Excerpts from Sheldon Emry's essay

In his essay, "Billions for the Bankers--Debts for the People: An indictment of the Federal Reserve System," Sheldon Emry examines the corruption and expansionism at the core of the American monetary system.

Three Types of Conquest History reveal, Nations can be conquered by the use of one or more of three methods.

The most common is conquest by war. In time, though, this method usually fails, because the captives hate the captors and rise up and drive them out if they can. Much force is needed to maintain control, making it expensive for the conquering nation.

A second method is by religion, where men are convinced they must give their captors part of their earnings as "obedience to God." Such a captivity is vulnerable to philosophical exposure or by overthrow by armed force, since religion by its nature lacks military force to regain control, once its captives become disillusioned.

The third method can be called economic conquest. It takes place when nations are placed under "tribute" without the use of visible force or coercion, so that the victims do not realize they have been conquered. "Tribute" is collected from them in the form of "legal" debts and taxes, and they believe they are paying it for their own good, for the good of others, or to protect all from some enemy. Their captors become their "benefactors" and "protectors". Although this is the slowest to impose, it is often quite long lasting, as the captives do not see any military force arrayed against them, their religion is left more or less intact, they have freedom to speak and travel, and they participate in "elections" for their rulers. Without realizing it, they are
conquered, and the instruments of their own society are used to transfer their wealth to their captors and make the conquest complete.

Is it possible a form of conquest has been imposed on America? Read the following pages and decide for yourself.

1)Battle for who creates money and who creates value: Value is created when farmer grows something, a carpenter assembles something, a worker applies his skills and labor. Economists use the term "create" when speaking of the process by which money comes into existence. "Creation" means making something which did not exist before. It's the value that can be "created" in the truest sense of the word. Money acquires its 'value' only by being associated with the 'Value'. Money has an associative secondary 'value' and it is very subversive for the system when Money becomes the boos of the 'value'. There is a saying that money, the love of which is the 'root of all evils'. Creating value and creating money are two separate dynamics and controlling them is the real source of power as well as destruction.

2)"CREATING" MONEY IS VERY PROFITABLE! Money is very cheap to make, and whoever does the "creating" of money in a nation can make a tremendous profit. Builders work hard to make a profit of 5 percent above their cost to build a house. But
money "manufactures" have no limit on their profits, since a few cents will print a $1 bill or a $10,000 bill.

3) ADEQUATE MONEY SUPPLY NEEDED An adequate supply of money is indispensable to civilized society. We could forego many other things, but without money industry would grind to a halt. Money is the blood of civilized society, the means of all commercial trade except simple barter. It is the measure and the instrument by which one product is sold and another purchased. Remove money or even reduce the supply below that which is necessary to carry on current levels of trade, and the results are catastrophic. We need only look at America's depression of the early 1930's that was essentially a Bankers' Depression. The lack of money (caused by Bankers) brought on the depression, and adequate money ended it.

4) POWER TO COIN AND REGULATE MONEY When we can see the disastrous results of an artificially created shortage of money, we can better understand why our Founding Fathers, who understood both money and power, insisted on placing the power to "create" money and the power to control it ONLY in the hands of the Federal Congress. They believed that ALL Citizens should share in the profits of its "creation" and therefore the Federal government must be the only creator of money. They further believed that all citizens, of whatever state, territory or station in life, would benefit by an adequate and stable currency. Therefore, the Federal government must also be, by law, the only controller of the value of money. Since the Federal Congress was the only legislative body subject to all the citizens at the ballot box, it was, to their minds, the only safe depository of so much profit and so much power. They wrote it out in simple, but all inclusive manner: "Congress shall have the power to Coin Money and Regulate the Value Thereof." How We Lost Control of the Federal Reserve Instead of the Constitutional method of creating our money and putting it into circulation, we now have and entirely unconstitutional system. This has brought our country to the brink of disaster, as we shall see. Since our money was handled both legally and illegally before 1913, we shall consider only the years following 1913, since from that year on, all of our money had been created and issued by an illegal method that will eventually destroy the United States if it is not changed.

5)DELEGATING THE MONEY POWER TO NON-PUBLIC . The Federal Reserve Act of 1913 authorized the establishment of a Federal Reserve Corporation, run by a Board of Directors (The Federal Reserve Board). The act divided the United States into 12 Federal Reserve "Districts." This simple, but terrible, law completely removed from Congress the right to "create" money or to have any control over its "creation", and gave that function to The Federal Reserve Corporation. It was accompanied by the appropriate fanfare. The propaganda claimed that this would "remove money from politics" (they did not say "and therefore from the people's control") and prevent "boom and bust" economic activity from hurting our citizens. The people were not told then, and most still do not know today, that the Federal Reserve Corporation is a private corporation controlled by bankers and therefore is operated for the financial gain of the bankers over the people rather than for the good of the people. The word "Federal" was used only to deceive the people.

6)MORE DISASTROUS THAN PEARL HARBOR Since the passage of Federal Reserve Act, the small group of "privileged" people who lend us "our" money have accrued to themselves all of the profits of printing our money -- and more! Since 1913 they have "created" tens of billions of dollars in money and credit, which, as their own personal property, they can lend to our government and our people at interest (usury). "The rich get richer and the poor get poorer" had become the secret policy of the Federal government. An example of the process of "creation" and its conversion to peoples "debt" will aid our understanding.

The Federal Government, having spent more than it has taken from its citizens in taxes, needs. Since it does not have the money, and Congress has given away its authority to "create" it, the Government must go to the "creators" for the money. But, the Federal Reserve, a private corporation, does not just give its money away! The Bankers are willing to deliver money or credit to the Federal Government in exchange for the government's agreement to pay it back -- with interest. So Congress authorizes the Treasury Department to print money in U.S. Bonds, which are then delivered to the Federal Reserve Bankers. The Federal Reserve then pays the penny cost of printing the billions and makes the exchange. The government then uses the money to pay its obligations. What are the results of this fantastic transaction? Well, billions in government bills are paid all right, but the Government has now indebted the people to the bankers for billions on which the people must pay interest! Tens of thousands of such transactions have taken place since 1913 so that in 1996, the U.S. Government is indebted to the Bankers for more than $5 Trillion. Most of the income taxes that we pay as individuals now goes straight into the hands of the
bankers, just to pay off the interest alone.

7)BUT WAIT! THERE'S MORE You say, "This is terrible!" Yes, it is, but we have shown only part of the sordid story. Under this unholy system, those United States Bonds have now become "assets" of the banks in the Reserve System which they then use as "reserves" to "create" more "credit" to lend. Current "reserve" requirements allow them to use $1 billion in bonds to "create" as much as $15 billion in new "credit" to lend to states, municipalities, to individuals and businesses. Added to the original $1 billion, they could have $16 billion of "created credit" out in loans paying them interest with their only cost being $1,000 for printing the original $1 billion!

Since the U.S. Congress has not issued Constitutional money since 1863 (more than 100 years), in order for the people to have money to carry on trade and commerce they are forced to borrow the "created credit" of the Monopoly bankers and pay them usury-interest!

8)Manipulating Stocks for Fun and Profit In addition to almost unlimited usury, the bankers have another method of drawing vast amounts of wealth. The banks who control the money at the top are able to approve or disapprove large loans to large and successful corporations to the extent that refusal of a loan will bring about a reduction in the selling price of the corporation's stock. After depressing the price, the bankers' agents buy large blocks of the company's stock. Then, if the bank suddenly approves a multi-million dollar loan to the company, the stock rises and is then sold for a profit. In this manner, billions of dollars are made with which to buy more stock. This practice is so refined today that the Federal Reserve Board need only announce to the newspapers an increase or decrease in their "discount rate" to send stocks soaring or crashing at their whim. Using this method since 1913, the bankers and their agents have purchased secret or open control of almost every large corporation in America. Using this leverage, they then force the corporations to borrow huge sums from their banks so that corporate earnings are siphoned off in the form of interest to the banks. This leaves little as actual "profits" which can be paid as dividends and explains why banks can reap billions in interest from corporate loans even when stock prices are depressed. In effect, the bankers get a huge chunk of the profits, while individual stockholders are left holding the bag.

9)THE DEBT TRAP - INTEREST AMOUNT IS NEVER CREATED. The only way new money goes into circulation in America is when it is borrowed from the bankers. When the State and people borrow large sums, we seem to prosper. However, the bankers "create" only the amount of the principal of each loan, never the extra amount needed to pay the interest. Therefore, the new money never equals the new debt added. The amounts needed to pay the interest on loans is not "created," and therefore does not exist! Under this system, where new debt always exceeds new money no matter how much or how little is borrowed, the total debt increasingly outstrips the amount of money available to pay the debt. The people can never, ever get out of debt!

The following example will show the viciousness of this interest-debt system via its "built in" shortage of money.

The Tyranny of Compound Interest When a citizen goes to a banker to borrow $60,000 to purchase a home or a farm, the bank clerk has the borrower agree to pay back the loan plus interest. At 14% interest for 30 years, the borrower must agree to pay $710.92 per month for a total of $255,931.20. The clerk then requires the citizen to assign to the banker the right of ownership of the property if the borrower does not make the required payments. The bank clerk then gives the borrower a $60,000 check or a $60,000 deposit slip, crediting the borrower's checking account with $60,000. The borrower then writes checksto the builder, subcontractors, etc. who in turn write checks. $60,000 of new "checkbook" money is thereby added to the "money in circulation." However, this is the fatal flaw in the system: the only new money created and put into circulation is the amount of the loan, $60,000. The money to pay the interest is NOT created, and therefore was NOT added to "money in circulation." Even so, this borrower (and those who follow him in ownership of the property) must earn and take out of circulation $255,931, almost $200,000 more than he put in circulation when he borrowed the original $60,000!

Every new loan puts the same process in operation. Each borrower adds a small sum to the total money supply when he borrows, but the payments on the loan (because of interest) then deduct a much larger sum from the total money supply. There is therefore no way all debtors can pay off the money lenders. As they pay the principle and interest, the money in circulation disappears. All they can do is struggle against each other, borrowing more and more from the money lenders each generation. The money lenders (bankers), who produce nothing of value, gradually gain a death grip on the land, buildings, and present and future earnings of the whole working population. Proverbs 22:7 has come to pass in America. "The rich ruleth over the poor, and the borrower is servant to the lender."

Every loan of banker "created" money (credit) causes the same thing to happen. Since this has happened millions of times since 1913 (and continues today), you can see why America has gone from a prosperous, debt-free nation to a debt-ridden nation where practically every home, farm and business is paying usury-tribute to the bankers.

10)Check Kiting on Grand Scale. In the millions of transactions made each year like those just discussed, little actual currency changes hands, nor is it necessary that it do so. About 95 percent of all "cash" transactions in the U. S. are executed by check.
Consider also that banks must only hold 10 percent of their deposits on site in cash at any given time. This means 90 percent of all deposits, though they may actually be held by the bank, are not present in the form of actual cash currency. That leaves the banker relatively safe to "create" that so-called "loan" by writing the check or deposit slip not against actual money, but
against your promise to pay it back! The cost to him is paper, ink and a few dollars of overhead for each transaction. It is "check kiting" on an enormous scale.

11) Spiraling Debt: In 1910 the U. S. Federal debt was only $1 billion, or $12.40 per citizen. State and local debts were practically non-existent. By 1920, after only six years of Federal Reserve shenanigans, the Federal debt had jumped to $24 billion, or $228 per person. In 1960 the Federal debt reached $284 billion, or $1,575 per citizen and state and local debts were mushrooming. In 1996 the Federal debt will pass $5 trillion and is growing exponentially. State and local debts are increasing as fast as Federal debts. However, they are too cunning to take the title to everything at once. They instead leave us with some "illusion of ownership" so you and your children will continue to work and pay the bankers more of your earnings on ever increasing debts.

The "establishment" has captured our people with their debt-money system.

12) Gambling Away the American Dream. To grasp the truth that periodic withdrawal or money through interest payments will inexorably transfer all wealth in the nation to the receiver of interest, imagine yourself in a poker or dice game where everyone must buy the chips (the medium of exchange) from a "banker" who does not risk chips in the game. He just watches the table and reaches in every hour to take 10 percent to 15 percent of all the chips on the table. As the game goes on, the amount of chips in the possession of each player will fluctuate according to his luck. However, the total number of chips available to play the game will decrease steadily. As the game starts getting low on chips, some players will run out. If they want to continue to play, they must buy or borrow more chips from the "banker". The "banker" will sell (lend) them only if the player signs a "mortgage" agreeing to give the "Banker" some real property (car, home, farm, business, etc.) if he cannot make periodic payments to pay back all the chips plus some extra chips (interest). The payments must be made on time, whether he wins (makes a profit) or not. It is easy to see that no matter how skillfully they play, eventually the "banker" will end up with all of his original chips back, and except for the very best players, the rest, if they stay in long enough, will lose to the "banker" their homes, their farms, their businesses, perhaps even their spouse, cars, kids, watches, and the shirts off their backs!

Our real life situation is much worse than any poker game. In a poker game no one is forced into debt, and anyone can quit at any time and keep whatever he still has. But in real life, even if we borrow little ourselves from the "bankers," our local, State and Federal governments borrow billions in our name, squander it, then confiscate our earnings via taxation in order to pay
off the bankers with interest. We are forced to play the game, and none can leave except by death. We pay as long as we live, and our children pay after we die. If we cannot or refuse to pay, the government sends the police to take our property and give it to the bankers. The bankers risk nothing in the game; they just collect their percentage and "win it all." In Las Vegas, all games are rigged to pay the owner a percentage, and they rake in millions. The Federal Reserve bankers' "game" is also rigged, and it pays off in billions!

13)YES, IT'S POLITICAL, TOO. Democrat, Republican, and independent voters who have wondered why politicians always spend more tax money than they take in should now see the reason. When they begin to study our money system, they soon realize that these politicians are not the agents of the people but are the agents of the bankers, for whom they plan ways to place the people further in debt. It takes only a little imagination to see that if Congress had been "creating," spending and issuing into circulation the necessary increase in the money supply, there would be no national debt. Trillions of dollars of other debts would be practically non-existent. Since there would be no original cost of money except printing, and no continuing costs such as interest, Federal taxes would be almost nil. Money, once in circulation, would remain there and go on serving its purpose as a medium of exchange for generation after generation and century after century, with no payments to the Bankers whatsoever!

14) NWO on Twin Wheels of Debt and War. Instead of peace and debt-free prosperity, we have ever-mounting debt and cyclical periods of war. We as a people are now ruled by a system of banking influence that has usurped the mantle of government, disguised itself as our legitimate government, and set about to pauperize and control our people. It is now a centralized, all-powerful political apparatus whose main purposes are promoting war, confiscating the people's money, and propagandizing to perpetuate its power. Our two main political parties have become its servants, the various departments of government have become its spending agencies, and the Internal Revenue Service is its collection agency. Unknown to the people, it operates in
close cooperation with similar apparatuses in other nations, which are also disguised as "governments." Some, we are told, are friends. Some, we are told, are enemies. "Enemies" are built up through international manipulations and used to frighten the American people into going billions of dollars further into debt to the bankers for "military preparedness," "foreign aid to stop
communism," "the drug war," etc. Citizens, deliberately confused by brainwashing propaganda, watch helplessly while our politicians give food, goods, and money to banker-controlled alien governments under the guise of "better relations" and "easing tensions." Our banker-controlled government takes our finest and bravest sons and sends them into foreign wars where tens of thousands are murdered, and hundreds of thousands are crippled (not to mention collateral damage and casualties among the "enemy" troops.) When the "war" is over, we have gained nothing, but we are billions of dollars further
in debt to the bankers, which was the reason for the "war" in the first place!

Every Citizen Must Be A Stock Holder and not debt-holder in America Under the Constitutional system.

14)CONTROLLED NEWS AND INFORMATION So-called "economic experts" write syndicated columns in hundreds of newspapers, craftily designed to prevent the people from learning the simple truth about our money system. Sometimes commentators, educators, and politicians blame our financial conundrum on the workers for being wasteful, lazy, or stingy. Other times, they blame workers and consumers for the increase in debts and the inflation of prices, when they know the cause is the debt-money system itself. Our people are literally drowned in charges and counter-charges designed to confuse them and keep them from understanding the unconstitutional and evil money system that is so efficiently and silently robbing the farmers, the workers, and the businessmen of the fruits of their labor and of their freedoms. Some, who are especially vocal in their exposure of the treason against the people, are harassed by government agencies such as the EPA, OSHA, the IRS, and others, forcing them into financial strain or bankruptcy. They have been completely successful in preventing most Americans from learning the things you have read in this article. However, in spite of their control of information, many citizens are
learning the truth.

The "almost hidden" conspirators in politics, religion, education, entertainment, and the news media are working for the banker-owned United States, in a banker-owned World under a banker-owned World Government! (This is what all the talk of a New World Order promoted by Presidents Bush and Clinton is all about.) Unfair banking policies and taxes will continue to take a larger and larger part of the annual earning of the people and put them into the pockets of the bankers and their political agents. Increasing government regulations will prevent citizen protest and opposition to their control. It is possible that your grandchildren will own neither home nor car, but will live in "government owned" apartments and ride to work in "government owned" buses (both paying interest to the bankers), and be allowed to keep just enough of their earnings to buy a minimum of food and clothing while their rulers wallow in luxury. In Asia and eastern Europe it is called "communism;" in America it is called "Democracy" and "Capitalism." America will not shake off her Banker-controlled dictatorship as long as the people are ignorant of the hidden controllers. Banking Industry, which control most of the governments of the nations, and most sources of information, seem to have us completely within their grasp. They are afraid of only one thing: an awakened patriotic citizenry.