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I recently had a conversation with a libertarian who disagreed with my stance on the Federal Reserve. They wanted to abolish it, while I advocated for an audit first. I believe an audit, similar to the one conducted on USAID, would reveal issues and garner public support for necessary changes. The current level of interest in this topic is surprising and encouraging. The public's growing awareness of sound money principles is promising. There are many naysayers, but the increased interest is positive. People are discovering concerning information within government agencies like the Treasury and USAID, and rather than addressing these issues, many are choosing to ignore them. Elon Musk's public support for auditing, and even my leadership of an audit team, highlights the growing momentum behind this movement. The Constitution clearly states that states should use only gold and silver as legal tender, but the federal government prevents this. To promote sound money, competing currencies, limited only by laws against fraud and deceit, should be allowed.

Politicians need to understand that high inflation is caused by the federal government, not the private sector. Wealthy individuals often lack insight into the struggles of everyday people. Many are suffering, and it's crucial to listen to their concerns. Engaging in endless wars is not sustainable, and there should be a focus on peace. The divisive rhetoric from leaders only exacerbates the anger in the country. Instead of labeling half the population negatively, we should promote unity and the American dream. Politicians must learn economics to grasp the true causes of inflation, which stem from government actions, not private enterprise.

Here's what's happening in America: we're drowning in debt because of a debt-based banking system controlled by private bankers. The Federal Reserve, deceptively named, is a private entity manipulating our money for profit, not public interest. Since 1913, Congress has granted it a monopoly over our currency, leading to economic instability. The solution? Education and action. We must reclaim the power to issue our money, as figures like Franklin and Lincoln once did. This isn't radical; it's restoring the issuing power to the people. Reform involves paying off the debt with debt-free U.S. notes, abolishing fractional reserve banking, and repealing the Federal Reserve Act, returning monetary power to the Treasury.

This hearing of the Oversight Subcommittee on Doge will focus on bringing full transparency to waste, fraud, and abuse within the federal government. Our national debt is $36 trillion, and the compounding interest is growing out of control, projected to exceed our entire military budget. These interest payments don't serve Americans; they enslave us to those who own our debt, driving inflation and crippling small businesses. This debt results from Congress and elected administrations, betraying the American people. Unlike private businesses that depend on customer service and smart financial management, the federal government takes our tax dollars regardless of its performance. We must tackle this problem together, setting aside political theater. This subcommittee will fight the war on waste with President Trump, Elon Musk, and the Doge team, starting with improper payments in Medicaid and Medicare. The American people are watching.

This hearing aims to bring transparency to waste, fraud, and abuse within the federal government. Our national debt is $36 trillion, and the compounding interest is growing out of control. Interest payments will exceed our entire military budget. This debt enslaves Americans and drives inflation. It stems from Congress and elected administrations, betraying the American people. Doge, the Department of Government Efficiency, arose from this betrayal. Unlike private businesses, the federal government doesn't rely on customer service to earn income; it takes your money regardless. There are no consequences for failure or for the ever-growing national debt. We must tackle this issue together, setting aside political differences to save our nation. We will fight waste alongside President Trump, Elon Musk, and the Doge team, focusing on improper payments in programs like Medicaid and Medicare.

The US financial situation has some symptoms that are difficult to diagnose. Many believe the problem is high taxes, and while US taxes are indeed very high, that's not the core issue. The real problem is that even with high taxes, they aren't truly funding the government. Instead, the government is financed by treasury bonds, largely bought by the Federal Reserve. The Fed buys these by printing money, backed by the treasury bonds themselves. Essentially, the government is financed by printing money out of thin air. One might ask, if the government can print unlimited money, why collect taxes at all? The shocking answer is that high taxes exist to maintain the illusion that you are funding the government, which you are actually not.

To address inflation, we need to tackle massive deficit spending and government waste. If the economy grows faster than the money supply, meaning we stop government overspending and the output of useful goods and services exceeds the increase in money, we can eliminate inflation. High interest payments are due to the increasing national debt, with the government competing with private citizens to sell debt, driving up interest rates. Cutting back on the deficit leads to the elimination of inflation and lower interest rates. This would reduce mortgage, credit card, car, and student loan payments, making life more affordable and improving the overall standard of living for people.

The speaker believes the Federal Reserve should be abolished for 7 reasons: it fails to achieve its goals, acts against the public, promotes usury, imposes unfair taxes, fuels war, disrupts the economy, and supports totalitarianism.

The speaker discusses the national debt and how it has grown over the years. They question who the debt is owed to and how it is being paid back. They explain how the Federal Reserve controls the money supply and manipulates the economy. The speaker also highlights the impact of debt on individuals and the economy. They urge listeners to be aware of the system and make changes in their own lives to avoid falling into debt.

The Federal Reserve has significant power over the economy, but lacks scrutiny. During the pandemic, it printed money, bought government-backed securities, and provided large sums of money to favored industries, resulting in a $5 trillion increase in its balance sheet. A limited audit revealed that during the financial crisis, the Fed gave over $16 trillion to domestic and foreign banks. These actions, aimed at making the rich wealthier, have led to high inflation, which burdens American families. To address this, an amendment is proposed to require a full audit of the Fed within a year, promoting transparency and accountability to taxpayers. A yes vote is requested.

The speaker discusses the national debt and how it has grown over the years. They question who the debt is owed to and how it is being paid back. They explain how the Federal Reserve controls the money supply and manipulates the economy. The speaker also highlights the impact of debt on individuals and society, urging listeners to break free from the cycle of debt. They emphasize the need to be aware of the system and make conscious financial decisions.

I wear a debt badge synced to the treasury to highlight the urgency of our national debt. It's hard to grasp trillions, but seeing the numbers climb rapidly makes it real. We're essentially launching cyber trucks of debt into the ocean every second. Lawmakers are apathetic, but we can't keep ignoring it. We're taxing the world by printing money as the reserve currency, but that won't last. We're weaponizing the dollar with sanctions and seizing assets, discouraging other countries from using or buying our debt. Some colleagues understand the problem, but vote for it anyway because it's popular. Our military-industrial complex drives endless spending, creating ill will and creating enemies. I try to make people realize there are consequences to their actions on the floor of the House, but I still am against sending our money overseas for these purposes.

The speaker explains that the Federal Reserve is a private bank owned by private stockholders, not the government. They discuss how the Fed loans money to banks and the government, which must be paid back with interest. The speaker questions where the Fed gets its money and reveals that it is printed by the United States Mint. They argue that the Fed's control over printing money is unconstitutional and leads to the devaluation of the dollar. The speaker also mentions a secret meeting in 1910 where the plan for the Federal Reserve was devised. They criticize the creation of the IRS and how taxes are used to pay back the Fed's debts.

To address inflation, the first step is to stop overspending. High taxes, deficits, and interest rates are symptoms of this issue. Governments typically finance overspending by raising taxes, borrowing, or printing money. Printing money leads to inflation, diminishing purchasing power and benefiting the wealthy while harming the working class. In the past three years, the government has created approximately $700 billion, increasing the money supply significantly while the economy grew only 4%. This imbalance drives inflation. To combat this, we need a dollar-for-dollar law that mandates finding savings for every new dollar spent. This approach will help eliminate waste, control spending, and ultimately reduce inflation.

Fed Chair Powell stated he wouldn't resign if asked by President Trump, citing legal protections. However, the real issue is the existence of the Federal Reserve, which many believe operates outside constitutional authority. The Fed prioritizes its own survival and that of major banks, undermining a genuinely free society. For true economic freedom, sound money is essential. Education is key to helping the public understand these issues, as seen with other political matters. If the central bank continues to create money at will, currency value will decline, leading to rising prices. The founders understood that true wealth comes from productivity, not money creation. Emphasizing freedom can maximize productivity and prosperity.

I'm wearing this debt badge that syncs to the treasury, showing the debt to the penny and how fast it's growing. It's a hundred thousand dollars a second, like launching cyber trucks into the ocean continuously. Lawmakers are apathetic, but I'm trying to make them realize the consequences. We're able to finance this because we're the world's reserve currency, effectively taxing the world through inflation. But this won't last. Ironically, sanctions are pushing countries away from using the dollar. Seizing other countries' assets is immoral and shortsighted, discouraging them from buying our debt. Some colleagues understand this, but vote for things anyway because it's popular. I keep dissenting, voting against foreign aid and proxy wars. It's not about right versus left, but honesty versus falsehood.

The US national debt has surpassed $33 trillion, with about a third of that added in the last five years. The speaker questions who the nation owes this debt to and highlights the power of bankers, particularly in the Federal Reserve System, who create trillions of dollars without producing anything of value. They quote Thomas Jefferson's warning about the dangers of private banks controlling the money supply. The speaker also points out that money, whether it's a $1 bill or a $20 bill, is just paper with no inherent value. Another speaker mentions the potential value of Bitcoin as the US dollar loses value, suggesting that micro Bitcoins or satoshis could become a common form of untraceable transactions.

We're kicking off the Oversight Subcommittee on Doge to tackle government waste, fraud, and abuse. Our national debt is $36 trillion, a staggering amount that's growing out of control due to compounding interest. By 2025, interest payments could exceed our entire military budget, reaching $1.8 trillion by 2035. This debt, a betrayal by elected officials, is enslaving Americans and fueling inflation. Unlike private businesses, the federal government faces no consequences for failure, taking our tax dollars regardless of performance. Congress's low approval reflects public disgust, and we must act. This subcommittee, comprised of both Republicans and Democrats, will work with President Trump, Elon Musk, and the Doge team to combat waste. This week, we're focusing on improper payments in Medicaid and Medicare, seeking solutions to this crisis.

High taxes in the U.S. are often blamed for financial issues, but the real problem lies in how the government is funded. While taxes are high, they don't truly finance the government. Instead, the government relies on treasury bonds, primarily purchased by the Federal Reserve, which prints money to buy them. This creates an illusion of funding through taxes, but in reality, the government is financed by money printed out of thin air. If people understood this, confidence in the dollar could collapse, leading to severe consequences for Western civilization. Urgent policy changes are needed to prevent a financial crisis similar to past mistakes. There’s still time to act before the situation worsens.

The speaker argues that Jerome Powell is keeping interest rates too high despite inflation being under control, potentially due to personal feelings about the president. Inflation is near a four-year low after five consecutive better-than-expected readings, yet interest rates remain near twenty-year highs, with mortgage rates near 7% and credit card rates above 20%. The proposed solution is for the Federal Reserve to livestream its meetings, similar to the SEC, FTC, and FCC, to provide public scrutiny of their deliberations. The speaker believes the public deserves to know what this "secret group of bankers" is doing, as they are setting the cost of money.

Jerome Powell, the Fed chair, criticized federal spending, stating that the current path is unsustainable. This is significant because Powell has been supportive of Congress's spending habits. The US is facing massive deficits and increasing debt, which is draining the economy and posing a threat to the financial system. The Fed's role is not to manage the economy but to print money and deliver it to Wall Street and Congress through cheap debt. Powell's criticism is noteworthy as it shows concern about excessive printing. However, Congress continues its spending spree without any checks or balances. The media fails to address this issue, leaving most Americans unaware of the impending crisis.

The Federal Reserve's actions are worrisome. They've lost trillions by borrowing money at high rates (5.4% from banks, 5.3% from funds like Fidelity and Vanguard) to buy government bonds. This artificially inflates the government's perceived financial health, encouraging excessive borrowing when rates were low. This process diverts capital from the private sector, hindering business growth and job creation. Instead of the Fed holding massive balances, that money should be used by businesses for expansion and innovation. The Fed's actions are mirrored by other major central banks globally, exacerbating the problem. It's not money printing; it's expensive borrowing that harms the economy. Freeing up these funds would allow banks to lend to small businesses and stimulate economic growth.

Speaker: The Federal Reserve is set to pay $1,100,000,000,000 to major banks, effectively paying them interest on the money that's already in their vaults. A new bill would end it. Last week, Texas Republican senator Ted Cruz introduced a bill to end the Fed's so called interest on reserves program, where the Fed pays interest on the dollars banks are required to deposit with the Fed. So what happens is the Fed prints money to finance federal deficits and artificially boost the economy, both of which generate fat profits on Wall Street. It does this by pushing interest rates below market and with something called quantitative easing where it literally makes up imaginary money, uses it to buy stuff, putting the money into circulation. But the Fed knows that all that money creation also creates inflation. So it turns around and pays those same banks to park some of the new money at the Fed. So it's a giant self licking ice cream cone that siphons nearly $200,000,000,000 a year from everybody who holds dollars. Now up till the two thousand eight crisis, banks did not earn any interest on their reserves. After all, reserves are supposed to be like money in the vault backing deposits. Bankers already had the exorbitant privilege of only needing to keep 10¢ on the dollar in the vault as reserves, with the Fed and Treasury standing ready to bail out the other 90¢ at taxpayer cost. But all that changed in 2008 when banks proved so reckless that they threatened to topple our entire financial system, at which point they were punished by getting interest on their reserves. The scam exploded during COVID. So in 2019, banks were parking about $2,000,000,000,000 at the Fed paying just 0.1% interest. So the Fed was paying banks $2,000,000,000 a year. Five years later, that has grown to 3 and a half trillion paying four and a half percent interest. So that's $187,000,000,000 per year. In fact, these interest payments now make up most of the profits of the entire American banking system. 187,000,000,000 interest versus 270,000,000,000 of bank profits. So 70¢ on the banker dollar siphoned directly out of your life savings with a fat slab going to foreign banks. It is a big club and you ain't in it. Now the Fed claims it needs to pay interest in order to soak up all the dollars the Fed printed. Of course, they don't phrase it that way. Remember, the Fed pretends money printing has nothing to do with inflation. In their world, inflation falls out of the sky caused by greedy workers, greedy supply chains, animal spirits, boats stuck in the Suez, with the Fed heroically jumping in to pay bankers strip club tabs to keep the republic from collapsing. As James Grant put it, the arsonist pretending to be firemen. Sussex brought to you by onchain.com. Ted Cruz's bill probably won't pass since bankers know how campaign donations work. But what if congress stopped paying bankers strip club tabs? In short, roughly a trillion dollars would flow out of reserves and into lending to business and customers. This would lower the interest rate on loans, mortgages, even government debt, and a good chunk would go to creating job. Now I could nudge inflation since the frozen reserves were hiding part of Biden inflation, but then in recent videos, I've mentioned inflation is currently way below the Fed's target, while job growth could certainly use that money better than using it to siphon profits to bankers. Of course, with 70% of Wall Street profits in play, bank lobbyists will be burning up the steak dinners and campaign donations to keep it going. Okay. We'll be watching. See you next time.

The modern banking system creates currency faster than nature. Politicians create deficit spending, which is paid for by Treasury bonds (IOUs). Banks buy these bonds and sell them to the Federal Reserve at a profit. The Federal Reserve creates currency by writing checks on accounts with zero balance, giving the currency to banks, who then buy more bonds. The Treasury deposits this currency, and the government spends it. When currency is deposited in banks, it is loaned out through fractional reserve lending, expanding the currency supply. 92-96% of all currency is created by the banking system, leading to inflation. Taxes are used to pay interest on bonds the Federal Reserve bought with essentially nothing. The system requires ever-increasing debt and will eventually collapse. The Federal Reserve is a private corporation owned by banks, who profit through interest and dividends. The system funnels wealth to the government and banking sector, causing economic booms and busts and wealth disparity. The solution is to understand the system, share the knowledge, and join the conversation to design a new monetary system.