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Dennis Kucinich: Delete The Fed

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posted on Dec, 22 2010 @ 01:58 PM
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Dennis Kucinich: Delete The Fed


market-ticker.org

I'm stunned.

Really.

Dennis Kucinich, which many people have (properly) labeled as one step removed from a communist in the past, and who has a reputation as having a hard-core left slant in his politics, has just written up and introduced a bill that will fundamentally restore the free market - for real - to banking and credit.

It will also **** a lot of people off.

His bill would end the process of money issuance by The US Federal Government as a debt instrument. It would thus restore actual "lawful money" as Ron Paul claims to want, but in a form he has never, ever elucidate
(visit the link for the full news article)




posted on Dec, 22 2010 @ 01:58 PM
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Does Ron Paul finally have a Ally in his pursuit to "End the Fed"?

As stated in this article Mr. Kucinich has done a lot of "flipping" on this subject and many don't trust him, but, it might be a start...

Ron Paul has had his bill on the Docket every year now for over 17 years and has never gotten much support.

Here's the link to the actual Bill...

Need Act

market-ticker.org
(visit the link for the full news article)
edit on 12/22/2010 by Hx3_1963 because: Spelling Correction



posted on Dec, 22 2010 @ 02:35 PM
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As far as I'm concerned, Dennis Kucinich is the
MAN

Remember this?



Go DK



posted on Dec, 22 2010 @ 02:39 PM
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Hmmm...

...Not to be to critical here, but, with the talk of the US defaulting on it's debts and a move to a Digital Currency the following concerns me some...

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States, retire public debt and reduce the cost of public investment, and for other public purposes.

edit on 12/22/2010 by Hx3_1963 because: Format Correction



posted on Dec, 22 2010 @ 02:41 PM
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Kucinich is the man. I love how he trys to save turkey's on thanksgiving.


He's a true human being and will surely be at highest podium in heaven, if there is one.



posted on Dec, 22 2010 @ 02:44 PM
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Kucinich is kind of a showboat attention whore in love with himself, but I will forgive him for everything if he destroys the Fed...or even tries hard...GO DENNIS, GO DENNIS, GO,GO,GO DENNIS...

To Ron Paul all knees must bow, let all the world admit that peckerwood is right.
edit on 22-12-2010 by LeonDBelfort because: punctuate



posted on Dec, 22 2010 @ 03:03 PM
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I do not think debt default is a good move at this stage. There are a lot of positive moves in the document but the ramifications for international relations is very bad. So far all the big players have kept their word on the money situation over the years. If we could try for interest reduction on the debt would be good, for a few months at least, may even take 6-12 months. There is still a lot that needs to be worked out about the international money situation and a global currency is very likely on the way. This accounting mess is going to take time, just don't throw in the towel yet.
edit on 22-12-2010 by kwakakev because: extended time frame



posted on Dec, 22 2010 @ 03:37 PM
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This bill, in times such as these, seems to me, as if we are acting like we live in a vacuum. Great for us inside our borders, but what about outside our borders? What will the Fed do for everyone around the world (especially China) who bought our Treasuries generated from Quantitative Easing backed by US dollars still wet from the printing press?

Enacting this bill will strengthen the dollar relative to other currencies, but we will be viewed like China, as manipulating our currency like a sovereign state. Currencies in a global market place must float. So if I were China or Saudi (the top two countries we owe billions of dollars to) not only would I be dump the weaker currencies in my portfolio, I'd dump my US treasuries (very low rate of return). The reason I bought the latter was to be in on the dollar strengthening in the future and get some interest in the meantime. Well, this could be very bad for us now as it relates to the countries we owe monies to and the effect on world currencies as a whole. Internationally speaking, in my opinion, if the US does this without IMF and World Bank cooperation, we are talking pitchforks and torches on the White House lawn.



posted on Dec, 22 2010 @ 04:32 PM
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I wanted to post this reply separate from my the previous because I believe our country should behave honorably inside and out. Peoples lives, like ours, hang in the balance.

Having written that, the Fed is a lie. Right now the Fed is still using your money, some TARP, some repaid TARP and some new taxpayer money to still buy bad mortgage backed securities and debt from the banks that will not give you so much as a student loan. It is a financial house of horrors and we, the taxpayers own the worthless excess of printed money, bonds, securities and stocks of non-existent entities transferred to this quasi-governmental agency.

For approximately three years of my life, everyday the market was open, I and fellow partners watched the market all day. We were involved in delivering to securities and pricing equities, loans, etc. There are clear and real reasons that move markets. But whenever the Fed needed to move liquidity to another part of the economy or worse, offshore, suddenly, the market would go volatile and be off by 100s of basis points for no reason. Some so called financial reporter, who knew nothing about finance, would get an exclusive with the Fed Chair and proceed to lie to the American people in whatever excuse of a newspaper would print it. When the Fed was done sucking up the tranche of capital they wanted to move out of the market, they would fake a market correction. The Fed is the puppet master's puppet master.



posted on Dec, 22 2010 @ 05:21 PM
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The derivative market is valued at around 6 quadrillion dollars, more money than is in the rest of the world. It is hard to say just what is in there and what in means for the world. It will take time to sort this out.



posted on Dec, 22 2010 @ 09:48 PM
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everyone should see through this, all this end the fed talk right before Ron Paul starts the audit



posted on Dec, 23 2010 @ 11:34 AM
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Yes, indeed and thank you for talking me down off the ledge. Cooler heads must prevail. Things are very bad in Greece (and elsewhere) again today. Thank you for letting me rant on the Fed. Truth is, doing away with the Fed just releases the bad assets into the marketplace and then what? And who do we trust to price the damn things? Hence, I do agree with you all, we are going to have to eat this elephant one bite at a time.



posted on Dec, 23 2010 @ 12:32 PM
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Isn't it funny how if you or I don't pay your car bill they come to take it away?? Or even how about your mortgage payment?? Don't pay it and they take it....right??? Who is coming to take the White House away?? Or our country with the amount of debt we have?? I am sad that I am not important enough to be able to keep all of my belongings if I don't pay my bills



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