Sam Bankman-Fried (SBF), the founder of FTX and Alameda Research hedge fund has been found guilty on all seven counts related to financial fraud and money laundering in a lower Manhattan courtroom. The trial took a lot less time than expected, as did the jury’s deliberation of the case which speaks to the overwhelming evidence against the onetime financial guru of entertainers, crypto enthusiasts, and politicians. SBF could face sentencing of up to 100 years behind bars.

Gary Gensler, chairman of the Securities and Exchange Commission, said that “Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”* Manhattan U.S. Attorney Damian Williams concurred, calling Bankman-Fried’s actions “one of the biggest financial frauds in American history.”**

SBF’s conviction is particularly fitting since he had marketed himself as a new-style capitalist who was more interested in philanthropy and giving away his wealth, instead of enriching himself. That so many were taken in by this charlatan, especially a number of supposedly savvy investors, demonstrates again that greed remains a significant part of the human condition.

While SBF will hopefully receive his just rewards for his wrongdoings, there is another fraud that has been taking place in the financial world for quite some time, which dwarfs exponentially the scam of the one-time “crypto-king.” Unlike SBF, however, this entity continues to exist and faces no prosecution, but instead is often praised for its operations.

The institution, of course, is the Federal Reserve and, for that matter, all central banks.  Central banks do what FTX did but on a colossal scale. While SBF’s crimes were limited to those who foolishly invested with him, the Fed’s customers are all those who hold dollars and have little option to not use them unless they want to revert to barter and become desperately poor. Like what SBF did to his investors, the Fed has defrauded (although surreptitiously) its “customers” by robbing them of their purchasing power through monetary debasement. The loss of purchasing power by the public has been redistributed to the Fed, the political class, and financial elites.

While Fed officials, the government, academia, and the sycophantic financial press may try and obfuscate the matter, the fact remains that the Federal Reserve has the ability to create money out of thin air and without limit. It is essentially counterfeiting writ large.  No criminal, be it SBF, Bernie Madoff, or the Mafia, could ever dream of such a scenario!

The Fed’s creation of money through credit expansion is certainly more subtle than the swindling which SBF engaged in or what took place in earlier times from “coin clipping,” but the underlying criminality of the action is certainly the same. However, central banking is a part of the financial structure of almost every nation-state regardless of which political party is in control.

As SBF wrapped himself in an aura of a benevolent and charitable new-age businessman, the Fed hides behind its criminality by presenting itself as a necessary and indispensable factor for the nation’s economic well-being. Without the Fed and its dual mandate of “price stability” and full employment, the economy would collapse.

Yet, this is a ruse. Before the advent of central banking, economic life went about quite nicely. It was only when central banks appeared that the dreaded boom and bust cycle became more frequent and severe. Moreover, in the pre-central bank era, most of the world was on a gold/silver standard where paper money notes could be redeemed for gold and or silver. This acted as a check on inflation and protected peoples’ purchasing power.

The Fed was created in a bi-partisan manner by the top politicos and the major U.S. banks and signed into law by Woodrow Wilson in 1913. It allowed banks to counterfeit without facing the consequences of their actions. Stable prices and low unemployment are secondary functions of the Fed and mostly spoken about for public relations.  Protection of the system, especially the solvency of the Big Banks and now funding the national government through debt monetization, remains the prime responsibility of the Fed.

This, of course, is not to exonerate SBF. Why is it though that the laws which convicted the rogue crypto financier are not applied to America’s central bank?  When sovereigns of the past debased the money supply most acknowledged its immorality and pointed out who benefited. In this supposed enlightened age where “equal justice before the law” is supposedly a ruling mandate of the legal system, its application apparently does not apply to the monetary authorities of the world and their political front men from all political sides.

Capitalism, at its core, is a moral argument where respect for property rights, the freedom to exchange, honest money, and the liberty to become an entrepreneur are the foundations upon which the system rests. Those who legitimately satisfy consumer tastes and demand are rightly rewarded. Naturally, in doing so, entrepreneurs enrich themselves but they do so by providing for the needs of their customers and in the process create jobs and incomes for those they employ, all of which is done on a voluntary basis.

Central banking is the essential instrument of “crony capitalism” which is the antithesis of free enterprise. Crony capitalism is a new version of mercantilism which was condemned by the likes of Adam Smith and was one of the factors why the American Revolution was fought. It has since come back with a vengeance.

Besides the immorality of central banking, the Fed’s manipulation of the money supply has deleterious effects on economic life. Inflation hurts the poor and the working class disproportionately while the Fed’s control of interest rates and credit is the reason for the dreaded business cycle.

The present age has prided itself in its efforts to attain justice in regard to race relations, the environment, economic equality, and now gender recognition. Yet, the immorality of central banking remains, and while Sam Bankman-Fried may be incarcerated, social justice warriors (as well as conservatives) willfully ignore the counterfeiting elephant in the room. Until central banking is outlawed, a truly just social order is an impossibility.

James P. Philbin
Adjunct Professor of Economics and History
Northern Virginia Community College

FOOTNOTE: *https://www.zerohedge.com/political/sam-bankman-fried-found

FOOTNOTE: **https://nymag.com/intelligencer/2022/12/sam-bankman-fried-has-been-arrested.html

Disclaimer: The opinions expressed in the letters published on this page are solely those of the respective authors and do not necessarily reflect the views or opinions of the Royal Examiner’s editorial team, its affiliates, or advertisers. The Royal Examiner does not endorse or take responsibility for the accuracy, completeness, or validity of any statements made by the authors. The statements and claims presented in the letters have not been independently verified by the Royal Examiner. Readers are encouraged to exercise their own judgment and critical thinking skills when evaluating the content. Any reliance on the information provided in the letters is at the reader’s own risk.

While the Royal Examiner makes every effort to publish a diverse range of opinions, it does not guarantee the publication of all received letters. The Royal Examiner reserves the right to edit letters for clarity, length, and adherence to editorial guidelines. Moreover, the Royal Examiner does not assume any liability for any loss or damage incurred by readers due to the content of the letters or any subsequent actions taken based on these opinions.

In submitting a letter to the editor, authors grant the newspaper the right to publish, edit, reproduce, or distribute the content in print, online, or in any other form.

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Front Royal’s own Reverend Dr. Mark Jordon recently delivered a sermon about how the best place to look for the birth of Christ is in the hearts and faces of those we encounter in our daily lives.  That, he argued, is the right way to combat the divisiveness that threatens not only our community but the world at large.  I believe we saw that dark force at play in our recent elections, where candidates launched attacks against each other because of their religion, schooling preference, and family members.  I doubt I am the only one who felt that this detracted from the sanctity of civic life.

With Dr. Jordan’s encouragement in mind, I accepted my supervisor’s invitation to meet with Tom McFadden, who will join the school board soon.  I will admit that I approached this meeting with a touch of apprehension, but I respected his willingness to work through whatever apprehension he may have also had.

Hearing Mr. McFadden’s questions, I believe he approached our meeting with an open mind and a willingness to listen.  He asked how he could help recruit and retain teachers.  He asked how he could highlight the positive activities occurring within the school system.  He offered his admiration for our schools’ efforts to serve students with disabilities – at no additional cost to families.  After the meeting, he thanked us for our time; he reached out to other staff members and thanked them for serving our community.

I do not believe that one conversation with a person allows you to “see their soul,” and I do not believe that Mr. McFadden and I would agree on every opinion or issue.  I do believe, however, that gestures of goodwill deserve to be seen as such and that they should encourage civil discourse.  We will face challenges and need to debate issues, but we must do so in a way that recognizes ourselves in each other.  He is Catholic, and I am Presbyterian – but we both have faith in God.  He attended public schools in Ireland, and I attended Warren County Public Schools, but we both believe in providing our community’s children with a good education.  We both love our wives and families dearly.

As citizens of a democratic republic, we will likely find ourselves at odds with each other on serious issues.  Mr. McFadden and I are equally capable of disappointing each other in the future.  Neither he nor I nor you know what the future holds for our community.

As Dr. Jordon said on Sunday, we must wait and see because SOMETHING is happening.  Is it the rot, bile, and vitriol that we saw during contentious moments during the election season, or is it the hope, goodwill, and fellowship that I believe I saw in this recent meeting?  Will we attack each other from a distance based on preconceived notions that might be inaccurate, or will we meet together and listen to each other’s points of view?

Zachary D. Logan
Warren County

Disclaimer: The opinions expressed in the letters published on this page are solely those of the respective authors and do not necessarily reflect the views or opinions of the Royal Examiner’s editorial team, its affiliates, or advertisers. The Royal Examiner does not endorse or take responsibility for the accuracy, completeness, or validity of any statements made by the authors. The statements and claims presented in the letters have not been independently verified by the Royal Examiner. Readers are encouraged to exercise their own judgment and critical thinking skills when evaluating the content. Any reliance on the information provided in the letters is at the reader’s own risk.

While the Royal Examiner makes every effort to publish a diverse range of opinions, it does not guarantee the publication of all received letters. The Royal Examiner reserves the right to edit letters for clarity, length, and adherence to editorial guidelines. Moreover, the Royal Examiner does not assume any liability for any loss or damage incurred by readers due to the content of the letters or any subsequent actions taken based on these opinions.

In submitting a letter to the editor, authors grant the newspaper the right to publish, edit, reproduce, or distribute the content in print, online, or in any other form.

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I’d like to extend a giant THANK YOU to everyone involved in making Christmas on Main – Christmas Parade & Merry Market such a HUGE success.

To our volunteers who helped get everything set up, assisted vendors ushered the carriage rides, made sure the parade entries were lined up, and helped to ensure a great day for everyone: you are appreciated, and these events can’t happen without you!

To our friends at the Town of Front Royal Public Works and Energy Services staff who blocked streets, cleared parking lots, picked up trash, made sure the electricity was working, and so much more: you are the best, and your efforts do not go unnoticed. To the Officers at the Front Royal Police Department who worked tirelessly to keep everyone safe during the day’s events: your vigilance and professionalism are outstanding. I’d also like to acknowledge the hard work of Lizi Lewis, Manager of Community Development & Tourism, and her team at the Visitor Center. They are always helpful, insightful, and great to work with on events and projects.

To our vendors and parade participants: You knocked it out of the park this year! I was in awe of the artistry and magic in your creations. You made us all feel like we were in a Hallmark movie.

To our merchants and residents downtown: thank you for your patience and for sharing our beautiful downtown with everyone.

Last but certainly not least, to our community: Thank you for showing up. It was truly amazing to look out and see such a remarkable crowd. I hope the event made your heart as happy as it made mine and that you created memories to enjoy for a lifetime.

There is quite a bit of time and effort that goes into planning events like these. At the Chamber, we are already looking forward to next year and thinking about how we can make this event even more enjoyable for everyone. We’re always open to hearing your thoughts and suggestions. Please reach out if you have something to share.

I wish you and yours a very Merry Christmas and a prosperous New Year!

All the best,

Niki Foster, President
Front Royal-Warren County Chamber of Commerce

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I wish to extend my Congratulations to my opponent and incumbent, Kristen Pence, on her victory in retaining her seat on our local school board!

I’d like now to address Mr. Bianchini regarding his November 8 write-up.  While I guess it is likely that someone by the name of “Leslie Matthews” chairs a group called “Mothers for Liberty” and is employed at Christendom College, I believe you were reporting on me.

I must clarify — I am “Leslie Mathews” – an employee of Christendom College and Founder and Chair of the Mom’s for Liberty, Warren County, VA Chapter, a fairly new, powerful, and strong parental rights organization in America.  During and after my campaign for the school board, the above-mentioned info seemed to be of huge interest to some, so I wanted to enlighten you a bit.

The online group — “Save Samuels” chose to make its opinion known regarding certain candidates, who they claim did or did not support our local library, and in my opinion, turning our latest local election into a fiasco! Other organizations, such as the Browntown Community Center, piggy-backed off the “Save Samuels” group when forwarding this group’s “online packet” out to their email recipients, and there were some campaigners who were asking voters if they would like a “sample ballot” listing the names of the candidates who supported the library (see attached).

Mr. Bianchini, although you reported that Moms for Liberty came about just before the issues surfaced in our local library, I regretfully inform you that I nor Moms for Liberty, Warren County, VA, can rightfully take credit in bringing forth the awareness of the filth that was at our children’s reach in our Samuels library!  I wish to take this opportunity to thank those who brought this issue to light and for pursuing new procedures through efforts to protect our children!

We members of Moms for Liberty consist of parents, grandparents, aunts, and uncles who stand for parental rights and who will fight to protect the very innocence of our children’s minds, hearts, and bodies!  If that means, when choosing to be candidates in local elections, we have our names listed in opposition to others’ views and/or that our names aren’t shaded in on a sample ballot because of this — then so be it!  Almighty God warns – Woe, to those who harm and disregard the protection of the children, it would be better to tie a millstone around their neck and toss them into the depths of the sea!  I take His warnings seriously, and I never give a false indication of where I stand or whom I affiliate with. I thank you, Mr. Bianchini, for taking notice, but I suggest you dig deeper next time on the affiliations of others so you have a much more accurate report.  (see attachment).

My run for the school board seat was very good, and I want to thank those who supported me and my endeavors.  The numbers speak volumes and give hope that several South River folks still remain morally steadfast and will press forward for our children’s educational best and the future of America.  For that, I am sincerely grateful!

Mrs. Leslie Mathews
Warren County

Disclaimer: The opinions expressed in the letters published on this page are solely those of the respective authors and do not necessarily reflect the views or opinions of the Royal Examiner’s editorial team, its affiliates, or advertisers. The Royal Examiner does not endorse or take responsibility for the accuracy, completeness, or validity of any statements made by the authors. The statements and claims presented in the letters have not been independently verified by the Royal Examiner. Readers are encouraged to exercise their own judgment and critical thinking skills when evaluating the content. Any reliance on the information provided in the letters is at the reader’s own risk.

While the Royal Examiner makes every effort to publish a diverse range of opinions, it does not guarantee the publication of all received letters. The Royal Examiner reserves the right to edit letters for clarity, length, and adherence to editorial guidelines. Moreover, the Royal Examiner does not assume any liability for any loss or damage incurred by readers due to the content of the letters or any subsequent actions taken based on these opinions.

In submitting a letter to the editor, authors grant the newspaper the right to publish, edit, reproduce, or distribute the content in print, online, or in any other form.

We value the engagement of our readers and encourage open and constructive discussions on various topics. However, the Royal Examiner retains the right to reject any letter that contains offensive language, personal attacks, or violates any legal regulations. Thank you for being a part of our vibrant community of readers and contributors, and we look forward to receiving your diverse perspectives on matters of interest and importance.

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There are certain days in our nation’s history that are simply more important than others. These days tend to be ones that have changed our nation for better or worse. These are turning point days and generation-defining dates.

For my generation, Gen X, that date is Sept. 11, 2001, as we were in high school or early 20s. It seems like everything in my memory is categorized as either pre or post 9/11. For my grandparents that day was Dec. 7, 1941; it was scarred into their memories and completely changed their lives forever. While my Baby Boomer parents have felt the effects of 9/11, the day from their youth that left a scar happened 60 years ago this month, for on that day the very popular President John Kennedy died, but even more importantly, so did our nation’s innocence.

On that tragic November day, Kennedy and his wife had been in Texas along with his V.P. Lyndon B. Johnson for a few days to kick off his southern campaign tour for reelection. Kennedy knew he had a fight in Texas as he had just recently proposed the Civil Rights Act. Kennedy had avoided getting too involved with Civil Rights earlier in his presidency because Southern Democrats had opposed it, and any support could break up the party. Yet after the 1963 March on Washington and the assassination of civil rights activist Medgar Evers, Kennedy knew it was time to take up the fight. His goal on this southern tour was to try to hold the party together while trying to get support for his bill. Yet while in Texas he spent most of his time talking about the economy and military preparedness, topics much more comfortable for his southern audience.

After speaking in Fort Worth, the presidential party flew to Dallas and rode in multiple convertibles on their way to The Trade Mart. As they drove through Dealey Plaza around 12:30 p.m., shots rang out as they passed the Texas School Book Depository. President Kennedy was hit.

Before Kennedy was pronounced dead at 1 p.m. at Parkland Memorial Hospital, Dallas police arrested Book Depository employee Lee Harvey Oswald. Our nation came to a halt as word spread over the airwaves.

After his death his wife would refer to Kennedy’s presidency as Camelot, capturing the feeling of most of the nation. His good looks and charisma added to his leadership and strength had captivated America. Even today he is still considered one of the most popular presidents ever. In fact, when I poll students, he usually makes the top ten. While the loss of such a popular president was tragic, what was even more tragic was America’s loss of innocence which opened the door to civic mistrust and a lack of faith in our country.

President Johnson, who was sworn in aboard Air Force One just two hours after Kennedy was killed, ordered an investigation into the assassinations of both Kennedy and Oswald. Oswald was shot and killed by Dallas night club owner Jack Ruby a week after being charged for the Kennedy assassination. The Warren Commission, headed by Chief Justice Earl Warren, included two senators, two representatives, a former Director of the Central Intelligence Agency, and the former U.S. High Commissioner for Germany. During the investigation the American public believed the government’s story of the lone shooter, but after the commission released its findings, that all changed. While the more than 800-page report initially calmed most people’s fears, it did not completely remove them. While most Americans believed Oswald was the shooter, it was becoming a common perception that he had not acted alone.

The big change began in 1966 with the release of three separate independent investigations. First was Mark Lane’s Rush to Judgment that questioned the accuracy of the Warren Commission. Next was an investigation by New Orleans District Attorney Jim Garrison who saw a conspiracy and coverup in the shooting (the Bases for Oliver Stone’s JFK). Finally, Life Magazine released the Zapruder film which was an amateur video which called into question if Oswald acted alone. Americans became so consumed with the new reports that 20 years later when Newsweek took a poll, 74% of Americans did not trust the Warren Commission.

Kennedy’s assassination was a game-changer in our nation’s history. For the first time the majority of our nation did not believe the government. Before this, for the most part, Americans believed the government was telling them the truth, or if not, it was for a good reason. Now America had lost its innocence. If the government had lied about this, what else were they lying about? Our nation entered one of its darkest hours as our own government became the bad guy. The assassination was just the beginning of a long dark road.

Shortly after, came Vietnam War protest in the streets and antigovernment sentiments. The Watergate scandal and the presidential resignation of Richard Nixon made Americans more suspicious and less confident of their government. Events like the Iran hostages made it seem like maybe we were losing the Cold War if we could not even get our hostages out of a far less powerful country like Iran.

Fortunately, the 1980s did relieve some of the stress and brought back some faith in America once more. The problem is we did not come all the way back. Since the 1960s and ‘70s patriotism and American faith have fluctuated. Personally, I do not believe we will ever be as confident in our government as we were pre-1963. That door is closed. As a historian, I wonder if maybe we should have never completely trusted the government; they have never been completely truthful. But as an American, I am disheartened, for I long for the days when we felt our government was always on our side and looking out for our best interests.

James Finck, Ph.D. is a professor of history at the University of Science and Arts of Oklahoma. He may be reached at HistoricallySpeaking1776@gmail.com.

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As the beginning phase of the grade separation project of the Rockland Road overpass begins with the relocation of utilities, neighbors in the area are beginning to see just how much of an inconvenience this project is going to be, and some wonder what is the true value.

Yes, there were a number of hearings prior to reaching the current stage of progress, but when dealing with entities such as Norfolk Southern, Vdot, the Port of Virginia, and the Warren County BOS, looking at a gift horse in the mouth. I, like others, have never heard reasonable answers to often-asked questions, just how badly this improvement is needed to improve our quality of life in the Rockland area.

Some of those include.

• Emergency access during construction- With the fire and rescue station located less than a mile from the railroad crossing, will there be some sort of provision to allow access during construction, or will they have to make the 6-mile detour around Fairground Road to respond?

Keep in mind, there are probably less than 200 residences from the railroad tracks to the intersection with Bennys Beach Road including the residences of Bennys Beach and Windy Hill. From Bennys Beach to Fairground Road only has maybe 4 property owners.

• Rockland Road from Bennys Beach to Fairground Road- This rural road is far from Vdot standards, with narrow widths, blind hills, sharp turns, no shoulders, and rock outcroppings that challenge normal traffic volume. Now, all 200 residences are forced to use a road that is dangerous as is, with more opportunity for something bad to happen, especially with about 8,000 dump trucks importing fill material to build the ramps to the bridge. It would be a shame, although a real possibility, that this railroad crossing claims serious injury or, worse, a life due to the detour.
• Rocklands Rural Character slowly diminishes- The railroad tracks have always separated the industrial portion of Warren County to the rural portion. This project, with its 40-foot-wide roadway and bridge, will still get you to the rural part of the county, just quicker and without delay due to a train blocking the tracks. It still ends in a 20’ wide rural unimproved roadway, but at least the major expense of further development is out of the way and opens the door for more development.

So with that, what are the benefits?

Norfolk Southern will no longer hear complaints about blocking the crossing to change out crews or to let other trains pass. My experience is when the port or other businesses with sidings along that section of track block the crossing it is only for short intervals while building the train.  Norfolk Southern also benefits so that if and when they do install a third rail, there will be fewer obstructions in their way.

The Port of Virginia comes out with less complaints from the community, more flexibility in using the mainline tracks in building their trains, and kudos for providing the grant that allows for such a project to be done. There are other communities in the county that don’t have a choice of another route out if the train blocks their crossing (Shenandoah Shores) and probably won’t until some entity grants funding for such.

Warren County and the BOS no longer have to field complaints about blockages and will now have an important and expensive piece of the puzzle needed to increase the development of this area of the county. All that will be left to do is install a bridge over the river to make a loop to Shenandoah Shores (giving them another way out), and the entire area becomes a target for development.

We, as residents, once we tolerate the 18-24 months of construction inconvenience and the project is completed, get the benefits of no-hassle egress to and from 522, a utilitarian highway overpass leading to our rural country setting, and most likely even more through traffic.

A boondoggle is defined as ‘work or activity that is wasteful or pointless but gives the appearance of having value.’ Not really having comments, suggestions, or opinions addressed or otherwise coerced is a form of being railroaded.

Have we been railroaded or boondoggled with this project?

17 Year Rockland Resident

David Anderson
Warren County

Disclaimer: The opinions expressed in the letters published on this page are solely those of the respective authors and do not necessarily reflect the views or opinions of the Royal Examiner’s editorial team, its affiliates, or advertisers. The Royal Examiner does not endorse or take responsibility for the accuracy, completeness, or validity of any statements made by the authors. The statements and claims presented in the letters have not been independently verified by the Royal Examiner. Readers are encouraged to exercise their own judgment and critical thinking skills when evaluating the content. Any reliance on the information provided in the letters is at the reader’s own risk.

While the Royal Examiner makes every effort to publish a diverse range of opinions, it does not guarantee the publication of all received letters. The Royal Examiner reserves the right to edit letters for clarity, length, and adherence to editorial guidelines. Moreover, the Royal Examiner does not assume any liability for any loss or damage incurred by readers due to the content of the letters or any subsequent actions taken based on these opinions.

In submitting a letter to the editor, authors grant the newspaper the right to publish, edit, reproduce, or distribute the content in print, online, or in any other form.

We value the engagement of our readers and encourage open and constructive discussions on various topics. However, the Royal Examiner retains the right to reject any letter that contains offensive language, personal attacks, or violates any legal regulations. Thank you for being a part of our vibrant community of readers and contributors, and we look forward to receiving your diverse perspectives on matters of interest and importance.

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