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The Insidious Federal Reserve

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By HENRY PIERSON

Special to the Tribune

Published: April 1, 2009

Regarding the Letter of the Day, March 30, "Economics 101:" Hugh Williamson asked, "Would you want your garbage man or your auto mechanic to be so wealthy he didn't need to work?"

Actually the answer to that question, Hugh, is, wouldn't it be a great country where your auto mechanic, if he worked hard and invested his earnings wisely, could do just that - retire early and wealthy?

I have lived the American dream, Hugh. I am the mechanic who doesn't need to work, haven't needed to work since I was 48.

I am the blue-collar millionaire next door. Thank you, all my customers and the people who worked with me to help me get there.

The only thing we have to fear is the government, which is busy destroying the value of the money we have earned and the dream for future generations.

Most of Williamson's points have merit, but he is not aware of the real problem. Citizens do not understand the insidious nature of the Federal Reserve, which is essentially a banking cartel created in a highly secret meeting of European bankers such as Rothschild banks of England and France, and Warburg banking consortium of German and the Netherlands, along with American institutions including J.P. Morgan, Rockefeller and Kuhn, Loeb and Company.

The meeting took place in secret on Jekyll Island, Ga., in 1910, and the Federal Reserve Act, which was sanctioned by the government in 1913, was supposed to control the very banks that drafted it. They have a monopoly on money; that is, they can create money out of nothing since there is no longer a gold standard to control how much they can issue.

Does this sound like a conflict of interest to you? The world has begun to figure out we are broke so they are afraid to lend us more money. No problem, says Ben Bernanke, head of the Federal Reserve. We have something called printing presses; we'll just print more.

The fact that people are doing drugs will become irrelevant to Williamson when his money becomes worthless. There will no longer be Mexicans coming across the border. People will be mowing their own grass, cleaning their own homes - those who can still afford them and still have jobs.

Sir Alan Greenspan, recent chairman of the Federal Reserve, once said: "This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

Ironically, since 1987 Greenspan, more than any Fed chairman, has been responsible for the creation of the bubbles that have destroyed the value of the dollar and left the United States and the world facing an economic apocalypse.

The concept that the government is the spender of last resort is so ludicrous even a mechanic with only a high school education can see how catastrophically stupid it is. The government creates no value. It produces nothing. It is in the business of wealth redistribution, and it has no money of its own to spend other than the money it has given the Federal Reserve to create out of thin air and the taxes it extorts from the people.

The Federal Reserve is more than happy to accommodate them; that is how the cartel makes its money while devaluing ours.

We are a consumption economy. Seventy percent of our gross domestic product is based on our own consumption. The problem is that the world has concluded we are broke and is becoming hesitant to lend us the $2 billion a day we need to feed the beast that is consuming us.

Henry Pierson, who was born in 1946 in Germany, came to the United States in 1954. A resident of Odessa, he owned a VW repair shop in Drew Park from 1974 until 1994.

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