An Open Letter to President Trump: Drain the Monetary Swamp from Nick Egnatz Munster
An Open Letter to President Trump:Drain the Monetary Swamp
banks when they make loans.
• This debt money exists only as debt, as the debts are repaid the
money is extinguished from the bank's bookkeeping.
• We must therefore be in debt, individually and through our
government, or there would be no money and society would
grind to a halt.
• It gets worse, there is no money created with the loans for the
significant interest that we must pay. This makes it even more
impossible to reduce the level of indebtedness and insures that it
must perpetually increase.
• The Federal Reserve is no more federal than Federal Express.
All 12 Federal Reserve Banks are owned entirely by the private
banks in their districts.
• Even our currency, which accounts for only about a tenth of the
total money supply, is printed by the government and then given
to the Federal Reserve for the cost of printing to be distributed to
the banks. Our government is paid a nickel for a $1 bill and 14.3
cents for a $100 bill.