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Why The Fourth Branch Of The US Government Needs To Be Abolished, And Why "Authority" Should Never Be Trusted
- Ben Bernanke
- Ben Bernanke
- Central Banks
- Christina Romer
- Council Of Economic Advisors
- Excess Reserves
- Federal Reserve
- fixed
- Lehman
- Market Crash
- Monetary Policy
- President Obama
- Purchasing Power
- Quantitative Easing
- Reality
- Recession
- recovery
- Reserve Currency
- Stagflation
- University of California
- White House
Yesterday we presented Dylan Grice's thoughts on why economists and their opinions should be summarily dismissed as nothing but mere noise on the steep downward slope of a series of failed "authoritarian" policy decisions, which seek to validate one false choice after another, by presenting a hypothetical and fallacious counter-outcome as a certain reality (just consider the "apocalypse" we would be living in if Goldman had failed: of course, there is no justification for this except for what Bernanke et al claim is the one true alternative reality based on nothing but their own conflicted interests), which does nothing but discredit the "science" of economics more and more with each passing day. Yet in the grand scheme of things economists are merely pawns in the hands of the landed elite: the financial system set only on perpetuating the status quo of capital and wealth reallocation from the lower classes onto itself (until there is eventually nothing left), and a government whose only prerogative is to usurp ever more control and authority, until the entire system is one of central planning in economics, social affairs, religion, and every aspect of people's daily lives, all the while pretending to operate under the guise of a democracy, which, at least in America, died long ago. Today, we present the observations of Bill Buckler from his Privateer report, which picks up where Grice left off and demonstrates why one must not only never rely on economists but on form of "authority" in general. Putting it all together is Buckler's close analysis at the glue that makes it all possible: the Federal Reserve, also known as the fourth branch of government, and the entity that provides the endless funding for all of the system's failed policies. As Buckler points out, any reversion to a system that follows the constitutional precepts of the founding fathers will need to do away with the Fed first and foremost, as "the issue is not the political will of the US government to go on spending beyond its means, it is the political will of the rest of the world to go on accepting the unworkable global system indefinitely. They will not do it." In other words, in the step leading up to the last and most important defection in the global prisoner's dilemma, it is up to the American people to take the necessary step to restore the systemic balance (which will happen regardless eventually, only in a far more violent fashion). Everything else that happens on a day to day basis is completely irrelevant.
From Bill Buckler's The Privateer report, Number 661.
NEVER RELY ON “AUTHORITIES”
On the evening of November 23, 1942, Adolf Hitler was deep in “consultation” with the chief of staff of the Luftwaffe (the German air force) on the possibility of supplying the surrounded German 6th army in Stalingrad by air. On hearing of this consultation, Reichsmarschall Goering, the head of the Luftwaffe, promptly contacted Hitler and assured him that the air force could maintain the 6th army for as long as necessary.
All of Goering’s officers on the spot near Stalingrad knew that this was absolutely impossible. So did Goering’s chief of staff. So did Goering. And so did Hitler. Goering had already been proven wrong a little over a year earlier when he insisted that his Luftwaffe could clear the way for an
invasion of Britain. That was not even considered. What WAS considered was that no matter how fanciful or how contradictory to the FACTS on the ground, a method had been found to prolong the illusion that the war could still be won. And besides, how would any of them know that it could not and would not work if they didn’t try it?
They did try it. It didn’t work. The fate of the 6th army in Stalingrad is history. So is the fate of the Nazi regime.
The March Of Folly:
The American historian Barbara Tuchman published a book with that title in 1984. She lists four kinds of what she calls “misgovernment”. There is misgovernment by tyranny or oppression, by excessive ambition, by incompetence or decadence or both, and finally by folly or perversity. The author concentrates on government policies afflicted by folly or perversity, a rich field of enquiry stretching back to the dawn of history. Mrs Tuchman makes the point that folly is “independent of era or locality, is timeless and universal ...and is unrelated to type of regime. Monarchy, oligarchy or democracy produce it equally.”
She has one further principle for the study of government folly. “...The policy in question should be that of a group, not an individual ruler, and should persist beyond any one political lifetime.” That brings us into the realm of political economy, more precisely the dogged clinging to the central role of government in the economy, and particularly in the financial system upon which the economy rests. That policy has been clung to for far more than a political lifetime. It has been clung to at the highest levels of government for almost a century.
The Fed’s March Of Folly:
This road has been taken ever since the Fed was created in 1913. Specifically, the “final frontier” was entered with the FOMC’s decision on August 10. It’s all downhill from there.
Politics and Economics:
The present global monetary system (on life support as it is) remains the one that was hammered out in Bretton Woods in 1944 with the US Dollar as the world’s SOLE reserve currency. As long as this remains the case, the follies of the US government will remain the most important in the world and the follies of their central bank - the Federal Reserve - will remain paramount. By Barbara Tuchman’s criteria, a folly worth examining must “persist beyond any one political lifetime”. In June this year, Senator Robert Byrd, the longest serving politician in US history, passed away at the age of 92. Senator Byrd entered the Congress in 1953. Bretton Woods was in 1944. The Fed was created in 1913.
The other point which needs to be made concerns what could be called the dynastic nature of the Fed. Mr Bernanke is the fourteenth Chairman since the creation of the Fed almost 97 years ago. That’s not many - over the same period there have been seventeen US Presidents. Here we get down to the divide between the political and the economic aspect of political governance.
The Politics Of It All:
There was a time when a president and his party could be and were voted out of office because the people preferred the policies offered by the opposition. That ended in the 1930s, when the “criteria” became which party could almost literally “buy” the majority of votes by directing the redistribution of funds where it would do them the most good. That became entrenched by the late 1960s. Since then, the “platforms” of the major contending parties have been all but indistinguishable. Most US elections have been decided either on the “lesser of two evils” principle or on disgust with the incumbents.
Both sides of US politics have been equally assiduous in their major task as they see it. That task is to safeguard and increase (as far as they are able) the involvement of government in as many aspects of the lives of the people as possible. That is why the euphemism for modern politicians, especially those in the US Congress, is “lawmakers”. It is only VERY recently that politicians from either party have given serious consideration to the problem of paying for it all or whether they CAN pay for it all. For most of the past century, they have not concerned themselves with that. That is what the Federal Reserve is for.
The Economics Of It All:
In essence, the Fed (like any central bank) is the “fourth arm of government”. The executive branch makes policy. The legislative branch translates it into legislation. The judicial branch is supposed to ensure that legislation is permissible under the Constitution - the law which GOVERNMENT must obey. Originally, the system was set up to ensure a division of power between the branches. A “government bank” or “central bank” was not deemed necessary because the powers of government were thought to be limited by the Constitution to the extent where “financing” these operations would not be necessary. They weren’t (except for the post Revolutionary and Civil War periods) for well over a century. But by the turn of the twentieth century, the US government, like so many governments before them, decided that their reach should extend beyond the borders of the nation they governed. This promised to be expensive.
The Fed was initially set up under the pretense that an institution was necessary to provide an “elastic currency” to meet the needs of business. An elastic currency was deemed necessary alright. But it wasn’t to meet the needs of business, it was to meet the needs of government. And that is what the Fed has been doing ever since. As the powers of government expanded and as the COST of government soared, the Fed was always there, the banker of last resort, the branch of government which would “pay” for whatever government chose to do. The government needs the Fed as a guaranteed buyer of its debt.
It is obvious to anyone who takes the time to EXAMINE the situation that the Fed is the fourth and specifically, the economic/financial branch of the US government. It should be equally obvious that this marriage of convenience has been progressively impoverishing the American people. Apparently, it isn’t.
When A Folly Comes Out Of The Closet:
For many decades, the “co-operation” between the US government with their Treasury requirements and the Fed has been taken for granted. Whole systems of “economics” (notably the one popularised by J.M. Keynes in the mid 1930s) have grown up around the practices of “financing” the ever increasing “needs” of government. The terms “inflation” and “deflation” have been moved from defining movements in the amount of money being created to movements in the prices influenced by this manipulation. A vast pile of books has been written and post-graduate university courses designed around the alleged difference between debt incurred by government and debt incurred by the dwindling “private sector”.
Through it all, the quality of the money has declined in lock step with the increase in the amount of money (of all descriptions) in circulation. There have been two defining moments in the entire process. The first came in 1933-34 when Americans were prohibited by law from owning Gold. The second came in 1971 when the final constraints on government fiscal discipline were removed as the final promise to redeem the US Dollar in Gold was jettisoned. On August 15, 1971, the folly came out of the closet. That lasted a decade, during which funded government debt rose by 150 percent. Then came a quarter century of “serial” debt bubbles which lasted until 2007. Over that period, government debt grew by 1000 percent. With the onset of the GFC in 2007 and the near death financial experience of 2008, the closet door opened again. And this time, in stark contrast to the end of the 1970s, it CANNOT be closed.
Shutting The Door On An Empty Room:
In the era of “stagflation” (the 1970s), there was actually an extensive debate about the nature of the money which was fuelling an obviously dysfunctional system. The main reason for this was that the concept of “risk” was still one which was current in investment markets. The steady increase of interest rates, which accelerated as the 1970s were coming to a close, was a contributing factor. So was the cost of living - which was accelerating along with interest rates. So was the “price” of Gold, which now had a “price” since it was no longer “fixed” to the US Dollar. As the 1970s ended, the price of Gold in US Dollars accelerated along with US interest rates. This was not and is not supposed to happen. High interest rates are said to be “bad” for Gold. They certainly weren’t in the last three years of the 1970s.
The door was slammed shut by Chairman Volcker in late 1979 when he took his hands off the Fed’s interest rate controlling mechanisms. US rates skyrocketed, “stagflation” turned into (deep) “recession”, Gold soared and then slumped. And, finally, the world was lured back into the paper US Dollar.
The US government had jettisoned the concept of “risk” as far as their borrowing “requirements” were concerned in the aftermath of the 1929 stock market crash. They did so just as the ensuing depression elevated risk aversion in the private US economy to a level it had never seen before and has not (yet) seen since. It took 50 years, the abandonment of Gold and an attempt to combine a welfare state with a war for the fear of “risk” to resurface - in the 1970s. It took interest rates which reflected that fear of risk in the MARKET to get it to subside. It did, in the early 1980s. Then came the era of serial credit “bubbles”.
Blowing The Door Off Its Hinges:
The Global Financial Crisis (GFC), and particularly the “authorities’” reaction to it, has done more than just open the door again to the money machinations which are built into the foundation of modern government. It has laid that entire mechanism bare for anyone to see. But look at what has happened during most of the three decades since the beginning of the “Reagan Bull” in 1982. Twenty-five years of recurrent market booms anaesthetised an entire generation. In the process, the obvious truths that savings must precede investment and that wealth is not a function of the creation of money were buried beneath an avalanche of transfer payments and “bull” (in BOTH senses of the word) markets.
It is hard to awaken from such a long period under the influence of “authorities”. These things take time.
The Mechanism Itself:
To illustrate how pervasive the mechanism is and how it has long since been taken for granted, only one fact is necessary. Since 1931, there have been a grand total of SIX financial years when the funded debt of the US Treasury did not increase. These were fiscal 1947, 1948, 1951, 1956, 1957 and 1960. The US federal government has not run a budget surplus for 50 years. Under the original theory concocted by the “authorities” and elevated to economic holy writ by Mr Keynes, governments can compensate for any slowdown in the economy by spending more than they tax. Then, when the magic bullet of government “stimulus” has done its work, they can pull in their horns and diminish their debt. Governments “can” do that, but the US government hasn’t actually done it for 50 years. The Clinton “surpluses” of the late 1990s are a myth, of course, concocted by applying the “surplus” generated by social security funds to the government’s bottom line. There are no social security “funds”, the entire pile is composed of non-marketable Treasury IOUs which can only be serviced and/or repaid by the productive capacity of this and future generations.
For many years, we here at The Privateer (and many others) have been explaining the mechanism by which the production of real wealth has progressively been taken over by the production of “purchasing power”. The onset of the GFC exposed these mechanisms to public scrutiny to an extent not seen since the 1970s, or before that, the 1930s. The GFC itself, especially in nations (such as the US) where its impact has been most sorely felt, has greatly increased two things so far. One is the ever growing unease and indignation of the public. The other is the lengths to which the “authorities” will go to keep the REAL reasons for the present malaise away from pubic view and, above all, from public understanding.
Now What?:
The first answer to that question was given on August 10 when the FOMC announced that the Fed would NOT be shrinking its balance sheet as it has promised to do ever since it massively expanded it almost two years ago. On top of that, the FOMC let it be known that the Fed would resuscitate its quantitative easing QE) program of directly monetising Treasury debt.
On August 27, Ben Bernanke expanded on the Fed’s future plans at his Fed symposium speech at Jackson Hole, Wyoming. Mr Bernanke began by startling his listeners, telling them that the Fed would do “all that it can” to rekindle confidence in the “mechanism” (financial system). His listeners, both inside and outside the conference room, had long since assumed that there is nothing that the Fed can’t do. The Fed’s “omnipotence” is a foundation stone in the entire edifice of trust in the “authorities”. Nothing would rock this more than a revelation that there ARE things the Fed can’t do.
To stave this off, Mr Bernanke listed three things that the Fed can still do. It can buy “more” long-term securities. It can reduce the interest rate it charges on excess reserves to get the banks to lend them instead of storing them with the Fed. And finally, it can “modify the Committee’s (the FOMCs) communication”. Let’s take the first two. When the FOMC announced that the Fed WAS going to buy more long-term securities on August 10, they admitted that the first foray into QE hadn’t worked. When Mr Bernanke talked about reducing rates charged on Fed reserves, he neglected to mention that existing rates have been at 0.25 percent ever since the Lehman scare of 2008.
The third future task for the Fed , “modifying communication”, is one known by “authorities” in all ages and times. Today, when they speak about doing it themselves they call it “public relations” or, less politely, “spin”. When they speak about other authorities doing it, they call it “propaganda”, or more impolitely “disinformation” or still more impolitely “lies”.
The Fed’s real message was delivered on September 1 by departing White House chief economist Christina Romer. She said that the US needed to find the “political will” for more economic stimulus.
The Only “Solution” Left?:
For months now, Nobel prize winning economists, eminent educators, individuals in charge of $US TRILLIONS of investment “capital”, and political “authorities” of all sizes, shapes and descriptions have been unanimous in one message. The “system” can be fixed easily. We have discovered that we didn’t print enough money. No problem. Just print more, preferably MUCH more!
Here’s how Christina Romer put it during her speech to the National Press Club: “The only sure-fire ways for policymakers to substantially increase aggregate demand in the short run are for the government to spend more and tax less. ...I desperately hope that policymakers on both sides of the aisle will find a way to finish the job of economic recovery”.
Ms Romer, one of the chief architects of President Obama’s 2009 stimulus package, has resigned her position as the chair of the President’s Council of Economic Advisors, effective on September 3. Once an “authority”, always an “authority” - she is returning to “academe” by returning to her old job as an economics professor at the University of California, Berkeley. While she was there, she was engaged in research on fiscal and monetary policy from the 1930s to the present. Mr Bernanke would approve.
The Political Will:
Yahoo in the US described the speech as a plea that the US find the “political will” for further stimulus. This is in itself very revealing indeed, especially given Ms Romer’s contention that the only way to “fix” the problem is for the US to “spend more and tax less”. Politically, this has been the only solution resorted to in the US for at least half a century. What is never mentioned by all those who so glibly push this solution to the problem is the reason why the US has been able to get away with it for so long.
To do so would risk moving the debate to the area where the “authorities” dare not go. That is the area of the nature of the global financial system and, even more fundamentally, the nature of the “money” which underpins it. When a government spends more and taxes less, they go ever more heavily into debt. For a “normal” government, this process can only continue until the obvious risk factor shows up in the interest rates they have to pay on their borrowings. At that point, they have no choice but to pull in their horns.
The US government is different because the US Dollar is the world’s reserve. Because it is the world’s reserve, it has a global demand as the underpinning for financial systems everywhere. Yes, it is true that non US central banks are holding increasing amounts of other currencies in their reserves. But the basic system as hammered out at Bretton Woods in 1944 has NOT been altered. The US Dollar remains the world’s only official reserve currency. That means that the US is the only country that can buy goods with debt paper created by their Treasury and payable in “money” created by their central bank.
You have likely read this before - in The Privateer and in many other places. No matter how many times it is repeated, this remains the most important FACT which is never discussed by “authorities”. The issue is not the political will of the US government to go on spending beyond its means, it is the political will of the rest of the world to go on accepting the unworkable global system indefinitely. They will not do it.
A Vested Interest In AUTHORITY:
From time immemorial, the “authorities” in charge of political and economic policy in a nation have clung to “remedies” that would not work - even though they KNEW they would not work. We started this essay with one example. There are countless more. Once you understand this, you will know that “authority” is NEVER to be trusted, no matter how many adhere to it or how long it seems to have “worked”. The only viable alternative to more authority is LESS authority, and therefore more freedom.
Today, no “authority” in the world wants to discuss that. Least of all the ones in the USA.
h/t Robert
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excuse me. i wouldn't put Leo in with me. he is smart and knows what he is talking about. me and leo use our real name. now that takes balls around here. so let's give credit where credit is do. braveballs, bitchez
" i wouldn't put Leo in with me. he is smart" Leo averages down....
P.S. The Banks and the FED control the price of Gold and Sliver. How is Gold, Silver etc. any different that the Stock Market or Money in the Banks? It is not it is still under the control of the Banks and the Government. They are talking about recording transactions over $600. so they will know who owns what. So, when you finally sell your Gold it will be reported to the Government. All of a sudden you may have the IRS breathing down your neck.
They will screw that up as well. See how well they have "managed" the dollar?
If I recall correctly, it was, in part, a tax issue that got this country started in the first place.
Yes, and no such thing as peaceful revolution, PTB does not hear peaceful...
Actually, a monopoly issue dressed in a tax issue. Free markets anyone?
We are very close to a point in history where beliefs a matter of life and death.
"beliefs are a matter of life and death" Absolutely. and normally they are anyway....
Only during the lifetime of a ponzi scheme do they not matter...
Thanks for the grammar fix in your quote and my perspective on this is about actions borne out of a particular belief. The poster does not believe certain things regarding gold and likely disinclined to own any. That belief may prove to be a significant disadvantage.
Likewise those with strong beliefs regarding firearms specifically and human behavior in general (especially in times civil distress); J.I.T. food, water and energy supplies and the benevolence of a powerful central government.
Waterfall Sparkles,
You appear to be doing your part in carrying out the Fed's third future task, as outlined by Bill Buckler in the article above:
There's a name for people who follow this belief: 'unidentified victim.' They're often found in mass graves after the breakdown of the local societal structure that follows a disaster.
because 'money' is a 'step-up' from barter. if you wanted to buy a tractor and you did'nt have
anything that the tractor seller wanted ,you would not be able to exchange, so no deal.
if you used 'the most marketable commodity' which for the past 5000 years has been gold then you can complete exchanges more easily.
the beauty of gold is more than 'skin deep' if it becomes cheap enough its worth replacing your electrical cables with gold ones because its a better conductor. the same with water pipes and water storage tanks because it actually makes the water taste better. the same with cutlery .etc ( its very nice eating with silver and gold cutlery and drinking from 18ct gold goblets)
houses edged with gold leaf are very nice also including front doors and window frames along with umpteen other uses including industrial upgrades as well.
but we don't use gold to its fullest capacity because it's too bloody expensive and so it's relegated to mere money
Better have a still and the smarts to use it. Where ya gettin fuel when the last truck was weeks ago? I ain't goin no furthur on tearin this crap apart, it's holiday.
There's a lot to be said for using "corn" as a medium of exchange. You can run engines on it or drink it if you can't trade it. And let's be honest, a LOT of people will swap things of value for a jug of really good "corn."
...
Excellent post. Many of you are missing the point,
it is up to the American people to take the necessary step to restore the systemic balance.
I believe you left those out. Please expand.
I didn't write the article, but my opinion is that we start by organizing or joining organizations in our communities and states that are against these monetary policies. Run for office or vote for people with integrity instead of career politicians ( Ron Paul being the exception). Boycott institutions and corporations that are lobbying for or have been recipients of the bailout and other stimulus. The less reliant communities and states are on federal money the more power they will have. I am open for suggestions and think this should be one of the main topics for this post which was the point I was making.
Your suggestions are as good as anyone's and better than a few I've seen on this page.
Thank you.
"the less reliant communities and states are on federal money". bingo! Self-reliance, in all life's aspects is a very good thing. Cooperation amongst the self reliant is a very good thing. Those who are not will always be subject to those who are.
He must feed glen beck
It would be insane to reelect the other side of the spend and tax or spend and cut tax or spend and print $$ or spend and borrow spend and defense or spend and save global warming or or spend and universal health care or spend and spend ---
Who are these beings who we have given the authority to spend our money as they see fit
- They are just hired servants of the rulers
Our tyrants in sheep clothing
The issue is not the political will of the US government to go on spending beyond its means, it is the political will of the rest of the world to go on accepting the unworkable global system indefinitely. They will not do it. – Bill Buckler
A true statement. But, of course, the owners of the Federal Reserve worked out this little problem years ago. The solution: The International Monetary Fund (IMF).
The message to the rest of the world: Not the dollar, anymore? Okay, how about the SDR? The IMF/World Bank always was intended by its Bretton Woods founders to replace the Fed as the final instrument for social and political change with the object of building world-wide social control.
World government, where all the world’s politicians will need to get their instructions and support, requires only two ingredients, 1) a military power under single control, and 2) a single fiat currency.
Thus, a seamless move is being made by the global financiers from the Fed as lender of last resort creating currency out of nothing for virtually the entire planet to the IMF as a world central bank creating currency out of nothing… And onward to the demise of freedom and free enterprise.
Development of the IMF from its inception in 1944 has progressed rapidly over this past year. But, if the Federal Reserve could be excised now from its hold on the American government, the global financiers’ march to a world currency and world government could be stopped.
Yes, Jr, I think you are right. The ultimate financial power over the entire World. It does seem like to accomplish this they need to take the Wealth of the American People to accomplish their goal. The Banks already have accomplished the first part of the goal thru the Trillions that were transfeered in the 2008 Meltdown.
America has great Wealth in their farm land, and all of their other resources. Especially the American people. If the American people were reduced to the wages of thrid world countries they would be easy to control. You can almost see it happening every day. Lower wages, part time jobs, jobs being shipped overseas, no good paying jobs like manufacturing. With enough people unemployed the masses will work for less just to survive.
I also wonder about the housing crash. This is putting a lot of people out of their homes and real estate ownership. Every day the Banks own more and more real estate thru Forclosure. A form of transfee of Real Estate out of the hands of private owners into the Banks. We have to remember that when the Banks gave the Loans the Money was created from 0. So, in essence they are getting assets that they never paid for.
Now, I read an Article were the US is going to bail out a Foreign Bank. Not that is not what happened with the Bail out the Banks funneled the money to Foreign Banks. Yet, Americans paid for it.
Hope, for America? I do not think that is what the powers to be have in mind.
Waterfallsparkles, this analysis has tremendous new insight that brings this story up to date, and nails the Fed and the TBTFs in this epic demise of America and impoverishment of her people.
G. Edward Griffin wrote in 1994 in The Creature From Jekyll Island: "The method by which world socialism was to be established was to use the World Bank to transfer money – disguised as loans – to the governments of the underdeveloped countries and to do so in such a way as to insure the demise of free enterprise. The money was to be delivered from the hands of politicians and bureaucrats into the hands of other politicians and bureaucrats…
“Capital for the IMF and the World Bank comes from the industrialized nations, with the United States putting up the most. Funds consist partly of hard currency – such as the dollar, yen, mark and franc – but these are augmented by many times that amount in the form of ‘credits.’ These are merely promises by the member governments to get the money from their taxpayers…”
Said Griffin, the IMF/World Bank “has become the engine for transferring wealth from the industrialized nations to the underdeveloped countries."
While this has lowered the economic level of the donating countries, in most cases, it also has resulted in loss of political power by the recipient countries through loss of their monetary control; transferred to central control at the IMF in Washington, DC—the principal motive in my opinion.
Here are the emerging and developing economies according to the International Monetary Fund’s World Economic Outlook Report, April 2010:
Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, The Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belize, Benin, Bhutan, Bolivia, Botswana, Bosnia and Herzegovina, Brazil, Bulgaria, Burkina Faso, Burma, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Chile, China, Colombia, Comoros, Democratic Republic of the Congo, Republic of the Congo, Costa Rica, Cote d’Ivoire, Croatia, Djibouti, Dominica, Dominican Republic, Equador, Egypt, El Salvador, Edquatorial Guinea, Eritrea, Estonia, Ethiopia, Fiji, Gabon, The Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Hungary, Indonesia, India, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyzstan, Laos, Latvia, Lebanon, Lesotho, Liberia, Libya, Lithuania, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mali, Marshall Islands, Mauritania, Mauritius, Mexico, Federated States of Micronesia, Moldova, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nauru, Nepal, Nicaragua, Niger, Nigeria, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Russia, Rwanda, Saudi Arabia, Samoa, SaoTome and Principe, Senegal,Serbia, Seychelles, Sierra Leone, Solomon Islands, South Africa, Somalia, Sri Lanka, Saint Kitts and Nevia, Saint Lucia, Saint Vincent and the Grenadines, Sudan, Suriname, Swazilalnd, Syria, Tajikistan, Tanzania, Thailand, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Tuvalu, Uganda, Ukraine, United Arab Emirates, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, Yemen, Zambia and Zimbabwe.
Obviously, the countries who have been recipients of US-based offshoring are on the list.
Current managing director of the IMF, Dominique Strauss-Kahn, is a Socialist/Communist. President of the World Bank is Robert Zoellick, former managing director of Goldman Sachs, former executive vice president of Fannie Mae, former advisory board member of Enron, CFR, Trilateral, Bilderberg, and a signatore of a letter drafted by the Project for a New American Century to President Clinton calling for "removing Saddam’s regime from power."
On September 21, 2005, Zoellick created a major stir on both sides of the Pacific by giving a remarkably candid speech to the National Committee on U.S.-China Relations. In the speech, he not only introduced the notion of China as a "stakeholder" in the international community but sought to allay fears in the US of ceding dominance to China
Debt is only has value where there is both the means and the intent to repay it.
Both of those factors are very close to expiration.
Bad debt has no value.
Gold is payment in full. Debt is a claim, reliant upon a counterparty. Polar opposites.
IMF, SDR, further examples of:
JR, Yes, "they" have intentions for the US.
Just think about the Patriot Act. Look at how many freedoms they took away with that act. People have to go thru a virtual X ray strip search to get on a plane. The Government got records from Verizon of telephone calls made by Citizens. The Government got search records from yahoo, google etc. on Americans without a search warrant. Recent court case the Government or police can come onto your property and put a GPS tracer on your car to track your every move without a Court order. The Government monotors all calls for words like Bomb, attack etc. thru a huge data base. The Government requires Banks to report any deposit or withdraw in your Bank account over $5,000. The Government can use your cell phone to track you.
Locally, the Police can search your car if they just suspect Drugs. Cameras for red light and speed violations. Cameras on every street corner watching the citizens every move.
Total Government control and monorting. Income Tax reporting of every asset and all income. The proposal to now record gold or silver purchases or sales over $600.
Where does it stop?
It did as you said start with the creation of the FED and then the creation of the Income Tax. It appears that they did not have enough power and wanted World Dominance and World Taxation. They then would be in total control of all of the masses.
Maybe they think it is good as they could create Socialism through the World and everyone would be equal and no one would be hungry or without shelter. Yet, it could also be used for very sinister reasons. Would the elderly be denied food and health care because they were not productive? Would children be put into camps and trained by the New World Government so their parents could work and be productive. Who would they allow to survive and who would they allow to die?
I think that we in America care more because we have a better standard of living than say people in Africa or many in China. But, how would Americans feel if we knew they wanted Africa and China to be more like us and us to be more like Africa and China?
No, I do not trust what appears to me to be total control and the literal extortion of Americans Money to fund their Totalitarian plans.
You know I almost cannot believe I wrote that. I try to stay under the radar so to speak. Pretty soon there will be black helicopter flying over my house and a swat team out front to confisicate my computer and all of my records.
Am I afraid of my Government? YES. Yet, Citizens should not fear their Government. I also do not believe that there really is any free speach any more.
relax, alex jones and david icke are still walking around aint they.
With the perspective you have there is no way you cannot see the value of holding gold.
I rest my case.
Rocky, I believe in Real Estate not gold.
As long as you are basing your future on "belief" then there is the possibility of being wrong. Are you hedged by owning a little gold just in case?
___
Waterfall, I believe in diversity. Real estate is fine. Gold is VERY anti-government.
If you don't like the government, consider joining the 80,000,000 of us Americans who own guns.
ZH continues to convey sanity. Amen.
Actually the article's thesis is wrong, which does not really surprise me. Government's role is to run interference for the private sector and serve as the proverbial punching bag and ultimate patsy. Private sector gets the credit when things go well(early part of credit cycle) and government gets the blame when things do not work out(later part of credit boom.) The handling of the GOM blow-out is one example how government got the blame after working within prescribed and agreed upon operating limit set out by BP, with BP controlling everything even communications and all media access.
However the prime example of how the government gets blamed at the behest of private sector is the latest manufactured uproar against Keynesianism. Almost all government spending is requested by the private sector--the role of politicians is to dish out taxpayer funds to the corporate elites. The wild roar of anti-Keynesianism is a all mirrors and smoke screen. While no one should listen to economists it is even more important not to listen to financial sector workers and allow them to set operating agenda. No hedge fund manager works for the benefit and enlightenment of working classes.
Its simple. Would you rather have 1,250 dollar bills or would you rather have 1 ozzie of gold as a store of wealth. Or would you rather have 1,250 gallons of water at $1/gallon value? or 17 bbls of light sweet crude? I have set to figuring out ways of getting into water; have the the gold and oil covered.
i had a concrete 1200 gallon underground water storage tank. that was an interesting lifestyle. i also bought water from thristy trucking company. that was interesting. getting into the water delivery business is a great idea, but your customer has to provide storage. most folks think water comes from the faucet.
Even you rockie coon would possibly engage in the following transaction:
Trade your labor for "money".
It's described at USC 21.5112 if you care to know.
Receive payment in some coin, and some paper.
Then you can at least settle your taxes by exchanging debt for debt.
Who says you can't put an Eagle into circulation at it's stamped/coined value, and as long as it remains in circulation, it does what it does, promotes exchanges at the face value of the coin.
Sure. I'll take payment for my labor in any specie or commodity you'd like to provide and that we can agree upon. I'll then swap it for my "money" of choice.
One could circulate a silver eagle at its $1 face value, or a half ounce Eagle at its $25 face value. But why would you? That's why the face value is less than its convertibility to fiat currency, so that it will not circulate. They covered that eventuality.
Why??? Hmmm. Because of the catch-22.
The transaction amount would be enumerated in dollars on your books. (provided the coins are in circulation). Or if you had a till, how would you differentiate a circulating silver Eagle from a rag George Washington, and at the end of the day you get to count the content of the till, save some (perhaps), pay your suppliers, pay your taxes, all with the equally legal tender in the drawer. Swap some for your money of choice, and pay some more taxes on the swap profits.
I got ya. I've told my story about the $50 used car elsewhere on ZH.
Car bought with a 1 oz Eagle, dealer posted loss on sale, buyer registered car at $50 cost.
State sales tax paid on $50 purchase price.
Simple. I think that was what you were getting at.
Yes, that Legal Tender business on Eagles can be put to good use from time to time.
Like paying your kid $100 for a day's work (w/ 2 Gold Eagles). Yeah, I like that.
Thanks Rocky.
Promote the thought.
If enough people 'circulated' a lot of things would shut down.
As far as I can discern, there is no reason to believe that deals are not made like this in international trade, and domestic trade at high levels and significant $$volumes.
Why would it be otherwise?
I forget where I read it but it is believed that a huge number of the newly mined U. S. gold eagles have been shipped overseas in "payment" of certain debts. Let's guess OIL. What a deal -- for somebody. $50 face value with $1,200 market value.
If you recall a few months ago the question of exported metals in the government documentation? I'm at a loss right now to link to all of that. I don't like to post things that are not fully supported. I'm just doing some mental linking of past data trying to make a picture.
It goes back a long time.
All the 'western' countries that mint gold coins make them legal tender equivalents. For the Euro, these coins are only legal tender in the country of minting.
i.e. An Austrian Philharmonic with a Euro 'face value' is only good for legal tender in Austria.
The info is out there on all the 'mints' of the respective nations.
Except sometimes they obfuscate the language.
For Sweden 'legal tender' translates to 'giltigt betalningsmedel'
They don't publish that the coinage of the late 1800's still qualifies.
Had to write the 'Sveriges Riksbank' to get that answer.
Well, it's become stunningly and embarrassingly apparent that you can build a really nice house of cards, if you use enough bullshit to glue it together. However, since it IS just a house of cards, it's going to blow over at some point or another. Low-quality ingredients do not a gourmet dish make.
And the wolves will come to huff and puff and blow the house down. I am not so sure who or what will benefit from the house collapsing, most likely the wolves? THAT is the conundrum.
Good anaysis.
Here is insightful interview "Stoneleigh" over at "Automatic Earth" by Jim Puplava of Financial Sense News Hour of why the Ponzi scheme is falling apart.
Preparing For and Learning to Survive the Coming Perfect Storm: Part 1
I'm all in favor of putting limits on government policy, up to a point. If you think as I do that technological advance is what really moves human progress forward, then easy money made possible by the Fed isn't necessarily a bad thing. Quite possibly cheap money obscures the risks involved in one-shot-in-a-thousand innovations, making more people jump on board and in turn making the likelihood of success higher.
No to get too Star Trek on you, of course...
http://www.youtube.com/watch?v=AB3uVARNhmM
I guess it's possible, but there's no way to know, is there. So, high unemployment and collapsing home values, etc...yeah, maybe it's worth it to have 50" flat screens. I dunno. Seems like the inherent fraud-based violence done to the US people by ever-bigger economic bubbles is a very high price to pay for technological innovation.
Freedom isn't free...maybe part of the price is to accept the limits of reality in terms of economic growth.
Oh, the innovations I have in mind are bigger than a big TV set. I'm thinking about chemotherapy drugs, and more productive crops, fusion energy technology, teleportation devices... OK I'm getting a little silly but you see my point, no?
It boils down to if you think paradigm-shifting technological progress is what is really decisive in improving the lot of mankind. I actually think it is. Cheap credit, either through subsidies or risk-distorting monetary policy is an important part of this.
BTW, now that we in the soup, low interest rates are very much needed to keep unemployment from reaching highs that would give you goosebumps.
Credit and interest should be commensurate with risk. The Fed deciding what a market interest rate should be distorts not only credit/markets/risk but entrepreneurship.
Classic theory versus reality. "Should be" but seldom if ever are commensurate with risk. Cheap interest rates encourage investment in innovations simply because it makes the cost of research more economical relative to the payoff.
This is especially true when you are talking about the kinds of stuff to which I referred.
How will we ever find out what the true equilibrium is if the Feds are eternally pulling the strings? Was cheap money the genesis of every technological development? And your view on "free markets" is?
When it all blows up, if it does. No sooner.
No. I never said it was.
I'm not sure what you mean by "free market" is outside of a textbook. I'm all for prices reflecting information on scarcity and risk in general. I also think this is a very poor time for idealists to start preaching "get the government out of everything, even if it makes the financial system crash". This would be an unmitigated disater that could unravel our very society. There is a middle path between unlimited policy support and no support at all.
The no support stance: it's like someone is on life support and the some family member starts saying "healthy patients don't need any assistance, so pull the plug." It is missing the major point that right there and then, the patient needs life support. What the patient should have done to avoid getting in the spot is irrelevant right there and then. It doesn't matter about fairness and other whining. Everyone will lose much more than a minority could possibly gain. What matters is keeping civilization alive. Yes, civilization. This is not about banks, although the financial system is the rapier point of the situation. It is much larger in scale than most recognize.
The no support stance: it's like someone is on life support and the some family member starts saying "healthy patients don't need any assistance, so pull the plug."
What you fail to realize or admit is that the "life support" currently employed is the application of leeches and repeated doses of mercury. By insisting on such a course of treatment you guarantee the death of the patient despite any claims of intellectual or moral superiority on your part.
The tender mercies of the wicked are cruel.
You are incorrect because you assume that the current policy mix is the only possible option. It is not.
Well then you go ahead and convince the policy makers to "do the right thing." What do you think your inevitable failure in that endeavor will prove?
I'm certainly not a miracle worker, and a miracle is the only policy which will take us back to anyone's golden age. Time is the only true fix to the current mess, and policy can play a role in controlling the fallout.
There are alternatives to the all or nothing ideological thinking that dominates. It is hard for poeple to see outside their articles of faith. I find it rare to find persons that can discuss alternative views without going off on tangents that have nothing to do with the points made.
If the patient has been in the hospital several times from self-inflicted wounds I'd have a view of letting the patient die. That moral hazard thingie.
If you think by "patient" I mean some set of banks, you can't effectively read.
If you actually get what I'm saying about unemployment and an economic death spiral and still want to let things die, then you are just a stupid rube beyond help.
Ok. I'm too stupid to read between your lines. If you mean something else by "patient" then say so. I'm a very literal person and just read the black parts. I love analogies and parables but tend to stay within the parameters given. My failure, not yours.
I'm sorry. You clearly aren't stupid and I was being a jackass. I just tire of having my morals called into question (you didn't do this, other people) for having a different opinion on things.
There will be no change until there is sufficient outrage, which won't happen until the checks from Uncle Sugar start bouncing. But when that happens, Uncle Strychnine will "change the subject," FDR-style, with a trumped-up excuse to invade Iran, setting off WWIII and plunging us into martial law and outright dictatorship.
Count on it. And protect yourself accordingly.
Glaucus, I do wonder where that point will lie. Just where will people become incensed enough to take their future into their own hands? I know you've outlined a general scenario, but I think it would take an event that would cause even the casual observer to finally leap up from their chair and say "Enough godammit!".
Checks bouncing would be one catalyst. Another might be 'sin' taxes jacked up to an unreasonable level. Easy to stay out of the debate if cigarettes and booze are easily had, than if they became extremely expensive.
Maybe the movie "Fight Club" had it right, just wipe out all the public debt and the mechanisms that distribute and profit off of it - and start over.
I am glad zerohedge is here, don't think I could survive the endless 'happytalk' news items on how things are fine - when I know goddamn well they aren't.
There won't be any "Enough godammit"; there will only be a collapse of civilization as we know it and the struggle to survive its aftermath. To understand what I'm talking about, listen to the interview over at Financial Sense with the brilliant Nicole Foss -- http://www.financialsense.com/financial-sense-newshour/big-picture/2010/... -- adding that what she's talking about isn't really the collapse of complex systems but of complicated systems (see pages 14 and 15 here: http://libertarianpapers.org/articles/2009/lp-1-32.pdf
Glaucus wrote:
on Sun, 09/05/2010 - 18:02
"There won't be any "Enough godammit"; there will only be a collapse of civilization as we know it and the struggle to survive its aftermath.
"It was believed that he (Glaucus) commonly came to the rescue of sailors in storms, having once been one himself."
http://en.wikipedia.org/wiki/Glaucus
I know you're speaking on the macro scale here, and it's a good question.
But on the micro scale, a lot of us are already taking the future into our own hands. Most are talking about what they're just about to do, and I hope they get at it shortly.
Some of us are doing something just by learning more at places like ZH.
Now that I think of it, everybody else is also taking the future into their own hands by not doing anything or even acknowledging the possibility of unexpected changes in their lives.
Not being a big fan of the results of armed rebellion, I'm going about my business stocking up the pantry, storing up some kerosene. Putting away a little gold and silver in a nice private place that nobody knows about. Learning more about how various devices work and can be repaired.The Internet is a great 'cyclopedia, and storing those pages on my local hard drive for later is starting to become second nature.
Maybe people will take up arms against the grinding jackbooted heels of injustice. More likely they'll take up arms against the local grocery and big box stores in the ongoing struggle against not having enough stuff.
I'll do my part by keeping my head as low as possible until the crazies have killed and maimed the most agressive 'other ones', hopefully once again leaving the streets more or less safe for the rest of us.
It's a long term process of learning and preparation, but it's a better hobby than collecting driftwood.
i am with you
HI-Hoe, silver.
The relationship answer. The government answer. The universal answer.
Link to vid. http://thecivillibertarian.blogspot.com/
GREAT POST! Spot on. Too much power and influence - totally conflicted.
1913 was a bad year for grass roots America: 1) creation of the Federal Reserve System 2) the passing of the 16th Amendment legalizing the Federal Income Tax, and 3) the passing of the 17th Amendment abolishing the direct election of US Senators. These BIG 3 initatives moved control away from the grass roots to a minority at the state or national level - never a good thing.
The Fed System was designed by the elite to exert a significant influence and control over the US economy for their benefit and the detriment of grass roots American. The federal income tax amendment created the funding necessary to grow a big disconnected and corrupt government that facilitates the elite's plundering of grass roots America. The direct election of US Senator's (previously they were elected by the House) which ensured they could be bought and sold to serve the wishes of their elitest masters.
When is the sleeping dog going to awake.
US Senators used to be elected by their state legislatures. This kept a balance of power in the states, as Senators had to look out for their states' interests. In Canada the Senate is appointed by the PM, their stated mission is to look after the interests of property. Canada is far more decentralized. When I lived in BC what happened in Victoria had more effect on me than what happened in Ottawa. And the media cover the provincial legislatures closely. The Imperium that has grown up in DC is a big part of the problem. Too much concentrated power with a Congressional hierarchy that keeps the status quo intact. We have to break that up.
Agreed.
The only form of government that will ever succeed over an extended period of time will be one which protects and maintains "local control".
The US was originally set up that way until the banksters and elite of the day executed the US Civil Was under cover of "fighting to eliminate slavery". This was total bullshit as the real purpose of the Civil War was to break the power of the states in order to shift it to the central government where the elite could manipulate and control the country out of view, scrutiny and control of the votes at the grass roots level.
If you look at the taxes you pay to day - it represents an inverted pyramid where the vast majority goes back to DC. A large chunk of the remainder goes to the state government in the state in which you live. Only a small fraction goes to the local government and services. We need to right this pyramid as it will work to bring things back to order. I want control over what my tax dollars are spend on. I want to be able to drive to the city hall and challenge my elected officials on their decisions. I don't want my tax dollars to go to people 100s or 1000s of miles from where I live who don't give one damn about me or my town and are sufficiently hidden so they can weave their corrupt schemes.
All in all, I believe it is that simple. Move 75% of the total tax dollars paid at every level to within 25 miles of each and every citizen's home.
Notwithstanding, Bell CA is an enigma. I can't understand how this level of corruption can happen right under the noses of the citizenry.
Bell CA was a microcosm of the entire mechanism. It happens because the "people" don't move until a fire is lit under their asses. The city was shutting down due to budget cuts and THAT woke up the citizenry. This will happen on the macro scale and we'll have some action that could be nasty. These people have guns. It'll start where it hurts the worst: http://en.wikipedia.org/wiki/Watts_Riots
Exactly RR, and it ain't going to be pretty...
You couldn't pay me to live in Los Angeles, Califreakinfornia.
Federal troops will be moved in to quell the "disturbance". Talk about your loss of liberty. So much for posse comitatus.
No way the police could handle the gangs down their in a SHTF scenario. The gangs are organized and now militarized...Read your earlier post on Arkansas. I must come to Arkansas and see for myself.
You gotta get out in the countryside to appreciate. Go to the North Central areas and branch out from there. Have some fun here first: http://www.arkansas.com/
http://www.arkansas.com/outdoors/canoeing-rafting-kayaking/
http://www.arkansas.com/virtual-tour/virtualtour.aspx
Michael Yon reported during the surge in Iraq how the locals were completely stymied by the centralized control in Baghdad, left over from the Baath system. American colonels would take a caravan of local big shots to the city to free up all the bureaucratic roadblocks keeping the provinces from basic supplies. The locals would stress in meetings they couldn't do anything without Baghdad. The Army would have them make a list of what they wanted to do and what it took to get it done and they would do it all one step at a time.. Pretty soon the locals were doing a lot for themselves they could not have done under the Baathists. Yon came across this scenario several times after the population turned against Al Queda. This central control by corrupt elites is a plague all over the world.
And these are all far from mutually exclusive.
What I find interesting is that it is the Wall Street types that think that Gold will protect them.
They know they cannot store a generator, chain saw and the like in their Penthouse apartments. So they try to convince everyone to buy Gold to protect themselves. All the while talking their book trying to get people to pay more than they did.
I can only imagine what would happen with a true disaster in NY. No Water, no power, no sewage, no transportation. No way to grow food. Survival would be very limited.
If I was crazy enough to live in NYC again, I'd much rather own gold than a chainsaw, disaster or no disaster.
With gold, you can bribe your way through a lot of tight spots. With a chainsaw, you need a little more elbow room.
At this point gold is not for protection as you point out. It is a deliberate act to sabotage.
Taking away the clout from banking is the objective. Removing debt is the goal.
what a lovely article - especially the part about less authority and more freedom....beautiful words...
i whole heartedly agree that the fed is the 4th branch of government and must be destroyed. however, i disagree that the fed was introduced to fund the government. that happens to be a subsidiary benefit of the beast.
the true reason for the establishment of the fed, and consequently the cia, is the desire of the plutocrats to control the nation and the world. the fed was established by the plutocrats to take over the government though firstly to seize the currency and the economy....
once that was established the plutocrats took over the government which process they began in 1947. in 1963 they had completed that task when they murdered jfk.
after words, starting with vietnam, they began to conquor the world under various stratagems with one of the most spectatcular being the destruction of the wtc on 9/11....
the fed and cia are private instruments of the bankster plutocrats with the likes of the sociopathic rockefellers, buffets, gates, and a host of visible and invisible fiends subsuming government under their powers - just as the book of revelation prophecies.
the latest economic collapse was engineered....
one last point on interest rates....they will remain low until interest rate swaps blow up....that could be a while....in the mean time the economy will strangulate until it gurgles its last breath or until the irs conflagrate....the purpose is to send the last vestiges of wealth to the plutocrats....
we cannot escape the beast though we must try to defy it - and there are many ways of doing so....only yahushua can save us....pray for his return....we need his light yoke - not that of debt and consumer slavery....
Delusions Of Recovery
September 5, 2010 - NY Times
"It’s all downhill from here."
http://tinyurl.com/22v4249
Whee!
Dibs on the sled.
Grim Housing Choice: Help Today’s Owners or Future Ones
September 5, 2010 - NY Times
"The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid.
“Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.”
“The administration made a bet that a rising economy would solve the housing problem and now they are out of chips,” said Howard Glaser, a former Clinton administration housing official with close ties to policy makers in the administration. “They are deeply worried and don’t really know what to do...
Some members of the National Association of Home Builders say a new credit of $25,000 would spark demand, but they realize their chances of getting this through Congress are nonexistent.
“Our members are saying that if we can’t get a very large tax credit — one that really brings people off the bench — why use our political capital at all?” said David Crowe, the chief economist for the home builders.
That might give the Obama administration permission to take the risk of doing nothing.”
http://tinyurl.com/3amm63k
"I was going to post this later, but I thought maybe we all needed some cheering up."
http://tinyurl.com/Rosie-the-riverter
yeah i heard a history you missed podcast about rosie's creation. something like, a couple of concepts of her were designed. interesting the one they chose for the propaganda piece.
I thought Ron Paul and several other congressmen were attempting to neutralize the power of the fourth branch of govt. by auditing the fed. A real audit, not just a show charade for the public, only congress should control the purse strings not 32 prviledged families controlling the world banks. Is that movement still in voque to get the fed audit accomplished?
www.RevokeTheFed.com March 2008WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";
WHEREAS, on December 23rd, 1913 the US Congress enacted the Federal Reserve System;
WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;
WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;
WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;
WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;
WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;
WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;
WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);
WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;
WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;
WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;
WHEREAS, it is recognized that the current time is such a time of great difficulty;
WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;
WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;
WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;
WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;
IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;
WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.
NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.
IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;
FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;
WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.
SO HELP US GOD!
Note (6/19/2009): changed "constitutional mandate" to "legislative mandate" when referring to the Fed. This is what I intended. Clearly there is no constitutional mandate to create the Fed.
Fan-tas-tic article.
Put things into context so beautifully!
So really starting in the sixties, they printed much more money then they had gold to back it, creating invisible inflation until some European governments dollar redemptions caused a run on gold, and Nixon had to close the gold window.
Suddenly inflation came out into the open, and what a mess got visible in the late seventies.
Volcker quelled inflation, and somebody (was it him?) came up with the idea to increase debt per deposit/income from then on, first slowly and then increasingly faster. Together with convincing the sheeple that savings can be fully substituted by available credit, it hid real occurring inflation again for a quarter century.
And since the GFC started, they still were quite successful: treasury yields dropping, no visible inflation, only gold took off somewhat. In reality they are robbing the savers (incl. 401k) even faster, and increasing the handout in nominal entitlements (SS, MedicXXX, Bonds) of which less and less will ever be paid out/back in real terms.
Vote Libertarian bitchez!
A contraction of credit without a viable replacement will mean this: the population must contract.
There's not a single nice way of putting it. People must die, because that's what we love doing when we're strained on resources and such, we start killing one another.
I'm not sure how loving you people will be, how caring you'll be when you're facing starvation, or worse.
It's pretty disheartening how humanity always manages to find new lows.
What's disheartening is that so many people thought we could get something for nothing, and now the chickens are coming home to roost on their grandchildren's heads. It's too bad we can't kill our ancestors for screwing us over.
Watch out there monkey person... Somebody might get the idea that we are those ancestors that need killing. You know, a little preventive maintenance. Ole Johnny Bravo dislikes us Boomers enough as it is.
RR, but our "descendants" are weak. They have never lived a hard life. They are overweight and stupid, lost without the Kardashians and their iphones. Those that will survive, will have to do so, by proving their worth and strength. Most Boomers will all be gone in a decade or two anyway. I fear for the children and grandchildren today, most have lost all "institutional" knowledge of how to be self reliant, hell, most adults have lost that already. They will be easily manipulated or exploited by those who are.
I have raised two kids as well. They are in their 30s and fending for themselves. I ain't leaving 'em shit. Gonna spend every dime. They were weaned a long time ago. Love has nothing to do with it. That's a different topic. Conclusion: I don't "fear" for my children since they will develop their own institutional knowledge. Lessons learned are never passed down in a way that they are heeded, the wheel has been reinvented numerous times, each generation must fend for itself and choose its own path. Who am I to interfere with the ubiquitous lack of continuity between generations?
Just one ounce of gold will get me a nice cruise (in the last remaining ship that doesn't have holes in the hull or has been taken over by the governments to serve as a troop ship) to whatever tropical paradise will not be embroiled in revolution.
Yes, But Asia is surging. Looks like another rough week starting tomorrow.
gold = power
Maybe in 1913 a well monied group meets with the gov't of the day and presents millions of gold certificates for redemption. The participants realize that this call on the treasury would bankrupt the country. Sign over your gold and give us the exclusive right to be the issuers of paper money on which the country must operate. Don't sign boyz and your political lives are toast.
Maybe 1933 confiscation is simply another call on treaury's unbacked gold certificates issued since 1913. Treasury gathers what gold it can to try to meet the call. Making it illegal for citizens to own gold means the FED gets control of all gold. The treasury is allowed to continue with silver certificate issuance. The FED gathers enough of the silver certificates until in 1964 they make another call on treasury this time for all of its silver.
1971, Nixon, is told that France will no longer take FRNs and wants gold. The US treasury is bare so he has no choice but default on it's obligations.
FRNs since then have become nothing more than a bad joke. Paper money and tulips seem to have a lot in common. Come to think of it, that bubble came apart when people realized the tulips they put away just swrivelled up and died.
Been thinking about this for quite a while and just thought I would throw it out there for discussion.
Silver has been going up since the signing of the health bill. I'm wondering if there is a connection to the 1099 thingy.
gold = power
How does this end? To the sound of great applause, folly's denouement ... and then a long period of silence.
The Fed will end, 2016 is circled on my calendar, hoist with their own petar; and 't shall go hard. The world as bard, as they play their last card.
AnonymousMonetarist wrote:
"How does this end?"
The Knightian Dog Ate My Recovery - AUG 31, 2010 - Reuters - excerpt
"Remember when business and economic leaders droned on about “100-year storms,” 2008’s get-out-of-jail free card for people who missed the housing bubble?This was the whole idea that there was no way that people could be held accountable for the crisis because the notion of there being a problem with continual double-digit house price growth and sky-high leverage was just so darned unlikely.
Well, it looks like we have the 2010 version of how the dog ate their homework again and this time it is called “Knightian uncertainty.”
Over to European Central Bank chief Jean-Claude Trichet, who in a weekend speech at the Federal Reserve’s economic conference in Jackson Hole, Wyoming more or less said there is a biggish chance that he and his peers have no idea what is going on or what will happen next."
http://blogs.reuters.com/great-debate/2010/08/31/the-knightian-dog-ate-m...
"The amazing thing is that central bankers, or at least some of them, are just now getting the courage to admit how little they know and knew about the forces that caused the crisis and the ones that are still operating today.
Up to a point this is because of the pressure of position; too much discussion of ignorance by policy makers might have a, shall we say, destabilizing effect.
What would they do on the floor of the New York Stock Exchange if Bernanke stood up and said, “Your guess is as good as mine, fellas, but we’ll do our best”?
Hoo ha! Too funny. This is what happens when form overrules substance. Ya know, whether it's finance, engineering, machining, farming, ya really have to know what you're doing, ya just can't "wing it". This is why the elite always fail in the long run. Superficial BS rules their world. Farcism at its finest. Best laugh of the day.
dup
The Fed sucks and anyone that thinks we need it is a looting terrorist.
After careful consideration, this quote best describes my views on the Fed's role in our once great country:
"I'm tired of these muthafuckin' snakes on this muthafuckin' plane!"
Neville Flynn
Former Fed chief Paul Volcker on financial reform, the U.S. residential mortgage market and price stability
Monday, Sep. 06, 2010 8:21PM - Globe & Mail - excerpts
"As expected, the much-vaunted Volcker rule to restrict banks from trading securities for their own accounts, operating hedge funds or dabbling in private equity didn’t survive the assault of the bank lobbyists intact. The industry didn’t spend record sums for nothing. When the massive U.S. financial reform bill was signed into law in July, banks retained the ability to plow cash into hedge and equity funds and to trade government securities and foreign exchange instruments. Much of the rest has been left in the hands of under-equipped regulators to sort out, including new rules on capital and leverage. And at the end of the day, the biggest players seem likely to wind up with even more clout than before.
But Mr. Volcker is undeterred by the obstacles, the compromises or the complaints of critics who argue that banks will still have plenty of incentives to take outsized risks.
Most of Washington was intent on including “a rather pure version of what I was proposing,” Mr. Volcker said in a phone interview from his office in midtown Manhattan. Last-minute tradeoffs, notably on the amount of capital that financial institutions could pump into equity and hedge funds, “certainly reflected bank lobbying.
One vast, devastated part of the U.S. capital markets that remains to be dealt with is residential mortgages, which Mr. Volcker describes as “almost wholly a government-owned subsidiary.”
http://tinyurl.com/Volckerr
New (improved) council of regulators will take aim at systemic risks
Monday, September 6, 2010; 5:24 PM - Washington Post - excerpt
“How's this for a daunting assignment: Monitor the entire financial landscape for risks that could spark another crippling crisis. Identify and supervise firms that could pose those systemic risks. And make sure they never grow so large, complex and leveraged that their failure can wreak havoc across the globe.
In a nutshell, that's the mission of the new Financial Stability Oversight Council, which in coming weeks will hold its first gathering to figure out how to accomplish those lofty goals...
The group will be led by Treasury Secretary Timothy F. Geithner and include the heads of the financial regulatory agencies. It's 10 voting members include the heads of the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.”
You know, I'm a big fan of science. Not necessarily the way that it's interpreted, manipulated, or employed...just science, and the scientific method, which begins with observation. What I've observed, historically and contemporarily, is that when you offer someone a position of power over other individuals, they will try to use that power to attain a better position for themselves. I like to think that that's why the authors of the Constitution wrote it the way that they did...a bottom-up system of authority, with more power at the local level (thus with greater accountability to the people local to them) and diminishing as you moved upward through the state and federal levels. What I see now is the complete opposite, and it's getting worse by the day. My argument against top-heavy systems is very simple...it's like stacking all of the cargo on a shipping vessel on the upper decks with no ballast below. Eventually, the fucker rolls over, and the time it takes for that to happen is inversely proportional to how heavily you stack the top. Maybe that's why major civilizations throughout history seem to crash on successively shorter durations.
For a nation to exist, functionally, there needs to be some consensus among its citizens. In an ideal world, we wouldn't have to consider that. It should flow naturally, at least from what was put forth in the Declaration of Independence, that we should all reap the benefits of our efforts, that we are all equals and should be treated as such. Hahaha, you could almost make the argument, within the framework of modern discourse, that the founding fathers were either hypocrites or communists. I prefer to think that they came up with some ideas and realizations that were much greater than their own frail humanity for the time. That being said, I believe in what was written as a brilliant aspiration...when you keep those in power close at hand to those who they govern, there's less chance that they're going to try to bend you over a barrel, even if they WANT to. It's kind of hard to fuck-over your neighbor when you know he might come and kick your ass for doing so. The conversion to a top-down system since then has only served to insulate the "deciders" from the repercussions of their actions, while giving them more and more power over our lives.
Constitutionally, any form of federal-level governance should exist as nothing more than a mediation between individual states, who exist as a mediation of local concerns. We established our own sovereignty in this manner. How it is that we've flipped the coin on such a relatively short timescale is disturbing. Far more disturbing is how the power base has consolidated itself at such upper-levels. It is, in fact, in complete violation of the Constitution for the federal government to supercede the rights of a state, but we see it happen routinely.
How are we ultimately pinned in our little cages? Again, simple observation...money. As Mayer Rothschild once said, "Give me control of a nation's money and I care not who makes her laws."
I've said it before, and I'll say it again...what makes our moment in history different from that of every other period of civilization before is that, quite simply, we have nowhere left to run. Our space programs have succeeded in taking people to the moon, but that's a drop in the bucket when you consider how far it might be to the nearest next-readily-habitable world (which is, as of yet, not on the astronomical radar). Even if it were right next door, I'm not sure that I'd advocate for us actually getting there, if it just resulted in a replay of this nonsense. In all of the manual labor jobs that I've ever held, there was one simple tenet...you learn to do things the hard way first, and then you can have the fancy tools that make things go faster and more efficiently. Otherwise, there's a massive disconnect that takes place, and you begin to indulge in speed and ease while quality and judgement suffer. Maybe that's why the world's "leaders" now resemble nothing so much as a bunch of blind cowboys shooting from the hip with howitzers and depleted-uranium-tipped ammunition.
So, since there are no new lands left to conquer on the face of this planet, what's left? Well, I, for one, advocate fighting the enemies within and without that would sabotage our own individual imperative to survive. Given my stance on observation, I think that it's becoming increasingly difficult to find our way back to that great idea of locally concentrated, and thus, locally accountable, authority to which we once aspired. The biggest obstacle? Modern authority...all four branches of it, in this country, which have come to serve the interests of a few over the many.
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