The Federal Reserve system pays the U.S. Treasury $20.60 per thousand notes—a little over 2 cents each—without regard to the face value of the note. Federal Reserve Notes, incidently, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury’s Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau’s full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945.

Source: Donald J. Winn
Assistant to the Board of Governors of the Federal Reserve system

Topics: Economics

Neither paper currency nor deposits have value as commodities, intrinsically, a ‘dollar’ bill is just a piece of paper. Deposits are merely book entries.

Source: Modern Money Mechanics Workbook
Federal Reserve Bank of Chicago, 1975

Topics: Economics

This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson] signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill.

Source: Charles A. Lindbergh, Sr., 1913

Topics: Economics

From now on, depressions will be scientifically created.

Source: Congressman Charles A. Lindbergh Sr., 1913

Topics: Economics

The financial system has been turned over to the Federal Reserve Board. That Board asministers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money.

Source: Charles A. Lindbergh Sr., 1923

Topics: Economics

The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency.

Source: Henry Cabot Lodge Sr., 1913

Topics: Economics

When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.

Source: Putting it simply, Boston Federal Reserve Bank

Topics: Economics

There is a distinction between a ‘debt discharged’ and a debt ‘paid’. When discharged, the debt still exists though divested of it’s charter as a legal obligation during the operation of the discharge, something of the original vitality of the debt continues to exist, which may be transferred, even though the transferee takes it subject to it’s disability incident to the discharge.

Source: Stanek vs. White, 172 Minn.390, 215 N.W. 784

Topics: Economics

Capital must protect itself in every way...Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principal men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.

Source: Taken from the Civil Servants’ Year Book, “The Organizer” January 1934.

Topics: Economics

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