- The Washington Times - Sunday, November 9, 2008

ANALYSIS/OPINION:

ANALYSIS/OPINION:

Thomas Jefferson warned us of the tyranny likely to be a result of the formation of a national bank back during the formation of our nation.

Late in the 1800s, a member of one of Europe’s banking dynasties - probably a Rothschild - claimed that if he controlled a nation’s currency, he would control the nation. In 1914, ignoring both Jefferson’s warning and the banker’s threat, our national legislators formed the Federal Reserve System and surrendered to it control over our currency. In the years since, that system has finally expanded to control every bank and credit union operating in our nation.

Since consolidation of that control, paid out interest even in credit unions has dropped from an average of 4 1/3 percent compound quarterly regular savings accounts payable in the ‘60s, to less than 1/2 percent, compounded whenever, payable today.

The concept of usury, formerly both illegal and immoral, has been abandoned, and banks charge interest rates for loans and credit cards ranging from 5 percent to upward of 25 percent compounded annually, while paying the aforementioned pittance for the use of those funds to the owners unfortunate enough to be depositors in their institutions. Any firm that would pay more to depositors is afraid to anger the Fed.

The same greed has motivated the writing of loans and mortgages applying variable rates and balloon payments, resulting in the default crisis we face today. The Fed is now using its power over our currency to force Congress into bailing out the more scurrilous members of its organization. In many cases, banks in the system are raising or threatening to raise interest rates and tighten credit availability to sound businesses, thus strangling the rest of our economy - unless, of course, Congress mortgages the economic future of this country’s citizens by voting monies from the federal coffers to bail the thieves out.

Control over our currency needs to be restored to Congress. Laws against usury need to be reinstated and enforced.

This crisis was created by people in the system, protected by the system, using the power inherent to the system, who remain motivated to squeeze all that they can from the people and businesses foolish enough to do business with them. These individuals must be identified, prosecuted for their greed and the monies they have extorted from their victims confiscated and returned to those victims. The Fed cannot be permitted to continue to exercise the iron-fisted control over our economy they have demonstrably usurped in the years since their formation - especially and most completely since we were taken off the gold standard in 1964.

DOUGLAS PARR

Burton, Ohio

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