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Wright Patman

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U. S. Treasury. . . and has created out of nothing a. . . debt which the American people are obliged to pay with interest.

Air, Government, Nothing, People, Represents, Reserve
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In the United States we have, in effect, two governments. . . We have the duly constituted Government. . . Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.

Duly, Government, Governments, Independent, Money, Two

I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. . . I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue.

Believe, Country, Everyone, Government, Sitting, System

If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.

Believe, People, President, Public, Representatives

There are many reasons why the general public doesn't really understand our monetary system. In the first place, money is something that people tend to get emotional about. After all, money involves, and always has involved, something closely akin to faith-which probably explains why in many past societies the money system has been in the hands of a priesthood, the subject of magical rites, and the ceremonial services of the tribe's medicine man.

Emotional, Man, Medicine, Men, Wisdom

The Federal Reserve is the overlord of the money supply. If these two are not steering in the same direction, they can either neutralize each other or have the economy lurching in all directions. This is not a rational system for setting economic policy. It has given us trouble in the past, as the text will establish, and will inevitably in the future.

Economic, Future, Money, Past, Politics, Two
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