Money is created out of thin air? OK? sounds a little strange but what real life impact has this process on me? I can still use this "miraculous" money to buy a new sofa, a new car or even a new house! Why worry about where it comes from? Life goes on, does it not?
From 1834 onwards the US had been aligned de facto to a gold standard and with the great gold rush beginning at Sutter's Mill in 1848 and all the flood of new gold inflation naturally occured. By 1861 treasury secretary Salmon Chase printed the first US paper currency and the Gold Standard Act of 1900 established gold as the only precious metal permitted to redeem paper currency and setting the value of gold at an initial 20.67 USD per ounce.
Continuing on from part 1, let me address how the creation of the US federal reserve had implications beyond the borders of the United States of America.
As the ship was sinking, some sailors rushed to its salvage, pumping the corrosive sea water back into the sea. Others, although equally desirous of its salvation, chose instead to chide, poke fun and condemn their fellow crew members. Their laughter was heard as the ship sank beneath the waves.
"Nearly all men can stand adversity" spoke Lincoln, " but If you want to test a man's character, give him power". Power, in of itself, is a mere sound, three syllables contained in one pronounced word, a simple abstraction. It only comes alive when wielded by a man, and dangerously alive when wielded by a dangerous man.
One of the most influential entities existing in Ireland presently is the NGO or Non-Governmental Organisation. While touted as benign or even benevolent, behind the mask of alms giving exists a grotesque figure that seeks the ruination of the good through the bad.