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I honestly am astounded by the attitudes by a large group of people within America, how is socialised healthcare a bad thing?
...Committee for Economic Development, was officially established in 1942 as a sister organization to the Council on Foreign Relations. CED has influenced US domestic policies in much the same way that the CFR has influenced the nation's foreign policies.
[WHO THEY ARE]
Composed of chief executive officers and chairmen from the federal reserve, the banking industry, private equity firms, insurance companies, railroads, information technology firms, publishing companies, pharmaceutical companies, the oil and automotive industries, meat packing companies, retailers and assisted by university economists - " representatives from every sector of the economy with the key exception of farmers themselves " - CED determined that the problem with American agriculture was that there were too many farmers. But the CED had a "solution": millions of farmers would just have to be eliminated....
In its 1945 report "Agriculture in an Expanding Economy," CED complained that "the excess of human resources engaged in agriculture is probably the most important single factor in the "farm problem'"...
Some of the report's authors would go on to work in government to implement CED's policy recommendations. Over the next five years, the political and economic establishment ensured the reduction of "excess human resources engaged in agriculture" by two million, or by 1/3 of their previous number....
CED members were influential in business, government, and agricultural colleges, and their outlook shaped both governmental policies and what farmers were taught.....
Their plan was so effective and so faithfully executed by its operatives in the US government that by 1974 the CED couldn't help but congratulate itself in another agricultural report called "A New US Farm Policy for Changing World Food Needs" for the efficiency of the tactics they employed to drive farmers from their land.
The human cost of CED's plans were exacting and enormous.
CED's plans resulted in widespread social upheaval throughout rural America, ripping apart the fabric of its society destroying its local economies. They also resulted in a massive migration to larger cities. The loss of a farm also means the loss of identity, and many farmers' lives ended in suicide , not unlike farmers in India today who have been tricked into debt and desperation and can see no other way out.
With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.
Importantly, any meaningful increases in taxes from personal income would have to come from lower and middle income families, as 90 percent of all personal taxable income is generated below the taxable income level of $35,000.
Further, there isn't much more that can be extracted from high income brackets. If the Government took 100 percent of all taxable income beyond the $75,000 tax bracket not already taxed, it would get only $17 billion, and this confiscation, which would destroy productive enterprise, would only be sufficient to run the Government for seven days.
Q. But there is no question about it that banks create the medium of exchange?
Mr. Towers: That is right. That is what they are for... That is the Banking business, just in the same way that a steel plant makes steel. (p. 287) The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. (pp. 76 and 238) Each and every time a bank makes a loan (or purchases securities), new bank credit is created — new deposits — brand new money. (pp. 113 and 238) Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt. (p. 459)
Q. When $1,000,000 worth of bonds is presented (by the government) to the bank, a million dollars of new money or the equivalent is created?
Mr. Towers: Yes.
Q. Is it a fact that a million dollars of new money is created?
Mr. Towers: Yes. (p. 286)
Q. Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?
Mr. Towers: If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament. (p. 394)
When the Federal Reserve purchases a $1 million Government bond and gives some bank credit for $1 million in its reserve account, that bank also credits the bond dealer's checking account with $1 million.
In other words, to acquire $1 million of reserves, the bank also assumes a liability to pay its customers $1 million. If the transactions stopped here, the bank would, of course, come out even, neither gaining anything nor losing anything. But the fact that there is now $1.million more of bank reserves than existed before means that the private banks as a group can create $6 million more money than existed before.
In other words, by acquiring this $1 million more in bank reserves, the private banks have the privilege of creating another $6 million of bank deposits, in the process of which they acquire $6 million in interest-bearing securities or loan paper, less an allowance for leakage into the cash (currency) balances of the public. [pg 43]
....To everyone's surprise, Morgan admitted that the bank routinely created money "out of thin air" for its loans, and that this was standard banking practice. "It sounds like fraud to me," intoned Presiding Justice Martin Mahoney amid nods from the jurors. In his court memorandum, Justice Mahoney stated:
"Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, . . . did create the entire $14,000.00 in money and credit upon its own books by bookkeeping entry. That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note. "
The court rejected the bank's claim for foreclosure, and the defendant kept his house....
Justice Mahoney, ... died less than six months after the trial, in a mysterious accident that appeared to involve poisoning.4
In 1976 A typical American CEO earned 36 times as much as the average worker. By 2008 the average CEO pay increased to 369 times that of the average worker. timelines.ws...
"Because money is not capital, he concluded that an increase of the money supply confers no identifiable social value."
Money serves as a transmitter of value through time because certain goods serve as media of exchange.
Money transmits value, Mises taught, but money does not measure value. This distinction is fundamental in Mises's theory of money.
Mises was adamant: "there is no measure of economic value."
[THE KEY POINT]
New money does not appear magically in equal percentages in all people's bank accounts or under their mattresses. Money spreads unevenly, and this process has varying effects on individuals, depending on whether they receive early or late access to the new money
It is these losses of the groups that are the last to be reached by the variation in the value of money which ultimately constitute the source of the profits made by the mine owners and the groups most closely connected with them.
This indicates a fundamental aspect of Mises's monetary theory that is rarely mentioned: the expansion or contraction of money is a zero-sum game.
A brilliant read, from angles I hadn't considered before. Thanks for sharing this with us. It's time we all woke up and started to share this with our friends relatives and colleagues. It's time we started to do something about it.
. I'll tell you one reason why,my daughter is in high school,her economics book devoted a whopping 1/2 page to the federal reserve and it was a very minimal description of the fed,basically stating the feds the central bank. Thats one very good reason why they've gotten away with it for so long.
“... Over the last quarter-century, historians have by and large ceased writing about the role of ruling elites in the country's evolution. Or if they have taken up the subject, they have done so to argue against its salience for grasping the essentials of American political history. Yet there is something peculiar about this recent intellectual aversion, even if we accept as true the beliefs that democracy, social mobility, and economic dynamism have long inhibited the congealing of a ruling stratum. This aversion has coincided, after all, with one of the largest and fastest-growing disparities in the division of income and wealth in American history....Neglecting the powerful had not been characteristic of historical work before World War II. ” hnn.us...
"For 10 years, William Schmidt, a statistics professor at Michigan State University, has looked at how U.S. students stack up against students in other countries in math and science. "In fourth-grade, we start out pretty well, near the top of the distribution among countries; by eighth-grade, we're around average, and by 12th-grade, we're at the bottom of the heap, outperforming only two countries, Cyprus and South Africa."
... Surveys of corporations consistently find that businesses are focused outside • the U.S. to recruit necessary talent. In a 2002 survey, 16 global corporations complained that American schools did not produce students with global skills. United States companies agreed. The survey found that 30 percent of large U.S. companies “believed they had failed to exploit fully their international business opportunities due to insufficient personnel with international skills.” One respondent to the survey even noted, “If I wanted to recruit people who are both technically skilled and culturally aware, I wouldn’t even waste time looking for them on U.S. college campuses.”
...the U.S. ranks 21st out of 29 Organization for Economic Cooperation and Development (OECD) countries in mathematics scores, with nearly one-quarter of students unable to solve the easiest level of questions....In 2000, 28 percent of all freshmen entering a degree-granting institution required remedial coursework...
....Dewey's philosophy had evolved from Hegelian idealism to socialist materialism, and the purpose of the school was to show how education could be changed to produce little socialists and collectivists instead of little capitalists and individualists. It was expected that these little socialists, when they became voting adults, would dutifully change the American economic system into a socialist one.
In order to do so he analyzed the traditional curriculum that sustained the capitalist, individualistic system and found what he believed was the sustaining linchpin -- that is, the key element that held the entire system together: high literacy. To Dewey, the greatest obstacle to socialism was the private mind that seeks knowledge in order to exercise its own private judgment and intellectual authority. High literacy gave the individual the means to seek knowledge independently. It gave individuals the means to stand on their own two feet and think for themselves. This was detrimental to the "social spirit" needed to bring about a collectivist society. Dewey wrote in Democracy and Education, published in 1916:...
Social programs are not social ideologies.
Social programs are part of the overall scheme you wrote of,but not socialism.
1. Any of various economic and political philosophies that support social equality, collective decision-making, distribution of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists.
2. The socialist political philosophies as a group, including Marxism, libertarian socialism, democratic socialism, and social democracy.
3. (Leninism) The intermediate phase of social development between capitalism and full communism. This is a strategy whereby the state has control of all key resource-producing industries and manages most aspects of the economy, in contrast to laissez faire capitalism.