G. Edward Griffin
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Chapter 10 Summary: The Mandrake Mechanism
The American dollar has no intrinsic value. It is a classic example of fiat money with no limit to the quantity that can be produced. Its primary value lies in the willingness of people to accept it and, to that end, legal tender laws require them to do so. It is true that our money is created out of nothing, but it is more accurate to say that it is based upon debt. In one sense, therefore, our money is created out of less than nothing. The entire money supply would vanish into bank vaults and computer chips if all debts are repaid. Under the present System, therefore, our leaders cannot allow a serious reduction in either the national or consumer debt. Charging interest on pretended loans is usury, and that has become institutionalized under the Federal Reserve System. The Mandrake Mechanism by which the Fed converts debt into money may seem complicated at first, but it is simple if one remembers that the process is not intended to be logical but to confuse and deceive. The end product of the Mechanism is artificial expansion of the money supply, which is the root cause of the hidden tax called inflation. The expansion then leads to contraction and, together, they produce the destructive boom-bust cycle that has plagued mankind throughout history wherever fiat money has existed.
Because banks lend money that does not exist prior to the transaction, many debtors have concluded they are not obligated to repay. This is a compelling concept in view of the fact that bank and credit-card loan contracts typically lead customers to think they are borrowing someone else's money, which is why they are willing to pay interest. When challenged in court, these contracts often are judged to be fraudulent, and there now are companies offering "debt-cancellation" services to challenge these contracts with the end in mind that debts will be canceled. A discussion of the pros and cons of these programs is beyond the scope of this work, but interested parties are invited to read or view a video of the author's analysis at the following website: Freedom-Force.org
Get the book for yourself or for others you want to wake up. It reads like a mystery novel and is filled with colorful metaphors that make the seemingly complex world of banking very easy to comprehend. Visit RealityZone for your copy today. Summary is re-printed with permission from G. Edward Griffin.
See other parts below:
PART 1: The Journey to Jekyll Island
PART 2: The Name of the Game is Bailout
PART 3: Protectors of the Public
PART 4: Home, Sweet Loan
PART 5: Nearer to the Heart's Desire
PART 6: Building the New World Order
PART 7: The Barbaric Metal
PART 8: Fool's Gold
PART 9: The Secret Science
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