Federal Reserve Act of 1913 imposed by progressive President Woodrow Wilson. The 16th Amendment created progressive income tax supposedly taking more from the rich (recommended by Karl Marx in 1848, a Communist way to destroy capitalism). Wilson took dollars off gold standard making it difficult converting dollars into gold.

FDR by executive order confiscated Americans’ bullion gold coins forcing exchange to non-numismatic coins rated of $20 troy ounce. The 1944 Bretton Woods treaty gave rise of World Bank (run by Americans) International Monetary Fund (run by Europeans).

Beardsley Ruml was chairman of Federal Reserve Bank of New York in 1945, he devised income tax as instrument of fiscal policy to stabilize purchasing power of dollar by withholding from paychecks which enabled out-of-control federal spending thus weakening purchasing power of dollar through inflation bringing excessive printing money no longer backed by gold. At that time only 7 percent paid income taxes.

Progressives’ giveaway of trillions of dollars since 1970s is political extortion leading banks to 2008 near collapse of our economy, costing 5 million people their homes, loss of $5 trillion to homeowners when prices fell by 30 percent and $57 trillion of investor equity.

Community Reinvestment Act by President Carter in 1977 forced banks give ARM loans to non-credit worthy home buyers, all in the name of imposed equality.

Fannie Mae and Freddie Mac sold mortgages of $5.4 trillion in 2008 when they were bailed out. They again became profitable in 2012, however, the Treasury changed the terms from 10 percent dividend due to 100 percent, an act of expropriation unlike deal with Chrysler bankruptcy.

Now progressive welfare state needs more funds, proposing “Guaranteed Retirement Account” power grab seizing savings, 401k, IRAs, other pensions. Government already has borrowed $5 trillion from various lock-boxed programs, plus $5 trillion of unfunded Social Security liability, accruing yearly.