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HOW THE FEDERAL RESERVE PRINTS MONEY

Will You Survive The Coming Financial Crash 13
© 2005 Kent Daniel Bentkowski
Greenspan, said the following as part of his semi-annual report to Congress, which took
place on February 18, 2005:
"Several important economic challenges confront policy makers in the years ahead.
Prominent among these challenges in the United States is the pressing need to maintain
the flexibility of our economic and financial system."
It is extremely curious that he would make a statement such as this. What has happened
in just the past five years alone will make it nearly impossible to maintain the flexibility of
this system, because it has been based in recent years upon easy credit and low interest-
rates. The Federal Reserve has maintained its' monetary system by manipulating both
inflation and deflation through the rising and lowering of interest rates. It is important to
note that the interest-rate set by the Federal Reserve is currently at a forty-six year low,
which has been done to prop up the dollar in an attempt to forestall its' inevitable demise,
which will be the ruin of many millions of people in this country when it finally does occur.
Precisely fifteen days prior to Greenspan's comments, ex-Federal Reserve chairman Paul
Volcker had the following to say about the present condition of the U.S. economy:
"Below the favorable surface of the economy, there are as many dangers and intractable
circumstances as I can remember. Nothing in our experience is comparable. We are
consuming about 6% more than we are producing. What holds the [currency] together, is
the massive flows of capital from abroad. A big adjustment will inevitably become
necessary long before Social Security surpluses disappear and the deficit explodes. We are
skating on increasingly thin ice."
Bush's recent privatization plan for the Social Security trust fund is nothing more than a
thinly-disguised plan to gain access to this large sum of money, and it has become
necessary because the entire house of cards has become destabilized and wobbly.
Volcker's comment about the trade deficit, namely that we are consuming more than we
are producing, represents the net result of so-called free-trade agreements such as NAFTA
and GATT. Unfortunately for many Americans, these are meaningless acronyms.
Both China and Japan have been hoarding large quantities of U.S. dollars, which has been
helping to keep the U.S. dollar from collapsing in the short term. However, what both
countries have been doing is placing their orders in a manner which bets on a decrease in
the value of the U.S. dollar. They make a profit when the currency later does decrease in
value, and especially China, has been trading their profits in for U.S. Treasury securities,
which not only allows them a nice profit, but also allows them to purchase large blocks of
the U.S. government, one piece at a time. By pushing the U.S. dollar lower, their
currencies stay higher. Their export markets flourish, as a country such as China is able to
take advantage of employee expense of only pennies on the dollar, when compared to the
financial outlay of U.S. employees.
In July 2001, the truly big money on this planet started betting against the U.S. dollar.
Because of the current financial condition of this country, the big concern is that more and
more countries will start to voice their opinion that the U.S. should lose its' status as
global reserve currency. One of the best-kept secrets of the Iraq war is that Saddam
Hussein had begun asking that his oil customers pay for their oil imports in Euros. This
happened just before the Bush White House decided he was dangerous again. It was not
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