Interest on Nothing & Virtual Financing #651-3

April 8, 2014One Comment

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This Segment #3 of the Federal Reserve Series features B. Scott Minerd, Chief Investment Officer of Guggenheim Partners, LLC. G. who also is a member of the Market Advisory Board of the New York Federal Reserve Bank.  Author G. Edward Griffin contends  that the banks benefit from worthless fiat money because their profits are based on charging interest.  He states that when money was backed by gold or silver, banks couldn’t loan more than they had, but with a monetary system based on printing fiat money, their ability to make a profit isn’t limited. Griffin states that people don’t realize that Congress gave up the power to issue its own money, essentially handing it back over to the banks (the cartel), when the Federal Reserve Act was passed. He points out that the words Treasury Certificate are no longer on paper bills. They have been replaced with Federal Reserve Note, United States of America, rather than “redeemable in specific ounces of gold or silver.” Minerd observes that the history of hard currency is checkered, and the history of paper currency is abysmal. He states that there’s never been a time when the use of paper currency hasn’t led to high levels of inflation, and ultimately has either been reversed or gone off into hyper-inflation. He describes Quantitative Easing (QE), a program designed to provide stimulus to the economy once interest rates reach what is called “zero-bound.” Minerd states that QE is the process by which the Federal Reserve directly intervenes in the market, purchasing securities in an attempt to push interest rates down, essentially creating more money. He expresses concern about this money that is not borrowed or printed, but created through electronic bits, questioning what will happen when the time comes to reverse the process, and calling some sort of monetary error likely.


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1 comment to “Interest on Nothing & Virtual Financing #651-3”

  1. olde reb | April 12, 2014 | Permalink Reply

    Mr. Minerd continues the illusion the Federal Reserve is a benign public asset as has Mr. Jacob Hornberger.

    Mr. Hornberger recently chided the citizens of Argentina who succumb to the government propaganda that businesses are responsible for inflation because businesses raise the price of goods and services in his recent article. Ref. . He then berates their government controlled schools for not educating the people.

    Perhaps Mr. Hornberger should review the economic chaos of the United States and Europe and question whether it is the government or financial institutes that cause—and profit from—inflation. “Bought off” and corrupted are terms that come to mind to distinguish the cause from the implementer. President Clinton reportedly was astonished to be informed bankers would determine how much deficit spending would be allowed.

    The methodology by which the Federal Reserve Board of Governors conceals $4 billion daily from the auction accounts of Treasury securities that are exclusively handled by the FRBNY has been documented. Ref. FEDERAL RESERVE HEIST.   Those accounts have never been audited or reported to Congress as required by law. All profit of the Fed legally belongs to the government.  The lengthy mathematical analysis of the Fed’s Ponzi scheme that dates from Rothschild’s “loaning” non-existing money to rulers of centuries past to reveal the inherent national bankruptcy of their scheme is available. Ref. RIP OFF BY THE FEDERAL RESERVE.

    The use of that money to fund the New World Order using the World Bank and International Monetary Fund has been theorized. Ref. FUNDING THE NEW WORLD ORDER. The embezzlement of the Treasury auction funds by the FRBNY and FRBOG has been brought to the attention of the United States government. Ref. AMENDED COMPLAINT—WHISTLEBLOWER SUIT.    All articles available at

    The  “end goal” of the cabal has been stated in internal memos to be the collection of the $17 trillion National Debt of the United States. Greece and Cyprus are but two available examples of their multitude of collection methods.

    And still Mr. Hornberger is unaware of the future tragedy and demise of the U.S. while he belittles the economic knowledge of the Argentina people.     Academic centers in the U.S. almost universally assert government is responsible for inflation while concealing the bankers to the shadows.   Academic centers must groom economists for future employment with the largest employer of economists–the Fed and the banks—and they also receive largess from banks, government, and inflation. They have done a great job in hiding the perfidy of the Fed.

    ************** Footnote *************

    Only two possible scenarios appear visible:

    1. The National Debt is evidenced as an act of fraud and theft by an audit of the Treasury security auction accounts maintained by the FRBNY. The implied contract with the owners of the BOG—based upon paying a debt that can never be culminated—is declared null and void from its inception as are all fraudulent contracts. The extension of legal tender status to debts of the (unknown) owners of the FRBOG is therefore nullified and the debts of the Fed belong only to the perpetrators of the fraud. (those green things in your billfold are Federal Reserve Notes with legal tender status). Only Congress can do this.

    2. The status quo continues. The Wall Street financiers are able to collect on the U.S. national debt in the same manner as debts of Greece, Cyprus, Haiti, etc., are being collected by troika, ECB, IMF, WB, etc., with austerity and martial law being imposed on the U.S.    Confiscation of assets of citizens, including but not limited to banking accounts, pensions, savings, CD’s, life insurance, stocks, etc., will be standard practice.

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