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Chinese Sue Fed For Monopoly USD Devaluation
In what could to grow into a class action in US courts, a Chinese woman is suing the Federal Reserve after discovering that the real value of the USD250 she put in an account in 2006 had shrunk by 30%. She claims it was the result of the Fed issuing too much money, and as The South China Morning Post reports, her son Li Zhen, the lawyer, called the lawsuit "litigation for the public good". Alleging "abuse of monopoly in issuing currency," the People's Court of Kunming has yet to rule on the litigants' demand that the Fed cease-and-desist from its quantitative easing policy. While this may seem frivolous, there are some interesting points being made that bear watching, as Li notes, since "the Fed is private institution which enjoys monopoly over the issuing of currency, US Dollar holders can sue it for printing too much money."
A woman in Kunming, Yunnan province, is trying to sue the United States central bank after discovering that the real value of the US$250 she put in an account in 2006 had shrunk by 30 per cent.
She claims it was a result of the Federal Reserve issuing too much money.
Her attorney, her son Li Zhen , called the lawsuit "litigation for the public good" which aimed to stop the Fed from continuing its quantitive easing policy and promote people's awareness of their rights.
He filed the lawsuit alleging "the abuse of monopoly in issuing currency" last month at the Kunming Intermediate People's Court on behalf of his mother, Liu Hua , but the court has yet to decide whether to officially place the case on file.
...he was the first mainlander to have filed a lawsuit against a foreign country's central bank.
Li, who works at the Yunnan Tongbang Law Firm, said he referred to Black's Law Dictionary, the most cited legal dictionary in the US, and concluded that the Fed is a private institution instead of a government department.
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"Since the Fed is a private institution which enjoys a monopoly over the issuing of currency, US dollar holders can sue it for printing too much money," he said.
Li said he requested two things from the court - that the Fed halts the abuse of its monopoly over the issuing of dollars and that it makes a "symbolic compensation" of US$1. Asked about the possibility of whether the court will accept the case, Li said it was "difficult to say".
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He said he was looking for more "victims" like his mother and expected to bring a class action in a US court.
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Did you remember to sue your English teacher for failure to teach you how to write coherently?
The U.S. Government still hasn't figured out what to do if all the States decide to pay debt in silver and/or gold according to the Constitution.
Why do you bother posting this garbage? The snippet you quoted didn't list an actionable grievance or any other basis in law. The lawsuit isn't half so big a waste of time as this post.
what part of "he referred to Black's Law Dictionary, the most cited legal dictionary in the US,.." do you not understand.....! it is in the dictionary....
And what was the actionable grievance? What was his case? Being harmed by the actions of a private institution is not necessarily actionable.
Wow, where do I sign on?
Wait until they steal all of her deposits....or when she wakes up Monday morning to an announcement the dollar has been devalued 50%....then she'll have another suit along with 300 million other American depositors.
Don't be surprised if she and her son vanish one day.
She has a case in my mind, but the powers that be just don't like thorns in their side. Some spook agency will do the job.
Ms Li will get her $1 back from the Fed, just after the Fed returns the German gold buillon.
So the lady wants to get paid in NON-manipulated Yuan. May be try Chinese court.
More power to her!
Haha! Wealth is goodz bitchez! You give us stuff we give you paper, if you and enough other people never respend the paper, it loses value. Sue the chinese government for not letting their currency float.
You guilty as charged...Roundeye.
Hey guys, look what I found http://imgur.com/H2F4AtS Now we know why he won't be able to make it to Jackson Hole
The Fed could settle out of court and simply print more money, write it off as a loss and everybody wins! Heck, why not just cut us all a check for a quarter mil.
wtf is the deal with ZH lately. half the articles posted have tons of spelling errors, extra words...
totally agree. ...but happy the spellchacker is OFF all the same.
cheers
Hells Bells! I'm suing too (lol), my house is worth(less) and I cant buy as much bacon as I used too!
Time to nuke the chinks.
Any good lawyers left in USA to take these goatfuckers to court here? The principle stays the same: intentional debasement of currency by a private, monopolistic instititution - the Fed. I am sure that tens of millions would join the class action against them.
Add to it the stock market manipulation with printed money and we could nail them under the RICO statues. It is pure mafia.
Wouldn't it be funny if this woman with little capital and clout was able to win while the mega rich Russian oligarchs who deposited their money in Cyprus are totally without recourse.
either way, we would lose-because they would just print the money to pay her off, and inflation would smack us upside our heads.
there is no winning with currency debasement.
The US FED abuses its money printing monopoly while the Chinese abuse US patent rights and produce copies by the billions.
They are all bad as each other.
The only suckers are US consumers who have lost their manufacturing jobs and Chinese workers who are paid less than prison workers.
Intelligent, funny, creative stuff above...
They will look back on our demise and wonder why all the attention was on that "Bernank" guy, when it clearly should've been on that thing they called "Congress."
They will likely surmise that things were broken long before that big huge crisis, because they apparently forgot how their own government was organized in the first place.
They will wonder how it got to be that all that intelligence and creativity went to waste...
Drag this out long enough so when she gets paid she gets payment in worthless US dollars when the currency crisis occurs.
since when did they de-censor the trolololololol guy in china?
What is stopping Odin Obama from greeting us with that condescending grin one morning announcing that effective now 3 of your dollars will buy one. What recourse do we have? The Chinese might be the only ones left on the planet with the balls and lack of brains to confront the Fed. Who would argue with the Prez and the bankers??? It isn't a left/right, R/Dem thing. There is a last turd in the toilet bowl feeling hanging over this country like the smoke filled turning up of the last call lights in a dive bar at closing time and you realize as you look around there are no ugly women to try to take home and the guy at the far end of the bar is looking at you. 1.8 million dollars a minute 24/7 is what 85Billion a month works out to. I just ended a sentence with a preposition and I got to go before I get junked for that. Guns, check. Silver, check. Garden, check. Guts, try me. Gold, I'll never tell. If our only options are Canada or Mexico, well.......... Cuba has free health care. Night all.
The value of the US $ has shrunk 30% compared to what exactly? An undervalued Renminbi?
The cumulative inflation rate for the period 2006-2013 has been 15.5% (http://www.usinflationcalculator.com/)
They will have their 15 minutes of fame and then it is back to BAU because the banks control the courts.
One day Helecopter Ben will be a play piece in the game monopoly, and he will be on the cover of the box dumping money out of a helecopter with a bucket.
I am Ben Bernacke & I approve this message
If he's looking for co-plaintiffs, he should file a class action on behalf of all Americans. Anyone who has a clue certainly wouldn't object.
Hopefully, this is an 'american' world and the path taken by that chinese woman will lead to even more consumption so it will be accepted.
After a number of failed trials, well, it will be accepted it is an 'american' world.
It would consume so much less to get that woman to learn of great 'americans' life like Lance Armstrong and understand how her plea, even so grounded in reality, is so delusional.
One book about Lance Armstrong, his life and deeds, and this masquerade could be over.
But hey, consumption is all in 'american' economics.
No taxation without representation as they said, them 'americans'...
When one monolizes the speeching means in the middle of their Long March of Insanitation, one risks offuscating the mattering thing regarding US 'american' Citizenism. This is very much something, very crusty. Therefore, the principles of algebraic coconuttery demand that scapegoatery be cast hither and yon against mythical 'americans' of fabled present as parangongs of evildoing in extremis. Only by subscribing to precepts of Mousy Dung's Petite Crimson Publication can hypocritizenism be sufficiently blobbed-up in pursuit of the farming of the poor and extorting of the weak.
Alas, alas, a few times more alas, just have to bear with it.
Hopefully, this is not an 'AnAnonymist' world, as the path taken by that chinese woman will eventually lead to even more roadside excretortion, which in Chinese citizenism is expected.
It would consume so much less to get that woman to learn of great Chinese citizenism propagandizationists' lack of coherent thought like AnAnonymous and understand how his screed, so grounded in insanitation, is delusional.
One book about AnAnonymous, his life and deeds, would be just more pointless consumption of resources, another example of Chinese citizenism blobbing up eternal nature.
But hey, consumption is all in Chinese citizenist economics, as it fuels roadside excretortion.
The reason this was able to have been accomplished is ownership of the media outlets. 6 major outlets are owned by the same industries, which own shares in each other's companies. the compaign donations are turned for advertising costs. The richest win and then guarantee they will never face defeat by taking ownership of the law makers who then change the laws.
fed is a square circle, independent but part of .gov, pays dividends but is not owned, actions effect world finance and if these actions are known prior to said actions, those who know get rich, those who belong to the fed get money at rates well below what any common man can get, free money for friends of the fed..and their actions cannot be audited by congress, but they are controlled by congress, LOL. I was not born yesterday and I know it when I see it.
I read a book written in the 1820's about the history of money and banking in the US. The US has always bared it's tyrannical teeth when it comes to money and power. The Whiskey Rebellion comes to mind. But the book pointed out that people back then were forced to use the "Continental" notes instead of gold and silver coins on pain of death.
it's a nice idea, but the problem is (and I read the article), the it doesn't say what the dolalr dropped against. I am going to assume chinese yuan.
I wonder how she would have done if she had held that diisgusting creature krugman hates called gold