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*1,**0,**0 Americans became age *5 in ***1. That has added $**0 billion dollars to the annual budget of the United States not including the cost of Medicare and Medicaid benefits, which young American will have to pay for. It took **8 years for the U.S. Government to borrow the first trillion dollars. Then, in just another *2 years, mostly under the Reagan ministration, it borrowed another three trillion. By the first year of the George W. Bush Administration, even before the terrorist attack on September *1, the federal debt had risen to over $5.8 trillion. By ***0 it had risen to $**2 trillion, when all liabilities are included. It is difficult to comprehend such numbers. If you had a stack of $**0 bills *0 inches high, you would be a millionaire. $**2 trillion would rise over **7 thousand miles into space. By the time you read this, after the expenditures of subsequent administrations that stack has reached the moon. By ***6, gross interest payments on the national debt were running $**6 billion per year. That consumed *7% of all federal revenue. It now represents the governments largest single expense; greater than defense; larger than the combined cost of the departments of Agriculture, Education, Energy, Housing, and Urban Development, Interior, Justice, Labor, State, Transportation and Veteran’ affairs These charges are not paid by the government; they are paid by you. You provide the money through taxes and inflation. The cost currently is about $5,**0 for each family of four. All families pay through inflation but not all pay taxes. The cost of each taxpaying family therefore is higher. On average over $5,**0 is extracted from your family each year, not to provide government services or even to pay off previous debt. Nothing is produced by it, not even roads or government buildings. No welfare or medical benefits come out of it. No salaries are paid by it. The nation’s standard of living is not raised by it. It does nothing but pay interest. Furthermore the interest is compounded, which means, even if the government were to completely halt its deficit spending, the total debt would continue to grow as a result of interest on that portion which already exists. In ***6 interest on the national debt was already consuming *9% of all the revenue collected by personal income taxes. Amazing, isn’t it? Without interest on the national debt we could save enough to cut our personal income taxes by a third and we could reduce corporate taxes as well. Unfortunately, under present policies and programs, that is not going to happen, because Congress does not live within its income. Many expenses are paid, not from taxes, but from selling government bonds and going deeper into debt each year. So, even if we could save enough to slash personal income taxes, it would not be enough. The government would still go into the red to keep its present life style. However if a reduction in the size and scope of the bureaucracy were accomplished at the same time, personal and corporate income taxes could be eliminated and the government would have an annual surplus. By ***8, outlays of the federal government were one-fourth of the nation’s economy. More people now work for government than for all manufacturing companies in the private sector. There are more bank regulators than bankers, more farm-bureau workers than farmers, more welfare administrators than recipients. More citizens receive government checks than those who pay income taxes. By ***0 the average federal worker was earning *0% more than the average worker in the private sector. By ***2 more than half of all federal outlays went for entitlements Normally with contracts for future obligations like private insurance company pension plans, annuities, life insurance, the issuer is required by law to accumulate money into a fund to make sure that there will be enough available to make the payments when future payments become due. The federal government does not does not abide by those laws. The funds exist on paper only. The money that comes in for future obligations is immediately spent and replaced by government IOU. So as those future payments become due, all the money must come from revenue being collected at that time. (**0 additional pages and **0 items of bibliography available about oil prices, hyper inflation, Economic meltdown of ***1, collapse of banking industry, oil prices denominated in other than dollars, new gold backed currencies (not the dollar) of two other nations , gold prices to $5,**0. 1/6th of 1% of the American public now earns more than *0% of the total income of the nations. One in every ***0 people earns as much as the remaining ***9 earn. Only corruption can accomplish that. It has nothing to do with capitalism or democracy, which we do not have. Our Government is a republic. The one’s the people elect to make the laws make the laws. The people do not. The ones the people elected, represent the ones that paid the campaign funds for their election costs. Those who pay the election costs pay them for both parties.

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THE UNDERGROUND ECONOMY IS THE ENTIRE ECONOMY WHAT CREATURE IS THIS What is the Federal Reserve System? The answer may surprise you It is not federal and there are no reserves. Furthermore the Federal Reserve Banks are not even banks. The key to this riddle is to be found, not at the beginning of the story, but in the middle. Since this is not a textbook, we are not confined to a chronological structure. The subject matter is not a curriculum to be mastered, but a Mystery to be solved. So let us start where the action is. THE JOURNEY TO JEKYLL ISLAND page 3 The secret meeting on Jekyll Island in Georgia at which the Federal Reserve was conceived; the birth of a banking cartel to protect its members from competition; the strategy of how to convince Congress and the public that this cartel was an agency of the United States government