Fiscal Cliff Will Benefit Banks

I could not believe my ears. On the five-o’clock national news, I heard some congresswoman exclaim that in order to solve the “fiscal cliff” fiasco, income taxes must be raised! Since then I have heard numerous politicians and pundits parrot the same line. Gee, I wonder who might benefit from doing this?

According to J. Peter Grace’s “Grace Commission Report” — completed in 1984 during President Reagan’s term of office — virtually all income taxes collected actually go to the Federal Reserve Bank, that is, to the cartel of private banking families that own the International Monetary Fund to pay interest on the U.S. debt.

Mr. Grace stated in his cover letter to the report that “…all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.” And I thought my taxes went to build roads and schools!

My question is, how much more of the people’s money and property must be handed over to the bankers before the masses finally wake up? It is time for Congress to come clean regarding the non-federal Federal Reserve Bank. It is time for congress to take back — from the bankers — its constitutionally mandated duty to print, coin and control our currency.

It is time for congress to start prosecuting the toobig-to-fail bankers for the recent worldwide financial meltdown they have caused. During the 1980s savings and loan scandal, over 1,800 bankers went to jail.

It is time that the bankers are whittled back down to their job of handling local folks’ savings and checking accounts, and making local loans and mortgages, and actually servicing them.

Until then we, and the rest of the world that is under the control of the IMF, will continue to suffer endless devaluation of our currency, and cycles of austerity and depression due to the use of non-redeemable “fiat,” debt based money. The last time I checked, a “note” —as in a Federal Reserve note — is “evidence of a debt.” ROBERT CARMAN Santa Cruz