Ben Swann explains how the US House of Representatives passed the historical legislation HR459, AKA Audit the FED and addresses its creation, purpose and place in the US Economy scene.
Purpose of the FED:
1. Stop competition from newer banks, especially banks on the western part of the U.S.
2. To obtain a franchise to create money out of nothing for the purpose of lending.
3. To get control of all the reserves of other banks so that reckless banks wouldn’t be over run.
4. TO SHIFT THE LOSSES FROM THE BANKS TO THE TAXPAYERS.
5. To convince congress that the purpose was to protect the public.