Ron Paul: "It Is Estimated That US Banks Have Over A Trillion Dollars Tied Up At-Risk With German And French Banks"
From Ron Paul
European Debt Crisis Threatens the Dollar
The global economic situation is becoming more dire every day. Approximately half of all US banks have significant exposure to the debt crisis in Europe. Much more dangerous for the US taxpayer is the dollar's status as reserve currency for the world, and the US Federal Reserve's status as the lender of last resort. As we've learned in recent disclosures, this has not only benefitted companies like AIG, the auto industry and various US banks, but multiple foreign central banks as they have run into trouble. Nothing has been solved, however, by offering up the productivity of Americans as a sacrificial lamb. Greece is set to be the first domino to fall in the string of European economies at risk. Rather than learning from Greece's terrible example of an over-consuming public sector and drowning private sector, what is more likely from our politicians is an eventual bailout of European investors.
The US has a relatively small exposure to overwhelmed Greek banks, but much larger economies in Europe are set to follow and that will have serious implications for US banks. Greece is technically small enough to bail out. Italy is not. Germany is not. France is not. It is estimated that US banks have over a trillion dollars tied up in at-risk German and French banks. Because the urge to paper over the debt with more credit is so strong, the collapse of the Euro is imminent. Will the Fed be held responsible if the Euro brings the US dollar down with it?
The most disingenuous aspect of the narrative about the European sovereign debt crisis is that entire economies will collapse if more resources are not bilked from productive people around the world. This is untrue. Tough times are coming for the banks, to be sure, but free people always find a way back to prosperity if the politicians leave them alone. Communities within Greece are coming together and forming barter systems because they know the Euro is becoming unstable. Greeks are learning how to engage in commerce with each other, without the use of fiat currency controlled by central banks. In other words, they are rediscovering what money really is, and they are trading with each other in ways that cannot be controlled, manipulated, squandered, inflated away and generally ruined by corrupt bankers and the politicians that enable them. Farmers will still grow food, mechanics will still fix cars, people will still make things and exchange them with each other. No banker, no politician can stop that by destroying one medium of exchange. People will find or create another medium of exchange.
Unfortunately when politicians try to monopolize currency with legal tender laws, the people find it harder and harder to survive the inflation and taxation to which they are subjected. Bankers should take their dreaded haircut rather than making innocent people pay for their mistakes. The losses should be limited and liquidated, rather than perpetuated and rewarded. This is the only way we can recover.
Government debt is often considered rock solid because it is backed by a government's ability to forcibly extract interest payments out of the public. The public is increasingly unwilling to be bilked to make bankers whole. The riots and the violence in Greece should tell us something about the sustainability of this system.
If we continue to bail out banks and bankers so they can continue to lose money, if we cavalierly put this burden on the taxpayer, it is all too predictable what will happen here.
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I believe the think tank report says Nov. 23 is the end
but I can't find it at the moment
And what comes after the end?
Ummm....Thanksgiving! Thank god! That'll make for a great last supper. Oh wait...it's after the end. Durn....
SPY trading 120M right now. Market is yawning at everything that is put in front of it
"American productivity" and exposure to European debt?
Now here comes a man with some deep understanding of world economics. How about US debt levels and housing prices 22% lower than at the "end" (2009) of the last recession? Does he know European exposure to US debt? Did the US just get downgraded? Wait that was Greece, right? This guy is nuts!
The Federal Reserve worrying about non-US banks? Doesn't make sense until you connect the dots. It's not even about a quarantine against contagion, but rather Shareholders in the Federal Reserve include foreign banks. If the Fed did not act on behalf of shareholders (not you and I, but the actual shareholders), they would be derelict in their duty.
It's a global fiat ponzi that can break down any time..a core position in physical is a must.
If the ECB doesn't print, the banks will collapse and the world as we know it will be over...which is why I think they will print. The stakes are that large.
Any here who registered Democrat in closed primary state like Michigan and want to vote for Ron Paul, you need to change party for primary. Not sure of deadline, Do it now.
Here is list of your state and whether open or closed primary.
http://www.fairvote.org/congressional-primaries-open-closed-semi-closed-...
Pass around on facebook too, a lot of the democrats want to vote for Paul. This is not in Republican polls, Paul has more chance than they telling you.
it's not just michigan. this happened to me in 08'. unless you are specifically registered for the party RP is running for, his name WON'T EVEN SHOW UP ON THE BALLOT.
I had to write mine in (send it in a special envelope), only after expressing my disdain to the poor old folks volunteering at the polling place.
Every staunch Ron Paul supporter has personally pledged to vote for the libertarian candidate or write in Ron Paul's name in in the general election. The mainstream media has left us no other choice. The MSM is an enemy of the people.
well meant michael but we can do better. anyone who wants to stop the bailouts/endless wars/citizen executive order assassinations/unlimited imprisonment by voting for ron paul (or gary johnson) should register republican and so vote in the STATE PRIMARY where the real decision will be made. thank you to all who wish our nation and our world a better future than this present.
if ron paul can get nominated he will beat obama.
they can just bury any story with ron paul since he is completely ignored by every media outlet.
For some reason, I'm hungry for Hershey's Kisses.
He-who - You have it right. Let's get it on the record.
Ron Paul mouths simplistic truisms in the guise of economic understanding and insights. BOOOO!
"simplistic truisms"
Do you prefer "complicated lies" instead?
Sounds good to me. I stand adjusted.
you're an idiot
"Farmers will still grow food, mechanics will still fix cars, people will still make things and exchange them with each other. No banker, no politician can stop that by destroying one medium of exchange. People will find or create another medium of exchange."
This fella isn't just clueless, he is outright dangerous. Next we wake up trading beads, knifes and Scalps again. RoFL
Which prehistoric world does Mr. Paul live in? People in Manhattan will trade their bedknobs and used socks?
Signore Paolo, move to Papua, shed your clothes and start headhunting.
Mymy
Are you as complete a fucking idiot as your words make you out to be?
Or . . .
did you forget to put the /sarc at the end of your post?
I leave that to you. lol
Well, er, I , uh, just want , uh to uh, say that , er ummm.
Tits!
No, wait. . .
As, I was about to say,
Tits!
Dammit!
no a barter system cannot work for a complex economy. but a reformed medium of exchange can and will. ron paul is not actually advocating replacing the dollar with a barter system. he and gary johnson are offering the ONLY critique of the current unstable, impractical, corrupt, unjust, self-defeating, depression-prolonging financial/political system and call for true reform available from anyone running for president. if this is hard for you to discern, look harder for it is there.
Sounds like you need to hurry up and learn a way to do something productive, perhaps a unique exprience for you?
To be learned from YOU, of course, right?
Mymy, what a dogmatic bunch you are!
Guess that means you think that small, colored bits of paper have some sort of intrinsic value, other than going for around $85/ton!
Sure, you pay your cleaning lady with beads and scalps while I'll be hangin' out at St.Barths. Have fun!
Wear some cloth man, there are kids watching.
Girl, this is no board for Kids.
This is about numbers and dirty things like money and the mafia.
Grab a veil and throw it over your screen!
Isn't there a thread on the virtues of oligarchic globalism that you can troll?
Isn't there a board on the virtues of international communism and isolationism you can wave your flag at and troll to...?
you should always modify scalps with woodpecker lest you leave others with a wrong impression.
downright dangerous is ignoring this man, and ignoring monetary history (which this man knows).
ignoring ron paul is ignoring the truth.
Your boobs are titillating me. Stop it or I'll continue staring.
1. Become a paid shill
2. Bash the opposition
3. ...
4. Profit! (actually no, you're just another useful idiot...)
Godlikeproductions much?
Listen bankers, we can do this the quick and moral way, or we can do it the long and bloody way. You may think the latter is better for you, but trust me in the end it won't be.
Personally I think it's already time to bring out the guillotines. We all know that TPTB like to use fear to manipulate the masses... without the guillotines how do you put fear into TPTB?
a guillotine is kind of big to sneak up on someone with. perhaps something smaller?
good thing you rip people from their homes, their offices, or their ivory towers so you can tell them they are a piece of shit in front of the mob before the blade falls in the center of the city.
Yes! Quick.....where's my knitting?!
Thomas Jefferson:
"When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe ." --
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
"It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world."
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"My reading of history convinces me that most bad government results from too much government."
"No free man shall ever be debarred the use of arms."
"The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
"To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical."
"I believe that banking institutions are more dangerous to our liberties than standing armies.
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered."
"Brown sugar, how come you taste so good?" -- Thomas Jefferson
<GOLF CLAP>
well played, sir!
Most historians believe it was his younger brother who liked the brown sugar. He would take his violin and go play and dance in the slave quarters and spend the night there.
Look..when u wake up with a raging boner after a night of partying with the slaves, whats a blacksheep neer do well younger brother gonna do?
Sally Hemmings knew who her baby daddy was and so do her kin.
true enough. however valid criticism of the writer or artist is not valid criticism of the writing or art. one must analyze the matter at hand, not the only tangentially related biography, imperfectly known and oh so easily distracting.
I didn't criticize the artist, I made a joke which is an art in itself and now I'm being criticized. That's funny too!
Sweet. But he was true to his deceased wife. He didn't remarry. TJ has always been my fav man.
Sally Hemmings was Jefferson's wife's half sister. That's probably one reason that he found her to be attractive.
What does intelect have to do with sex choice? The truths are truths. Judge the message. Besides, someone has to do some missionary work.
It's a sad day when humor has to justify itself.
Do you mean to imply that because he held, and doinked his slaves, that everything else he did and said is completely worthless?
The logical conclusion is that the best among us will be corrupted by power, therefore nobody should ever be granted power.
No, I mean to imply that when something funny pops into my head I say it out loud and some folks laugh.
DNA test was positive for "a member of the Jefferson family."
Thomas Jefferson or a member of his family?
Hmmm.
The Hemmings family claims to be descended from Thomas Jefferson and DNA shows this is possible. If you wish to present other evidence, feel free.
Thomas Jefferson was a man far ahead of his time. He believed himself then to be as free to follow the dictates of his heart as any man would today.
Ron Paul is perhaps the closest think we have to Jefferson in mainstream politics (Republican't/Democrap).
That last one - the "first by inflation, then by deflation" one, is almost certainly not a Jefferson quote:
http://www.snopes.com/quotes/jefferson/banks.asp
Still true, though.
I was to lazy to remove it - sounds good though!
Amost positive that was Sam Adams. Too lazy to look up.
I tried to source it and could not. If anyone has a definitive source, I would love to be able to attribute it when I use it next.
Regards,
Cooter
Private Banks (Quotation) « Thomas Jefferson's Monticello www.monticello.org/site/jefferson/private-banks-quotation
I said that last week, but didn't know it caught on.
soros owns snopes...........just sayin..............
Prediction: Soros, will die in the arms of a wholesome woman. Any guesses?
he likes dark meat.........
Inner thighs?
cain likes thighs too..........hmmm
Jefferson's written comments about the African race are not very flattering.
"soros owns snopes"
+1...its an Orwellian world.
And the Poynter Institute owns Politifact...also sayin ;-)
yeh if you are searching for truth, soros will give you some "truth"............
Definitely a Koch sucker of a different flavor.
No one could roll people, without conscience, as easily he did and still does to this day.
Wow. I haven't seen anyone refer to snopes in a long time....
Anyway, regardless of whether or not Jefferson made the statement, snopes is a leftist drivel pump. And has become irrelevant.
http://jdlong.wordpress.com/2010/04/05/snopes-com-exposed-left-wing-webs...
For the past few years snopes has "positioned itself, or others have labeled it, as the tell-all final word’ on any comment, claim and email. ' But for several years people tried to find out who exactly was behind snopes.com. Only recently did Wikipedia get to the bottom of it – kinda makes you wonder what they were hiding. Well, finally we know. It is run by a husband and wife team – that’s right, no big office of investigators and researchers, no team of lawyers. It’s just a mom-and-pop operation that began as a hobby...
Edit: Not that I hold any extra animosity toward leftists. To me left or right, whichever way you lean, you are all equally worthless. A pox on you if you identify with either side of the same coin.
i have often thought it dangerous to have some place like that, doing your research for you. so many people cite snopes now like it is the definitive place to find out the real "truth" .......i see a danger to that kind of thinking.
Snopes? Really? My dogs know better.
So that's where Greenspan got his inspiration way back when.
he used to like gold when he was banging rand..........
don't quote the founders without sources-
mmmmmm...turkey....DOH!
Raiding zoccoti park right now. Live feed http://occupystream.com/ go to global tab and chat.
http://occupystream.com/
Sorry to post this so high.
how high are you?
US GROSS DOMESTIC PRODUCT
US NATIONAL DEBT
Ja, hallie-hallo Angie Merkel calling -
We have a nice amerikanisches Spiel for you ja:
"tick- tock, tick- tock, tick- tock, tick- tock"
watching zie Numbers, espezially zie tenthousand digit (5 from right)
10,000 DEBT ticking over every second and 10,000 GDP ticking over every 2 seconds
very expensive tick- tock watch,
jawohl -
guten Abend und gute Nacht Amerika...
15Trillion "tick- tocks, tick- tock, tick- tock, tick- tock" (10000 per second)
http://www.usdebtclock.org/#
wr;)
I am an average Joe 6 pack and all I care is if I can still have the black friday door buster...
Hell yah....you can always record the kleptocrat barbeque
What a trillion looks like.
They got those new govt. in Italy and Greece, and they are already balking at the proposals that the EU want in regard to austerity. The EU doesn't understand, there is a limit to what even a countries politicians can or can't do. If the people aren't with it, then it won't go (unless it's the US and then it's okay, they have dumbed us down so much that we are religious zealots). Look at whats happening now to Spain, the problem is spreading to them now.
These new "governments" are not elected. They WANT the people to revolt, cause then these governments can start to use FORCE. The new governments are placed by bankers, they are are in complete control. Everything that happens is according to plan. Violence must start as this system cannot evolve into a new form. Revolution is the way, and bankers are leading the way. The USA will see jobless numbers grow after xmas, then the violence will start there too, faster and bigger than anywhere else.
Is it because Paul is the only candidate that actually makes any sense that he receives no coverage and does not seem to resonate at all with voters? The other sock puppets are, of course, more favorably viewed by TPTB and I guess they are well experienced at manipulating the sheeple? To non-Americans who don't have a grasp of the extent of the corruption in the US political system, it's very difficult to understand objectively.
In a democracy, you get the Government you deserve.
very expensive stupidity.
http://expose2.wordpress.com
Isn't Ron Paul a wonderful guy?
Unfortunately, Gingrich is gonna get the nomination.
http://fucklloydblankfein.blogspot.com