by Morley Evans
Below, is a chart from an article on the United States public debt  that shows the estimated ownership of Federal Securities. To whom does the United States owe money?
The chart shows Other investors (4%), Insurance companies, State and local governments (Pensions), U.S. Savings bonds, Depository institutions, Mutual funds (6%), State and local governments (5%), Foreign and international (28%), Federal Reserve and Intragovernmental Holdings (47%).
Foreign investors (Japan and China own half of this) and the Federal Reserve own 75% of the debt and everybody else owns 25% of the debt. The Fed owns approximately half of all U.S. Debt.
Everyone but the Federal Reserve, including Foreign investors, buys U.S. Federal Securities with U.S. dollars they get when they build widgets and sell them for more than it cost to make them. The government pays interest to investors who have purchased U.S. Securities.
Where does the Federal Reserve get the dollars it uses to buy U.S. Securities which are used (along with taxes) to fund the United States government? Does the Federal Reserve make widgets? What does the Federal Reserve do?  Does the Fed create dollars out of thin air and then loan them to the United States government?
The Federal Reserve is an unbelievably complicated system so what it is doing is concealed in plain sight, but the answer to the last question is yes.
Selling more debt to pay the interest on what has already been sold — and to pay for even more spending — is a Ponzi scheme. Creating money out of thin air is counterfeiting. The world's financial system — not its economy — is based on this criminal operation which appears to be out of control and approaching collapse. Could we not have honest money?