It is difficult to carry around large quantities of gold or silver. So paper money was invented to be used as a substitute for gold or silver that was sitting in a safe place/bank/Ft. Knox.
So if you had a Dollar “Note” there was a corresponding amount of gold/silver somewhere. The paper did not have value of itself; it represented the money/value that the government/bank had on hand.
A Silver Dollar in 1912 had a value of — wait for it — one dollar.
That same Silver Dollar today, based on the silver itself is approximately $21. (Yes, there are numismatic values on coins, that’s a different story.)
In 1913, The Federal Reserve was created. It is not a part of the federal government. Just because it uses the word “federal” – don’t be fooled. It is run by a bunch of bankers.
[Whew, I’m really working hard to keep this G-rated.]
Chuck Baldwin puts it this way:
December 23, 1913
This is the date when the Federal Reserve Act was passed. This Act placed oversight of America’s financial matters into the hands of a cabal of private international bankers, who have completely destroyed the constitutional principles of sound money and (for the most part) free enterprise. No longer would the marketplace (private consumption, thrift, growth, etc.) be the determinant of the US economy (which is what freedom is all about), but now a private, unaccountable international banking cartel would have total power and authority to micromanage (for their own private, parochial purposes) America’s financial sector. Virtually every recession, depression, and downturn (including the one we are now experiencing) has been the direct result of the Fed’s manipulation of the market. 1913 was not a good year for the United States.
which you can see by clicking HERE
It’s well worth the hour and a half investment in your life.
This film discusses Income Tax, the Federal Reserve Act, and oh, the Bankers.
- Debt 101 – Debt Limits for Dummies (sueannporter.com)
- Mom will be Unplugged Today, so I am filling in – Love Bailey (sueannporter.com)
- The Insidious, Hidden Nature Of Theft By Government (personalliberty.com)
- 25 Fast Facts About The Federal Reserve You Need To Know (etfdailynews.com)
- Rothbard on the FED: He Told Us So (teapartyeconomist.com)