Idaho Liberty posting categories

window into the den of thieves published an excellent article by Loyola Economics Professor Walter Block on the Fed. In a great paragraph in the middle he says,

“I regard the Fed as a criminal organization, since it engages in (well, aids and abets) counterfeiting. The Fed is to the U.S. economy as was the old central planning apparatus of the late and non-lamented Soviet Union to the entire economy of the U.S.S.R. The Federal Reserve System has been responsible since its inception in 1913 for destroying some 97% of the value of our dollar, the life blood of our economy. This organization has exacerbated the business cycle. It has created both inflation and unemployment. These people, along with HUD, Fannie and Freddie, are responsible for the depression that currently afflicts us. (For more on this read Ron Paul’s End the Fed and Murray Rothbard’s The Mystery of Banking and What Has Government Done to Our Money and The Case for a 100 Percent Gold Dollar).”

The only statement I disagree with in an otherwise factual and excellent article, I put in bold above. I sent him an e-mail which I share with you below.


Your Lew Rockwell article (and letters therein) is excellent. I am thrilled to find an honest professor of honest economics working in the government school system. I am happier still to find him outspoken and courageous. You are no doubt influential in a very positive way.

I have one quibble and that is with the concept that The Fed made 97% of the value in the dollar disappear. The truth is far worse than that, sinister even, and much more important to understand. They stole it. They printed the money, gave it to the international bankers who own The Fed who in turn loaned it out to governments, corporations and individuals.

The bankers were given that 97% AND the near-monopoly to loan it out for interest. With this wealth, they bought the military industrial machine, the political machine, all of the major media and directed the educational system.

That anyone knows anything about them is the only surprise, though to speak of them is not without risk. Still, it is very important that people understand the money did not evaporate, who stole it and to what purpose they spent it.


Here I add further information beyond that outline I sent to Professor Walter Block.

The core of the answer is here at and in the book Of course there are many other sources and a lot more information, but these are certainly among the good ones.

I met Aaron Russo at a Libertarian Convention where my wife and I had just missed a screening of his documentary Freedom To Fascism thanks to a string of disasters in our Hilton check-in process from the disgusting bathroom to an already occupied room and finally to one we could use. He was honest, open, honorable and credible. We had no idea how influential this seemingly regular, though unusually fearless, guy was. When we later saw his movie, that chance meeting and time together in the lounge seemed a bit unreal.

The videos of Aaron are great introductions. It was where my healthy understanding began and I recommend you start with any of these here, here or here… then buy one of the Freedom To Fascism videos and you are on your way to ‘getting’ just what happened to your free country and 97% of our money.

The knowledge actually IS important. Their plans are exposed and they are not good for you. Their hoped-for results are not fated. We do have choices, but the sooner we make them the better our chances of living a life we want rather than the one they plan for us.

P.S. Walter Brock did respond, “Good Point.”