Money
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LOVING it, making it your "god" is not a good thing. That violates a number of The Big Ten.
.
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Manonfire63
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Having money or assets, as in property, isn't bad. Given a nation was serving God, they may have been blessed with good harvests, and had plenty. King Solomon was granted wisdom. He was wealthy.
Is someone serving money as a false idol? That is bad. Getting into sin, and falling away from God, it may be the Ego that is also the problem.
In America, in 2024, some people have served money and wealth. They have a false idol. People who were born into money and wealth, like a noble class, they may have had ego issues.
Is someone serving money as a false idol? That is bad. Getting into sin, and falling away from God, it may be the Ego that is also the problem.
In America, in 2024, some people have served money and wealth. They have a false idol. People who were born into money and wealth, like a noble class, they may have had ego issues.
Manonfire63
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To be perfect. To get through the Eye of The Needle, someone may have had to get rid of some possessions.
To be perfect.
Manonfire63
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What does it mean to be perfect? I was a homeless veteran working for God in 2014. I have been living like a hermit, more or less, since.
Faith is a journey, to have "more of God," someone may have needed to go through some "States of the Soul."
A man is living alone, and he doesn't have friends or family. He gets arrested one day. He has money to pay his bail. He is not allowed to by the guards in jail. There are no lawyers advertised in jail. Just bail bondsmen. He doesn't have a co-signer. Given he doesn't get out of jail around the 1st of the month, to pay his rent, he may lose everything. He is worried about his apartment, and possessions, physical things. Given a man let go, let go of his worry, and decided to just ride things out in jail, and hold tight to God, he may have gone through a "State of Soul." Having gone through that, he may be closer to being perfect.
Someone like Joseph, he was in jail. He was a slave. He was in jail twice. He had his coat of many colors. He had a mom and dad that loved him. He may have had to let go of all that. He held tight to God. Someone like Daniel, he was a slave in Babylon. He had to hold tight to God. Both Joseph and Daniel, they were "Built up by God." They became wealthy and powerful men.
Faith is a journey, to have "more of God," someone may have needed to go through some "States of the Soul."
A man is living alone, and he doesn't have friends or family. He gets arrested one day. He has money to pay his bail. He is not allowed to by the guards in jail. There are no lawyers advertised in jail. Just bail bondsmen. He doesn't have a co-signer. Given he doesn't get out of jail around the 1st of the month, to pay his rent, he may lose everything. He is worried about his apartment, and possessions, physical things. Given a man let go, let go of his worry, and decided to just ride things out in jail, and hold tight to God, he may have gone through a "State of Soul." Having gone through that, he may be closer to being perfect.
Someone like Joseph, he was in jail. He was a slave. He was in jail twice. He had his coat of many colors. He had a mom and dad that loved him. He may have had to let go of all that. He held tight to God. Someone like Daniel, he was a slave in Babylon. He had to hold tight to God. Both Joseph and Daniel, they were "Built up by God." They became wealthy and powerful men.
JennyorAlice
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1 Timothy 6:10 (King James Version)
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
When money becomes your primary or only focus, then that is bad. It's almost like money has become your god.
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
When money becomes your primary or only focus, then that is bad. It's almost like money has become your god.
SetFree
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Having a double-portion above one's brethren in The Old Testament was a pointer to one of God's elect, like Joseph for example.
Abraham was made rich by God, so was Isaac, Jacob, Joseph, etc. God's original Birthright Blessing by Promise to Abraham included inheritance of lands, and the dew of the earth and plenty of corn and wine. That Blessing was transferred to his son Isaac, then to his son Jacob, then to his son Joseph, and then to Joseph's two sons Ephraim and Manasseh. And it originally included The Gospel of Jesus Christ also, which is why Apostle Paul in Galatians 3 showed that all those of Faith are as the children of Abraham. It's because The Gospel was first preached to Abraham, like Paul said there.
Abraham was made rich by God, so was Isaac, Jacob, Joseph, etc. God's original Birthright Blessing by Promise to Abraham included inheritance of lands, and the dew of the earth and plenty of corn and wine. That Blessing was transferred to his son Isaac, then to his son Jacob, then to his son Joseph, and then to Joseph's two sons Ephraim and Manasseh. And it originally included The Gospel of Jesus Christ also, which is why Apostle Paul in Galatians 3 showed that all those of Faith are as the children of Abraham. It's because The Gospel was first preached to Abraham, like Paul said there.
Frankj
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Interestingly, money (gold or silver) is mentioned more often than prayer in the Bible.
I would think what the bible says about how we use money would be a more interesting question, how does God want us to use our money and what would he want us to avoid with it.
SetFree
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Like Apostle Paul said, it's the LOVE of money that is the root of all evil, not the idea of money in itself. Even the Old Testament tithes were instituted by God to support Israel's temple and its service to the people, the government, and the poor. Today in the U.S., the Social Security tax serves as a type of tithe like the Old Testament.
And if you want hardline examples historically of those types who LOVE money, and will do just about anything for it, then read the book The Creature From Jekyll Island.
In the early 1900's, a group of New York bankers sneaked out of the New York railway station at night, showing up at different intervals and using alias names so as to not attract attention, and they went to the rich resort of Jekyll Island, Georgia where they drew up the financial system language for the Federal Reserve Acts of 1913. They were not elected by the people, so it was a secret and illegal meeting.
Because of the direct spending benefits that U.S. Congress can use by those banker's setup, they went along with it and passed the Federal Reserve Act. But the Federal Reserve is NOT part of our U.S. government, nor authorized per the U.S. Constitution. This is why the Federal Reserve pays taxes, which means it is a PRIVATE BANK.
The main thing a bank does to make money is interest payments on loans. But starting with the Federal Reserve Act, those bankers slowly took the U.S. money system off... the gold standard, and instead to a system of creating money out of thin air, not backed by anything. Under the Nixon administration is when the last time the U.S. dollar had any gold or silver attached to it (you older folks, remember the Silver Certificate U.S dollar? It was redeemable at any Federal Reserve bank for one U.S. silver dollar).
Their system generates DEBT automatically. Under their Fiat system the U.S. dollar via a Treasury Note starts out as an IOU, meaning it is a promissory note, or debt paper. Thus under this Federal Reserve New York banker system, the U.S. government debt will NEVER be paid off or balanced. If it were, then no dollars that starts as debt paper would exist. That is what happened when they removed gold backing from the U.S. dollar. (Where's all that gold we used to have that backed our U.S. dollar? Trump is correct in wanting to see it. He knows this stuff is going on.)
Why Congress loves the Fiat Federal Reserve system:
Name of the game in Washington politics is get elected, and stay elected. Those politicians have their state's pet projects to look after, having made deals by those industrialists that contributed millions to their political run for office. And one of their guarantees by the Fiat system is that if any of their constituents get in money trouble, they just OK an order to print up U.S. dollars not backed by anything to bail those banks and companies out. Thus Congress is playing the game with the Federal Reserve bankers. Every U.S. dollar created the bankers under the Federal Reserve system draws interest payment because they essentially are treated as 'loans'.
Then the government, U.S. Treasury, State Department, etc., via foreign affairs with other countries they want to influence politically, will get those U.S. bankers to make loans to those poorer countries, and thus they draw more interest. And when those poor countries default, and can't pay it back, those bankers go to those poor countries and RE-FINANCE the old loan, and make a new one, plus giving them more money, which Congress OK's to be printed up!
Likewise with companies and big banks that get in trouble financially, the idea of the system is to get so big that a bankruptcy would so endanger the U.S. economy that it acts as a lever to get Congress to BAIL OUT the company or bank. Last time we saw this on a huge scale was the bailout of Wall Street firms back in the 2008 mortgage crisis, which bankers created!
All.. of those acts weaken the value of our U.S. dollar and monetary supply. The fiat creation of dollars not backed by anything puts the power of money creation in the hands of bankers and politicians while devaluing our U.S. currency. And they 'know'... all this. So what happens is, next time you go to the grocery and find that the prices suddenly went up, you instead blame the grocer, and not the fact that the Federal Reserve system bankers and U.S. politicians caused the dollar to become inflated, making it have LESS buying power. So the price of goods and labor HAS to go up to match what happened. And those bankers let you BLAME the stores and retailers for higher prices when most often it's not their fault.
Under the U.S. Gold Standard, which was originally instituted by the U.S. founders under the U.S. Constitution, each U.S. dollar had to be backed by gold or silver in reserve. You could still have paper money, however each printed dollar had to be backed by silver or gold (thus the Silver Certificate dollar that was redeemable for actual silver). They slowly, in degrees, brought the dollar off the gold standard using the idea of 'fractional reserves', slowly lowering the percentage of gold backing on the U.S. dollar, until in the 1970's they completely removed all gold backing.
What the gold standard also did was LIMIT government spending. By removing it, the U.S. has become a welfare state. Bankers and politicians did not like the gold standard because it limited their 'access' to funds for their pet projects. And even to this day, those financiers LIE against the gold standard, claiming the reason we went off it was because there isn't enough gold to go around for modern finance. That's a lie simply because a U.S. dollar backed by gold will cause PRICES to go down, because it makes the buying power of the dollar stronger! Imagine two week's worth of groceries for $10 U.S. I'm old enough that I remember sodas for a dime, a gallon of gas for 25 cents.
And if you want hardline examples historically of those types who LOVE money, and will do just about anything for it, then read the book The Creature From Jekyll Island.
The Creature From Jekyll Island Griffin : Edward Griffin : Free Download, Borrow, and Streaming : Internet Archive
How the Governments, Banks, IRS, Federal Reserve... robbing People
archive.org
In the early 1900's, a group of New York bankers sneaked out of the New York railway station at night, showing up at different intervals and using alias names so as to not attract attention, and they went to the rich resort of Jekyll Island, Georgia where they drew up the financial system language for the Federal Reserve Acts of 1913. They were not elected by the people, so it was a secret and illegal meeting.
Because of the direct spending benefits that U.S. Congress can use by those banker's setup, they went along with it and passed the Federal Reserve Act. But the Federal Reserve is NOT part of our U.S. government, nor authorized per the U.S. Constitution. This is why the Federal Reserve pays taxes, which means it is a PRIVATE BANK.
The main thing a bank does to make money is interest payments on loans. But starting with the Federal Reserve Act, those bankers slowly took the U.S. money system off... the gold standard, and instead to a system of creating money out of thin air, not backed by anything. Under the Nixon administration is when the last time the U.S. dollar had any gold or silver attached to it (you older folks, remember the Silver Certificate U.S dollar? It was redeemable at any Federal Reserve bank for one U.S. silver dollar).
Their system generates DEBT automatically. Under their Fiat system the U.S. dollar via a Treasury Note starts out as an IOU, meaning it is a promissory note, or debt paper. Thus under this Federal Reserve New York banker system, the U.S. government debt will NEVER be paid off or balanced. If it were, then no dollars that starts as debt paper would exist. That is what happened when they removed gold backing from the U.S. dollar. (Where's all that gold we used to have that backed our U.S. dollar? Trump is correct in wanting to see it. He knows this stuff is going on.)
Why Congress loves the Fiat Federal Reserve system:
Name of the game in Washington politics is get elected, and stay elected. Those politicians have their state's pet projects to look after, having made deals by those industrialists that contributed millions to their political run for office. And one of their guarantees by the Fiat system is that if any of their constituents get in money trouble, they just OK an order to print up U.S. dollars not backed by anything to bail those banks and companies out. Thus Congress is playing the game with the Federal Reserve bankers. Every U.S. dollar created the bankers under the Federal Reserve system draws interest payment because they essentially are treated as 'loans'.
Then the government, U.S. Treasury, State Department, etc., via foreign affairs with other countries they want to influence politically, will get those U.S. bankers to make loans to those poorer countries, and thus they draw more interest. And when those poor countries default, and can't pay it back, those bankers go to those poor countries and RE-FINANCE the old loan, and make a new one, plus giving them more money, which Congress OK's to be printed up!
Likewise with companies and big banks that get in trouble financially, the idea of the system is to get so big that a bankruptcy would so endanger the U.S. economy that it acts as a lever to get Congress to BAIL OUT the company or bank. Last time we saw this on a huge scale was the bailout of Wall Street firms back in the 2008 mortgage crisis, which bankers created!
All.. of those acts weaken the value of our U.S. dollar and monetary supply. The fiat creation of dollars not backed by anything puts the power of money creation in the hands of bankers and politicians while devaluing our U.S. currency. And they 'know'... all this. So what happens is, next time you go to the grocery and find that the prices suddenly went up, you instead blame the grocer, and not the fact that the Federal Reserve system bankers and U.S. politicians caused the dollar to become inflated, making it have LESS buying power. So the price of goods and labor HAS to go up to match what happened. And those bankers let you BLAME the stores and retailers for higher prices when most often it's not their fault.
Under the U.S. Gold Standard, which was originally instituted by the U.S. founders under the U.S. Constitution, each U.S. dollar had to be backed by gold or silver in reserve. You could still have paper money, however each printed dollar had to be backed by silver or gold (thus the Silver Certificate dollar that was redeemable for actual silver). They slowly, in degrees, brought the dollar off the gold standard using the idea of 'fractional reserves', slowly lowering the percentage of gold backing on the U.S. dollar, until in the 1970's they completely removed all gold backing.
What the gold standard also did was LIMIT government spending. By removing it, the U.S. has become a welfare state. Bankers and politicians did not like the gold standard because it limited their 'access' to funds for their pet projects. And even to this day, those financiers LIE against the gold standard, claiming the reason we went off it was because there isn't enough gold to go around for modern finance. That's a lie simply because a U.S. dollar backed by gold will cause PRICES to go down, because it makes the buying power of the dollar stronger! Imagine two week's worth of groceries for $10 U.S. I'm old enough that I remember sodas for a dime, a gallon of gas for 25 cents.
Edward429451
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I remember when cigarettes were .38 per pack and my mom and sister used to send one of us boy down with a note so we could buy them!
A basic cheesburger was .20 cent! White Castles were 13 cents each!
I remember all the people saying they would quit smoking cigarettes when they reach 1 dollar a pack, lol!
I was introduced to the Lord when I was young we went to church. And I grew up and was on my own and drifted away from God, got married, had kids and all that. And what I noticed over time was that...everyone in the world is hounding me for more money. One day late, they don't hesitate to send out shut off notices! I've had dozens of them over the years, but I've never been shut off (for anything less than a mistake!) but Heard about people who got shut off. But in my house, something always happened and there was money or work so we never got shut down.
I looked at people who have been shut down and realized that all of them were druggies or drunks. I began to see a correlation. Life is like a roller coaster with ups and downs. I've had to make late payments before and I noticed that they are always cheerful to set up a payment plan! All of this made me realize that money really isnt that important to people ultimately. One doesn't have to work all the overtime they can get to pay the bills! (at least then, lol). And so my off time became very important to me. Women have two major complaints with men. !. He wont work or kep a job, and 2. He works too much and is never home!
So I made my rates to customers Double Time on major holidays, so I could be there with the family. Know what happened? I worked every single major holiday every year. People love showing off and so they didnt even question any double time. House full of family, they're showing off. Oh the food and tips were ok but I wasn't with my family! I can't have her complaining that I'm never home! SO I went to Triple time on holidays! That made them back off on Christmas! Who needs to be rich and chase money anyway? I was self employed and my wife was the secretary, so every time I was too busy and needing to out another truck on the road and hire a man...I just raised my labor rates instead and that made some of the work back off. A small company is a lot easier to manage than a big company. I worked at small companies and huge companies and everything inbetween. I got to see a lot. Small companies kep a lid on things. Company's of 4-5 men or more...the material starts walking out the door with the men, I seen it happen too many times!
I've never had to lie to get a job, and never had to steal to get ahead.
In fact, I bet I could sell my house (paid off already) and all my tools and guns and everything of value, keep a sleeping bag and push a shopping cart homeless and gave all the money to the poor, and...I could live fine.
Scripture says so! When Jesus sent them out, He said don't take any scrip (just a sword!) and go spread the good news of Jesus. I am not there yet and have not sold out, lol. But I understand the biblical principle and believe it to be true. We don't need money to live.
A basic cheesburger was .20 cent! White Castles were 13 cents each!
I remember all the people saying they would quit smoking cigarettes when they reach 1 dollar a pack, lol!
I was introduced to the Lord when I was young we went to church. And I grew up and was on my own and drifted away from God, got married, had kids and all that. And what I noticed over time was that...everyone in the world is hounding me for more money. One day late, they don't hesitate to send out shut off notices! I've had dozens of them over the years, but I've never been shut off (for anything less than a mistake!) but Heard about people who got shut off. But in my house, something always happened and there was money or work so we never got shut down.
I looked at people who have been shut down and realized that all of them were druggies or drunks. I began to see a correlation. Life is like a roller coaster with ups and downs. I've had to make late payments before and I noticed that they are always cheerful to set up a payment plan! All of this made me realize that money really isnt that important to people ultimately. One doesn't have to work all the overtime they can get to pay the bills! (at least then, lol). And so my off time became very important to me. Women have two major complaints with men. !. He wont work or kep a job, and 2. He works too much and is never home!
So I made my rates to customers Double Time on major holidays, so I could be there with the family. Know what happened? I worked every single major holiday every year. People love showing off and so they didnt even question any double time. House full of family, they're showing off. Oh the food and tips were ok but I wasn't with my family! I can't have her complaining that I'm never home! SO I went to Triple time on holidays! That made them back off on Christmas! Who needs to be rich and chase money anyway? I was self employed and my wife was the secretary, so every time I was too busy and needing to out another truck on the road and hire a man...I just raised my labor rates instead and that made some of the work back off. A small company is a lot easier to manage than a big company. I worked at small companies and huge companies and everything inbetween. I got to see a lot. Small companies kep a lid on things. Company's of 4-5 men or more...the material starts walking out the door with the men, I seen it happen too many times!
I've never had to lie to get a job, and never had to steal to get ahead.
In fact, I bet I could sell my house (paid off already) and all my tools and guns and everything of value, keep a sleeping bag and push a shopping cart homeless and gave all the money to the poor, and...I could live fine.
Scripture says so! When Jesus sent them out, He said don't take any scrip (just a sword!) and go spread the good news of Jesus. I am not there yet and have not sold out, lol. But I understand the biblical principle and believe it to be true. We don't need money to live.
SetFree
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I've been blessed with having served in the USAF as an aircraft crew chief when I joined at 18, and spent six years overseas, then got out. Then I went to work for the USAF as a civilian test facility mechanic. In that kind of job, even though the Machinist Union had negotiated our holidays, it still meant a whole lot of overtime. So I missed a lot of my kid's time growing up. I just made the time with them count more, doing more things together with them. I was the sole income provider.
Yet I always looked at ways to change work fields if I got laid off from my job, or to help with promotions. I used my G.I. Bill to study at college (Aerospace Administration). And I got a Microsoft Certified Professional certificate in programming Visual Basic (which I never used). So I have worked my fanny off to make sure I always had ways to take care of my family. And I believe study is still the best way to do that. I grew up working in restaurants and factories, which most of my family worked, and I decided that getting a skill or a degree was a better way to go than doing some sweat shop. I find that those who default to the sweat shops most often feel not able to better their selves, when God will definitely help with that if asked, while others simply do not want much responsibility that a higher paying job might bring.
Yet I always looked at ways to change work fields if I got laid off from my job, or to help with promotions. I used my G.I. Bill to study at college (Aerospace Administration). And I got a Microsoft Certified Professional certificate in programming Visual Basic (which I never used). So I have worked my fanny off to make sure I always had ways to take care of my family. And I believe study is still the best way to do that. I grew up working in restaurants and factories, which most of my family worked, and I decided that getting a skill or a degree was a better way to go than doing some sweat shop. I find that those who default to the sweat shops most often feel not able to better their selves, when God will definitely help with that if asked, while others simply do not want much responsibility that a higher paying job might bring.
SetFree
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How the idea of Banking got started: (per the book The Creature From Jekyll Island).
In old times when gold and silver were used as a medium of exchange (i.e., money), most people had no safekeeping place for their gold. So they would go to the goldsmith who did have a place of safekeeping, and trust their gold keeping with the goldsmith. They would keep enough that they used for daily transactions, but the majority of their gold they'd give to the goldsmith for safekeeping, and the goldsmith would issue a paper receipt.
The goldsmith eventually discovered that the people who deposited their gold for safekeeping only used about 10% of it at any one time, while 90% of their gold remained idle in the goldsmith's safe. The goldsmith then figured he could lend that excess gold out, as long he kept at least 10% of it held in his safe as 'reserves', in case the owner came back for more. And the goldsmith would then issue loans with the unused gold and draw interest income. This began the concept of modern banking, and is still the main principle used in today's banks.
When you put your savings in a bank, the bank is not ultimately responsible for your funds if they should go bankrupt, or if there is a 'run' on the bank. Things like the FDIC insurance backed by the U.S. government was created to help the situation, but banks defaults have still been larger amounts than the insurance can cover, so there is usually a loss.
A bank run is when customers appear all wanting to withdraw all of their funds from a bank at the same time. The reality is that the bank does not actually keep all of YOUR money in their vault. They use the old goldsmith rule of a minimum of 10% reserves, and the Federal Reserve controls this amount of bank Reserves in the vault the bank must keep. That means the bank only has on hand about 10% of your money, or whatever amount is determined that the majority of peoples use on a daily basis for transactions. The rest of your money they have loaned out in order to draw interest, just like the old goldsmiths. Thus too many customers appearing at the bank wanting to withdraw all their money often discover the bank being CLOSED when that happens. It's because they simply do not have your money on hand. That is called a bank run.
And the shabby secret about insurance like the FDIC which is supposed to protect your funds, in order to do so, only certain amounts are insured. And... where do they get those monies to replace your lost funds in case of a bank fault? From the U.S. taxpayer. Thus bankers have that setup also so that they get away scot-free, no liability on them! Chase Manhattan Bank in the 1970's went bankrupt, but U.S. Congress sent orders to print up money to BAIL them out. Where did that money come from? You got it, from the American taxpayer! Chrysler Corporation in the 1970's also went bankrupt, and Congress bailed them out to the tune of $1.5 Billion. Their CEO Lee Iacocca bragged that he only took a $1.00 salary that year (not mentioning how the U.S. taxpayer kept his stock options as CEO alive with Congress bailing them out financially.) Back 2009 it happened again, to all three big American auto makers, Ford, Chrysler, and General Motors, this next time to the tune of $10 Billion dollars.
If the U.S. was still on the gold standard, these things could not happen. So on the gold standard, would corruptions by large banks and corporations occur like they have been? Most likely not, because the owners would actually have to reap their own corrupt results, and simply go out of business, just like how some of the Wall Street firms from the 2008 mortgage crisis were caused to go out of business; they didn't get a bailout from Congress. See, even the very system today of BAILOUTS does not protect all of them, 2008 being a prime example. Congress has to approve their bailout. (Now you know why a lot of Americans camped out on Wall Street during the 2008 mortgage crisis as a demonstration. They understood what the joint gov.+bankers were up to with making the U.S. taxpayer foot the bill for the corruptions of bankers and Wall Street firms that caused the mortgage bubble of 2008). This is why today's large banks and corporations seek to become as large as possible, so it can serve as weight towards getting Congress to give them a 'bailout' in case they go bankrupt. They would say to Congress, "If you let us go bankrupt, it will so hurt the American economy, it might not recover!"
And just to make sure that we, the American people, keep funds available for the dirty dealings of corrupt bankers and corrupt corporations, the Internal Revenue System exists to make sure they get our tax money out of our pockets before we even touch it. (Now you should understand why American citizens did not pay taxes on personal income prior to the 1800's. (First personal income tax in the U.S. was in 1861 on the North during the war between the states, and it was rescinded in 1871. In 1913, Yes... IN 1913, when the Federal Reserve Act was passed is when tax on personal income became permanent!)
It's actually very simple. Since the gold backing was removed protecting the U.S. dollar, it had to still be supported by something. That something the Federal Reserve bankers decided, with their supporters in Congress, would be the American taxpayer. Not only that, but they decided to 'create' a permanent rate of INFLATION of the U.S. dollar so that prices would continually increase a certain percentage from year to year, and give companies the freedom from worry of their having to deal with the supply and demand economics by the people.
That freedom from worry for corporations eventually began to include government subsidies, i.e., government monies drawn from the taxpayer to actually support a corrupt company that is near bankruptcy because of little or no demand for their products, when they ought to be allowed to just go out of business like how it should be. If you don't produce a product the people want, then diversify, or go out of business. That's the Keynesian supply and demand economic system, government interventions, taking the power of supply and demand for products out of the people's hands, while taxing the American people for it.
What this monetary system does with creating permanent inflation of the U.S. dollar is actually a HIDDEN TAX upon the American people. Congressmen aren't popular when they raise taxes. So they agreed to the Federal Reserve Act system because it helps hide that. And what inflation of the U.S. dollar means, (which financiers sometimes try to hide), is a devalue of the buying power of the U.S. dollar. When dollars are created out of thin air, not backed by anything tangible like gold or silver, it causes existing dollars already in circulation to become worth less. For example, a U.S. gold double eagle $20 dollar piece was worth... guess how much in the late 1800s? That's right, $20, 1 Troy ounce gold. And today what's the price of 1 Troy ounce of gold? Something like +$3,000.
In old times when gold and silver were used as a medium of exchange (i.e., money), most people had no safekeeping place for their gold. So they would go to the goldsmith who did have a place of safekeeping, and trust their gold keeping with the goldsmith. They would keep enough that they used for daily transactions, but the majority of their gold they'd give to the goldsmith for safekeeping, and the goldsmith would issue a paper receipt.
The goldsmith eventually discovered that the people who deposited their gold for safekeeping only used about 10% of it at any one time, while 90% of their gold remained idle in the goldsmith's safe. The goldsmith then figured he could lend that excess gold out, as long he kept at least 10% of it held in his safe as 'reserves', in case the owner came back for more. And the goldsmith would then issue loans with the unused gold and draw interest income. This began the concept of modern banking, and is still the main principle used in today's banks.
When you put your savings in a bank, the bank is not ultimately responsible for your funds if they should go bankrupt, or if there is a 'run' on the bank. Things like the FDIC insurance backed by the U.S. government was created to help the situation, but banks defaults have still been larger amounts than the insurance can cover, so there is usually a loss.
A bank run is when customers appear all wanting to withdraw all of their funds from a bank at the same time. The reality is that the bank does not actually keep all of YOUR money in their vault. They use the old goldsmith rule of a minimum of 10% reserves, and the Federal Reserve controls this amount of bank Reserves in the vault the bank must keep. That means the bank only has on hand about 10% of your money, or whatever amount is determined that the majority of peoples use on a daily basis for transactions. The rest of your money they have loaned out in order to draw interest, just like the old goldsmiths. Thus too many customers appearing at the bank wanting to withdraw all their money often discover the bank being CLOSED when that happens. It's because they simply do not have your money on hand. That is called a bank run.
And the shabby secret about insurance like the FDIC which is supposed to protect your funds, in order to do so, only certain amounts are insured. And... where do they get those monies to replace your lost funds in case of a bank fault? From the U.S. taxpayer. Thus bankers have that setup also so that they get away scot-free, no liability on them! Chase Manhattan Bank in the 1970's went bankrupt, but U.S. Congress sent orders to print up money to BAIL them out. Where did that money come from? You got it, from the American taxpayer! Chrysler Corporation in the 1970's also went bankrupt, and Congress bailed them out to the tune of $1.5 Billion. Their CEO Lee Iacocca bragged that he only took a $1.00 salary that year (not mentioning how the U.S. taxpayer kept his stock options as CEO alive with Congress bailing them out financially.) Back 2009 it happened again, to all three big American auto makers, Ford, Chrysler, and General Motors, this next time to the tune of $10 Billion dollars.
If the U.S. was still on the gold standard, these things could not happen. So on the gold standard, would corruptions by large banks and corporations occur like they have been? Most likely not, because the owners would actually have to reap their own corrupt results, and simply go out of business, just like how some of the Wall Street firms from the 2008 mortgage crisis were caused to go out of business; they didn't get a bailout from Congress. See, even the very system today of BAILOUTS does not protect all of them, 2008 being a prime example. Congress has to approve their bailout. (Now you know why a lot of Americans camped out on Wall Street during the 2008 mortgage crisis as a demonstration. They understood what the joint gov.+bankers were up to with making the U.S. taxpayer foot the bill for the corruptions of bankers and Wall Street firms that caused the mortgage bubble of 2008). This is why today's large banks and corporations seek to become as large as possible, so it can serve as weight towards getting Congress to give them a 'bailout' in case they go bankrupt. They would say to Congress, "If you let us go bankrupt, it will so hurt the American economy, it might not recover!"
And just to make sure that we, the American people, keep funds available for the dirty dealings of corrupt bankers and corrupt corporations, the Internal Revenue System exists to make sure they get our tax money out of our pockets before we even touch it. (Now you should understand why American citizens did not pay taxes on personal income prior to the 1800's. (First personal income tax in the U.S. was in 1861 on the North during the war between the states, and it was rescinded in 1871. In 1913, Yes... IN 1913, when the Federal Reserve Act was passed is when tax on personal income became permanent!)
It's actually very simple. Since the gold backing was removed protecting the U.S. dollar, it had to still be supported by something. That something the Federal Reserve bankers decided, with their supporters in Congress, would be the American taxpayer. Not only that, but they decided to 'create' a permanent rate of INFLATION of the U.S. dollar so that prices would continually increase a certain percentage from year to year, and give companies the freedom from worry of their having to deal with the supply and demand economics by the people.
That freedom from worry for corporations eventually began to include government subsidies, i.e., government monies drawn from the taxpayer to actually support a corrupt company that is near bankruptcy because of little or no demand for their products, when they ought to be allowed to just go out of business like how it should be. If you don't produce a product the people want, then diversify, or go out of business. That's the Keynesian supply and demand economic system, government interventions, taking the power of supply and demand for products out of the people's hands, while taxing the American people for it.
What this monetary system does with creating permanent inflation of the U.S. dollar is actually a HIDDEN TAX upon the American people. Congressmen aren't popular when they raise taxes. So they agreed to the Federal Reserve Act system because it helps hide that. And what inflation of the U.S. dollar means, (which financiers sometimes try to hide), is a devalue of the buying power of the U.S. dollar. When dollars are created out of thin air, not backed by anything tangible like gold or silver, it causes existing dollars already in circulation to become worth less. For example, a U.S. gold double eagle $20 dollar piece was worth... guess how much in the late 1800s? That's right, $20, 1 Troy ounce gold. And today what's the price of 1 Troy ounce of gold? Something like +$3,000.
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