Another conspiracy theory bites the dust

In the early 1970’s, I began to study real history. I discovered that history books were being changed for political reasons and for purposes of propaganda. Much was being hidden, and it took some research to start learning the truth.

In those days most of the people trusted the government and the media to tell them the truth, not realizing that men have always had agendas to push and that not all men are in search of truth.

In those days I learned a simple truth about the “independence” of the Federal Reserve Bank. I discovered that “independence” meant that it was separate from the Federal government. I learned that it was no more “federal” than Federal Express. It was owned privately by Class A stockholders. Fed Chairman Arthur Burns even refused to tell congress who those owners of the Fed were, when asked by an investigative committee.

When I tried to tell people that the Fed creates money out of nothing and loans it at interest to the government, they could not believe such a thing could happen. No, they said, the federal debt is something we owe to ourselves! Really?

Of course, when I tried to tell others the truth, most did not believe me. Some even called me by a new epithet that had been invented recently by the CIA, “a conspiracy theorist.” It did not matter that I could prove it by reading the Fed’s own literature. The truth was not hidden by the Fed but by the media.

But truth has a way of asserting itself in spite of the propaganda. I never thought I would see it in USA Today.

https://www.usatoday.com/in-depth/money/2020/05/12/coronavirushow-u-s-printing-dollars-save-economy-during-crisis-fed/3038117001/

In its frantic scramble to save the American economy, the central bank of the United States seems to have the ultimate superpower.

It works like magic. With a few strokes on a computer, the Federal Reserve can create dollars out of nothing, virtually "printing" money and injecting it into the commercial banking system, much like an electronic deposit. By the end of the year, the Fed is projected to have purchased $3.5 trillion in government securities with these newly created dollars, one of many tools it is using to help prop up the ailing economy during the COVID-19 pandemic, according to Oxford Economics.

“The way you and I have checking accounts in our banks, that’s how all these other banks have accounts at the Fed,” said Pavlina Tcherneva, an economist at Bard College in New York. “All the Fed does is literally credit them. They just type it in.”

So the secret is out. I now can expect numerous apologies from past friends and relatives. Oh, wait, probably not. They probably did not read this news article, and even if they did, they would not understand it. You don't suppose some big bankers a century ago conspired to steal a money tree??