by Chris Black
Enjoy the start of the work week.
Q: Isn’t it a fact that the president’s proposed budget proposes $4.7 trillion in new taxes?
Sec. Yellen: It does propose significant additional taxes, yes.
Q: $4.7 TRILLION?
Sec. Yellen: Something like that, yes. pic.twitter.com/ncL1CAImlD
— John Kennedy (@SenJohnKennedy) March 23, 2023
The Federal Reserve (the Fed) and the IRS were both created in 1913.
The IRS conveniently forced everyone to use Federal Reserve Notes to pay their new US Federal Income Tax.
The Fed was supposed to stabilize the US currency by backing every Federal Reserve Note (FRN) issued with 40% gold (40 cents of gold for each $1 FRN issued).
In 1933, everyone’s gold was confiscated by the Treasury (except $100 worth/person) b/c the Fed convinced US Pres FDR that Americans were hoarding gold and they were forced to trade their gold in for $20.67/troy oz.
In 1934 the Gold Reserve Act allowed FDR to establish the gold value of the dollar solely by proclamation and raised the exchange rate to $35/troy oz, extracting wealth and value once again from the American public.
In 1944, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) was formed at the Bretton Woods Conference.
In 1958, Bretton Woods pegs all foreign currencies to the dollar, and the dollar pegged to gold at $35/troy oz. Central Banks under the BIS pop up all over the world to facilitate the Fed and the BoE in their check kiting, fractional reserve, debt-based central-banking ponzi.
In 1971, Nixon depegs the dollar to gold entirely, making the US currency free-floating fiat, which completely negated the original Federal Reserve Act of 1913, which was to back each Federal Reserve Note issued with gold.
In 1974, Pres Ford legalizes gold ownership again without limitation.
The Federal Reserve and its biggest shareholders, the NY Fed’s primary dealers, for the next 50 years and up to today, continue to issue our currency out of thin air, while charging us interest to do so, thus rewarding insolvent, failing banks and investment firms using QE and taxpayer money over and over and over again, acquiring assets during crises, while rigging global markets.