“By far the most secret and least accountable operation of the federal government is not, as one might expect the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities.
The Federal Reserve, however, is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s monetary system, is accountable to nobody.”
Murray N. Rothbard, The Case Against the Fed.
The Federal Reserve is a private entity with the power vested to it by the federal government. Every dollar the Fed created is owed back to that very bank, with interest. The Federal Reserve, not the US government, creates all currency and lends it to the US, WITH INTEREST.
If we pay back all the currency that was borrowed into existence, but we still owe interest, where does the currency to pay this interest come from?
We must borrow that into existence. Thus, it is mathematically impossible to ever pay back the debt created by the Federal Reserve.
“When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money”.
Federal Reserve publication, 1977, called “Putting it Simply”.