Post by sometimeman on Apr 6, 2008 16:35:10 GMT -4
Some of you may have heard about the Donner Party wagon train and what happened in what is now known as Donner Pass, in the Rockies.
Times like these were might be what it takes to change things.
These statements were made during hearings of the
House Committee on Banking and Currency, September 30, 1941.
Note: Members of the Federal Reserve Board call themselves "Governors". Governor Eccles
was Chairman of the Federal Reserve Board at the time of these hearings.
* Congressman Patman: "How did you get the money to buy those two billion dollars worth
of Government securities in 1933?"
* Governor Eccles: "Out of the right to issue credit money."
* Patman: "And there is nothing behind it, is there, except our Government's credit?"
* Eccles: "That is what our money system is. If there were no debts in our money system,
there wouldn't be any money."
* Congressman Fletcher: "Chairman Eccles, when do you think there is a possibility of
returning to a free and open market, instead of this pegged and artificially controlled
financial market we now have?"
* Governor Eccles:"Never, not in your lifetime or mine."
Times like these were might be what it takes to change things.
These statements were made during hearings of the
House Committee on Banking and Currency, September 30, 1941.
Note: Members of the Federal Reserve Board call themselves "Governors". Governor Eccles
was Chairman of the Federal Reserve Board at the time of these hearings.
* Congressman Patman: "How did you get the money to buy those two billion dollars worth
of Government securities in 1933?"
* Governor Eccles: "Out of the right to issue credit money."
* Patman: "And there is nothing behind it, is there, except our Government's credit?"
* Eccles: "That is what our money system is. If there were no debts in our money system,
there wouldn't be any money."
* Congressman Fletcher: "Chairman Eccles, when do you think there is a possibility of
returning to a free and open market, instead of this pegged and artificially controlled
financial market we now have?"
* Governor Eccles:"Never, not in your lifetime or mine."