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Bernanke Tries To Explain Why A Ponzi Scheme Is A Perfectly Acceptable System For Post Civil-War America, Fails
The following exchange between Ben Bernanke and Senator Kirk is a must watch for everyone who wonders how Ben Bernanke justifies the fact that America is now an open Ponzi scheme. Kirk's question "in laymen's terms this is one part of the government lending another part of the government money, which would not let to long term confidence once the American people understood the basics a little bit better" relates to the open monetization that the Fed does each and every day at least until the end of June. What Kirk did not ask is what happens when the American people realize just how truly preposterous the Ponzi is, and that all the interest "paid" by the Treasury to the Fed ends up being remitted as cash right back to the Treasury as revenue in essence incentivizing the Treasury to spend and borrow more in order to earn more! This is the most circular Weimarian nightmare scenario imaginable, and we can only hope that "the American people" understand this as soon as possible. As to Bernanke's surprise that the US had a currency without any Federal debt to back it up (yes, it is possible to live within one's means, even for a central bank) can we remind the Chairman that the gold on the Fed's balance sheet, all eight tungsten thousand tons of it, is actually Marked to Market to almost $300 billion, and can by definition be used as a pledge to any liability, such as a currency or excess reserves. But oh yes, how could we forget, using just gold as an asset would never afford us the kind of adamantium price stability that we have seen in recent times. Plus how on earth could one infinitely dilute the dollar if the Fed's balance sheet was limited by actual "assets" that do not require Hewlett Packard tech support every now and then.
h/t m33t3r
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Michael, do you know what would happen if the government was allowed to issue currency? It would be anarchy. Don't you know how stupid those politicians are? I mean, they elected by the sheeple after all. The Federal Reserve is staffed with the best and brightest Economists the American education system has to offer. The Federal Reserve knows best. I think that you, Michael, need to rethink your position. And, Michael, you should not be posting such ideas on internet blogs. Someone might get the wrong idea, if you know what we mean.
Chaos != Anarchy
At one point in America's history, local banks issued their own currencies, AND HAD to HAVE THE GOLD BACKING THEM!
Centralization has done nothing but made it easier for criminals to get more swag in one convenient location!
Further problem of centralization: when local banks played the "printing money" game, the fallout was mainly local (i.e. a run on the local bank). Centralization of the "printing money" game has now put the entire nation at jeapordy (currency failure = a national run on the bank)
Politicians are only stupid when you let them be. They understand other forms of peruasions. Milestones
Right, the problem is that a private bank (actually govt sponsored would be more accurate) is printing money and your solution is to let the politicians print money, oh you are such a genius as if this has never been tried before, oh wait it has, oh and it has always ended in a pile of dog s&^t. Real Losing!
just how poor is america really?
http://covert2.wordpress.com
No disrespect intended, because I appreciate anyone that goes through the trouble to create content, but your website is un-readable. The background in some places makes the text unreadable. Check out a cheap blog template on-line.
In other news, PIMCO is dumping US debt...
http://www.kitco.com/reports/KitcoNews20110309JW_pm.html
Very important; but the responses on the blog are completely crazy; it's very simple. He sees inflation as on-going, and probably accelerating; and this is very, very, bad for bonds. Very simple. The Long Bond Contract on the CME topped out with a beautiful double top in Sept. and Oct. 2010; you can short this contract any time and hold it for years; it will just produce profits. The top is in in the long bond, and it's all downhill from here.
This is pure absolute madness! You can't make this up. Where is Hairy Wanger?
But the good thing is, he's good at painting
http://fiatsfire.blogspot.com/2011/03/painting-global-economy-into-corne...
GREAT VIDEO! Seen it before but still AWESOME 4+ years later. Pay attention to the lyrics
http://www.youtube.com/watch?v=ipJTqCbETog
"people trade silver for goods and services on a regular basis. You can buy an oil change, a couple weeks’ worth of fresh vegetables, all the honey you’ll ever need, lunch at a popular local restaurant, an evening out at the local theater and more—all with a barter token made out of a half ounce of .999 fine silver."
http://ncobarter.com/ (Northern Colorado)
way of the future.
I started a community barter exchange where I live in Metro Los angeles. Inspired by the above, I drove around a 5 mile radius where I live and just walked into stores and offices cold with a flyer, collected phone numbers and email addresses, then went back 1 day later and gave each person on the list the shared info and barter list. Lots of people interested. Businesses on the list so far: accountants, lawyers, a phd tutor, one paint store, a print shop, computer repair, 3 auto repair shops, an aquarium shop, a Korean market, a pawn shop, a catering shop (kosher), a dry cleaners, a graphics designer, a pot shop and a dollar store all bartering silver and/or services. The cool thing is, the list is now growing organically on its own and it's out of my hands, just word of mouth.
The host nation, the US, will soon become almost useless after having been led to bleed for so long. They have planned this global depression/WWIII, so that they can move on to all nations. Gold will be outlawed, and today's youth will need to be systematically slaughterd in order for them to make more profit.
dupe deleted
I like the link under the referenced www.SHTFPlan.com
http://www.shtfplan.com/headline-news/americans-ready-and-willing-to-work-jobs-traditionally-reserved-for-illegal-aliens_03082011
CAPTCHA
This problem is intended to determine if you are a machine- or not sufficiently intelligent (or determined) to participate at Zero Hedge. Math question: * (-39) times equals -546 Holy shit...breaking out calculator again.Cartoon >> Enjoy
yes you are right but we added lots of labels like funding costs to our federal satanic ponzi so nobody will realise
makes me sleep well at night, that's for sure. thanks Ben
enemy of the people imo
The greatest threat to America is its debt.
And the largest holders of US debt are the Fed & China.
And as any good American military man will tell you, they swear to protect the country from threats both domestic and foreign.
So, the Fed is Americas biggest threat!
Double talking bullshit!
bhahahaha
Bravo! Nothing makes me smile like this douche squirming in his chair.
Someone correct me if I'm wrong but didn't the national ponzi in Albania cause a civil war? So maybe Zimbabwe Ben is just letting us experience history, a new civil war and all new currency. Think that we can top Albania in a civil war though. You know us Americans we like to do everything bigger and badder!
Hell maybe Confederate Dollars will top US Dollars in value, after all they are not being printed into infinity.
If we have a full on currency collapse as in US Dollars sitting in the banks dumpster. States will again Secede. A that point you'll have people in Washington D.C. demanding troops be sent to put down the rebellion if any unpaid soldiers can be found to send. That's what happened in the last days of the Soviet Union.
We'll see. I think that a Soviet style breakup is the most likely outcome we will see, if only slightly more likely then Stalinist Police State. We are arguably a culturally diverse nation and really other then the Fed Gov what is keeping NY tied to UT? CA and AL? TX and MI? So when real suffering is going on and wild chaos of dollar collapse what other then force of arms will hold the US together?
American Idol and the Superbowl. There will be some Militia uprisings but the biggest danger for the social chaos will not be people v state , it will be people v people. We have been well and truly divided and conquered.
- im largely in agreement with your breakup premise but i think we will have a cultural and ethnic issue before we have a red state v blue state issue.
Oh we totally have a culture issue. But even between Red vs Blue states, what does TX have in common with UT, or MA with CA?
I'm just arguing that when the chips are down people will look after themselves and the state govs will have a motivation to save their sorry skins and power base. So unless there is CIA contractors on hand with their families it's a matter of self preservation to defect when the balloon goes up.
Though I agree the people will turn on each other as well. It will be extremely chaotic. I see breakup as more likely as we have seen balkinization on nation/empire collapse more recently in the modern era. Look at Yugoslavia for example.
I think the stalinist police state will merely be a precursor to the inevitable collapse/break-up of the union... if at all. Given our diversity, taste of "the good life", and all things considered, I just can't fathom that a funtioning central authority will remain over the entire union post dollar collapse. We are inching towards the police state, but it is also bankrupting us and ensuring our collapse. I forsee feudal lords and regional robber barons holding the political power in our future.
Further, given the "blue" states no longer have a manufacturing base and the "red" states disproportionately fill the military ranks AND have industrial capacity, I do not believe there will be a similar civil war to our past... I think conflicts will be regional, if not purely local.
The only thing holding us together is a milk filled federal teet.
!
Goldman Sachs #2 largest NA office in SLC - but if you look at the 7-14th floors of 222 South Main it's still needs some work before all the squids move in. Lots of other banks within one block: Wells and Chase to name a couple.
NSA supercenter between Provo and SLC.
They be settin' up shop parmi les Mormons!
Soviet Analyst predicted a break-up of the US for years now. The 2010 date he states does not seem too far off from whats going on presently. Can not fault the guy for being a year or two off.
http://online.wsj.com/article/SB123051100709638419.html
It's against the law anyway Long One.
The Posse Comitatus Act is a United States federal law (18 U.S.C. § 1385) passed on June 18, 1878, after the end of Reconstruction, with the intention (in concert with the Insurrection Act of 1807) of substantially limiting the powers of the federal government to use the military for law enforcement
William - You are right in what you wrote concerning "Posse Comitatus" under the U.S. constitution. However............................
With G.W.Bushs' "Patriot Act" that has been SUSPENDED! Look it up for clarification - I'm not trolling you sir.Thank You.
And allowed this:
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
Commie Pussitatus..the feds have been freaked for a while.
delete
delete.
yeah, good luck with that (oft-quoted) Posse Comitatus....... now we have the Patriot Act (schedules I, II, III et al), who knows what other sundry clauses & sub-paragraphs of various arcane Statutes, and untold numbers of Executive Orders. All they need to do is cite "nashunul suckurity". Shit, from what I heard even a market "crash" could justify action.... hey! our nashnal suckrty is at stake, ain't it?
"maybe Confederate Dollars will top US Dollars in value, after all they are not being printed into infinity."
Funniest thing I've seen on line for a while - and I just watched the honey badger video.
Let's hope the Chairsatan gets a private office in the future. We can assure him that the metal bars surrounding his office really are for the best...
Good Lord. An expert who learned more and more about less and less, until he knew everything about nothing. The United States needs a Federal Reserve like a goldfish needs a bicycle.
No, the United States needs a Federal Reserve like a goldfish needs a hungry cat.
what does a silverfish need?
A very short JPMorganfish?
A silverfish needs a drain and so does JP
Or like a goldfish needs a bicycle?
Used to be difficult to read Ben's poker face. Not any more. All he can do is bluff...
...and ridicule: Senator, that was the period before indoor plumbing.
Even better was the fact that he feigned ignorance as to when that was. I would think that holding a position such as his, he would be well versed in the history of the American banking system. Most people here, are not considered "experts," seem to know this fact. So he also makes himself look like a fool (other than through his normal actions).
It was rich to watch. I agree with the above comment, he's getting easier to read.
it actually struck me that he had no frickin idea...maybe he cant remember high school history class anymore
might even think he's still on QE1
He knows monetary history. In fact, he knows during the first few decades of the Fed's existence, the FRNs (dollar) were backed (40%) by gold, by statute. Moreover, the Fed was expressly forbidden to accept US Treasury paper as collateral for its discount window operations because the only way to secure passage of the 1913 Act was to insert a mechanism that would expressly prevent the monetization we see today.
That smug Princeton/MIT look on BB's face speaks volumes. It says the man's a liar who also completely lacks integrity or simple human decency.
I just wonder why in hell colleges don't teach the money system and they are all deer in the headlights on what currency, money, and even economy should be. This collapse is going to be legend.
You don't educate your marks about your scam. Ideally the mark ignorant and pliable. Look at the world as a series scams done by scamers on suckers and it makes a lot of sense.
There's a sucker born every minute.
The real tragedy is the mass man will learn NOTHING from this collapse. The scam game will go on, with a new coat of paint.
Should be
And they just recycle the scams every generation. After enough time people forget, or there is no one left who remembers them.
It's amazing. In an age of nearly unlimited, free, and public information they can still pull the same exact scam over and over again, and the masses never catch on. There is a general feeling of unease while the masses are plundered but they cannot figure it out.
I daresay the memory actually gets shorter as more information becomes available. Perhaps one day we will achieve the ponzi singularity where the mass man instantly forgets the scam and can be scammed at maximum extraction forever. Seems more probable tech singularity...
Yes. What happens is that the nanny state outsources responsibility, the information state outsources critical thinking, and the division of labor outsources a general ability to succeed as humans. We end up not feeling responsible to know anything and, even if we do, we only care to learn our particular neck of the woods, without the slightest care as to how it may be influenced by other disciplines. And, in our defense, as the world gets more and more complex and knowledge expands, it becomes monumentally more difficult to have a firm general understanding of how it all interacts. In the end, we feel it acceptable to supplement whatever knowledge we may desire with a wikipedia entry and call it a day.
The memory gets shorter because rather than face brain overload (or actual work), we simply outsource the process to "experts"... the problem is the "experts" outsource too or are completely full of shit because they remain untested, given no one is in a position to argue. In the end, I think life has simply become too complicated for most people...
Perhaps there is a limit in size and complexity with which humans can cope. We either need a new, higher level of consciousness, or we are in a bubble of complexity of derivatives of the physical world in which we live. Maybe it is about to pop?
In the end, the "experts" only need to know more than those they are fooling.
The biggest problem is that we're too stupid to admit our limitations... e.g. the exponential function
In the early 70s, I took a course at Syracuse University called "Is a Competent Citizen Possible in Today's Technological Society?" offered by a Dr. Manfred Stanley. It was the best course I ever took. Aced the shit out of it, but the upshot is that our general conclusion was that no, technology advances at a much faster rate than human beings can assimilate it comprehensively.
Pretty much what we have today: a lot of people just taking up space.
I like that. I hope you don't mind if I steal / borrow it?
But this scam is different. It is the ultimate scam. Think about it. Here we are, draining the Arabs of the ultimate master resource, namely oil. In return, we give them a bunch of I.O.U.'s called dollars. Let's see them collect on that after we've sucked them dry.
FOFOA would disagree with you, it is we who are being drained. We are exchanging a non-renewable source for gold.
http://fofoa.blogspot.com/2010/10/its-flow-stupid.html
Thanks. That was good to read -- again. It's getting harder and harder to stay on point!
I'm sorry, I just can't get in to the rambling, circular arguments that FOFOA puts out. So, how much of our debt is owned by the Saudi's? Including beyond Treasuries, such as Freddie and Fannie? FOFOA may well disagree, but my point still stands.
Not "circular" arguments, 'wholistic'
In answer to your questions: 6%, roughly?
Heh. +1. I was curious whether someone was going to catch this. The answer is: no public information is available. Take a look at this little gem which was published recently:
http://www.prnewswire.com/news-releases/disclose-saudi-loans-to-us-ask-f...
"The Treasury Department "refuses to disclose how much we owe Saudi Arabia and other oil nations" but "discloses what we owe China ($896 billion), Japan ($877 billion), Britain ($512 billion), Brazil ($184 billion), and most countries."
"Oil countries including Saudi Arabia, Iran, Libya, and Venezuela, hold a fifth ($210 billion) of U.S. debt. OPEC, the Saudi-ruled cartel, manipulates oil and gasoline prices."
"They are taking what we pay at the pump and loaning it back to us."
Just for the record, I do think the FOFOA folks have a valid point. But a limited one, which needs expanding. Their articles would be much better if they could make their points in a clear and concise manner.
They are sitting on a gold mine, if you'll excuse the pun. It impacts U.S. policy and its citizens directly. And it's a pity that no one is able to bring the proper attention to this matter, in its entirety, beyond just gold.
Nothing different about the oil scam. Same as it ever was.
This gentlmen says college professors intentionally lied to the students.
http://www.youtube.com/watch?v=m1VbGcaVvFM
He also says the monetary system is going to collapse soon! His graphs seem accurate
Denninger alert. "This guy" = "Karl Denninger".
Denninger needs more tiger blood.
http://www.youtube.com/watch?v=9QS0q3mGPGg
(do not drink liquids and watch this video)
schmoyoho rulez
Then where is his rabid mouth-foam, and nonsensical rage-filled rants against gold?
Just for that, I BAN YOU!!!!
Colleges are useless GFM. This series will teach you all you need to know.
Renaissance 2.0: Lesson 1 - Revisiting American History - Financial Empire
http://www.youtube.com/watch?v=l37RhdFGVsM
Renaissance 2.0: Lesson 2 - Revisiting Economics 101 - Debt
http://www.youtube.com/watch?v=BGTBkNJ8ZWI&feature=related
Renaissance 2.0: Lesson 3 - Revisiting Civics 101 - Ownership
http://www.youtube.com/watch?v=a2VDC8UQ3c8&feature=related
Look up the rest of the lessons in this series for yourselves people.
http://www.youtube.com/user/councilonsper#grid/user/3FB144AC4AAA1EC4
done
A superb series. Thanks for posting that.
I realize this is impractical; but I must say, it would be better to read library books. Take notes; turn in the books, get some more. It's not expensive. The videos are so foreshortened they produce actual errors; and no one can absorb the lessons of centuries this fast.
He's got the WHOLE world. In his hands, he's got the whole world in his hands.
This shit is not worth it, folks.
I just opened a 5th of Gentleman Jack, my friend got for me (more expensive than last time).
God help us if he is going to crash the economy and bring us into a Depression!
I cannot stand it. People are going to die!
People are dying right NOW.
Not the right ones. Merely serfs going to the great reward. Spread the death over all socioeconomic layers. Fairness Doctrine of Death.
How about spreading it over the sociopathic layers and Gentleman Jack gives me a headache everytime. I think it is the secondary charcoal filtering. As a result I am more of a Maker's guy.
I'm dying for a share of your Jack.
Just do not report me to the police... Rule of Law
I am only 20 years old
You are also my kid sister and friend.
And I advise you to slow down on the jack, sis.
Come visit me any time before you die.
hope she survives; really smart girl: might make a contribution to mankind
Vodka and fruit punch for now, but craft beers and Johnnie Walker Red and soda are the tits!
Still looking to sell your gold? I'll take it all off your hands. Just how much can you amass on a summer job?
I am Jack's raging bile duct.
This is what happens when there is no transparency of policy, no honesty of policy and foreign and domestic interest influencing policy.. everyone thinks they know best, and no one is on the same page.
The Bernank is Scum and a Charlatan................
You are too kind. That's nearly a compliment.
"So it is possible for a country to have currency without a trillion dollar debt"
Benny loved that question
Yes it's possible for a country to have a currency w/o debt; when the currency is not a debt instrument.
Bernanke: "So this was before the civil war. This was, hehe, snicker, grumble, quiet fart, this was when individual banks were issuing currency." This was during a time when money was not debt for you and an asset for myself and my masters...haha fuck that
plus one point
I'll see your point and raise another.
+1 Brilliant! I almost died laughing.
When did that dynamic change exactly?? I mean, currency as debt, when did that start? The federal reserve act??
Money: Whence It Came, Where It Went, by John K. Galbraith, Chapter III: Banks
http://books.google.com/books?id=z62ZPwAACAAJ
Thank you.
hope for understanding rests on library books; throw away your tv set. it will only produce confusion. John Kenneth Galbraith's books are amongst the treasured few; they are available. He was very smart and came from a humble backround on a Canadian Farm which gave him "common sense"; he was JFK's uncle. You must read him, or forever be lost in a swirl of propaganda.
Yeah... I bought this book last year via amazon in used-but-like-new condition for about forty cents plus shipping. The supply-demand mismatch on such books is something to ponder.
...I just checked Amazon and the current price is significantly higher today. Either demand has kicked up or some sort of price-fixing arrangement has kicked in.
Bernanke Tries To Explain Why A Ponzi Scheme Is A Perfectly Acceptable System For Post Civil-War America, Fails .......miserably and fails to know his currency history and fails (tripping up and falling flat on his face) to know you don't need debt to 'support' a currency (which he has only just learnt this week!!!)Meanwhile a few weeks ago Bernanke demonstrated answering Ron Paul he didn't understand what inflation was!
Government employees ....the dumbest people, and staff, on Earth (and way too dumb to know it)
The Bernank is NOT a government employee. He is an employee of the private banking cartel known as the Federal Reserve.
And the Federal Reserve is owned by the Roman Catholic Church.
That's the reason for the "in god we trust" legend in the FRNs.
It's truly remarkable how terrible the monetization of treasury bonds is when you view it from a series of T-accounts. It's not quite a ponzi scheme or check kiting. It's just counterfeiting.
Well it's good to hear the tungsten/gold has the same value as the 24K stuff.
I've been worried about that.
How many impossible things did you believe today?
Hang Bernanke. Then go get the rest of them.
No way the Federal Reserve is ever going to be audited or put to an end.
Bigot, nerdy libertarians need to deal with it.
Nothing's ever going to change. Americans are happy with the current system, and rightly so.
The same remarks could be heard in Moscow just before the Soviets ran out of everyone's money.
I'm ready to bet with you that the Federal Reserve Bank System will still exist in 100 years, and that Ben Bernanke will end his life in wealth and quietness.
Are you implying that Ben is suicidal?
Unfortunately, he will only pay you out in FRNs.
So you believe either of you will be around in 100 years to collect on such a bet? Ah, the power of irrationality!
I wouldn't want to bet that civilization will be around in 100 years, much less the FED. However, I would bet that the entropy of the universe, particularly, that of the earth will be vastly increased (i.e. more chaotic and disordered). We've got about as organized and complex as we can get. Its mean reversion time baby!
Sadly, you are correct with the "happy with the system".
I read every blog with a comment section about that Gold/Silver banking system cuming to Utah...
Everyone laughed at the idea of Gold & Silver as money...
I guess The FED hasn't printed enough for people to lose confidence in the currency.
The few friends I have left always tell me they need "Money... NO Silver".
I am still trying really hard though. :)
I totally admit that the Federal Reserve creates inflation.
But what anti-FED bigots do not understand is that Americans love inflation.
They are starved for Federal Reserve notes. They don't care about your doom stories about how they are losing their purchasing power, or about JPM silver manipulation.
They want inflation and love inflation because it makes them feel richer. People really believe they are acquiring wealth when housing and salaries go up. They don't see that their level of life stays the same, and don't want to care.
Sadly, I cannot junk you for this one.
Pathetically, this time you are probaby much more correct than not.
They want inflation and love inflation because it makes them feel richer. People really believe they are acquiring wealth when housing and salaries go up. They don't see that their level of life stays the same, and don't want to care.
Sadly this is entirely true.
What channel is Idol on again?!
duh
Hamy - you remain..........my hero. Always tell it like it is. ha!
I need silver. There, does that melt your panties? It sucks when you realize whats going on and people around you dont care to find out. Ignorance is bliss. Truly. I wish I never went to school for economics and business. I wouldnt have ever found out what fractional reserve banking is, and Id be very blissful right now. So when QE2 ends in June, whos going to buy all these T Notes that are keeping the stock market at puffery levels? I need a concensus on what people think, where commodities will go after the cessation of QE. Im torn. I know theyre going to skyrocket or bottom out, but something had to give.
Hey, baby, they all laughed at Henry Ford, too.
“First they ignore you, then they laugh at you, then they fight you, then you win.”
MahatmaGandhi
you do a great service to your country and its flag
an i applaud you, silently of course given our chosen
medium and its limitations.
C'mon dude. Nobody goes to the HuffPo and tells you how to blow your boyfriend. Get lost nerd.
americans happy with $ 5 gas too right ?
Happy? No. Over fluoridated and preserved? Yes. People are so pathetically docile and meek, we dont have the ability to get fired up anymore. Well accept bank cock in ass untill were dead. Well, not all of us. But lets be realistic. If you present the facts to unlearned peoples, and you dont see a spark in thier eyes, a thirst for truth, move the fuck on. If you lay out the facts on our economy and our money debt and fraud and corruption, and you get the "Fluoride Stare" in return, move on. The time of informing others has passed to the time of making sure youll be set up for survival, success, and perhaps even prosperity. Fuck people who are too mentally weak to evolve. Weve reached our pinnacle in physiological evolution. Any more changes will all be in mental processing capability. A lot of you people on here are very intelligent and read a lot of information that is available, and we all want NEW information, but perhaps we should step back and read somnething very old, called The Theory of Evolution. Charles Darwin. Survival of the Fittest. If youre to simple to see whats happening around you mentally, if you cant comprehend how hard youre being fucked, then you dont deserve to survive. Plain and simple.
Darwin didn't write "survival of the fittest." This is the abbreviated version for dummies or those didn't read his work.
Darwin did write "descent with modification through natural selection..." Origin of Species.
Enjoy!
Hamy, missed you mate. Nobody perks me up more than your cheery USA outlook and happy Hamy data who just can't ever swallow down enough Apple Pie (better known as bullshit).
Regards your "no way the Fed will be audited" i presume you can't see Ron Paul coming. Nor can you see the increasing pressure, both public and political, regards the failed QE programmes. Nor can you see a stock market collapse which will prove QE was a failure and the Fed is impotent (and incompetent of course).
Don't think past swallowing all that Apple Pie, you've got some mighty indigestion coming!
You've now used that 3 times since your response to me yesterday. What did I say about predictably, and needing to add more variety to your act?
Your use of it is the first I've seen. I like it though. The truth is worth repeating like a prayer.
Hamy, there are a couple recent openings at NPR.....go for it.....spread the word.
They are burning thru the troops, aren't they?
is this guy serious? the current system is held together with bubblegum
Americans should be happy that they are being impoverished, because it makes them more like Jesus...?
you're new....Hamy is the village idiot/devil's advocate of ZH. am still surprised how he sucks in some that have been here a while (unless they're just funnin' too.....)
And if the opinions of the mass of Americans mattered, you'd be right.
They dont; you arent.
Actually, though -- it's not really "one part of the government lending another part money." That gives the whole scam more substance than it deserves. The real nonsense is the hallucination of "money" by the Federal Reserve at the very point it creates binary cash and credits a bank with this "money" in its reserves, receiving, in exchange, the Treasuries the bank or PD bought a week ago from the Treasury. So it isn't really "lending money," since there is no real debt owed to the Federal Reserve by the Treasury. I don't think the legislators really get this. That's why it can go on. The PDs are willing to float the billions temporarily and receive a lousy return on the Treasuries they buy because of the "premium" they receive from the Fed when Brian Sack chooses to "buy" the more expensive bonds. It is the combination of the cheap interest for a week or two PLUS the premium that is the Fed/Treasury's actual "financing cost." But the return is immeasurable, because it allows the Fed to keep hallucinating money for use by the Treasury, using temporary custodial holding by PDs as cover for what would otherwise be obvious purchase of Treasuries by the Fed directly from Treasury. Even if the PDs only regurgitate half of what they "buy," the premium kicker is the baksheesh received that makes the 1/2 they retain for a while sufficiently remunerative for them to remain in this "brokerage" position. It's an interesting and desperate scam, and someone at one of these hearings needs to get an easel out and simply do the flow chart so everyone can see how profoundly fake American central financing has become.
What ben is really saying:
I represent the house of Rothschild. They have over 500 quadrillion dollars, with which they are going to buy your sorry asses through indebtnedness. They are "assetizing" this otherwise worthless paper, and will continue to do so, because they own the US military machine, and every other military machine globally. They own every central bank, and every country owes them.
They are the all seeing eye, and you will obey. These shitty little hearings about a few piss ant consumer woes are boring the shit out of us. Why don't you all get the fuck onto our foodstamp program, or die already.
Want to fight us? Please, do so, we own the copper market, control the food market, control the oil market, so please, go to war, and make us some more money.
Oh, btw, we control the general population through haarps, they'll do whatever the fuck we want them to do, you disobey, and haarps will drop an earthquake or a flood on your sorry collective asses, get it? We own the world baby!
"We own the world baby!"
Bahhahahahah. great post. Come to my corner of the world, we will see who owns who.
that about sums it up..........
What would happen if Kirk would have brought that up, "I understand that Mr. Rothschild has concerns over ____"
Seriously, I want to know. What would Ben say? Has that name ever come up during a testimony? Volcker, Greenspan or Bernanke?
I didn't want Kirk to win (IL is my state). However, I did email him about 2 months ago stating, "My family fully understands what the FED is doing. We know they are engineering the stock market with their QE 2 program. Our grandfather, who is still alive today, lived through the first Great Depresssion+Still lives today. We are concerned about run-away inflation and our currency being destroyed".
can't say I played any role. but I thank him for this (even if his tongue was logged tightly in his cheek). They all work for the banks
+14.3 Trillion
nail head meet hammer.
"..so it is possible..."
Yeah yeah...stop bitchin. What you gonna do about it?
ugh this is too deep now.
Henry Ford had the right idea!
http://query.nytimes.com/mem/archive-free/pdf?_r=3&res=9C04E0D7103EEE3ABC4E53DFB467838A639EDE
So did Benjamin Franklin (the REAL Uncle Ben).
He is my personal hero! Even if he did write a book/thesis advocating a paper monetary system...
http://goo.gl/jRQTS
Papers cool, as long as every fucking sheet of it is backed by something of real value!
He was a printer, who made some serious coin (no pun) printing paper notes for Pennsylvania. What would anyone expect a printer to advocate as money?
If he wanted the government to print money he sure got his wish.
... another day goes by, the criminally is more and more obvious than ever before and yet U.S. citizens do nothing to stop it. Talk about subservient. Grow a pair of balls like those fine, decent and courageous fellows of the middle-east, looks like they actually care about their children's future.
Yes, and I hear they are actually calling for their women to line the streets in front of them to act as a kind of shield. BRILLIANT!
FLUORIDE STARE
Some of us are working hard to stop the greatest fraud in the history of the human race.
Find them here:
http://republicfortheunitedstates.org
http://gsfsystem.ch