To the editor:

Kudos to Chad Lawhorn’s article (Journal-World, July 25) for exposing the fact that the Federal Reserve is a private bank, that money issued by this bank is fiat, and that a private bank is not part of the federal government; but I would like to go a step further.

Because it’s fiat, the money the Federal Reserve issues is created out of nothing. In other words, private banking families create money out of nothing and then lend it to the taxpayers at interest. Right now, the individual guarantor owes so much money that our grandchildren will still be paying off the loan when the real government could be issuing money without interest and without enslaving the citizens of this country.

Thomas Jefferson said: “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”