008-bailed out private banks (Morgan Stanley, JP Morgan, Goldman Sachs...) that get a 6% dividend from the FED – every year.
With the FED, the bankers have made public and private debt grow, as fast as possible, with extravagant ever-increasing expenses like constant real wars, foreign military bases, the "Cold War" (a win-win deal funded by the Western banks to let each Eastern/Western side justify never-seen before levels of military expenses in times of peace), and the eye-wateringly expensive fake space conquest.
Since 1913, the FED lends these magically-created dollars to the US Treasury to pay for the ever-expanding US government deficits... while the taxpayers pay interest to the FED for those created, lent dollars (National Debt Hits $38.09 Trillion, Increased $2.18 Trillion Year over Year, $5.97 Billion Per Day on Nov 2025, but the FED charts below stop earlier, on April 2025):
The 2008 bailouts and 2020 COVID crisis are more visible on the second chart because while most of the the newly issued public-debt came to the bankers' pockets, the rest of the economy has been flatened – by an economic crisis, and the COVID lockdowns (an injustifiable measure: it is long known by Science that locking-down sane people can only have detrimental effects on their health).
Since 1913, The FED has the power to create unlimited dollars which it then lends out (to the U.S. Treasury) for interest payments, that is, profit to itself.
In 1913, the income tax (previously only raised in times of war) became permanent (to pay back the interests of the since then ever-growing public debt): Congress added the 16th Amendment to the Constitution and the "Revenue Act" under which, individuals with income exceeding $3,000 were taxed at 1% and up to 7% for incomes exceeding $500,000 (rates that are much higher today).
And the FED shareholders, a few private banks, effortlessly profit while debasing the U.S. greenback:
During the 90 years (1820-1910) before the FED the U.S. dollar had retained its purchasing power. But in a mere 6 years (1914-1920), the FED (supposedly created to eradicate financial crises) created inflation to reduce the U.S. dollar value by 56.1%.
And since 1971, the US dollar has lost 99% of its purchasing power when measured against gold, the value unit that, in 1787, the US Constitution promised its dollar to protect its citizens (against money creation for unproductive expenses generating inflation).
This is the largest wealth and power transfer ever made in History: US President Thomas Woodrow Wilson (1856-1924), a "Democrat" that led the USA into World War I, gave the FED, a private bank, its once Constitutionally-mandated power (Article 1, Sections 8 and 10) to make and control the American money, measured in gold and silver.
Like in the U.S. and previously England, that is, by murder and corruption, the same public-private racket has been deployed worldwide:
Most of the US presidents, who have been assassinated, were involved in monetary reform. They are presidents Abraham Lincoln, James Garfield, William McKinley, Warren G. Harding and John F. Kennedy.
Sure of their impunity, the winners now proudly explain how they abuse others (the speaker makes a clear distinction between "humans" who invent "fictional stories", and "the believers" which "survival", as "animals", depends on the "fictional entities" invented by "humans"):
"We can cooperate with numerous strangers because we can invent fictional stories, spread them around, and convince millions of strangers to believe in them. [...] Money is probably the most successful fiction ever invented by humans. Not all people believe in God, or in human rights, or in the United States of America. But everybody believes in money. [...]
And as time passes, these fictional entities have become ever more powerful, so that today they are the most powerful forces in the world. The very survival of trees, rivers and animals now depends on the wishes and decisions of fictional entities such as the United States and the World Bank – entities that exist only in our own imagination."
– Yuval Noah Harari, lecturer in history at the Hebrew University of Jerusalem, "Why Humans Run The World" (June 16, 2015)
WEF Adviser Yuval Noah Hariri is also famous for: "The Planet No Longer Needs the 'Vast Majority' of the Population".
Today's fake "IA" (planned to cost $5T) is just yet another "fictional story" told by the proud storytellers to both increase their wealth and power at the expense of everyone else (an "AI bailout" executive order has already been signed to save the GAFAM from bankruptcy).
Economists call this deceptive practice "pump & dump". It is illicit because aimed at fraudulently breaking the academic "Equilibrium":
In 1636, the entirety of Dutch society went crazy over exotic tulips. As prices rose, people got swept up in a speculative fever, spending a year's salary on rare bulbs in hopes of reselling them for a profit. Mackay dubbed the phenomenon "The Tulipomania":
A golden bait hung temptingly out before the people, and one after the other, they rushed to the tulip-marts, like flies around a honey-pot. Nobles, citizens, farmers, mechanics, sea-men, footmen, maid-servants, even chimney-sweeps and old clothes-women, dabbled in tulips.
That's the purpose of the stock-exchange! But what is the purpose of fake AI?
On one hand, academic researchers explain that fake this AI (made by the proud storytellers) invents "fictional stories" and is therefore unable to do the most basic tasks reliably, and, on another hand, the Finance-owned scientists, newspapers and entrepreneurs tell us that AI will replace most of our jobs (whether or not IA is fake has no influence on this sacred goal):
The more new labor-saving machines are invented, the greater is the pressure exercised by big industry on wages, which, as we have seen, sink to their minimum and therewith render the condition of the proletariat increasingly unbearable. The growing dissatisfaction of the proletariat thus joins with its rising power to prepare a proletarian social revolution.
Since there is a far better way (as we will see below), beware about those calling for a Revolution: to impose Communism, the Wall Street-funded (read Sutton) Bolshevik Revolution (1917-1927) lead by Lenin has caused 66m deaths in Russia (read Solzhenitsyn), its sequel the Cultural Revolution led by Mao Zedong (1966-1976) in China has caused 148m deaths (read Brzezinski), and WWII (1939-1945) 85m deaths (where Capitalism and Communism, that is Wall Street, joined forces to destroy... Germany; again, yes).
Why was the Tsarist Russia targeted by the Wall Street-funded 1917 Bolshevik Revolution?
In 1860, Tsar Nicholas II (1868-1917) established the Russian State bank creating the people's money out of nothing at almost zero interest. Elementary education was obligatory and free right up to university level. Between 1906 and 1914 10,000 schools were opened annually. Child labour was abolished a century before Great Britain. The foreign trade balance between exports and imports was in surplus and Russia enjoyed the lowest taxation rates in the world: 10 times lower than in Great Britain.
Tsar Alexander I (1801-1825) having declined to set up a foreign-owned central bank, and Tsar Alexander II (1855-1881) having abolished serfdom and transfered 80% of the arable land to peasants, Russia had the world largest gold reserves and smallest national debt (of which less than 2% was held abroad)!
The Tsars in Russia were a deadly threat to the "international bankers" because an independent, debt-free Russia demonstrated to the world how much better the population, science and industry are doing when no robbery takes place via usury and taxation.
Worse, you will find people today claiming that the economic achievements of the Tsars were the result of the 1917 Communist Revolution that caused 66m Russian deaths. They claim that the revenue per head was higher, or that the organization of society was better and more human (actually all the advantages granted by the Tsars to the people were confiscated by the Bolshevik, including the right for strike, to travel abroad, do commerce and own private property).
The "international banker" scam devouring the world is centuries-old, so economists have had enough time to give it a name:
"Debasement" is the magic trick of replacing silver by dirty-paper, and have people enjoy the show, applaud and ask for more. Hence trading many times more "paper-gold" than available tangible gold reserves, or breaking the USD-gold convertibility in 1971. These "policies" generating inflation have lowered the good-value of gold, and over-priced the bad-value of electronic-money (replacing dirty-paper, itself replacing silver, itself replacing gold).
The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin.
How Fast It Can Be Undone
We have seen who, how and when. Giving the hundred millions of deaths caused by this "sinister confederacy" presented by Churchill, the why is obvious. Now, it's time for the world to get back its freedom.
The only way out from the usury trap is to (1) correlate Price to Value again (to avoid this ever-increasing inflation and the exclusion of the people from production to preserve a monopoly held by Finance)... and (2) by restoring our Constitution to get back the interest-free and debt-free money-creation monopoly that was stolen from the State by private interests:
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 them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered. I believe that banking institutions are more dangerous to our liberties than standing armies. The [monetary] issuing power should be taken from the banks and restored to the people to whom it properly belongs.
Whosoever controls the volume of money in any country is absolute master of all industry and commerce... And when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.
In the colonies we issue our own money. It is called colonial script. We issue it in proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own money, we control its purchasing power, and we have no interest to pay anyone.
At this time, similar arrangements were adopted elsewhere:
Napoléon's first act on assuming power as First Consul in 1799, was to establish the Banque de France on 18 January 1800 replacing the 15 private banks (issuing credit and bank notes) which had been deeply involved in the events leading up to the French Revolution (1789-1799), having increased the national debt by charging rapacious rates of interest on loans to the French crown, to the extent that prior to 1789, it was allocating over 50% of its budget expenditure to interest!
Napoléon upgraded the infrastructure on a vast scale not only in France, but throughout western Europe, with the construction of 20,000 miles (32,186 km) of imperial roads and 12,000 miles (19,312 km) of regional roads, almost 1,000 miles (1,609 km) of canals, bridges, the dredging and expansion of harbours, waterworks and public buildings, such as the gallery at the Louvre – all financed with interest-free money from the Banque de France.
At that time, France and Russia were the only two countries in Europe which were not on the usury system and were therefore the only free and independent nations.
The Tsars in Russia and Napoléon in France were a deadly threat to the "international bankers" because independent, debt-free countries demonstrated to the world how much better the population, science and industry are doing when no robbery takes place via usury and taxation.
And it has been the case of all other debt-free, interest-free initiatives:
History tells us of debt-free and interest-free money issued by governments. The American colonies did it in the 1700's and their wealth soon rivaled England and brought restrictions from Parliament, which led to the Revolutionary War.
Abraham Lincoln did it in 1863 to help finance the Civil War. He was later assassinated by an agent of the Rothschild Bank. No debt-free or interest-free money has been issued in America since then.
The American "Revolutionary War" (1775-1783), also known as the "American War of Independence", was due to the British Empire having imposed the replacement of the colonies debt (largely interest-free colonial scrip) with English money, resulting in 50% unemployment, with a national debt soaring to £176 million.
This war opposed American Patriot forces commanded by George Washington to the British Army in North America, the Caribbean, and the Atlantic Ocean. In 1783, the British monarchy acknowledged the United States as an independent and sovereign nation.
Abraham Lincoln (1809-1865), 16th U.S. President, was assassinated 5 days after General Lee surrendered to General Grant, effectively ending the American Civil War (1861-1865) funded with debt-free and interest-free money issued by the U.S. government.
Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany finance[d] its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the German power over Europe and bring Europe back under the heel of the bankers. Such history of money does not even appear in the textbooks of public (govemment) schools today.
In contrast, today, thanks to the private network of Central Banks, and the Central Bank funded GAFAM (with a $10T stock-exchange valuation) and their galaxy of well-funded minions (despite their abysmal technical competences), the pursued goal seems to furiously accelerate the growth of an unstoppable inflation, because:
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. [...] If prices are continually rising, every trader who has purchased for stock or owns property and plant inevitably makes profits.
That is, until the whales at the switch decide to replace "pump" with "dump" – thereby transfering the wealth of the abused masses into their sole pockets – and then:
200,000 companies filed for bankruptcy and 8.3 million people were thrown on to the streets. Within three years 24.9% of the working population was unemployed. The total National Income of the United States declined by 40.7% from $81 billion in 1927 to $48 billion in 1932. During the depression years an estimated three million people died of starvation. The main causes were malnutrition, infectious diseases, starvation and suicide.
The guilty was publicly identified – but never punished (a constant when a Central Bank owns a State):
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks.
The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve Banks acting together have cost this country enough money to pay the national debt several times over.
This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders. In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into the States to buy votes to control our legislation; and there are those who maintain international propaganda for the purpose of deceiving us and of wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.
Those 12 private credit monopolies were deceitfully and disloyally foisted upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions. Those bankers took money out of this country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along, instigated the separate peace between Germany and Russia and thus drove a wedge between the allies in the World War. They financed Trotsky's mass meetings of discontent and rebellion in New York. They paid Trotsky's passage from New York to Russia, so that he might assist in the destruction of the Russian Empire. They fomented and instigated the Russian Revolution and they placed a large fund of American dollars at Trotsky's disposal in one of their branch banks in Sweden so that through him Russian homes might be thoroughly broken up and Russian children flung far and wide from their natural protectors. They have since begun the breaking up of American homes and the dispersal of American children. [...]
In 1912 the National Monetary Association, under the chairmanship of the late Senator Nelson W. Aldrich, made a report and presented a vicious bill called the National Reserve Association Bill. This bill is usually spoken of as the Aldrich bill. Senator Aldrich did not write the Aldrich bill. He was the tool, but not the accomplice, of the European-born bankers who for nearly 20 years had been scheming to set up a central bank in this country and who in 1912 had spent and were continuing to spend vast sums of money to accomplish their purpose. [...]
One of the greatest battles for the preservation of this Republic was fought out here in Jackson's day, when the Second Bank of the United States, which was founded upon the same false principles as those which are exemplified in the Federal Reserve Act, was hurled out of existence. After the downfall of the Second Bank of the United States in 1837, the country was warned against the dangers that might ensue if the predatory interests, after being cast out, should come back in disguise and unite themselves to the Executive, and through him acquire control of the government. That is what the predatory interests did when they came back in the livery of hypocrisy and under false pretences obtained the passage of the Federal Reserve Act.
The danger that the country was warned against came upon us and is shown in the long train of horrors attendant upon the affairs of the traitorous and dishonest Federal Reserve Board and the Federal Reserve Banks. Look around you when you leave this chamber and you will see evidences of it on all sides. This is an era of economic misery and for the conditions that caused that misery, the Federal Reserve Board and the Federal Reserve Banks are fully liable. This is an era of financed crime and in the financing of crime, the Federal Reserve Board does not play the part of a disinterested spectator. The people of the United States are being greatly wronged.
If they are not, then I do not know what “wronging the people” means. They have been driven from their employments. They have been dispossessed of their homes. They have been evicted from their rented quarters. They have lost their children. They have been left to suffer and to die for the lack of shelter, food, clothing and medicine.
The wealth of the United States and the working capital of the United States has been taken away from them and has either been locked in the vaults of certain banks and great corporations or exported to foreign countries for the benefit of the foreign customers of those banks and corporations. [...]
The sack of the United States by the Federal Reserve Board and Federal Reserve Banks and their confederates is the greatest crime in history.
Mr. Chairman, a serious situation confronts the House of Representatives today. We are the trustees of the people and the rights of the people are being taken away from them. Through the Federal Reserve Board and the Federal Reserve Banks, the people are losing the rights guaranteed to them by the Constitution. Their property has been taken from them without due process of law. Mr. Chairman, common decency requires us to examine the public accounts of the Government to see what crimes against the public welfare have been or are being committed.
What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson's day must be fought over again. The Independent United States Treasury should be re-established and the Government should keep its own money under lock and key in the building the people provided for that purpose. Asset currency, the device of the swindler, should be done away with.
The Government should buy gold and issue United States currency on it. The business of the independent bankers should be restored to them. The State banking systems should be freed from coercion. The Federal Reserve districts should be abolished and state boundaries should be respected.
Bank reserves should be kept within the borders of the States whose people own them, and this reserve money of the people should be protected so that international bankers and acceptance bankers and discount dealers cannot draw it away from them. The exchanges should be closed while we are putting our financial affairs in order. The Federal Reserve Act and the Federal Reserve Banks, having violated their charters should be liquidated immediately.
Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.
Louis T. McFadden was assassinated on October 1, 1936.
What Good Is To Be Expected
How much better life was before usury took over the world? This freely available PDF book (142 pages without the appendix, book-reviews and references) tells it (with 313 references) but it also explains how we have reached today's sorry state of things, exposing how the USA, England, Germany, France, Russia, Japan, South-Africa, Australia and China have shined – until they were slowly infiltrated and subverted, by ruthless foreign interests:
With tolerable taxes, no state debt and no interest to pay, [14-15th century] England enjoyed a period of unparalleled growth and prosperity. The average labourer worked only 14 weeks and enjoyed 160 to 180 holidays. [...] A labourer could provide for all the necessities his family required. They were well clothed in good woollen cloth and had plenty of meat and bread.
Within two years of its establishment in 1696 the Bank of England had £1,750,000 worth of bank notes circulating with a gold reserve of only 2% or £36,000.
Henceforth a pattern would emerge where unnecessary wars would be embarked upon which simultaneously increased the national debt and the profits of the usurers. Significantly, most of these wars were started against countries that had implemented interest-free state banking systems, as was the case in the North American colonies and France under Napoléon.
This pattern of attacking and enforcing the bankers' system of usury has been deployed widely in the modern era and includes the defeats of Imperial Russia in World War I, Germany, Italy and Japan in World War II and most recently Libya in 2011.
These were all countries which had state banking systems, which distributed the wealth of their respective nations on an equitable basis and provided their populations with a standard of living far superior to that of their rivals and contemporaries.
At the start of World War I in 1914 [England's] national debt stood at £650 million. On March 31, 1919 it had increased to £7.434 billion of which £3 billion is still outstanding after 95 years at an interest rate of 3.5% per annum. In the 1919 budget 40% of expenditure was allocated to the payment of interest. In World War II the national debt rose by almost 300% from £7.1 billion in 1939 to £20.1 billion in 1945. As at March 2017 it stands at over £1.8 trillion. However, if one includes all liabilities, including state and public pensions, it exceeds £5 trillion.