TRUTH about the Federal Reserve exposed - Forgotten History

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[Music] "These rules raise the bar high in order to assure the public that we serve that all of our senior officials maintain a single-minded focus on the public mission of the Federal Reserve," stated by Federal Reserve Chair Powell. This statement falls flat with the recent history of the Federal Reserve as we shall see. When people hear the term "the Fed" in the news many are not aware of what it exactly is how it works why it exists or even when it was created. According to the Fed website quote "The Board of Governors and its employees are subject to the same ethics rules as other executive branch employees of the federal government, in addition to certain Federal Reserve specific rules. The Board also requires each Federal Reserve Bank to have a Code of Conduct that establishes similar ethics rules, thus ensuring that employees throughout the Federal Reserve System are held to the highest ethical standards." Well we’ll examine this hypocrisy. There are 12 Federal Reserve Banks in the United States located in Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas and San Francisco. When was the Federal Reserve created and why? What function does it really serve? Is it really needed? Does it do more harm than good? Hello I’m Colin Heaton former history Professor Army and Marine Corps veteran and welcome to this episode of Forgotten History. The Federal Reserve System is the Central Bank of the United States. It was created on December 23rd 1913 by President Woodrow Wilson along with the creation of the Internal Revenue Service as part of the Federal Reserve Act. This was meant to control the national monetary system under a single government administered financial umbrella to avoid any future financial crises. Due to the Great Depression in the 1930s and the Great Recession during the 2000s especially after 2008 when the roles and responsibilities of the Federal Reserve System were greatly expanded. The Federal Reserve Act created by Congress has several responsibilities such as "maximizing employment stabilizing prices and moderating long-term interest rates." The Fed’s responsibilities have expanded over the years to include "supervising and regulating banks maintaining the stability of the financial system and providing financial services to depository institutions the US government and foreign official institutions." The Fed is supposed to be an independently functioning body separate in distinct from government politics but this is apparently not the case as the president of the United States appoints the seven members to the Board of Governors which is also called the Federal Reserve Board. "The Board also issues regulation to carry out major federal laws governing consumer credit protection such as the Truth in Lending Equal Credit Opportunity and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to Banks." They have oversight of the 12 regional Federal Reserve Banks and also regulate and oversee privately owned commercial banks. One privilege that they have is that nationally chartered commercial banks "are required to hold stock in and select some board members of the Federal Reserve Bank and their region." According to their charter the Fed "promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the US and abroad… it promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; fosters payment and settlement system safety and efficiency through services to the banking industry and the US government that facilitate US dollar transactions and payments and promotes consumer protection and community development through consumer focused supervision and examination research and analysis of emerging consumer issues and trends community economic development activities and the administration of consumer laws and regulations." The FED is very influential in the United States Department of the Treasury determining how much national currency is printed every year taking into account inflation recession national and global circulation of the US dollar as well as foreign exchange rates. In 2020 the Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note to the Federal Reserve. This all sounds well and good but the FED has almost no oversight. It does occasionally update members of Congress on all these facets to include the House and Senate committees. But this is where the Fed has been accused of a lack of transparency not to mention Congress by allowing members of Congress access to vital Information allowing them to make stock market investments before that information is available to the general public. House Speaker Nancy Pelosi and her husband Paul as well as the late Senator Diane Feinstein are just two examples of how members of Congress became multi-millionaires sitting on House and Senate committees receiving insider trading information. Those stock trades by the way are not required to be reported to the public. This would explain why so many elected members of Congress become multi-millionaires while in office. The longer they serve the richer they get far beyond their federal salaries which is insider trading. Any other citizen would be indicted by the Securities Exchange Commission but not these people. Although a part of the US Government the Federal Reserve is considered "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress and the terms of the members of the Board of Governors span multiple presidential and congressional terms," although a president can replace the Fed chair requiring Senate confirmation for a replacement along with members hence the symbiotic relationship between the Fed and the chief executive. The Federal Open Market Committee establishes the natural monetary policy "by adjusting the target for the federal funds rate." This has a great influence on national market interest rates "and in turn US economic activity via the monetary transmission system." The Federal Reserve is the "lender of last resort" to banks that find themselves in trouble such as overextending their Investments using depositors money or when banks cannot obtain lines of credit from other banks to cover their over extended posture especially when depositors go to withdraw their money in mass and it is not available which is also called a bank run. The Fed makes these loans to banks "as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates." That sounds really nice doesn’t it? Basically it is a taxpayer bailout of a failed lending and banking institution should the FED have to get involved. On September 16th 2008 the Federal Reserve Board "authorized an $85 billion loan to stave off the bankruptcy of international insurance giant American International Group AIG." Of Interest many banks and savings and loans were bailed out which were called "too big to fail" institutions. Oh and by the way the money was never paid back. The problem was that the CEOs and chief officers of these failed financial institutions were still paid their multi-million dollar salaries and given golden financial parachutes of such magnitude their feet would never touch the ground courtesy of the US taxpayers. They were never held accountable. Examples are Joseph Cassano who was dubbed the "man who crashed the world" and was head of AIG Financial Products which was ground zero for the creation of the credit default swaps and related financial products that fanned the flames of the Great Recession. Cassano still received $34 million in bonus payouts after the Fed stepped in with taxpayer money to cover the losses. However 116,000 employees lost their jobs and the ripple effect hit 130 countries around the world and no employee was compensated for their job loss. Richard Fuld ran Lehman Brothers when it totally went bankrupt and he walked away with an estimated $34.38 million but 25,000 employees still lost their jobs without compensation after the bankruptcy. Vikram Pandit the CEO of Citi Group who succeeded Charles Prince III who himself resigned as CEO in late 2007 and received a $10.4 million bonus when he saw what was coming around the corner. He wanted to get out of Dodge, so Pandit took over over the failed organization and drove it even deeper in the ground but he received an estimated $165 million when Citi bought a company he was involved in and he walked away with $10.8 million in 2008 even after Citi Group lost nearly $20 billion in 2008. 50,000 employees lost their jobs and they did not receive any compensation. This was only possible because "the US Treasury keeps a checking account with the Federal Reserve through which incoming federal tax deposits and outgoing government payments are handled allowing the Fed to sell and redeem government securities such as savings bonds and Treasury bills. One glaring failure of the Federal Reserve and their complicity with members of Congress was the financial collapse of the banking and lending institutions in 2008. The regulatory and oversight responsibilities which are often selectively observed were not observed at all in this case. The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member bank is performing or behaving poorly it is supposed to report this to the Board of Governors. This policy is described in law citing US Code Title 12 Chapter 3 Sub Chapter 7 Section 301 and I quote, "Each Federal Reserve Bank shall keep itself informed of the general character and amount of the loans and Investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities real estate or commodities or for any other purpose inconsistent with the maintenance of sound credit conditions and in determining whether to grant or refuse advances re-discounts or other credit accommodations the Federal Reserve Bank shall give consideration to such information." Continuing on, "The chairman of the Federal Reserve Bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank together with this recommendation. Whenever in the judgment of the Board of Governors of the Federal Reserve System any member bank is making such undue use of bank credit the Board may in its discretion after reasonable notice and an opportunity for a hearing suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time." These procedures were not followed from the 1990s through the early 2000s which led to the economic collapse of 2008. Due to the lack of transparency and due diligence by the Fed and through the criminal actions of Congress especially people like representative Barney Frank Democrat from Massachusetts then the chairman of the House Financial Services Committee and Lehman Brothers bank withheld oversight of the Fanny May and Freddy Mac home lending programs which created a disaster. With little oversight by external authorities subprime mortgages were given to unqualified borrowers and the lenders then sold those loans to third parties. As the house of cards was collapsing and the banks were in a panic Barney Frank and his associates openly claimed on national television and to their own members of Congress that "the market was solid, there is nothing to worry about," while at the same time they sold their stocks and all those investments making a profit while seeing the collapse coming. That would be called insider trading. None of the chief officers of the banks and lending institutions were held accountable and neither was Barney Frank and his co-conspirators but the taxpayer paid the bill at gunpoint. Everyone else made a lot of money while many people lost their homes jobs and Investments without any government bailout. During an interview with Sam Dealy, Frank acknowledged that he "dismissed ample warnings about Fanny and Freddy shenanigans five years ago." But In fairness "Congressional Republicans neglected to do their duty as well. Just as with Social Security and other entitlements Congress as a whole consistently fails to avert obvious crises." The panic driven remedy was The Dodd-Frank Wall Street Reform and Consumer Protection Act which became law in 2010 which restricted trade and derivatives prohibited interest only loans and limited the size of balloon payments among other measures. It also called for breaking up banks if they were deemed too big to fail. This was an ex post facto response to a debacle Frank helped create but it ended his political career. He should have gone to prison. Frank another career politician a parasite decided to retire in 2013 because he knew that he could not survive a contested campaign especially when many of his constituents were jobless and homeless. So getting right down to the nuts and bolts of this program the Federal Reserve has been failing as an economic safety net for the American citizen since his creation although others who support the existence of the Fed can point out to a few successes. In the last few years the government has been printing money to cover the national deficit creating the worst inflation in our history. It is the opinion of many including your humble narrator that the Federal Reserve should be completely overhauled if not totally dismantled along with a repeal of the 16th Amendment so that we can abolish the IRS and return tax collecting to the states under the 10th Amendment. The Fed and IRS are the two arms of government that have almost unbridled power with almost no oversight or control over their actions. These must be addressed as the general public always pays the price for government and corporate failure. Thank you for watching this episode of Forgotten History. If you liked what you saw please click like share and subscribe and if you would like to assist with the ever increasing cost of production please consider becoming a channel member and joining our Patreon page. Please check out our merchandise store and thanks for watching. [Music]

Truly Right View: Advocating for Free Speech in the Age of Political Censorship

Introduction: What is Free Speech Today?

In a world where political discourse is dominated by big tech, cable news, and social media influencers, free speech is constantly under threat. From censorship of conservative viewpoints to the silencing of dissent on controversial issues, we are witnessing an alarming trend of restrictions on the most fundamental rights of any citizen in our Constitutional Republic: the right to speak freely.

But what does free speech truly mean in today’s context? Are we protecting it, or are we allowing authoritarian ideologies like socialism, communism, fascism, and dictatorships to erode it?

The Constitutional Perspective: Why Free Speech is Non-Negotiable

The First Amendment of the United States Constitution is crystal clear: “Congress shall make no law… abridging the freedom of speech.” The Founding Fathers understood the importance of free speech in preserving a free society. Without it, the ability to challenge government, expose corruption, and advocate for truth would be crushed.

Yet today, under the guise of protecting people from “misinformation” and “hate speech,” powerful institutions are curbing our ability to express ideas that do not conform to their narratives.

Do we not see this as a slippery slope toward authoritarianism?

Shouldn’t we, as citizens, be the ones who decide what we can or cannot hear, not a centralized body or corporation?

Social Media and Cable News: Platforms or Gatekeepers?

Social media was once hailed as the bastion of free speech. It allowed ordinary individuals to share their thoughts, advocate for causes, and hold the powerful accountable. However, over the years, major platforms like Twitter (now X), Facebook, and YouTube have become gatekeepers rather than facilitators of free expression.

Algorithms favor certain ideologies, while alternative viewpoints—especially those with a more conservative or constitutional slant—are shadow-banned, demonetized, or outright censored.

Does this not resemble the tactics of monarchies, communistic or fascist regimes that control what their citizens can see and hear?

Shouldn’t a true democracy allow the free flow of ideas, even if those ideas challenge the status quo?

Social Media Influencers: Fighters for Freedom or Puppets of Censorship?

Many social media influencers, especially those aligned with constitutional values, have become modern-day warriors for free speech. Yet, they face intense backlash, censorship, and de-platforming for voicing opinions that challenge globalist or left-leaning narratives.

How many times have we seen influential voices banned simply for questioning government policies, election results, or health mandates?

Isn’t it concerning that only a select group of elites can decide what is “acceptable” discourse?

While some influencers fall in line with these restrictive policies, others have emerged as champions for free speech, using their platforms to resist censorship and uphold constitutional rights. The question is: Will we support these voices, or will we allow them to be drowned out by corporate and governmental censorship?

The Dangers of Socialism, Communism, and Fascism: A Threat to Free Speech

At the heart of socialism, communism, and fascism lies a common tactic—control over speech. These ideologies have historically sought to suppress dissent, limit expression, and create a monolithic narrative that favors those in power.

Look no further than authoritarian regimes past and present, where dissenters are imprisoned, media is state-controlled, and free speech is criminalized. Can we really ignore the striking similarities between these oppressive ideologies and the current state of political discourse in America?

Is the suppression of speech today not a precursor to more draconian measures tomorrow?

Should we not fight to preserve the right to freely express political, social, and economic ideas?

The Truly Right View: Defending Freedom in the Digital Age

At Truly Right View, we believe in the unwavering defense of free speech as enshrined in the U.S. Constitution. We reject the encroaching influences of socialism, communism, fascism, and any form of dictatorship that seeks to undermine this fundamental right.

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Will You Speak Up or Stay Silent?

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