FED Facts

Article 1 Section 8 of the US Constitution states that:
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States:
“To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”

This power has been given to the Federal Reserve which in simple word means that the Fed can issue currency at will without any gold or silver backing it up. Most of this money coined by the Fed is loaned to the US Government and the government uses tax payers’ money to pay the interest on it. The facts about Fed are little known. It is the only financial body in US that has never been audited in 100 years. One of the theories of Kennedy assassination states that Fed was the reason JFK was assassinated. On June 4, 1963, President Kennedy signed the Presidential decree, Executive order 11110 which would strip the Fed off its power to loan money to the US government at interest. It also hinted that the Fed in future would have to report its affairs like any other financial institution in US and would have to make all information publicly available. In place of the Fed, the US Treasury Department would be given the authority to issue currency which would be backed by Gold and Silver. After signing the order, President Kennedy was assassinated in less than 5 months.

Even to this day, the Fed does not undergo any audit procedure and very little financial information about how the Fed functions is made public on its website. Mostly, the website has information about economic indicators and money circulation and a Balance Sheet which shows aggregate assets and liabilities of the banking system in the US.

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