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The Soon Coming Judgment Of God Upon America and How To Escape It 302
bill had won a temporary victory. But “the bill was [unexpectantly] reintroduced and rammed
through Congress on 23 December 1913” after many of these faithful members of Congress had
gone home for the Christmas holidays.
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The Increase In The Federal Debt
In 1913, at the time the Federal Reserve was established, the federal debt was $1 billion.
After the passing of the Federal Reserve Act, the national debt expanded 800% during the
Wilson administration alone.
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In 2002 the national debt was estimated to be $6.137 trillion, a
6,136% increase in debt since the formation of the Federal Reserve; that’s a 68.9% average
yearly increase in the federal debt.
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The federal debt has grown so fast that although, “In 1916 the richest man in the country,
John D. Rockefeller, could have paid off the American national debt by himself. In 1997 William
Gates and Warren Buffet together could not pay two months’ interest on it—about $50 billion—
without going broke.”
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By 1916 President Wilson had grown concerned about what he had brought about, he
lamented: “the growth of the nation and all our activities are in the hands of a few men”. When
the end of his life was near Wilson is said to have admitted that he had been deceived into
signing the Fed into law. Before he died, he reportedly confessed, “I have unwittingly ruined my
government.”
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The Fed Takes the Gold of U.S. Citizens
At the time the Federal Reserve was created, the US had $3.8 billion in gold and silver
certificates in circulation (gold and silver certificates could be redeemed in gold or silver, they
were essentially IOU’s for the gold and silver in the US Treasury). By 1933, only twenty years
after the creation of the Federal Reserve, FDR called in all the Gold coins. Approximately 209
million ounces (6,542 tons) were confiscated by the US Government from its citizens. Roosevelt
made it illegal for Americans to own gold. Silver certificates were still available but they were
eventually eliminated as well. What Roosevelt did was confiscate much of America's wealth and
he gave them worthless paper in exchange.
America was once again on a fiat money system (currency not backed by anything, the
same system that the continental currency and greenbacks were based on). This gave the Federal
Reserve another tool whereby they could increase the money supply. With no requirement for
gold reserves, they could create as much money as they wanted. By 1940 currency in circulation
had increased to $28.5 billion (from the original $3.8 billion in 1913). By 1970 the currency in
circulation had increased to $57.4 billion and by 2001 there was $580 billion in circulation. From
1913 to the present the currency in circulation increased over 15,100%.
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Tupper Saucy, author of Miracle on Main Street has the following to say about the US
fiat currency, a currency that has no gold or silver backing:
About all a Federal Reserve note can do is wipe out one debt and replace it
with itself another debt, a note that promises nothing. If anything has been paid,
the payment only occurs in the minds of the parties...
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