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The Soon Coming Judgment Of God Upon America and How To Escape It 312
money but a debt obligation. The Credit Manager of the Federal Reserve Bank in Atlanta, Robert
Hemphill, confirms this. Hemphill states:
This is a staggering thought. We are completely dependent on Commercial
Banks. Someone has to borrow every dollar we have in circulation, cash or
credit. If the banks create ample synthetic money we are prosperous; if not, we
starve. We are absolutely without a permanent money system. When one gets a
complete grasp of the picture, the tragic absurdity of our tragic position is almost
incredible, but there it is. It is the most important subject intelligent persons can
investigate and reflect upon. It is so important that our present civilization may
collapse unless it becomes widely understood and the defects remedied very
soon.
1247
(Emphasis added)
Secret Meetings
The decisions that set Fed policy and which have resulted in dramatic increases and
contractions in the money supply and those that set our interest rates, which have varied very
significantly over the years are made at secret meetings. The minutes of these meetings are not
public; they are destroyed to make sure the public never knows what transpired. All the public
receives is a brief report about six weeks after the meeting.
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Such secrecy keeps the public
from knowing the true intentions of the Federal Reserves actions. They can make public claims
that their actions were in support of the US economy while in private they can make evil scheme
for their own profit.
Is the Fed trying to secretly collapse the currency and the economy of the US? Lets
briefly look at some of the Feds most notorious actions and what some Congressman, bankers
and Federal Reserve employees have had to say about it and who actually owns it. Then you can
form your own opinion!
The Great Depression
The policies of the Federal Reserve were responsible for the Great Depression. Through
their monetary policy they first greatly expanded the money supply then they contracted it. This
resulted in inflation followed by deflation. The Federal Reserve banks began “refusing loans to
stable and expanding industries, businesses and farmers.” “At the same time, the bankers
demanded full payment on existing loans.” This was facilitated by a clause in the Federal Land
Bank documents. This clause still remains today and it allows a bank to call for full payment of a
loan no matter what the payment status is and at any time.
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But how does denying loans shrink
the money supply?
As was previously demonstrated, money is created when debt is created and money
disappears when debt is paid off. Remember, money in actually created by banker’s loans.
Therefore, when they deny loans the money supply stops growing. Further, when they demand
repayment of loans, they are shrinking the money supply. G. Edward Griffin makes the
following comment regarding moneys relationship to debt in his book The Creature From Jekyll
Island: A Second look at the Federal Reserve:
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