THE PROBLEM

Concentration of wealth by the top 0.1%

 

1913 - FEDERAL RESERVE SYSTEM

In 1913 was the enactment of the Federal Reserve Act, which created the Federal Reserve bank.  This is America's central bank, meaning all cash ultimately comes from the Federal Reserve's vaults.  The Federal Reserve is NOT a government entity but a PRIVATE bank just like Chase, JP Morgan, US Bank, etc.  So a private, for-profit corporation ultimately controls all of America's cash...and then some.

1933 - GOLD RESERVE ACT

In 1933, the Gold Reserve Act was passed, which made it ILLEGAL for private citizens to physically possess gold.  All private citizen's gold was taken by the government and given to the Federal Reserve. But at least the folk's gold could be redeemed on demand with a dollar (Federal Reserve bank note), hence the term "gold standard".  That is until...

1971 - END OF THE GOLD STANDARD

In 1971, Richard Nixon took the dollar off the gold standard, which meant you could NOT redeem a dollar (Federal Reserve bank note) for gold.  At this point, the dollar is backed by "full faith and credit" in the US government.  But faith in the US government to do WHAT?

PRESENT - THE RAT RACE

The dollar, or Federal Reserve bank note, is backed by "full faith and credit" that the US government will compel its citizens to accept dollars for payment ("legal tender").  So to pay with dollars, you need to earn dollars by providing your labor.  If you are a business owner or investor, then you earn dollars off of others' labor, but where does that put those laborers?  In the rat race.

 
 
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