Rise of the US Dollar

By 1865, the South’s infrastructure was totally destroyed, and because they had been so sure of the war’s outcome, the bankers had gotten the legislators to pass the National Bank Act as early as 1863. That had given the country a single currency and put an end to wildcat banking.

As soon as the war ended, Lincoln who wanted reconciliation was assassinated, and the carpetbaggers, lawyers and bankers, moved in with huge amounts of dollars and rebuilt the infrastructure in record time. Where did all that money come from?

In 1913, the Federal Reserve Board Act was passed which meant that private bankers officially controlled the US monetary system. The Act clearly stated that “its (FED) monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government.”

Many people are unaware that the US Constitution does not give the Federal Government the right to print paper money and that the U.S. dollar is a Federal Reserve Board Dollar. In 1792, the United States Code, Title 12, Section 152 gave the Federal Government the right to coin silver and gold, but that’s all. The States did delegate a few defined powers to the Federal Government, but printing money was not one of them. Furthermore, the tenth amendment states that the powers not delegated to the United States by the Constitution, nor prohibited by it, are reserved to the States respectively, or to the people. If the Federal Reserve Dollars that people have in their wallets today aren’t issued by either the Federal or State Governments, does it mean they’re counterfeit?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: