rant · moment 5 of 10
The Federal Reserve, Fiat Currency, and the Dollar Backed by the Gun
from Who's Gonna Fix Our Lives · #16
Audio-only archive episode — no video to seek.
9 minPrompted by the election and polling discussion, Tim and Ray dive into the history of the Federal Reserve, the 1907 panic, JP Morgan bailing out the government, the Jekyll Island meeting, fractional reserve banking, and the theory that the US dollar is really backed by military power.
- 26:01Tim discusses how polls might be skewed toward registered Democrats, making the race closer than reported.
- 26:40He describes Trump's campaign as a confusing rotating group of characters with unclear leadership structure.
- 27:47Tim argues that people will secretly vote for Trump but lie about it in exit polls due to hatred of the system.
- 28:40The 2004 Bush election exit polls were inaccurate because voters didn't want to admit they voted for him.
- 29:42Most people think the Federal Reserve is a government bank when it's actually a private entity founded in 1913.
- 30:20JP Morgan bailed out the government during the 1907 panic and essentially served as America's banker.
- 30:57Elite financiers including the Rockefellers and Morgans met on Jekyll Island to architect the Federal Reserve system.
- 31:28Before the Federal Reserve, individual banks issued their own currency called bank notes.
- 32:11Tim explains fractional reserve banking: banks only keep 10% of deposits in reserve and lend out the rest.
- 33:10The Federal Reserve unified all bank currencies into one dollar, creating a giant bubble with no escape.
- 33:48Fiat currency isn't backed by gold or anything real—the government just prints money without constraint.
Donald TrumpFederal ReserveHillary Clintonfractional reserve bankingJP Morganfiat currencyGeorge W. BushNelson AldrichKarl RovePatriceRockefeller