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VOODOO ECONOMICS: ‘The Covid-19 Dominoes Fall’, The World Is Insolvent

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Of Two Minds

– By Charles Hugh Smith

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Source – oftwominds.com

“…Everyone expecting the financial markets to magically return to January 2020 levels once the pandemic dies down is delusional. All the dominoes of crashing market valuations, crashing incomes, crashing profits and soaring defaults will take down all the fantasy-based valuations of bubblicious assets: stocks, bonds, real estate, bat guano, you name it….The global financial system has already lost $100 trillion in market value, and therefore it’s already insolvent”

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Subtract their immense debts and they have negative net worth, and therefore the market value of their stock is zero.

To understand why the financial dominoes toppled by the Covid-19 pandemic lead to global insolvency, let’s start with a household example. The point of this exercise is to distinguish between the market value of assets and net worth, which is what’s left after debts are subtracted from the market value of assets.

Let’s say the household has done very well for itself and owns assets worth $1 million: a home, a family business, 401K retirement accounts and a portfolio of stocks and other investments.

The household also has $500,000 in debts: home mortgage, auto loans, student loans and credit card balances.

The household net worth is thus $1,000,000 minus $500,000 = $500,000.

Let’s say a typical financial crisis and recession occur, and the household’s assets fall 30%. 30% of $1 million is $300,000, so the the market value of the household’s assets falls to $700,000.

Deduct the $500,000 in debts and the household’s net worth has fallen to $200,000. The point here is debts remain regardless of what happens to the market value of assets owned by the household.

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Federal Reserve to Offer $270 Billion in Loans to Wall Street Tomorrow

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By Pam Martens and Russ Martens: March 11, 2020 ~

John Williams, President of the Federal Reserve Bank of New York

John Williams, President of the Federal Reserve Bank of New York

The little people in America will have to continue to wait to hear any concrete plans for their government to provide financial relief to them for business disruptions resulting from the coronavirus. But Wall Street banks and their sprawling trading desks got the word today that the Fed’s money gusher (repo loans) that began on September 17 of last year will offer them up another $270 billion in cold hard cash at unprecedented low interest rates tomorrow.

The Fed announced that its 1-day emergency loans that it has been making each weekday will increase to as much as $175 billion a day beginning tomorrow; its 14-day loans, which will continue to be offered twice a week, will remain at the elevated amount of $45 billion; and the Fed will add three one-month loans of a whopping $50 billion each. The first one-month loan will be funneled out tomorrow, along with a cap of $45 billion in a 14-day loan and up to $175 billion in a one-day loan, bringing the one-day tally to the astounding sum of $270 billion – all without so much as a vote, or debate or even a hearing in Congress.

All of this money gusher will be dispensed by the New York Fed, the same regional Fed bank that funneled the bulk of the secret $16 trillion in aggregate emergency loans to Wall Street during the last financial crisis. (See chart below.)

For detailed background on this stealth bailout of Wall Street that has now been running without making headlines for the past six months, see our in-depth series here.

GAO Data on Emergency Lending Programs During Financial Crisis

Government Accountability Office Data on Fed’s Emergency Lending Programs During Financial Crisis

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FEDERAL RESERVE TRANSPARENCY

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OldeReb

proliberty@fairpoint.net

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The Federal Reserve’s lack of transparency, which is perceived to be impenetrable, is an erroneous assumption.

Volume 12 C.F.R. § 261.2(i)(1) Identifies public FOIA requests for records (of) any Federal Reserve Bank in connection with the transaction of any official business.” are authorized. A Federal Court of Appeals has concurred. Ref. Bloomberg L.P. v. Board. of Governors of Federal Reserve System, 649 F. Supp. 2d 262, 274 (S.D.N.Y. 2009), aff’d, 601 F.3d 143 (2d Cir. 2010). Exemptions 4 and 5 are not applicable. The deceptive CRS Report 42079, Federal Reserve; Oversight and Disclosure Issues relates to a public perception; it does not relate the law. Ref. https://thedailycoin.org/2020/02/02/federal-reserve-foia-and-audit/ (updated).

The Federal Reserve’s creation of fiat currency [a credit extended by the FR system] depends upon the Treasury Department issuing a debt instrument [Treasury security] containing a promise to pay back the principal plus interest. The interest does not exist nor has it been created. The only way to procrastinate bankruptcy is to issue more debt (principal) and pay the prior interest due from the new principal. This results in an exponential increase in the amount of debt [inflation] that will be created. The National Debt can never be paid off. It is a classic Ponzi scheme. [Fractional reserve multiplication of currency by commercial banks does not alter this conclusion.] A contract that cannot be culminated, or does not convey consideration for funds, is an act of fraud and is void upon its inception.

The manner in which the Fed is used to assist Wall Street conceal >$3 billion daily from the government [and the public] using the auction accounts of Treasury securities for the benefit of TBTF banks is alleged at https://www.spartareport.com/2019/11/the-federal-reserve-a-different-view/ ; https://thedailycoin.org/2018/08/21/the-federal-reserve-a-different-view-updated/ ; https://ppjg.me/2019/11/18/the-federal-reserve-a-different-view/ , https://ncc-1776.org/tle2019/tle1019-20190505-05.html. The analysis has been sullied; it has never been discredited.

The Treasury security auction accounts are exclusively controlled by the FRBNY and handle more than $11 trillion annually. The accounts have never been audited and are a proper subject for public review using FOIA. [The cited CRS report broadens the meaning of audit to imply two reviews of FRBNY’s security procedures are audits.] TreasuryDirect identifies the apparent commingling of government funds with private funds. The destination of new cash is not disclosed.

Benjamin Ginsberg in FATAL EMBRACE reminds readers of historic similar related banking systems resulted in repeated economic exploitation, societal collapse, and civil disruption in medieval Europe. John Perkins [CONFESSIONS OF AN ECONOMIC HIT MAN], Douglas Valentine [CIA AS ORGANIZED CRIME] and others have identified covert Wall Street actions as the origin of world-wide chaos and subjugation. The use of these funds for world domination and national chaos, which is occasionally projected war mongering  to include the United States, has been documented by William Blum, Greg Palast, Michel Chossudovsky and many others. Pathological Wall Street  using the CIA, US military, the IMF, and the WB to impose economic control or for destruction of industrial rivals is standard procedure. https://thedailycoin.org/2019/07/25/war-mongering-brought-to-you-by-wall-street/; WHENSE THE DEEP STATE ?, https://ncc-1776.org/tle2019/tle1050-20191208-10.html .

Potential national financial chaos resulting from the US economic instability is mentioned in current US headlines. How the TBTF banks can utilize the existing legal structure to collect on the $22 trillion (and growing) national debt is theorized at https://ppjg.me/2019/11/18/scenario-of-national-bankruptcy/. The resultant social chaos would be similar to that found in Greece and Argentina, and could involve seizure of demand deposits and pensions, slashing of wages, confiscation of national assets, etc. Wall Street representatives’ testimony before congress has confirmed destruction of government sovereignty does not hamper their collection of alleged national debt. Apparently the fly [US citizen] on the spider web is enjoying the view but has not visualized the next meal.

Is this concern a proper cause for FOIA action to preserve the government from total Wall Street domination?

Note: This writing is not copyrighted. Feel free to distribute.

Fed Has 10-Year Plan to Save Banks, But No Plan to Save Americans Devastated By Fallout, Admits Powell

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Is the Fed’s latest money funnel to unnamed trading houses on Wall Street part of the plan?

By Pam Martens and Russ Martens of Wall Street on Parade.

During his testimony to the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell let it slip out, for the first time, that the Federal Reserve has had a 10-year game plan to deal with the financial crisis. In response to a question on cyber threats from Senator Ben Sasse of Nebraska, Powell stated the following:

“They kind of pay us to be awake at night worrying about things. I would say that if you look at what happened in the financial crisis, we had a game plan there. We implemented it over the course of 10 years. I won’t say that it’s perfect or anything like that, but we have a plan that is meant to address those kinds of things.”

“Those kinds of things?” The financial crisis, fueled by corruption and lax regulation of Wall Street banks, destroyed the housing market in the U.S. and left the U.S. economy in tatters. Millions of Americans lost their jobs and their homes to foreclosure. The New York Fed was the supervisor of key Wall Street banks that caused this problem – shouldn’t it have had a 10-year game plan to prevent “Those kinds of things” instead of creating the game plan after the damage had been done?

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FISCAL BLISS* = * Ignorance is Bliss

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Olde Reb

proliberty@fairpoint.net

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What difference does an increase in the National Debt make? We owe it to ourselves.” Nancy Pelosi has declared. Such a paraphrased statement, reflecting on the exoskeleton structure of the Federal Reserve, ignores the inner historic mechanisms of Rothschild banking, the intense subterfuge and arm-twisting of the Fed’s creation, and the proven destructive forces inherent but hidden therein. 1 More

Obama’s Doctrine of Destruction of America as we know it, and the March to a New World Order

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This is a good synopsis of where we are heading and how we are getting there.

A NATION BEGUILED

http://www.pakalertpress.com/

TRUTHER

We could not have a better person in office than President Obama, if you want someone to do everything he can to destroy the country that is. This President has gone out of his way to make sure not only just a few of his Socialist policies ruin us, but that his whole time in office is dedicated to the destruction of the United States as we know it.

From supplying terrorist organizations such as Al Qaeda, the Muslim Brotherhood, and countless other Islamic Jihadists in N. Africa, the Mid-East, Indonesia, and Europe with billions of dollars in weapons, billions in financial aid, and actual military help, to purposely busing and flying in hundreds of thousand illegal aliens per day via Homeland Security.

This President expects his agenda of anti-Americanism to continue with breaking our economy and with the EPA’s anti CO2 regulations, which are based on…

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NEW WORLD ORDER—DEAD AHEAD

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new-logo25Jim Carter

contact: ppj1@hush.com

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(revised Dec. 27, 2013)

Also, Mark Carney, CEO Bank of England; Carlos Moedas, Secretary of State Portugal; ex Goldman men.

It would be the epitome of human folly to ignore the repetition of the same Wall Street financiers–

who have routinely inflicted financial chaos and abject poverty by debt upon the under-developed world for decades;

who now have leading roles in enforcing national IOU’s in Europe which they created and they are now devastating each nation;

who created and manage the $17 trillion debt of the United States;

who are additionally the putative recipients of hidden profit from their Federal Reserve Ponzi scheme that embezzles trillions of dollars from the U.S. government;

who permeate and use the U.S. Treasury and other government departments to profit their international business conglomerates;

who are additionally major lobbyists and the largest campaign contributors for political candidates.

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The 2008 worldwide financial chaos started on Wall Street with a sudden realization mortgage backed securities (MBS) were junk bonds. Some pundits claim the bonds were fraudulently represented to European bankers. European banks holding these securities panicked from devalued reserves. (do you think some European bankers told some NYC bankers they would be swimming with concrete boots if they did not buy $700 billion of toxic bonds real quick ?) Loans ceased to be available. Construction ceased while taxes from manufacturers and retailers plummeted. Tax revenue could not cover government fixed expenses. Financial operations of European nations became managed by creditors to guarantee payments on sovereign debt while social programs and government salaries have been slashed. Economists without a PhD would say a bubble burst.

Is there evidence the International Monetary Fund (IMF) and World Bank (WB) have similarly created debt in lesser-developed nations for decades and the same financiers are now moving up to European nations? Is this the advance of the New World Order that has been touted by the Council on Foreign Relations (CFR) for 70 years? Is the $17 trillion debt of the United States handled by the same financiers and is it now in the initial stages of collection? Has the major funding for these financiers for the past 80 years come from profit concealed by the Federal Reserve Bank of New York (FRBNY) which legally belongs to the U.S. government?

The answer is a collective YES.

The frustrating part is that the financiers received and hid the entire value of the U.S. debt when it was created that funded the conquest but they will also garner lavish $100 million annual remuneration when their fraudulent Ponzi scheme plunges the U.S. society into gut-wrenching poverty.  More

WHO BENEFITS FROM DEFICIT SPENDING ??

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 Jim Carter

Contact: ppj1@hush.com

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The government incurs a trillion dollar increase in the National Debt annually to spend money it does not have so congress-critters can fund pork barrel projects back home and get reelected. Is theft from the public by inflation for the “freebies” the end of the scam?? Not hardly.

06b0e53c-d69d-11e3-bfaa-12313d1c3a13-mediumFor congress to get the book entry money created on the government’s bank account, the Treasury Department must send a Treasury security to the FRBNY. Then the FR will honor checks on the account and the fiat money is added to the economic system (inflation occurs).

But what happens to the security received by the FRBNY (as collateral for a loan) ?? Why, the bank auctions it off to the Primary Dealers and pretends it has been done by the Treasury Department. The funds go to the FRBNY.
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Nero Fiddles at the Bankers’ Ball

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new-logo25Copyright © 2013 by W.R. McAfee, Sr. All Rights Reserved

November 9, 2013

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Audience marvels as currencies burn

And old and organized international cabal of white-collar banking thieves prowl the planet with a grab bag of heinous tools—war, deception, bribery, financial manipulations, recessions, depressions, shortages, misery for humanity— perfected over the centuries; enabling them to steal money and commandeer nations’ (and citizens’)  treasure by offering deliberate debt the bankers know can’t be repaid when they make the offer.

hijackedUsing the British army at the time, these bankers, who are headquartered in a square-mile area known as The City located in the middle of London, and who are an independent “country” with their own constitution, law, and police force separate from Britain,  attempted to gain control of America with two wars—the Revolution and the War of 1812. Their agents were back supplying Indian tribes throughout the country and on America’s borders with weapons, ammunition, supplies, staples and encouragement to kill colonists and wage war on America before the Revolution’s powder smoke settled

Both times they failed.

Undeterred, and with their eyes on a resource-rich American prize, the Rothschileans’ regrouped in The City and set loose a deceptive scheme to attack the nation with their money. More

Who Owns The Central Bank That Owns The Money In Your Pocket, Purse, or Bank Account?

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new-logo25Opinion: by W. R. McAfee, Sr.

March 25, 2013

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“Which is precisely the reason Iraq, Libya, Syria (work in progress if the Russians don’t block it), and Iran (soon, if the Chinese don’t block it) are being demolished for the bankers with American troops. These nations had their own central banks, didn’t draw from the BIS, furnished their countries with their own currencies, and were beginning to trade oil for gold.”

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PART 1

Globally, there are 150 central banks. They’re owned and controlled by descendants of 13 of the world’s richest banking families, many of whom who begot their fortunes began centuries ago financing wars for Kings and nations, and usury interest from capital loaned. Original owners include the Rothschild’s, Warburg’s, Oppenheimer’s, and Schiff’s.

These central banks are controlled from a square mile area located in the middle of London known as The hijackedCity — the richest square mile on earth—from which the world’s finances are controlled through the banks; which are located in the world’s strategic countries; so named because of the natural resources they possess.

The central banks in these nations are the only banks allowed to print money for those nations; which is sold to that nation for its face value with interest; which generates a perpetual revenue stream into the Bank of England that’s located inside The City —all for the cost of paper, ink, and press time.
The City has its own courts, laws, flag, police, answers to no nation, and pays no taxes—to anyone. It is neither a part of the British Commonwealth nor beholding to the crown. In fact, it is the crown; a privately owned corporate city-state in the middle of London to which the British Royals themselves are beholding; they, the government, and London officials being fronts for The City.

The City also owns (1) the Bank of International Settlements (BIS) in Basel, Switzerland, (from which their 150 central banks can draw funds), (2) the 10-square mile city-state (created in violation of America’s Constitution in 1982 to “legally” benefit the bankers) that’s known as Washington, D.C., and (3) the Vatican city-state and bank—all of which operate under the same flag, rules, and “constitution” as The City; their “constitution” being a tyrannical Roman law called Lex fori that has no resemblance to the U.S. Constitution.

Today, it’s estimated The City controls two-thirds of the world’s money; which includes the money in your pocket or purse, and the world financially with its central banks.
They also control the world militarily with the United States military.
But it wasn’t always so.

Presidents prior to 1913 routinely threw central bankers out of America

America’s Constitution and its accompanying Bill of Rights were so well written and thought out that it kept a stiff-arm in The City’s face for more than a century. More

THE FEDERAL RESERVE SCREWS THE AMERICAN PEOPLE AGAIN!

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John Wallace (c)copyright 2011 All Rights Reserved 

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“The Federal Reserve’s recent actions in flooding the world with new dollars and most recently using accounting trickery to make the American taxpayers responsible for any bad investments they make, is surely cause for immediate action by our new congress.”

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On January 6th, the international Banksters at the private Federal Reserve screwed the American people again and not too many people noticed. It seems that the Banksters became concerned that the Fed might suffer some monetary losses if the value of their massive amount of bond holdings were to decrease. So what did they decide to do? More

Nationalized retirement accounts: The coming confiscation of the retirement savings of the middle class

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Marti Oakley (c)coyright 2010 All Rights Reserved

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Having spent the last ten years, minimally, spending without conscience or concern, the federal government has hit the wall; no one wants to buy our Treasury bonds used to finance the national debt.  As one bill after another comes out of congress giving the government and its corporate buddies control of everything from our water and land to our food and health, it comes as no surprise that the final act of redistribution of wealth to the already wealthy, is, the forced conversion of private retirement investments into nationalized retirement accounts which are nothing less than the confiscation of wealth from the middle class to pay the debt run up by one congress and president after another.

Obama Administration begins the “grab” for retirement accounts

S 3760, introduced August 5 by Jeff Bingaman (D-N.M.) and John Kerry (D-Mass.) would require that employers of workers currently not covered by any retirement program pay 3% of compensation into mandatory, automatic IRA accounts.  That would also have the effect of increasing the assets that the US government could then seize.

This is the Republican privatization of Social Security scheme trotted out during the Bush years, retooled and now focused on the private savings of the middle class.  Now, instead of forcing you to invest any portion of your Social Security retirement in the stock market, a move which would have seen one of the greatest thefts of wealth and its redistribution to the crooks and thieves on Wall Street had they been successful, the Democrat faction has taken up the cause of confiscating private investment accounts to fund the rampant overspending of government using retirement savings of those who were able to contribute to 401(k) and IRA accounts and who have savings in private pension funds.  More

The Purpose Behind Engineered Economic Collapse

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The Purpose Behind Engineered Economic Collapse

Live Link: Neithercorp

By Giordano Bruno

Neithercorp Press – 08/17/2010      

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 “This response often comes from people who make presumptions on economics, rather than actually educating themselves on how the system works. From the outside looking in, the world of finance appears chaotic; a mixture of mathematical and legal standards swirling in a void of mass psychology. Many Americans are either frightened off by the seemingly complicated field of study, or they find it rather boring and not worth their time. This, however, does not stop them from assuming that they know how money works.”

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“From now on, depressions will be scientifically created.” — Congressman Charles A. Lindbergh Sr. , 1913

Everyone loves money. Even people like myself who abhor the abuse of money and commerce, who understand the fraudulent nature of the system we live in, still work hard and save so that we might attain a sense of stability within that system. Many people see money as a focal point to their existence. But is it really money that they are after, or is it something else entirely? In truth, money represents ‘security’ in the minds of the masses. Money affords us the ability to survive, and the more of it we have, the safer we all feel. Because we subconsciously associate the extension of our very life with the variable health of the economic structure in which we live, we tend to become unwitting devotees to its continued existence, even if it is corrupt and condemned to failure. We gullibly deny the system or the currency that supports it is doomed to the contrary of all evidence because, even though it has beaten us bloody, we have never known anything else. More

The shearing is nearing: The international bankers have taken most of everything

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Op-Ed: James P. Harvey

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Over the last one hundred and fifty years, the international bankers have only failed to do one thing, and that’s cover their tracks. The evidence of their covert control of nations is scattered all over the world, and now, they openly brag about it.

While they systematically gained control of nation’s governments through their manipulative currency and commodity control, then wars and inflation, we watched like a sheep about to be sheared, or a cow to be milked. Soon you will see people stand hypnotized like a rodent about to be struck by a cobra.

In the interim, the people keep on voting the scumbag politicians into positions of power, and they keep on passing laws that rob us of our freedom, property, and future.

So keep on voting for your favorite savior to do the bidding of their masters, and keep on hating and cursing the other party members. You deserve everything you’re going to get, and I’ll be writing about the great rodents roast.

The bankers must surely have found some way to protect their ribs from breaking, due to their uncontrollable laughter. I can just picture them in my mind, rolling on the floor, screaming with glee.

James P. Harvey

They Own It all…including you

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This is most likely one of the most important books you will ever read about admiralty law, fiat currency, and the loss of your rights.  We highly recommend it.

Short interview with authors on Income Tax

Author’s web site: The New People Order

Did you know:
1. You are legally a debtor and chattel (property) owned by a hidden creditor.

2. There is a hidden lien on everything transacted for by or with a Federal Reserve Note.

3. Your entire alleged wealth is/has been liened, you don’t own anything! You merely have possession by privilege. This privilege may be yanked at any time if you don’t obey the real owner. More

Denver Mint printing the Amero?

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Does anyone have any additional information on this?  IF Amero coins have ben shipped to China, when will they appear in circulation? 

URGENT *** NEW “AMERO” PAPER CURRENCY EXPOSED!

http://halturnershow.blogspot.com/2008/12/urgent-new-amero-paper-currency-exposed.html

North Bergen, NJ — To the chagrin of the government, I have obtained new “AMERO” paper currency notes! You know, the “AMERO” . . . . the new currency that is going to replace the US Dollar, The Canadian Dollar and the Mexican Peso? Yea, the new currency that all three governments claim doesn’t exist. . . . I have it. Here’s what a 50 Amero note looks like:

In September, 2007 – over a full year ago – I first broke the story about AMEROcoinsbeing minted secretly at the Denver Mint. After that story ran, the Denver Mint announced on its web site that they were closing public tours of the Mint for 10 – 14 days in order to make renovations to the tourist area of the mint.

My sources inside the Mint, however, reported Treasury officials were outraged that someone had leaked info about the AMERO to me and they closed the Denver Mint to the public so as to secretly move the AMEROS out of the Mint to prevent further leaks.

In October, 2008, I received word that the U.S. government shipped 800 Billion AMEROS to the China development bank. I did a story on that (here) and obtained an actual AMERO coin from that shipment!

I placed a video of the coin on YouTube, showing the coin and explaining that there is a deliberate effort underway at the highest levels of our government to intentionally exhaust the dollar as a currency. Over 600,000 people worldwide watched that video.

Two days ago, YouTube/Google notified me that my video had been deleted and my account permanently closed at the request of the United States Treasury Department. The Treasury department told YouTube/Google that my video was “destabilizing the U.S. Dollar and was thus a threat to national security.”

Here we are, just two days later and my sources have once again come through; this time with proof the government is secretly printing new AMEROpapercurrency.

Not only do I have the 50 AMERO note, give look at the 20 and 100 AMERO notes below!

Not a single American citizen has been officially asked if they want a new currency. Not a single member of Congress has voted on authorizing a new currency. Yet a new currency is already being printed and quietly distributed around the world. This is being done without the consent of the American people, without a vote by Congress and has been intentionally covered up by every official who has been questioned about it.

The REASON they are creating a new currency has to do with how they plan to get rid of our national debt. On October 16, 2008, the “Global-Europe Anticipation Bulletin” told its subscribers that the present U.S. Dollar will be demonetized (it won’t be “money” anymore) and a new currency imposed. “Old dollars” will be devalued by ninety percent (90%).

Think about that for a moment. A 90% devaluation. That means checking accounts, savings accounts, IRA’s 401-K’s, Pension plans, Certificates of Deposit. . . . are all worth ninety percent LESS than previously.

This AMERO currency will allow the government to literally grab 90% of all our life savings and owe 90% less than they presently do in one fell swoop! They get out of debt and the rest of us are left totally destitute. Broke. Busted. Poor. Helpless.

I believe the people perpetrating this secret currency change are in for personal visits of a violent nature. I think there are folks out here in real America who will not take kindly to having been deliberately lied-to.

I believe my fellow Americans might — just might — decide it is time to . . . . . “discipline”. . . . . the public officials who have undertaken this outrage without our consent.

It’s a tough thing to have to physically discipline a mis-behaving adult, but I say now, I’m up for doing just that.

There are officials in this country who deserve to get the shit kicked out of them and I really look forward to having the chance to do it. If they think their puny little Federal Reserve Police force can do anything about it, they’re sadly mistaken.

PLEASE SPREAD THE WORD ABOUT THIS IMMEDIATELY.If they are already printing paper currency, the destruction of the US dollar cannot be far away. We are ALL in grave danger of losing our life savings to this currency scam………….

Ron Paul on ending the Federal Reserve

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The Austrians Were Right


                                              by Congressman Ron Paul

Congressman Ron Paul speaking before the U.S. House of Representatives.

November 20, 2008

PLEASE FORWARD


Madame Speaker, many Americans are hoping the new administration will solve the economic problems we face. That’s not likely to happen, because the economic advisors to the new President have no more understanding of how to get us out of this mess than previous administrations and Congresses understood how the crisis was brought about in the first place.
economics. For the last 80 years, the legislative, judiciary and executive branches of our government have been totally influenced by Keynesian economics. If they had had any understanding of the Austrian economic explanation of the business cycle, they would have never permitted the dangerous bubbles that always lead to painful corrections.
At least 90% of the cause for the financial crisis can be laid at the doorstep of the Federal Reserve. It is the manipulation of credit, the money supply, and interest rates that caused the various bubbles to form. Congress added fuel to the fire by various programs and institutions like the Community Reinvestment Act, Fannie Mae and Freddie Mac, FDIC, and HUD mandates, which were all backed up by aggressive court rulings.
It is unimaginable that Congress could be so derelict in its duty. It does nothing but condone the arrogance of the Fed in its refusal to tell us where the $2 trillion has gone. All Members of Congress and all Americans should be outraged that conditions could deteriorate to this degree. It’s no wonder that a large and growing number of Americans are now demanding an end to the Fed.

The Federal Reserve created our problem, yet it manages to gain even more power in the socialization of the entire financial system. The whole bailout process this past year was characterized by no oversight, no limits, no concerns, no understanding, and no common sense.
All the programs since the Depression were meant to prevent recessions and depressions. Yet all that was done was to plant the seeds of the greatest financial bubble in all history. Because of this lack of understanding, the stage is now set for massive nationalization of the financial system and quite likely the means of production.

Although it is obvious that the Keynesians were all wrong and interventionism and central economic planning don’t work, whom are we listening to for advice on getting us out of this mess?
Unfortunately, it’s the Keynesians, the socialists, and big-government proponents.

Who’s being ignored? The Austrian free-market economists – the very ones who predicted not only the Great Depression, but the calamity we’re dealing with today. If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before –like the philosopher’ s stone that could turn lead into gold. Prosperity without work is a dream of the ages.

Except for a rare few, Members of Congress are unaware of Austrian Free Market

Today, a major economic crisis is unfolding. New government programs are started daily, and future plans are being made for even more. All are based on the belief that we’re in this mess because free-market capitalism and sound money failed. The obsession is with more spending, bailouts of bad investments, more debt, and further dollar debasement. Many are saying we need an international answer to our problems with the establishment of a world central bank and a single fiat reserve currency. These suggestions are merely more of the same policies that created our mess and are doomed to fail.

The Fed has now doled out close to $2 trillion in subsidized loans to troubled banks and other financial institutions. The Federal Reserve and Treasury constantly brag about the need for “transparency” and “oversight,” but it’s all just talk – they want none of it. They want secrecy while the privileged are rescued at the expense of the middle class.

Similar mistakes were made in the 1930s and ushered in the age of the New Deal, the Fair Deal, the Great Society and the supply-siders who convinced conservatives that deficits didn’t really matter after all, since they were anxious to finance a very expensive deficit-financed American empire.

 


Over and above this are those who understand that political power is controlled by those who control the money supply. Liberals and conservatives, Republicans and Democrats came to believe, as they were taught in our universities, that deficits don’t matter and that Federal Reserve accommodation by monetizing debt is legitimate and never harmful. The truth is otherwise. Central economic planning is always harmful. Inflating the money supply and purposely devaluing the dollar is always painful and dangerous.payment. Raising taxes would reveal the true cost of big government, and the people would revolt. But the piper will be paid, and that’s what this crisis is all about.If it goes too far and the wild extravagance is not arrested, runaway inflation will result, and an entirely new currency will be required to restore growth and reasonable political stability.

The choice we face is ominous: We either accept world-wide authoritarian government holding together a flawed system, OR we restore the principles of the Constitution, limit government power, restore commodity money without a Federal Reserve system, reject world government, and promote the cause of peace by protecting liberty equally for all persons. Freedom is the answer.

The policies of big-government proponents are running out of steam. Their policies have failed and will continue to fail. Merely doing more of what caused the crisis can hardly provide a solution.

The good news is that Austrian economists are gaining more acceptance every day and have a greater chance of influencing our future than they’ve had for a long time.

The basic problem is that proponents of big government require a central bank in order to surreptitiously pay bills without direct taxation. Printing needed money delays the

There are limits. A country cannot forever depend on a central bank to keep the economy afloat and the currency functionable through constant acceleration of money supply growth. Eventually the laws of economics will overrule the politicians, the bureaucrats and the central bankers. The system will fail to respond unless the excess debt and mal-investment is liquidated.


Ron Paul


PLEASE WAKE THE HELL UP AMERICA!

 

Repealing the Federal Reserve Act

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The biggest threat to our sovereign nation, to the very survival of our country is the Federal Reserve system.  The bill listed below was written By congressman Ron Paul.  It effectively ends the secretive and unconstitutional [central bank].  It would also end the fiat currency we call the US dollar and return the coining of money to congress, where it belongs.  The text of the bill is provided by opencongress.org. 

 

http://www.opencongress.org/bill/110-h2755/text

 

HR 2755 IH

110th CONGRESS

1st Session

H. R. 2755

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

June 15, 2007

Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Federal Reserve Board Abolition Act’.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

(c) Disposition of Affairs-

(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System–

(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks–

(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

(2) LIQUIDATION OF ASSETS-

(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.

 

The collapse of the US dollar: Controlled demolition?

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Commentary before the bailouts

Jim Rogers has made hundreds of millions of dollars from his investments over the years.

Last year, he made the decision to leave the US and take his money out of the US dollar.

At the time, it seemed like an extreme position to take.

Now, months later, it’s starting to make sense.

Max Keiser holds an even more extreme position, that what’s taking place is a controlled demolition of the US dollar. It’s hard to argue with his logic.

After all, these are the same people who brought us 9/11 and the Iraq War. What’s a multi-trillion dollar scam compared to those twin disasters?

 

If you watch the financial news, occasionally you’ll hear Jim Rogers explain why Fed bailouts of investment banks and others is a terrible idea for the country.

 

It’s amazing to hear his comments from March and July of this year.

 

He really nailed it.

 

Is anyone listening?

 

Maybe Bush & Co. actually want to destroy the US dollar and tank the world economy.

 

If so, they’re doing a great job.

 

http://www.brasschecktv.com/page/433.html

 

– Brasscheck

 

The Financial World’s Clueless “Experts”

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I just finished laughing out loud over the Money & Markets email newsletter I received today from Money & Markets.com, a publication of Weiss Research.

Apparently, these “financial gurus” haven’t yet learned what I knew in my early twenties: that the overprinting of fiat paper currency destroys the value of that currency. This is elementary economics.

Yet, here is a direct quote from today’s (April 6, 2008) Money & Markets:

Washington will have to print billions more paper dollars to fight this slowing economy…”

That is the collective “wisdom” of the financial “experts” at Weiss Research. Never mind that it is unrestrained printing of “billions more paper dollars” that has devalued the dollar to nothing! It is only “worth” it’s face value because enough ignorant people still think it’s worth something. Apparently, some of those ignorant people are working for Weiss Research.

Suffice to say, I have canceled my subscription to Money & Markets.

 

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