Over the past several decades, our money supply has been growing at a pace that we have never seen before.

And once the pandemic hit, the growth of the money supply went into overdrive.

This is why the cost of living is so oppressive today.

There is simply way too much money floating around.

Over the past several decades, our national debt has also been growing at an exponential rate.

The system is designed to produce debt faster than it produces money.

That is why it will never be possible for us to pay off the national debt.

Sadly, most Americans don’t even understand what the Federal Reserve is.

One thing that the Federal Reserve is NOT is a government agency.  In fact, it is about as “federal” as Federal Express.  It is a private central bank designed to make money for the people who created it.  In fact, the Federal Reserve was the culmination of an effort by the international banking elite to force a permanent private central bank on the American people that began all the way back during the days of our Founding Fathers.

But don’t just take my word for it. The following are 21 quotes about central banking from past presidents, congressmen and other notable historical figures…

1. John Adams, the second president of the United States: “All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.”
2. James Madison: “History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it’s issuance.”
3. Thomas Jefferson: “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”
4. Abraham Lincoln: “The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe.”
5. James A. Garfield: “Whoever controls the volume of money in any country is absolute master of all industry and commerce.”
6. Woodrow Wilson: “A great industrial nation is controlled by it’s system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world–no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men.”
7. Mayer Amschel Bauer Rothschild: “Give me control of a nation’s money and I care not who makes it’s laws”
8. Horace Greeley: “While boasting of our noble deeds were careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.”
9. Sir Josiah Stamp, the former President of the Bank of England: “Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back.”
10. Rothschild Brothers of London, 1863: “The few who understand the system, will either be so interested from it’s profits or so dependent on its favors, that there will be no opposition from that class.”
11. Charles A. Lindbergh Sr. in 1913: “This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”
12. Charles A. Lindbergh Sr. in 1923: “The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money”
13. Congressman Louis T. McFadden: “The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers.”
14. Congressman Louis T. McFadden in 1932 just before FDR began his first term: “We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it.”
15. Franklin Delano Roosevelt: “The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson.”
16. Eustace Mullins: “As soon as Mr. Roosevelt took office, the Federal Reserve began to buy government securities at the rate of ten million dollars a week for 10 weeks, and created one hundred million dollars in new [checkbook] currency, which alleviated the critical famine of money and credit, and the factories started hiring people again.”
17. Congressman Wright Patman, Congressional Record, Sept 30, 1941: “The Federal Reserve bank buys government bonds without one penny…”
18. Senator Barry Goldwater: “Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States.”
19. Henry Ford: It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
20.  Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982: “The regional Federal Reserve banks are not government agencies. …but are independent, privately owned and locally controlled corporations.”
21. Boston Federal Reserve Bank: “When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.”

Why isn’t this one of the biggest political issues in the country today?

The Federal Reserve is at the center of a controversy over central banking that has been around since the very beginning of the United States.  Unfortunately, the Federal Reserve system is so incredibly complex and the American people have been so “dumbed down” that the vast majority of the population literally has no idea how our system really works.

If we do nothing, things will continue to get even worse for ordinary Americans.

In 2001, 17 million people were on food stamps.

Today, more than 42 million people are on food stamps…

Food stamp enrollment has increased significantly in recent decades.

In fiscal year 2023, 42.1 million Americans received food stamps. This is 2.4 times the 17.3 million who were enrolled in FY 2001.

As the number of people receiving food stamp benefits has increased, the percentage of the U.S. population enrolled has also increased.

In fiscal year 2023, 12.6 percent of the total U.S. population received food stamp benefits. This is more than double the 6.1 percent in FY 2001.

One out of every four children in America now gets assistance from food stamps each month.  In fact, it is projected that half of all U.S. kids will be on food stamps at some point in their lives.

Our entire system is designed to funnel wealth to those at the very top of the pyramid at the expense of everyone else.

I have been writing about the evils of the Federal Reserve system for more than a decade, but sometimes it feels like I am banging my head into a wall.

What will it take for the American people to finally wake up?

Michael’s new book entitled “Why” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

“The Fed is absurdly overstaffed,” Musk wrote on X early Monday morning, responding to Chamath Palihapitiya’s post about the Fed’s latest interest rate decision (read here).

The Fed is absurdly overstaffed

— Elon Musk (@elonmusk) December 23, 2024

A recent note from the Mises Institute pointed out that about 23,000 people work at the Federal Reserve Board in Washington and 12 regional reserve banks across the US.

The Federal Reserve System

“But there’s more to it than that. The financial statements reveal that the Board of Governors expenses and currency costs were $2 billion. If this constitutes salaries, then total salaries and pension costs at the Fed become closer to $7 billion. Dividing this figure by 23,000 people equals around $304,000 per employee,” Mises said.

This is the breakdown of employees by function/organization (should be roughly accurate). The vast majority is at the Reserve Bank level.

Where is the bloat and that should be optimized?

Would be interesting to see how AI is being used for automation and more advanced… pic.twitter.com/EpHRuP1S1c

— Lee Feldman (@Leeefeldman) December 23, 2024

Musk and Vivek Ramaswamy have been tasked with streamlining federal operations through the Department of Government Efficiency (DOGE). The department aims to create a leaner, more efficient government, including $2 trillion in spending cuts. The wish list of potential efficiencies continues to grow – with a ‘really bold plan for day one ‘ …

Days before the presidential election, Ron Paul asked on X if he could join DOGE in Trump’s second term. Musk responded: “Would be great to have Ron Paul as part of the Department of Government Efficiency!”

Would be great to have Ron Paul as part of the Department of Government Efficiency!

— Elon Musk (@elonmusk) November 1, 2024

Last week, Ron Paul wrote on X, “We should wean ourselves off The Fed, like we weaned ourselves off the mainstream media.” Musk responded: “Yes!! Ron Paul ftw.”

Yes!! Ron Paul ftw https://t.co/7W4YnraXPn

— Elon Musk (@elonmusk) December 17, 2024

Let’s not forget about 400 PhD economists at the Fed failed to forecast the inflationary storm triggered by the rapid expansion of the money supply by trillions—only for them to dismiss it as “transitory.” Such a massive misreading underscores the urgent need for restructuring. Errors of this magnitude are unacceptable.

With a workforce of 23,000, the Fed still manages to lose money—upwards of $200 billion.

Not to mention. pic.twitter.com/h9MW5CfQZq

— Ken Evans (@Snavenek) December 23, 2024

Perhaps Fed chair Jay Powell’s days are numbered.

Consumer confidence is up. The stock market, crypto, and gold numbers have looked solid after the initial post-election shock to the system. Things are looking good, but that doesn’t mean we can become complacent. It still behooves Americans to be frugal with spending until all of the dust settles and President Trump’s economic plan can truly kick into action. With that said, here’s some important information from Zero Hedge…

(Zero Hedge)—The Fed’s favorite (when it’s going down) inflation indicator – Core PCE – ticked up noticeably in October to +2.8%, the highest since April…

Headline PCE rose 0.2% MoM (as expected) lifting it 2.3% YoY (up from +2.1% YoY prior)…

A jump in Services and Durable Goods costs drove the reignition of inflation…

The so-called SuperCore PCE (Services ex-shelter) surged up to +3.51% YoY…

Incomes – for once – grew at a faster rate than spending (+0.6% MoM vs +0.4% MoM respectively)….

…and while that bumped up the savings rate MoM, thanks to massive revisions, Americans lost $140BN in personal savings… out of nowhere…

Oh look, the savings rate was just revised sharply lower for most of 2024 and some $140BN in personal savings was magically erased. pic.twitter.com/T3lGgLCIEQ

— zerohedge (@zerohedge) November 27, 2024

Remember when they revised it from 2.4% to 5.0% in late September to bump up GDP? Well, we guess Kamala isn’t president.. so all bets (adjustments) are off…

And finally, imagine how bad things would be if the government wasn’t handing over billions to ‘we, the people’ all of a sudden…

Bye, bye, rate-cut expectations!…

At that meeting, FOMC members overwhelmingly voted to lower the federal funds rate by 25 basis points, to a new range of 4.5–4.75 percent, signaling further loosening of restrictive monetary policy.

The meeting summary indicated that officials are confident that inflation is moving sustainably toward the institution’s objective of 2 percent. The Fed could rapidly ease policy if there were sudden weakness in the labor market or the broader economy, the document said.

“In discussing the outlook for monetary policy, participants anticipated that if the data came in about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment, it would likely be appropriate to move gradually toward a more neutral stance of policy over time,” the minutes stated.

Meeting participants did express uncertainty regarding how low interest rates need to be before touching the neutral rate that neither stimulates economic activity nor halts growth.

“Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy and, in their view, made it appropriate to reduce policy restraint gradually,” the minutes said.

Looking ahead, Fed policymakers said that incoming data are consistent with the central bank’s 2 percent inflation target. They noted that higher shelter costs bolstered recent higher readings.

“Participants cited various factors likely to put continuing downward pressure on inflation, including waning business pricing power, the committee’s still-restrictive monetary policy stance, and well-anchored longer-term inflation expectations,” it added.

Fed Chair Jerome Powell told reporters at the post-meeting press conference earlier this month that the road to 2 percent inflation may be “bumpy” with more bumps in the road.

As for the U.S. economic landscape, participants concluded that downside risks to the labor market and wider economy decreased.

In addition, staff projected that economic conditions would remain solid and growth projections would be higher than in the previous assessment.

Tim Barkin, president of the Federal Reserve Bank of Richmond, recently expressed caution over the labor market but was optimistic about inflation.

“The labor market might be fine, or it might continue to weaken,” Barkin said in prepared remarks to the Baltimore Together Summit on Nov. 12.

“Inflation might be coming under control, or the level of core might give a signal that it risks getting stuck above target.”

Market Reaction

Financial markets registered tepid gains toward the closing bell on Nov. 26, with the leading benchmark indexes up by as much as 0.4 percent.

Yields in the U.S. Treasury market attempted to reverse the previous session’s sharp decline. The benchmark 10-year yield topped 4.3 percent. The two-year yield was flat at 2.5 percent, while the 30-year bond surged to 4.48 percent.

The greenback extended its gains. The U.S. dollar index, a gauge of the greenback against a basket of currencies, recorded a modest increase and added to its year-to-date rally of 5.6 percent.

Policy minutes did little to change the market’s assessment of next month’s outcome.

“The minutes did nothing to alter my view that the policy rate is going to be adjusted lower next week and will continue to do so through the next calendar year,” Jamie Cox, managing partner for the Harris Financial Group, said in a note emailed to The Epoch Times.

According to the CME FedWatch Tool, investors are mostly penciling in a quarter-point rate cut.

The rate-cutting cycle will persist throughout 2025, though Fed easing might not be as aggressive, says Jeffrey Roach, the chief economist at LPL Financial.

“In our view, after weeks of markets pricing in too many rate cuts throughout 2025, Fed rate cut pricing is now better aligned with economic data,” Roach said in a note emailed to The Epoch Times. “Currently, markets still expect the Fed to cut rates below 4 percent by the end of 2025.”

The FOMC will hold its next two-day policy meeting on Dec. 16–17.