You have to understand, Schiff is a die hard hard core believer in Austrian economics. "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Who cares if it is intentional or not? It's like asking yourself ok maybe Hitler killed 5 million jews but did he really hate them? Really? The minute Schiff moves away from his ideologic roots he is just another wacko predicting the end of times.
The profits from the federal reserve gets injected to the treasury department. The fed doesn't make a profit, and you cannot say that they are completely non-government because then legally the government could not abolish it. Congress can at anytime amend or destroy the fed because they created it, also certain positions are appointed by the government etc.
The way I understand it the Fed creates money, lends it to the government and the IRS collects income tax and distributes that income tax back to the Fed as payments of interest on the funds the government borrowed. If the Fed didn't exist there would be no need for income tax. The government could collect all the funds it wants to build project X and fund social programs, such as SS and Medi, by collecting interest on the funds it lends out (creates) instead of having the IRS collect income tax to pay the Fed for the funds it lends. No US debt = No Income Tax.
This is not quite how it works. It would be way to obvious. (It's actually much worse than that). The Fed is obligated to return to the Treasury the interest "earned" on the treasury securities it holds. It's only possible to clearly grasp the Fed and it's "evil" when it is looked at in relation to the fractional reserve banking system which it "administers". The following statement is true yet diffacult to accept: Every single dollar that is created in our country is born with interest due. Whether it be created by the central bank (Fed) or any of the thousands of other banks (which are all Fed members). Dollars are born into existance, out of thin air, AS DEBT, with interest due to the banking industry. See the 'genius' of what they did in 1913? Big banks stole the power, granted to the Treasury by the consitution, to create the nations currency! Now the banking cartel creates and manages our currency, and every new dollar created is LOANED into existence OUT OF NOTHING. It's the biggest swindle imaginable. Their profits are built-in, guaranteed, an ongoing skim on every aspect of our economy. Yet, amazingly, it remains hidden from view. This is a good overview: http://thetruthhandler.blogspot.com/2007/11/video-history-of-federal-reserve-money.html
Schiff is wrong about the FED. He obviously hasn't done his homework. To make equivocations about unintended consequence and surmise they're just "stupid". Peter can see it all but they can't?? Uh, no. Thats not how it works. The Elite have gone on record and put it down in black-and-white. The point about all US money in circulation being a 100% function of debt, is true. The monetary base - all debts public and private - is somewhere around 60 Trillion. The interest on that at 2% per annum is 1.2 Trillion per year. Now consider 90 Trillion at 3, 4, or even 5% interest.......??? See where it goes? Nearly 1/4 of the nations GDP - before tax - would be devoted to pay off debt to bankers. Thats how they put the Country into receivership and take over. Each note issued represents debt pledged by the United States full faith and credit. When the Country defaults they issue a new currency (at a rate that fucks everyone), or sell-off assets. To who?! OUR CREDITORS. The Banks. Right now, the FED buys over half US Treasury floats. How much more do FED System Banks purchase through fractional reserve funny money conjured from nothing?! Then they get real cheese when we go under. As far as debt-free currency being a pox to fiscal accountability. 200% Bullshit. Don't believe the hype. Debt-free money is the best thing that could happen to this Country. Reagens' Grace Commission found 100% of all income tax goes to pay JUST THE INTEREST on the national debt. 50% of that interest was held by the FED Reserve who bought that debt WITH NOTHING. So 1/4 of everyones salary becomes a sacrificial tribute to the Bankers so they can loan 100K from 1K. No risk for them. All the blood, sweat and tears from you. Thats the system. Assuming you believe the bullshit line about Treasury destroying the interest, to begin with. What was born in inequity and thrived in sin was later sanctified because the Treasury told us so?
Schiff's father spoke out his true believes in public and ended up in jail for years. Anyway, thanks for your post very clear.
Listen, none of this stuff is fiction. The Elite have allowed their workings to be chronicled and known, many times over. Carol Quiqly put down the Rosetta Stone for the NWO-Agenda. Congressional hearings into Fed Ownership in the 70's and 80's confirmed what Quigley wrote nearly 30 years prior! Which was confirmed by what the Founders railed and FOUGHT against, nearly 200 Years before that!!! Its the same fucking scam, perpetrated by the same fucking cockroaches, dressed up in a new garb of Economic Slavery. Brainwashed Americans need to see a tin-pot king ruling over a banana republic before they even equate, Dictatorship. The Bankers coopted European Monarchies long before Central Banks were even codified. Fucking the public through debasement and bubbles has been around much longer than that.
Btw, even Ron Paul (who knows full well about the NWO) will only hint of it in public. Schiff could be ignorant, or playing dumb. The Media has got everyone on such a tight leash, psychologically, that any conspiratorial musings are absolutely ridiculed. 99% of media are now a bunch of toadying, sycophantic, cowards who have no interest in real journalism or truth,. Its all ego-mania, cult-of-personality-driven hero worship with flashing lights and slick graphics. Total, total bullshit. Ever watch 24? That show is basically written and produced by the DOD. Total Joke.