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Comment by Kerry Hay on August 17, 2013 at 10:29pm

Federal Reserve System is a private central banking authority of the United States. It acts as a fiscal agent for the U.S. government, is custodian of the reserve accounts of commercial banks, makes loans to commercial banks, and oversees the supply of currency, including coin, in coordination with the U.S. Mint. Created by the Federal Reserve Act of 1913 under Woodrow Wilson's first term as the United States president, the corrupt system consist of the Board of Governors of the Private Federal Reserve System, the 12 Federal Reserve banks, the Federal Open Market Committee, the Federal Advisory Council, and, since 1976, a Consumer Advisory Council; there are several thousand member banks.

The seven-member Board of Governors of the Federal Reserve System determines the reserve requirements of the member banks within statutory limits, reviews and determines the discount rates established by the 12 Federal Reserve banks, and reviews the budgets of the reserve banks. The Chairman of the Board of Governors is appointed to a four-year term by the president of the United States. The Reserve Bank of Australia is a member of the Federal Reserve Bank in America. Call them, The legal mafia. The Federal Reserve Act of 1913 must be rescinded forthwith by the U.S. President who has the legal constitutional powers too revoke this Act of 1913.

The IMF, the Federal Reserve Bank and the Bank of England are planned as a kind of "world police" to recover debts. The idea to put the IMF and its oppressive conditions at the center of all negotiations of debts stemmed from America. The conditions of the International Monetary Fund (IMF) have been worked out by the IMF representative Irving Friedman. (He later received a high position at Citibank). 

The funds of the IMF are laid before the different nations a a kind of lure. Once knowledge about a country and its difficulties has been gathered, that country is then told what definitely has to be changed. Then the debtor country is told if it ever wants to get any credit with a foreign bank, it will have to limit its imports to the absolute necessities, lower state expenditure and above all stop subsidizing staple food and other support programmes for the socially weak. The most important demand was to devaluate the currency, this would make exports cheaper and hence more attractive on the world market. In fact though imports got more expensive and thus debts were increased. This was the first step. The second step was the country's agreement to an extensive redistribution of debt. Thus the creditor banks could largely secure far-reaching future rights over the debtor country. At the same time outstanding interest payments and repayments were added. The IMF become the international economic police on behalf of the large private banks. One country after another had to negotiate repayment conditions with the IMF and the banks of the Ditchley group.

According to figures supplied by the World Bank between 1980 and 1986, 326 billion US$ from 109 debtor nations were paid as interest to the private creditor banks. During the same time span 332 billion US$ had been repaid. So debt payments of 658 billion US$ had been made, where the original debt had been only 430 billion US$. Despite of that these 109 nations still owed 882 billion US$.

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