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Federal Reserve

FEDERAL RESERVE CREATES MONEY OUT OF THIN AIR

In the 1930's Marriner Eccles, then chairman of the board of governors of the Federal Reserve System, admitted to Congressman Wright Patman that: What that privately owned central bank used to buy three billion dollars worth of government bonds was the right, as he called it, to create credit money.

Yes, banks create money - ex nehil - out of nothing.

Congressman Usher L. Burdick confirmed this in an interview published in 1959 in which he said: