I hate Glen Beck but he did something amazing recently--he talked about the Federal Reserve not being part of a representative democracy. He didn't do it that elegantly but he still did it. Why is this a big deal?

TOO many people don't know how their money works. Too many people think their money comes from the United States government. Too many people are wrong--it doesn't. It comes from the Federal Reserve. It's a long story, but just think about aaaall the times you've voted for the guy running to be Chairman of the Federal Reserve.

Yeah, that'd be no times.

See, the US president appoints the chairman of the Fed. That's as close as it comes to being democratic. Two points:

1) The president usually just appoints who he is told to appoint by the Fed board (especially in Bush's case--he clearly doesn't know crap about money).

2) There is legislation that claims Congressional oversight of the Federal Reserve System. However, I have never able to find records of any oversight being done.

I did a lot of reading about the FRS a few years back and try to do more reading every so often. Going to the official site of the Federal Reserve is no help. Their site is written rather dryly (though less dry than you'd expect) and the language is vague. Real answers are few and far between.

Then there's that part of the Constitution that says only the US Treasury can coin money. Which, literally the Treasury does, but the actually currency the coins represent comes from the Fed. I'm guessing the spirit of the statement in the USC was that only the government could handle and control money--not private banks. The Federal Reserve didn't exist in 1776--it was created in 1913. So I really don't think the Founding Fathers were like "Yeah, we'll make the coins but the value of the coins will be loaned to us by a third party! YEAH! That's PERFECT!"

I'd even say that kind of a setup is absurd. Yet, it's the one we've got.

Oh and if you're wondering why I'm not mentioning anything about the Gold Reserve (had someone ask me about this a couple years ago), I should break it to you that there *is* no gold reserve any more.

Like I said, it's a long story, so I'll try to skip the bulk of it for now, but I'm planning on posting more about it at Website666.com in the coming days.

The video in this post is a clip of Glen Beck on CNN Headline News talking to two guests critical of the USG plan to bailout Wall Street. I got the clip from a post (here: http://www.kwippy.com/…23/160625/ ) at Kwippy.com put up by thePuck. Check out his Kwippy profile here: http://www.kwippy.com/…k/profile/ his blogs here: http://thepuckwrites.com/ and here: http://socialmediaphilosophy.com/ He linked to the video on YouTube here: http://www.youtube.com/watch
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