Posted by gmassi001 on 10/04/09Last updated 10/06/09
There are times in a persons life, where you have acquired something from the past, that you know will come in useful someday, so you stick that "something" in draw, or a folder, or a file until that "someday" arrives. Well, that "someday" has finally arrived!
The following story was told by a credit manager of the Federal Reserve Bank of Atlanta, back in the late 1930's. His name, Mr. Robert Hemphill. It is the story of our money......
Once upon a time, to the Temple of the Thirteen Suns came the rich and powerful Chief Oomah the Third, who said to the goldsmith of the Temple, Hansen L. Roschab, "I have much gold and am about to depart for a far country. Wilt thou keep this gold safely for me against my return a year hence? I will pay thee well."
The wily Hansen coughed loudly and covered his countenance with a cloth lest the rich Oomah the Third observe his joy to have his treasure in his possession. When he was calm and could look serious he said unto Oomah, "It is a very great responsibility and risk, but I will undertake it for a tithe which shall be 1 shekel in every 10."
Then said the Chief Oomah, "Its a deal," and forthwith his slaves delivered many bags containing in all a thousand shekels of gold, for which Hansen L. Roschab, the goldsmith, gave the Chief a parchment deposit writing payable to whomsoever; and thereupon Chief Oomah departed happily upon his journey.
As soon as he was well out of the country the shrewed Hansen called his confidential scribe and bade him thus, "Go thee now to the merchants whom I tell thee of and secretly say to each that thy master hath a little gold for hire upon good security," and the servent departed swiftly.
Soon there came to him a great merchant, who said, "Hansen, you old crook, I am in a jam for a few shekels of gold. Wilt thou lend me?" Hansen replied, "Money is very tight these days, but it might be arranged. What is thy need?" The merchant answered, "Two hundred shekels."
Then said Hansen, "It is much money. What security could st thou pledge for so great a sum?"
Then the merchant showed Hansen a writing of his possessions of merchandise to the amount of a thousand shekels. Hansen said, "It is not enough; thou must also pledge thy dwelling and thy slaves and thy raiment," whereupon the merchant, after much protest, pledged all his possessions, even unto his innermost personal raiment.
Then said he to Hansen, "I have no place to store so much gold, keep it safe for me and give me a writing which I may deliver to whomever I will," and Hansen did even so.
The next day came another merchant, and another and still another, and to each Hansen shewed the great store of gold of Oomah the Third, and to each he pretended to loan a portion, although he had previously loaned it all to the first one who came.
Hansen reflected much upon this curious state of affairs, and said to himself, "Thes birds know not how much gold I possess. They do not want the actual gold itself; what they really want is credit, some deposit writing which they may pass from hand to hand as money. I have one grand idea."
And it came to pass at the end of another 10 days, Hansen had pretended to loan to many more merchants and had given writings of deposit for a second thousand shekels, making 2,000 shekels in all, although he had only 1,000 shekels, and still had all the gold.
Thereupon Hansen caused it to be noised about that he possessed a vast store of gold for hire, and many merchants came to borrow, and to each Hansen delivered writings of deposit and collected generous usury and demanded pledges from each of all his possessions even unto his innermost personal raiment, until he held mortgages on substantially the whole city.
Then went Hansen to the wise man of the city and said unto him. "Verily I have discovered the greatest racket of all time. I have learned the magic of making gold out of baloney, and if I can keep my formula secret for a few years, I will collect a fortune that will make Solomon's treasure look like a second-hand clothing store. Tell me how I may keep secret this bonanza for mine own profit."
Then said the wise man,"Look wise and say little and only upon little known matters afar off. Obtain the ear of the town crier. Engage him to spread the impression that money is a mysterious subject which no one understands save thee alone. Be friendly with the king's councilors and grant their favors that the king may smile upon thee."
And Hansen did as he was bid and collected much usury from his phony loan deposits and built for himself a mansion and collected works of art, and clothed his wives and concubines with fine linen and jewels, and when his business had grown to many times its humble beginnings, he took over the entire temple and by way of a sly joke called it the First National Bank, the same being from an obscure language meaning "Place of Imaginary Money."
And this is the reason all banks have great marble pillars and bronze doors, so that they may resemble outside as well as internally the "Place of Imaginary Money" which Hansen L. Roschab build-ed upon the gold of Oomah the Third in the Temple of the Thirteen Suns.
-Robert Hemphill
So, Ladies and Gentlemen, Boys and Girls, that is the story of our money, as told by Mr. Robert Hemphill, who was for 8 years; credit manager of the Federal Reserve Bank of Atlanta.
This is also the reason that we need to "AUDIT THE FED", so that we can "END THE FED."
THE REVOLUTION CONTINUES!
Categories: Finance, Federal Legislation, History, Revolution, Economy, Monetary Policy
Tags: Federal Reserve
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