Guest Post: EU Finance Ministers Push Through ESM Treaty in Fishy Fly-by-Night Move
Submitted by The Prudent Investor
EU Finance Ministers Push Through ESM Treaty in Fishy Fly-by-Night Move
RED ALERT TO EVERYBODY INTERESTED IN THE ESM: THERE IS NO CURRENT VERSION OF THE ESM TREATY AVAILABLE!!!
Europe's most important treaty on the European Stability Mechanism (ESM), which will lead the EU into a financial dictatorship, has been pushed through by EU finance ministers late Monday evening.
But the latest version of the ESM cannot be found on English and German EU websites. A link on consilium EU only leads to a 'file not found' message and the German EU website "Europa von A - Z" does not mention the ESM at all. This reminds one of the secrecy around the Federal Reserve Act, that was pushed through in 1912. Is the EU Commission now playing the same fishy game 100 years later?
Media reports from last midnight only said that the ESM treaty was agreed on by EU finance ministers and mentioned January 30 as the date when the treaty will be officially signed.
Significant changes have been made, a few media reported.
The capital of the ESM will now be only €80 billion instead of the €700 billion proposed in the only available draft version from July 2011 (see treaty text below). The finance ministers also agreed to bring the ESM into existence one year earlier by July 2012, putting national governments under immense pressure to ratify the ESM treaty without sufficient public discussion.
German state TV ZDF reported shortly after Monday midnight that the fund shall have a financing volume of €500 billion, but this figure is a moving goal post. IMF head Christine Lagarde proposed a volume of €1 trillion whereas Italian prime minister Mario Monti and Austrian finance minister Maria 'Mizzi' Fekter said later that the ESM should be upped to €750 billion. Such important changes cannot be found in publicly released EU documents anywhere on the web. The ESM will be the successor of the European Financial Stability Fund (EFSF) which lost its AAA rating a few days ago.
It does not exactly reassure Eurozone citizens when European leaders throw around figures between €500 million and €1 Trillion, proving they have no other clue than to fight debt with more debt if the fund is going to be leveraged inthe proposed style.
It all the more troubling that last night's agreement changes have not been communicated by the EU at all. It reminds one of the ACTA act that was signed in a non-public meeting of the Agriculture and Fishing Commission and is designed to destroy the freedom on the internet. As a side note: Anonymous brought down the websites of three Austrian ministries and the Austrian chancellery on Monday evening, protesting that Austria will be one of the first countries to ratify this attack on internet freedom. This was not reported by Austrian state broadcaster ORF.
I have published my objections to the ESM in this post from last December. Nothing has changed since except for the reduction of the proposed capital and the date the treaty shall go into effect. The ESM and its staff will be completely immune and cannot be sued, but can sue itself. This stinks.
Here is a video describing the democratic shortfalls of the ESM treaty in German with English subtitles.
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Better to ask forgiveness than permission. But then the EU finance ministers NEVER ask for either...
Hide and seek....bitchez!
Printing money does not solve problems, it just rips off people and makes them less inclined to work for a living.
I think it makes people work more and harder because from where I am standing people don't recieve the printed money, just the inflation.
I haven't received a raise in a couple of years now. I can't wait for hyperinflation to start adding zero's to my paycheck and getting me a raise every week if not daily or hourly.
@Silver Alert - I can't wait for hyperinflation to start adding zero's to my paycheck
It won't, though.
Prices will skyrocket and your wages will stay the same. You think these bastards will allow you to have the same quality of life?
The elite must be supported. There's less to go round now. If they are to become richer, you must become poorer.
Price inflation will vastly outstrip wage inflation - they'll see to that.
Same game of layering they played on Jekyll Island about 100 years ago. Better learn to live within their system and look for opportunities as they waste time and energy fighting them.
We are now able to force a modecum of transparency, but this system will be here for the balance of my life and most likely the balance of my childrens life. Maybe my grands, when they get here, will be live under different rules. Hopefully better ones.
Remeber Christ threw the money changers out of the Temple as was hanging on a cross within three days.
Look on the bright side, there are a lot of players in the EU and the odds of a few breaking away are high.
"Remeber Christ threw the money changers out of the Temple as was hanging on a cross within three days."
Lucky for us, eh?
I thanks him for it EVERYDAY.
He also said, "It's easier for a camel to go through the eye of a needle than for a rich man to enter the gates of heaven." Could be Romney's problem....as well as theirs.
Because the rich men of His time were charging interest, and making money changing money as parasites on the productive class... wait...
Maybe He was really on to something.
Being an EU finance minister means never having to say you are sorry.
This is a creation of a "Europen FED", the one that most of us want to abolish here in US... I cant believe Europeans will allow this BS to happen…
To rhyme historically, they should have done it on Christmas Eve.
Obummers recess appointment would have clinched it.
Does it look like the formerly secret cabal trying to rob all of us is crubmling as the following post suggests ?
Benjamin Fulford 1-23-12…”Secret government regime change in Asia nears completion, Satanic cabal in West crumbling”'It does not exactly reassure Eurozone citizens when European leaders throw around figures between €500 million and €1 Trillion, proving they have no other clue than to fight debt with more debt if the fund is going to be leveraged inthe proposed style.'
That's only to appease the banking cartel. Europeons stopped paying attention long ago...
Here's the english version of the same video
http://www.youtube.com/watch?v=5CZr17HLH5U
great video, thanks
Isn't that special.
Looks like they modeled it after our Eeconomic Stabilization Fund (ESF).
It's as good as a Presidential pardon in the pocket of a Mafia top boss......screw you......pay me.
Will the European Sheeple do anything about it? No. Will the states of the periphery utter a word? No. Will the markets react? (probably higher!) They can do whatever they want! I am just fuking disgusted anymore.
I am giving up on what should happen and focusing on what will happen. Madness.
+1 Most of us have posted that sentiment more than once on ZH!
The only thing to do when faced with a Ponzi scheme of this size, depth, and hell, all-encompassing ludicrousness, is opt out or play the game. a) Land, agriculture, self-sufficiency b) Play the Ponzi for what it is, get in there early, and be the first to come out with profit. I dare say many on ZH are doing a bit of both. When the whole world is dining with captain Insano and his minions on the bailout printer, you've got to feign insanity yourself to avoid being ripped apart by the zombies.
Hey Captain,
That's a good first step...next step, don't get mad...it is what is it...you can't prepare, or invest properly until you can see things clearly...now you do...get to work.
I have the preparations in place, PMs, getaway shack and some land in the country. Still need G&A. Have been playing the markets to protect capital and got very long equities around the new year, along with more paper PMs. need to convert those to more physical. They will print and spend to infinity, and nobody cares. When will people wake up to this? All the european news is exhasperating, but we are in the exact same boat here in the US.
Can they really get away with it? Will they just destroy the value of savings and purchasing power and the masses will not react? There may not be a day of reckoning out there. The math favors a reckoning, but with the apathy and the seemingly unlimited gall of TPTB, I am no longer certain...
I thought the EU was democratic, think again!!
ESM=EFSF
There's something happening here, what it is aint exactly clear.
There's a man with a gun over there ...
I think it's time we stop now......whats that sound? Everybody look what's going down.
tellin' me that i've got to beware.
If somebody starts in with KUMBAYA... I'm outta here...
paranoia strikes deep
step outa line, theMan come, and take you awaaaaaayyyy
OK... WTF... If you can't beat em, join em...
What a field day for the heat...
Like Obamacare, they had to pass it before you could find out what was in it.
Moving volume... what a bunch of crap. It won't be a moving volume, it'll be ``to begin``.
yep Euro dictatorship with a rotating governor.
The first one will be Greek, the second one Portuguese, the third one Spanish.
http://www.ecomm-unity.com/group/financial-crisis-worldwide
Rushed legislation at night with no text.
That's scary shit.
Somebody is very, very afraid. I can smell their fear and hear the munching worms tunneling into their brains.
From backdoor bailout to Midnight Madness. Shutting down the Internet? In Europe?! Priceless indeed!
so much for disclosure. I'm sure the the banking cabal feel that this is not prudent information for the proles to posess. "Just relax we've got it all under control, go back to sleep children".
I have been demonstrating a fair amount this past year. This year I am taking to the streets hardcore. This is a dictatorship. This is no different from the Soviet union. There is no point in voting anymore. My vote is whatever I can throw at the police.
May I ask your country?
Looks like Anonymous has got a few important new rush projects in the cue.
Never ends. Our freedom and safety are entirely contingent on the whims of those with extrodinary wealth and power.
I heard the garbage men and the school bus outside this morning. Its all good. Now, Take a deep breath, Collect your thoughts and go home.... Just go home.
I have been saying this for a while. The ESM is DOA. It will soon be put to a quiet death.
The markets are telling the Europeans that they can let Greece and Portugal default without major consequences. Greece has already been told that there will be no more bailouts and I believe Portugal will get a similar message soon.
The ECB is firewalling Italy/Spain, which make the ESM completely obsolete.
You can't play con games when none of the players have any confidence. The 'markets' only exist in your head and anything their voice is telling you shouldn't be trusted. Greek + Portuguese default would have unintended consequences as you well know so there can't be another solution where everybody gets "theirs". Major creditor pain is unavoidable.
Italian bonds headed towards 5% beg to differ. Spanish bonds headed under 5% also differ.
Markets seem to have all the confidence in the world in Draghi. IMO, the Greek/Portuguese defaults are a done deal and this is just about the only place in the world where anybody cares. Markets have moved on.
The dispute isn't over defaults which have already happened but over the consequences of those defaults which haven't been quite yet processed by the 'markets'. I admit the line sounds terrific --reassuring-- but ultimately means absolutely dick over the medium term.
Sovereign defaults have been happening for centuries. Since Italy/Spain have clearly decoupled from Greece/Portugal (with the help of Draghi), any other consequences are minor.
We are moving to a new stage.
I hope you are right. I'll invest as if you are dead wrong.
It's not about my opinion - it's what the markets have been signaling in the most clear manner. Greece/Portugal do not matter anymore.
Good point. Market Religion spouts only facts. I forgot about that detail.
What markets???
Perhaps you didn't get the memo so let me break it gently to you...... THERE ARE NO FUCKING "MARKETS" LEFT ANYMORE.
There's that pesky S&P thing that goes up every single day. That market.
Correct. The "secret plan" is
A.) to show concern about Greece while building up the firewall (LTRO 1.0 and 2.0, ESM, ESFS, IMF, etc. etc.)
then, once the firewall is built up
B.) to push Greece into default and kick Greece out of the EZ (Greece = the scapegoat, the cruise ship that sinks, the example that nobody else wants to be) while imposing fiscal slavery on those countries that want to stay in the EZ via the ESM treaty.
I don’t think Greece/Portugal will be pushed out of the EZ. They will simply restructure their debt and wipe out bondholders step by step.
The only game in town right now is the ECB. The ESM is a sham. It will never be used. It seems like markets have absolute faith in Draghi.
Yes, fatih that when push comes to shove he will print the money to save the Union, with or without Germany's consent.
Don't be naive enough to think it has been happening without German consent.
It's never good to let the little people know anything. Shite mate, they might get pissed.
All Governors, Directors, and Associate Directors and staff members shall be immune from any legal proceedings for their actions.
Sounds a lot like TARP.
Secrecy around the Federal Reserve Act of 1912?? Seriously? Do y'all ignore or rewrite history much??
FIrst of all the bill passed in Dec of 2013 - can't even get the year right. The House and Senate debated it and passed it over a two day period and President Wilson signed it at a very public and enthusaistic ceremony on the 23rd.
Facts and stuff.... the Conspiracy theory nuts get old on this board.
Hell Congress is getting really slow - no wonder you all are so frustrated. I mean 100 years to pass a Bill and the Fed has been operating without legal basis since 1913 !
Makes the EU look sooo democratic
You can be ignorant of the law, but don't go bragging about it. The Fed is legal, the law passed properly, the SCOTUS has ruled repeatedly and there's no respected constitutional attorney that would even consider taking such a a case or arguing such. Only the moonbats keep repeating the refrain, as if that will make it true.
As far as SCOTUS goes, Some people will say anything if you line their pockets enough.
@ Judge: Sandman is being sarcastic, as you wrote 2013 instead of 1913... Put down the hatchet, he was jsut poking a little fun at your error, as you suggested that the post erred with respect to the year of the crime.
point... I didn't catch that...
2013 eh? Careful folks...this guy thinks he's from another dimension. ...And he may be ...AND HE MAY BEEEEE, hehehehehe
The House and Senate debated it and passed it over a two day period and President Wilson signed it at a very public and enthusaistic ceremony on the 23rd.
Do you have a citation for that since you're presenting "fact and stuff"?
Wikipedia , the most trusted of sources :)
Sorry, but Jekyll Island is a bad work of fiction.... you can look at the Congressional Record for the true events. Or here's a couple of NYT's articles if you can access them:
"Money bill goes to Wilson today," New York Times, pp. 1-3, Dec. 23, 1913.
"Wilson signs currency bill," New York Times, pp. 1-2, Dec. 24, 1913
Again, the facts matter. Not the fiction.
Judge, Here is a full description of the politicing that went on behind the scenes to get this bill passed, who was involved, etc. It is chock full of quotes, article quotes and congressional notes. You can choose to believe whatever you want but you are completely wrong to the point I am questioning your intent with pushing this position. The articles you reference are contained within this link and give background to what the NYTs position was on the matter at the time.
http://www.whale.to/b/m_ch_3.html
This is but a small excerpt but it lays to waste your claim that this act was some sort of above board legislation. Educate yourself.
.........."Warburg did most of the talking. He had a new suggestion in regard to grouping the regular reserve banks so as to get the units welded together and in easier touch with the Federal Reserve Board."
George Sylvester Viereck in The Strangest Friendship in History, Woodrow Wilson and Col. House wrote: "The Schiffs, the Warburgs, the Kahns, the Rockefellers, the Morgans put their faith in House. When the Federal Reserve legislation at last assumed definite shape, House was the intermediary between the White House and the financiers."20
On page 45, Viereck notes, "Col. House looks upon the reform of the monetary system as the crowning internal achievement of the Wilson Administration."21
The Glass Bill (the House version of the final Federal Reserve Act) had passed the House on September 18, 1913 by 287 to 85. On December 19, 1913, the Senate passed their version by a vote of 54-34. More than forty important differences in the House and Senate versions remained to be settled, and the opponents of the bill in both houses of Congress were led to believe that many weeks would yet elapse before the Conference bill would be ready for consideration. The Congressmen prepared to leave Washington for the annual Christmas recess, assured that the Conference bill would not be brought up until the following year. Now the money creators prepared and executed the most brilliant stroke of their plan. In a single day, they ironed out all forty of the disputed passages in the bill and quickly brought it to a vote. On Monday, December 22, 1913, the bill was passed by the House 282-60 and the Senate 43-23.
On December 21, 1913, The New York Times commented editorially on the act, "New York will be on a firmer basis of financial growth, and we shall soon see her the money centre of the world."
The New York Times reported on the front page, Monday, December 22, 1913 in headlines: MONEY BILL MAY BE LAW TODAY--CONFEREES HAD ADJUSTED NEARLY ALL DIFFERENCES AT 1:30 THIS MORNING--NO DEPOSIT GUARANTEES--SENATE YIELDS ON THIS POINT BUT PUTS THROUGH MANY OTHER CHANGES "With almost unprecedented speed, the conference to adjust the House and Senate differences on the Currency Bill practically completed its labours early this morning. On Saturday the Conferees did little more than dispose of the preliminaries, leaving forty essential differences to be thrashed out Sunday. . . . No other legislation of importance will be taken up in either House of Congress this week. Members of both houses are already preparing to leave Washington."
__________________________
20 George Sylvester Viereck, The Strangest Friendship In History, Woodrow Wilson and Col. House, Liveright, New York, 1932
21 Ibid.
"Unprecedented speed", says The New York Times. One sees the fine hand of Paul Warburg in this final strategy. Some of the bill’s most vocal critics had already left Washington. It was a long-standing political courtesy that important legislation would not be acted upon during the week before Christmas, but this tradition was rudely shattered in order to perpetrate the Federal Reserve Act on the American people.
The Times buried a brief quote from Congressman Lindbergh that "the bill would establish the most gigantic trust on earth," and quoted Representative Guernsey of Maine, a Republican on the House Banking and Currency Committee, that "This is an inflation bill, the only question being the extent of the inflation."
Congressman Lindbergh said on that historic day, to the House:
"This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed. The trusts will soon realize that they have gone too far even for their own good. The people must make a declaration of independence to relieve themselves from the Monetary Power. This they will be able to do by taking control of Congress. Wall Streeters could not cheat us if you Senators and Representatives did not make a humbug of Congress. . . . If we had a people’s Congress, there would be stability.
The greatest crime of Congress is its currency system. The worst legislative crime of the ages is perpetrated by this banking bill. The caucus and the party bosses have again operated and prevented the people from getting the benefit of their own government."
The December 23, 1913 New York Times editorially commented, in contrast to Congressman Lindbergh’s criticism of the bill, "The Banking and Currency Bill became better and sounder every time it was sent from one end of the Capitol to the other. Congress worked under public supervision in making the bill."
By "public supervision", The Times apparently meant Paul Warburg, who for several days had maintained a small office in the Capitol building, where he directed the successful pre-Christmas campaign to pass the bill, and where Senators and Congressmen came hourly at his bidding to carry out his strategy.
The "unprecedented speed" with which the Federal Reserve Act had been passed by Congress during what became known as "the Christmas massacre" had one unforeseen aspect. Woodrow Wilson was taken unaware, as he, like many others, had been assured the bill would not come up for a vote until after Christmas. Now he refused to sign it, because he objected to the provisions for the selection of Class B. Directors. William L. White relates in his biography of Bernard Baruch that Baruch, a principal contributor to Wilson’s campaign fund, was stunned when he was informed that Wilson refused to sign the bill. He hurried to the White House and assured Wilson that this was a minor matter, which could be fixed up later through "administrative processes". The important thing was to get the Federal Reserve Act signed into law at once. With this reassurance, Wilson signed the Federal Reserve Act on December 23, 1913. History proved that on that day, the Constitution ceased to be the governing covenant of the American people, and our liberties were handed over to a small group of international bankers.
The December 24, 1913 New York Times carried a front page headline "WILSON SIGNS THE CURRENCY BILL!" Below it, also in capital letters, were two further headlines, "PROSPERITY TO BE FREE" and "WILL HELP EVERY CLASS". Who could object to any law which provided benefits to everyone? The Times described the festive atmosphere while Wilson’s family and government officials watched him sign the bill. "The Christmas spirit pervaded the gathering," exulted The Times.
In his biography of Carter Glass, Rixey Smith states that those present at the signing of the bill included Vice President Marshall, Secretary Bryan, Carter Glass, Senator Owen, Secretary McAdoo, Speaker Champ Clark, and other Treasury officials. None of the real writers of the bill, the draftees of Jekyll Island, were present. They had prudently absented themselves from the scene of their victory. Rixey Smith also wrote, "It was as though Christmas had come two days early." On December 24, 1913, Jacob Schiff wrote to Col. House,
"My dear Col. House. I want to say a word to you for the silent, but no doubt effective work you have done in the interest of currency legislation and to congratulate you that the measure has finally been enacted into law. I am with good wishes, faithfully yours, JACOB SCHIFF."
Representative Moore of Kansas, in commenting on the passage of the Act, said to the House of Representatives:
"The President of the United States now becomes the absolute dictator of all the finances of the country. He appoints a controlling board of seven men, all of whom belong to his political party, even though it is a minority. The Secretary of the Treasury is to rule supreme whenever there is a difference of opinion between himself and the Federal Reserve Board. AND, only one member of the Board is to pass out of office while the President is in office."
Again, the historical record agrees with me and what I posted. There is nothing factual in what you posted that contradicts it. In addition, one must understand the context of the era - teh Panic of 1907 and the bank failures, the bank acts of 1863 and 1864. In addition, the nation has experienced unparalled gains in productivity and prosperity over the past 75 years.
is the fed perfect - oh hell no. I'm a huge critic of some of their recent polices, and they are human. But there's no real debate, it's a bad system, but like capitalism, simply better than the other options - at least the ones I've seen. That's why it's critics have to resort to fiction in order to criticize or condemn it.
What you posted was "Jekyll Island was a fiction". It was not a fiction as several attendees wrote published articles about that event in later years.
The article above is very comprehensive concerning quotes, facts and articles from that era. The link I posted before that one was fairly comprehensive about why central banking is inherently bad and unfair. I don't see anyone resorting to fiction here. The references are contained therein and if you find one that is inaccurate then please cite the correction. There were several prominent international banking families intimately involved in both crafting and buying off politicians in order to get the Federal Reserve act of 1913 passed. Is it your position that this was done because these bankers felt the world deserved a better banking system or do you believe, as I do, that they were acting in their own best interest?
Jekyll Island is fiction. I've done some work on it, but don't have the documentation with me here. If there is a way to upload the doc to this site later, I'd be glad to. It is largely fiction in the guise of research, with many 'facts' that simply didn't occur.
And it's not uncommon for bills affecting a specialized industry to be drawn up with input from the industry. Some act like that automatically makes it wrong.
Judge it on it's true merits and versus competitive systems. Not on fictions.
The below excerpt includes the article from which it was posted and indicates that Jekyll Island did occur. Now, I wasn't there and neither were you so all I really know is what I read. This article was either written or was not. If it exists and is authentic then I believe you are incorrect in your assertion. There seems to be plenty of evidence besides just this article that events as described at Jekyll Island did occur. I'm not sure how common it was to have a specialized industry be directly (and secretively) involved in writing legislation back in 1913 but I know it's common today. The only fact about that trip that I find relevant is whether a group of bankers got together to write this legislation in secret. If you have facts to disprove that ascertion I'd certainly be interested in hearing about it.
http://www.bigeye.com/griffin.htm
"How do we know? For example, Frank Vanderlip who was at the meeting wrote an article that appeared in the Saturday Evening Post on February 9, 1935 and I'd like to read for you just a short excerpt from that article. This is what Vanderlip said: "I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System. We were told to leave our last names behind us. We were told further that we should avoid dining together on the night of our departure. We were instructed to come one at a time and as unobtrusively as possible to the railroad terminal on the New Jersey littoral of the Hudson where Senator Aldrich's private car would be in readiness attached to the rear-end of a train to the south. Once aboard the private car we began to observe the taboo that had been fixed on last names. We addressed one another as Ben, Paul, Nelson and Abe. Davison and I adopted even deeper disguises abandoning our first names. On the theory that we were always right, he became Wilbur and I became Orville after those two aviation pioneers the Wright brothers. The servants and train crew may have known the identities of one or two of us, but they did not know all and it was the names of all printed together that would've made our mysterious journey significant in Washington, in Wall Street, even in London. Discovery we knew simply must not happen."
Why not? why the secrecy? what's the big deal about a group of bankers getting together in private and talking about banking or even banking legislation. And the answer is provided by Vanderlip himself in the same article. He said: "If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress." Why not? Because the purpose of the bill was to break the grip of the money trust and it was written by the money trust. And had that fact been known at the get-go, we would never have had a Federal Reserve System because as Vanderlip said it would have had no chance of passage at all by Congress. So it was essential to keep that whole thing a secret as it has remained a secret even to this day. Not exactly a secret that you couldn't discover because anybody can go to the library and dig this out, but it is certainly not taught in textbooks. We don't know any of this in the official literature from the Federal Reserve System because that was like asking the fox to build the henhouse and install the security system."
No period of prosperity surpasses that of 1870 to 1890. The only one that is similar would be part of the 1920's and the period after 1945, when we had the manufacturing world to ourselves because of war damage. (History of Money and Banking In the US" Rothbard).
Further, that unparalled prosperity is a fiction. When you add in the loss of 14,000 tons of gold that transferred to trading partners between 1951 and 1971 as well as the present debt of 15 to 200 trillion (depending on whether you want to count all liabilities) your prosperity was borrowed into existence. This is what the FED does- it is fractional reserve banking.
The only real money we have are the silver and gold coins minted by the treasury. Why? They are the only legal tender without counterparty risk- the very definition of money.
Are you intentionally naive and patriotic or just stupid?
Facts and stuff: it was passed in the dead of night after much of Congress had left to go home for the Christmas holiday. Please read "the Creature of Jekyll Island".
Is it legal? Sure. Because the SCOTUS says so? Well, since the SCOTUS has ruled in a fashion that is more political than constitutional throughout its' history- that statement is pretty meaningless. Setting up a Federalist court to be the final arbitrator on government actions, when that government is the sole source of its' power is like asking the fox to protect the hens.
You can be intentionally naive and patriotic, but why would you choose to do so?
http://www.llsdc.org/FRA-LH/ Provides a chronological history of the bill. The number of senators missing from the final conference vote is telling.
What of the missing Senators? If all were present, the bill still would have passed. Since there were 48 states in 1913, forty eight votes plus the tie-breaking vote of vice-President Thomas Marshall would havebeen sufficient to approve the bill even if all absent votes had been cast against the bill.
However, many of the missing Senators had their positions recorded in the Congressional Record.1 Of the 27 votes not cast, there were 11 'yeas' (in favor of the bill) and 12 'nays.'1 Even if the absentee Senators had been there, the Fed Bill would have passed easily.
again, give up the fiction....
It was unusual for Congress to push through important legislation after members had left for the holidays. The senators that stayed, stayed for a reason- they were told to.
As for Jekyll Island- it is a very well researched and referenced book of NON-FICTION. As for you, you have provided nothing to back up anything you have had to say. You're depending on a written version (one of many) of history fed you by the government that created the act for the benefit of a few european bankers. What a rube...
Let me suggest a good book for your pleasure. It's The Creature from Jekyll Island by G. Edward Griffen. It's a good book very well written.
And most of it is fiction. A poorly researched book. I've read it.
References and citations please.
Judge, There was secrecy surrounding the formation of this act but I do believe it was passed legally. Here is a primer on how it came into being, the make up of the FED, the reason it works against our interests as a people. You can ignore or dismiss it as you feel necessary but the claim that it was born in secrecy is accurate.
http://www.bigeye.com/griffin.htm (you have to scroll down a bit to get to the story)
The EU operates without legal basis. It set up a Foreign Service without any Treaty. It implemented a Constitution which had been rejected; then implemented a Lisbon Treaty to consolidate existing Treaties to incorporate parts of the rejected Constitution. European Union is an extra-legal construct which works on Executive Privilege overriding all legal constraints.
Legislatures across the Continent have delegated their authority to Executives which have pooled sovereignty in an Accountability-Free Zone, in fact the EU Politburo
And Paul Volcker was outraged that the Fed would illegally monetize Wall Street's staggering losses (hahaha! Hard money guy...yeah right!)...not only that but when now current Chairman Bernanke said this wasn't happening under oath before Congress he was telling the truth! Right up there with "Barak Obama: greatest Civil Rights President in history!l" where's Jimmy Carter when you need him? Your Party is TOtALLY PHUCKING INSANE!
I think this is the same way the Emperor got the funding to build the Death Star...
Sith Lords are job creators.
How do you say "power grab" in all EU languages...
How do you say "power grab" in all EU languages...
"Going Greek"