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Originally posted by mazzroth
Saddam was hurredly executed because of this : Treas Secretary Paulson Arrested
Saddam rushed to be executed so it would take up the news headlines for the next few weeks and take the heat off the above story?
I think they have had the Fake Saddam hanging around for this moment as they knew it would finally get out about the Wanta Trillions.
[edit on 31-12-2006 by mazzroth]
Originally posted by grover
I have never heard of Wanta or any of this....trillion? Sure it isn't Billion? Could someone please bring me up to speed on this.... distill it for me as it were.
But if Cheney is guilty of bribery or blocking a legally approved of transaction, and it can be proved... bush minor will lose his mind.
please someone distill this for those of us who have never heard of it.
The House Bill [HR. 2778] contains a schedule for phasing out the Federal Reserve, details of which, like the Bill itself, have not yet been disclosed.
UPDATE: We now understand that the Bill was passed but was NOT SIGNED, which strongly implies that the President of the United States may still be a co-conspirator with the Vice President.
July 17, 2003
Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services
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at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.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.
Originally posted by Johnmike
Please do not give us any lectures on US debt unless you can actually spell the word.
* Mr. PAUL. Mr. Speaker, I rise to introduce legislation to restore financial stability to America's economy by abolishing the Federal Reserve. I also ask unanimous consent to insert the attached article ``The Greatest Theft in History'' by Professor Murray Sabrin, into the RECORD. Professor Sabrin provides an excellent summary of how the Federal Reserve is responsible for the nation's current economic difficulties.
* Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.
* From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial ``boom'' followed by a recession or depression when the Fed-created bubble bursts.
* With a stable currency, American exporters will no longer be held hostage to an erratic monetary policy. Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings. Those members concerned about increasing America's exports or the low rate of savings should be enthusiastic supporters of this legislation.
* Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of the special interests and their own appetite for big government.
* Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy.
* In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
* In conclusion, Mr. Speaker, I urge my colleagues to stand up for working Americans by putting an end to the manipulation of the money supply which erodes Americans' standard of living, enlarges big government, and enriches well-connected elites, by cosponsoring my legislation to abolish the Federal Reserve.
Originally posted by Infoholic
Anywho... in regards to the H.R. 2778 Bill... it's not "dead"... it's "dormant". And by the way, did anyone else notice who submitted the bill? Honorable Ron Paul of Texas. Doesn't he want to be President next election?
Originally posted by djohnsto77
Of course it's dead, it was from two Congresses ago. At the end of a Congress, any bill not passed is dead unless passed by both houses and signed within 10 days of the end of the Congress by the President (see pocket veto). This bill never even made it out of subcommitee. The article is obviously totally incorrect.
If they want to revisit this law, it needs to be reintroduced.
The Constitution provides that any bill not returned by the President “within ten Days (Sundays excepted)” shall become law, “unless the Congress by their Adjournment prevent its Return, in which Case it shall not be a Law.” This instrument of presidential power, known as the “pocket veto,” was first used in 1812 by President James Madison. Unlike the regular veto, which is subject to a congressional override, a pocket veto is “absolute” because it is not returned to Congress.