Just finished reading this excellent and thought-provoking thread. Kudos to all for their commentary. A few observations:
ImANutter, 30_seconds, et al: you are correct in your thinking that a nation that controls its own currency is more fiscally sound and more sovereign
than one which does not. Financially, that is the very essence of sovereignty and freedom; this is why we have neither today in America.
Unfortunately, this is not only the fault of the banking cartels, but due to the irresponsible greed and avarice of Americans from before the
inception of the united States. The nation is not only bankrupt, it is bankrupt six times deep, at least. At each turn, those charged with our
political responsibilities could have paid the debts of this country, and while I suspect that bribery and chicanery were behind the decision to
default each time, the fact remains that default we did. A decent explanation of this and how it effected changes in our political and economic
structure is available here.
To CookieMonster, wow, you have spent an incredible amount of time and effort defending the banks and a little bit defending the Fed, and for that,
and for the wealth of information you have about the sub-prime mortgage aspect of the current financial crisis, I commend you. I wonder just how
representative of the banking industry as a whole your one example of solvency, this Comerica bank, is though? I must add though that your logic in
defending the Fed by damning the politicians who might take over those responsibilities is both apt and specious. One cannot ignore the influence of
the banking interests and their ability to turn seemingly moral men from the righteous path to one of their choosing by offering wealth and privilege
that cannot be attained through any other means than accepting their bribes. The banking cartels also underwrite every institution in our society,
even those that clam to oppose them, and in particular the institutions of education that inform the finest minds in our civilizations. The system of
"corporate media" is their creation, as is the ideology of elite experts which must and do inform the uneducated masses of that which it is deemed
best for them to know and withhold from them that which is best for them not to know. Truly, they control the horizontal. They control the vertical.
They can deluge you with a thousand channels, or expand one single image to crystal clarity. What would the world be like without the influence of
their sin? One cannot imagine, but that does not mean that we should accept the yoke of their domination without question, without attempting to
create a system that is better. After all, that is the spirit that inspired the creation of these united States, isn't it? But the same logic you
use to defend the Fed against a sovereign monetary system was used quite effectively to defraud the people of San Francisco of free electrical power
that was granted them by the Raker Act, until Secretary of the Interior James Watt voided the act with the stroke of a pen during George Herbert
Walker Bush's presidency. And similarly, until that happened, PG&E used bribery and political chicanery to prevent the common voter from
understanding why the City of San Francisco's political structure should and could have created an office to oversee the distribution of this free
electricity throughout the city. The city father s themselves denounced it, and many then used the wealth that they received from this graft to
launch national political careers (a la Diane Feinstein).
There are a few points that no one has delved into yet about the banking industry as a whole (sorry CookieMonster, but even though the commercial may
be from a single bank, it is promoting the industry of banking, not just itself as an entity, and so I am not going to restrict my comments to "Mom
and Pop" banks, "brick and mortar" banks, and the like, so don't cry foul).
One of these (touched upon, but not explained) is the designed impossibility of paying back the so-called national debt. As the Fed, I create 1
billion dollars and loan it to the government at 1% interest. The government then is obligated to pay me back 1 billion, 10 million dollars. But
where does the 10 million come from? If I print it for them, then they now owe me that 10 million plus 1% interest, or 10 million 1 hundred thousand
dollars? Where does the 1 hundred thousand dollars come from? If I print it... You get the picture. The debt can never be repaid, and it will
always grow to gargantuan proportions that will leave the Fed (or other banking cartel entity) owning every asset that the nation has, including the
people who are the only real energy source behind all commerce anyway. This is the meaning of Jefferson's warning against central banking:
"...their children will wake up homeless on the continent their fathers conquered." And isn't that the situation that we find ourselves in today,
through mechanisms controlled by our central bank?
The uses of US currency and especially Federal Reserve Notes to bolster/stabilize/bailout/inhibit foreign currencies is a thread unto itself, but
bears mention here because for every dollar thus created, even though it is never spent or used within our shores, the American taxpayer owes
interest. And who controls this international distribution of currency? The private banking cartels (the Fed and similar central banks throughout
the world). Does the US government have any control or oversight of this process? Hell no! In fact, my own suspicion (this is simply speculation, not
intended as a representation of researched fact) is that throughout our history the bulk of US dollars, in whatever form they were created, has found
its home overseas and not for use in our own national economy.
And CookieMonster, the Mom and Pop and brick and mortar banks do have their role in the creation of money (credit) out of "thin air." The Fed
creates money upon demand--demand of the Treasury Department, and upon the demand of its bosses: us, individual human beings. When you write a
check, the money doesn't actually come out of your checking account: the Fed creates those dollars anew, and the bank moves the requested sum from
the ledger of your checking account into the ledger of the banks assets, and issues payment for the check from the new monies created.