of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities, states and nation. At the head is a small group of banking houses... This little coterie...run our government for their own selfish ends. It operates under cover of a self-created screen...seizes...our executive officers...legislative bodies...schools...
courts...newspapers and every agency created for the public protection.”
N.Y. Mayor, John Hylan
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A FIAT MONEY DEFINITION
Exploring the Fiat Money Definition Exposes the Federal Reserve Fraud and the Fact That Bankers Have Ultimate Control Over Your Food, Shelter, and Over-all Future.
The Internet is full of sites that give an extremely dry, out-of-context fiat money definition.
We’ve found a passage in The Legalized Crime of Banking and a Constitutional Remedy (1958), by Silas Walter Adams, that helps to bring our current money problems into focus.
What follows is Part 1 of Adams’ look at the history of fiat money and the Federal Reserve.
You’ll find a link to Part 2 below…
FIAT MONEY DEFINITION: EARNED/PHONEY DOLLAR
"For 168 years banks have been using two very unlike dollars: the earned dollar, and the phoney dollar.
"The earned dollar was silver and gold coins. The miner laboured long and hard to mine and separate the gold and silver from the dross.
"He took it to the Government. The Government minted the gold into coins, and returned them to the miner at no cost to the miner — the ‘free coinage’ practice.
"The Government could well afford to do that, because it provided the Government with
metals which were in common use as money and they, in this act, obeyed the
demand
of the Constitution that the ‘Congress . . . shall coin money, and regulate the value thereof.’
"They fixed the value of the coin at approximately the market value of the metal.
"Gold and silver coins were Earned Dollars.
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FIAT MONEY DEFINITION: CERTIFICATES
"But finding the quantity of them too small, the Government, at the behest of bankers, began the practice of printing gold and silver certificates.
"This was not a thing of value, not a product of labour in the truest sense of the word, but a phoney ‘gold’ and ‘silver’ dollar added by the Government to swell the volume of money.
"It proved to be a wise thing to do under existing conditions; and since it was done by the Government for the people it was an act of the people, and immediately on the certificates being paid out to customers of the banks, and paid for products of labour, they became earned dollars.
FIAT MONEY DEFINITION: EARNED DOLLAR LOSES PROMINENCE
"But when private banks, then National Banks, then Reserve Banks began to flood the country with private I.O.U.s, the earned dollar dropped into a very minor role in the money markets of the world.
"The earned dollar was just used for pocket and cash register change.
FIAT MONEY DEFINITION: BANKERS TAKE ULTIMATE POWER
"Had the government retained control of money and credit, and issued all paper money, and added all deposit credits on the books of the banks, limiting bankers — money lenders to the lending of the actual deposit credits they had in their own banks, together with such deposit credits as customers of the banks might have subrogated to them (as time deposits) no harm would have been done;
"but when the Reserve Act made corporation stock basis of bank reserves, which in turn became the source of bank credit, which was loaned to customers and thereby transformed into deposits, transferable by cheque with which customers of banks made over 90 percent of their monetary payments…
"the phoney dollar, the unearned dollar practically crowded the earned dollar out of the picture, and bankers were given the power of life and death over every person in the United States, by extending or withholding credit.
FIAT MONEY DEFINITION: INFLATION SETS IN
"Producers of the material things people want and buy, together with those who serve others for hire, came up with their earned dollar, which amounted to a few billions, while the bankers shoved into the volume of money trillions of phoney dollars, which have competed with the earned dollar in the markets of the world.
"It reduced the earned dollar's buying power almost to nothing, and left the producer forced to continually fight for more pay that he might meet the high prices the phoney dollar has forced the sellers to demand.
FIAT MONEY DEFINITION: “MONEY” MUST HAVE INTRINSIC VALUE
"Many definitions of money have been used, but the most accurate definition is ‘a medium of exchange.’
"In its true sense money is anything the seller will receive from the buyer in payment for his goods and/or services. It is always a promise to pay. In fact, money is a note the seller holds against the buyer.
"But, before you may dignify a buyer's promise to pay as money, the promise must have the endorsement of the Government, that the seller may have the Government's guarantee that the promise to pay will be paid in full, and received by any seller.
"Therefore, the credit of the Nation must be pledged behind every dollar that the people may use and be assured that the money will be acceptable to all sellers.
"Originally, our government minted gold and silver coin, products of labour, which had an intrinsic value, that is, a market value approximately equivalent to the stamped value of the coin.
"So the ‘guarantee’ of the government was not imprinted on the coin, because the holder of the coin knew that the coin itself was worth the dollar; and that all sellers would receive it in payment for goods without question."
Part 2 of the story behind fiat money can be found at fiat money economics.
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