Home

Stop A Court Case With One Question – Right to Subrogation

2 Comments

The fleecing of America: The United States Covered Bond Act of 2011

21 Comments

Marti Oakley(C) copyright 2011 All Rights Reserved

__________________________________________

Occasionally, amid the mountains of mindless legislation produced by those fools in congress, one or two really stellar examples of “what the hell were you thinking?” surfaces and leaves us wanting to bang our heads against the wall repeatedly out of frustration at the sheer stupidity of what is offered as necessary legislation.  Never has this been quite as extraordinary as it is in the Covered Bond Act of 2011, a bill that is intended to avoid the hassle and exposure of public debate over bailing out the criminals while leaving the country twisting in the wind.  Of course this will be supported by the full faith and credit (me & you) of the United States.

 Avery Goodman at www.seekingalpha.com makes this observation:

“So long as the Federal Reserve exists and/or other financial regulatory agencies continue to be run by a revolving door staff that moves in and out of industry and government, crony capitalism will be alive and well in America. No amount of Dodd-Frank or Volcker rule legislation will ever protect savers, taxpayers or the American people. Profits will continue to be privatized and losses socialized.”

This bill will just confirm the practice of privatizing profits while nationalizing the losses, as a legal response to criminal activity.

From the folks over at Patrick.net:

“The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.”

Derivatives?  Weren’t those instruments the same ones that caused the near collapse of the system?  So what are they, exactly? More

FEDERAL RESERVE HIDES PROFITS FROM INFLATION

10 Comments

 “Olde Reb”/ PPJ contributor

_______________________________________________

Last year $8.4 trillion was handled by the FRBNY from the auctions.. There is NO information available as to how it was dispersed.”

_______________________________________________

The headlines screamed that we needed to increase the National Debt to prevent an economic collapse.  Wait a minute. Is that the whole story?

Much is said of how the increase of the National Debt ceiling is inflationary, and it surely is. But the gain by the United States government is only temporary.  The real profit goes to the Federal Reserve and Wall Street but that profit is hidden from Congress and the public.

There are two conceivable ways the National Debt can be financed.  The manner projected in the mass media and by government is that the government borrows from the public. If this was the entirety of borrowing, there would be no inflation. The Fed could handle the transactions as a broker and receive commissions.  The money transfer is the same as the payment of taxes but the government would promise to pay interest on the funds. Inflation by this method of financing is not possible. More

RIP-OFF BY THE FEDERAL RESERVE

6 Comments

Posted by: Anonymous

The debt created by usury based sovereign debt is perpetual; it can never be paid off. The contract cannot be culminated. Any contract that cannot be culminated is an act of fraud. A contract based upon fraud is invalid from its inception. It would appear the national debt is not legally enforceable. (A debt incurred by a state or municipality is not a sovereign debt as used in this analysis. Such a debt is akin to a commercial loan and is completely repayable.)”

____________________________________________

The Federal Reserve uses euphemistic smoke and mirrors to obscure their operations. With full knowledge the following is not the way the Fed/government describes the system, allow me to offer a different analysis of their mathematical operation.

Congress can pay for federal expenses with funds collected from taxes, but Congress is never satisfied with this amount. The desire to buy votes/campaign contributions from special interest groups induces congress-critters to spend more, and this is identified as deficit spending. To create this make-believe money requires the assistance of the Federal Reserve. Approximately 45% of the 2009 budget was paid by new fiat money.

Congress will give the Fed a security (bill, bond, or note) and the Fed will accept the document as an asset of one of the twelve FR Banks. The Fed will then establish a line of credit for the U.S. government for the same amount and list the liability as Federal Reserve Notes. Voila !! Fiat money has just been created for Congress to spend. Ref: 2009 Annual Report to Congress by the Board of Governors, page 448. More

Regulation in FantasyLand

2 Comments

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

http://www.politico.com/news/stories/0308/9246.html

 

Let me see if I have this right.  On December 15, 2000, as part of a decades-long anti-regulatory crusade, Former Senator Phil Gramm, representing the “foxes,” slipped a 262-page measure called the Commodity Futures Modernization Act into the omnibus spending bill.

 

Years of unceasing effort to beat down Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms had come to a successful conclusion, and set off a wave of merger mania with a return to the halcyon pre-Depression days of unregulated and unfettered manipulation of banking and the stock market.

 

The foxes had succeeded in defeating most of the protections the “farmer” (responsible government) had erected around the “henhouse” (our much-vaunted capitalism) in an effort to prevent the abuses that resulted in the Great Depression.

 

Not to push the allegory too hard, now all of those chickens have come home to roost.

 

And, the Administration wants to put the foxes in charge of 700 billion dollars ($7,390 per U.S. family) to save the henhouse from total collapse.

 

YOU HAVE GOT TO BE KIDDING ME!

%d bloggers like this: