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....Our troubles can all be traced back to the creation of the Federal Reserve and allowing it to control our monetary policies, something that was given the power for Congress to do.....
...In 1994, Joel Kurtzman — at that time a columnist and the business editor for the New York Times — wrote an alarming book titled The Death of Money: How the Electronic Economy Has Destabilized the World’s Market and Created Financial Chaos. Kurtzman reported that the digitization, or virtualization, of capital was causing a disconnect from reality that threatened financial anarchy… hplusmagazine.com...
...With the demise of the Second Bank of the United States in 1836, the state banks were once again free to print money, and during this time, the states started passing free banking laws that would make it much easier for anyone to start a bank. Consequently, financial panics would continue to plague the American economy.
Because of the importance of banks and money to an economy, a bank could not be formed by just anyone. They required a bank charter from the state to legally exist, and, although not just anyone could start a bank, anyone could with the right political connections, whether they knew how to run a bank or not. Before 1837, a state bank charter could only be obtained by the approval of the state's legislature; federal charters were not available until 1863. And because banks could print money in the form of banknotes, naturally, many people wanted to start banks. This fostered corruption and favoritism.
So that bank charters were not just granted to political cronies, Michigan, in 1837, began the trend of free banking where a bank charter could be obtained without an act of the legislature; only very minimal requirements had to be satisfied. Other states followed with New York enacting a free banking law in 1838, but required that banknotes be backed by government bonds.
Also during this era, some states started enacting legislation to protect the depositors, either as a form of deposit insurance or as reserve requirements. In the early 1800's, New York required banks to pay a small percentage of their capital to a state fund that would reimburse depositors in case of bank failure. In 1842, the state of Louisiana required banks to keep 1/3 of their capital as cash and 2/3 in short-term loans.
However, there was little actual oversight of the banks, so restrictions were not effective. Instead, they proliferated and printed more banknotes than what they had in specie.... thismatter.com...
Original U.S. Constitution
Art. I Sec. 8 Cl. 5
[Congress shall have Power ... ] To coin Money, regulate the Value thereof, and of foreign Coin, ...;
Art. I Sec. 10 Cl. 1
[No State shall ...] make any Thing but gold and silver Coin a Tender in Payment of Debts; ...
Note that there is no such prohibition against Congress, or any delegated power to make anything legal tender. Congress was originally understood to have no power to make anything legal tender outside of federal territories, under Art. I Sec. 8 Cl. 17 and Art. IV Sec. 3 Cl. 2, but in 1868 a Supreme Court packed by Pres. Ulysses S. Grant, in the Legal Tender Cases, allowed Congress to make paper currency issued by the U.S. Treasury, backed by gold, legal tender on state territory, a precedent that remains controversial to this day, when courts allow paper currency not backed by anything to be considered "legal tender".... www.constitution.org...
...However, all modern economies must be able to create and destroy money when it is necessary and this is one of the main purposes of the central bank.
An economy can only run efficiently with an optimal supply of money — no more or less. If an economy would rely on the gold standard, then it would depend critically on the amount of gold that it has... thismatter.com...
"As the operation of the market tends to determine the final state of money's purchasing power at the height at which the supply of and the demand for money coincide, there can never be an excess or deficiency of money. Each individual and all individuals together always enjoy fully the advantages which they can derive from indirect exchange and the use of money, no matter whether the total quantity of money is great or small." The conclusion is obvious, and he makes it: "The quantity of money available in the whole economy is always sufficient to secure for everybody all that money does and can do" (p. 421).
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...
...money is the most marketable commodity. "It is the most marketable good which people accept because they want to offer it in later acts of impersonal exchange" (Human Action, p. 401.).
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.... www.lewrockwell.com...
...And what caused the credit crisis? Not the Fed. The credit crisis began as a flaw of financial engineering — specifically, the creation of mortgage-backed securities (MBSs) that allowed the loan originators to pass on their credit default risk to investors of the securities. The loan originators earned loan origination fees and servicing fees for their loans, and hence, made more money by originating more loans. Eventually, to keep their profits coming, they started to extend loans to people who could not really afford them. Although the loan originators were in the best position to assess the creditworthiness of the borrowers, they were unconcerned about their credit risk because they were making their money from the loan origination fees and the servicing fees — the buyers of the mortgage-backed securities would suffer from any defaults, which initially didn't worry them because they thought real estate prices would always go up and the securities had the blessings of the credit rating agencies.
Inexplicably, banks bought most of these MBSs. When it became evident that they were not as financially sound is assumed. They started to buy protection in the form of credit default swaps. As more and more borrowers defaulted, banks stopped lending money to other banks because they did not know how much of these deteriorating MBSs that other banks held. Hence, the money supply severely contracted... thismatter.com...
..... figure out how we are trying to disrupt and create uncertainty for capital (for how corporations operate) .....
... a boom and bust economy is actually very fragile ....
... because its not based on real wealth... it's based on gambling, and all of that
.... to destabilze the folks that are in power ... and start to rebuild a movement
.... if you could double that number.[of those refusing to pay their debt] .. you could put the banks on the edge of insolvancy again...
If city and state and other government entities demanded to renegotiate their debt ...
Originally posted by Asktheanimals
THE SYSTEM IS BROKEN.
....I wonder if you care that the collateral damage you will create will far exceed the pain and disincentive to those who are the stewards of the status quo. I understand the general idea of equitable redistrbution of wealth. And I see the inequities of the world as clearly as most people in my community do. But I don't see this as more than a 'mission statement" based upon the destruction of a system. It appears at the beginning, that you are focused on not building something, but destroying something and expecting the vacuum to be magically filled with humanistic values - something which has yet to happen in any 'economic revolution.' .....
On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury for numerous criminal acts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, AND TREASON.
The petition for Articles of Impeachment was thereafter referred to the Judiciary Committee and has
YET TO BE ACTED ON....
...Former Congressman Louis T. McFaddens's "heart-failure sudden-death" on Oct. 3, 1936, after a "dose" of "intestinal flu," "Pelley's Weekly" of Oct. 14 said:
Now that this sterling American patriot has made the Passing, it can be revealed that not long after his public utterance against the encroaching powers of Judah, it became known among his intimates that he had suffered two attacks against his life. The first attack came in the form of two revolver shots fired at him from ambush as he was alighting from a cab in front of one of the Capital hotels. Fortunately both shots missed him, the bullets burying themselves in the structure of the cab.
"He became violently ill after partaking of food at a political banquet at Washington. His life was only saved from what was subsequently announced as a poisoning by the presence of a physician friend at the banquet, who at once procured a stomach pump and subjected the Congressman to emergency treatment."
First National Bank of Montgomery vs. Daly (1969)
Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. ...Drexler hadn't given much credence to the theory of the defense, until Mr. Morgan, the bank's president, took the stand. 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.
...Justice Mahoney, who was not dependent on campaign financing or hamstrung by precedent, went so far as to threaten to prosecute and expose the bank. He died less than six months after the trial, in a mysterious accident that appeared to involve poisoning.... www.webofdebt.com...
On March 20, 1969, Dr. Richard Day, the National Medical Director of the Rockefeller-sponsored "Planned Parenthood" told a meeting that American industry will be sabotaged and shown to be unreliable and uncompetitive.
In view of the recent bankruptcy of General Motors, his remarks are especially pertinent.
"The stated plan was that different parts of the world would be assigned different roles of industry and commerce in a unified global system. The continued preeminence of the United States and the relative independence and self-sufficiency of the United States would have to be changed... in order to create a new structure, you first have to tear down the old, and American industry was one example of that."
"Each part of the world will have a specialty and thus become inter-dependent, he said. The US will remain a center for agriculture, high tech, communications, and education but heavy industry would be "transported out." ..... www.savethemales.ca...
..and Ehrlich (in their 1973 book Human Ecology: Problems and Solutions) called for “a massive campaign … to de-develop the United States” and other Western nations in order to conserve energy and facilitate growth in underdeveloped countries. “De-development,” they said, “means bringing our economic system into line with the realities of ecology and the world resource situation.” “By de-development,” they elaborated, “we mean lower per-capita energy consumption, fewer gadgets, and the abolition of planned obsolescence.” The authors added:
"The need for de-development presents our economists with a major challenge. They must design a stable, low-consumption economy in which there is a much more equitable distribution of wealth than in the present one. Redistribution of wealth both within and among nations is absolutely essential if a decent life is to be provided for every human being."
On another occasion, Holdren, when asked whether Americans would "need to reduce their living standards," said:
"I think ultimately that the rate of growth of material consumption is going to have to come down, and there’s going to have to be a degree of redistribution of how much we consume, in terms of energy and material resources, in order to leave room for people who are poor to become more prosperous."
In 1977 Holdren and Ehrlich quantified their anti-capitalist philosophy in a mathematical equation, I=PAT, where a negative environmental impact (I) was the product of such undesirable factors as population growth (P), increasing affluence (A), and improving technology (T). In an effort to minimize environmental damage, they prescribed “organized evasive action: population control, limitation of material consumption, redistribution of wealth, transitions to technologies that are environmentally and socially less disruptive than today’s, and movement toward some kind of world government.” www.discoverthenetworks.org...
It is instructive to read Strong's 1972 Stockholm speech and compare it with the issues of Earth Summit 1992. Strong warned urgently about global warming, the devastation of forests, the loss of biodiversity, polluted oceans, the population time bomb. Then as now, he invited to the conference the brand-new environmental NGOs [non-governmental organizations]: he gave them money to come; they were invited to raise hell at home. After Stockholm, environment issues became part of the administrative framework in Canada, the U.S., Britain, and Europe. www.afn.org...
Current lifestyles and consumption patterns of the affluent middle class - involving high meat intake, the use of fossil fuels, electrical appliances, home and work-place air-conditioning, and suburban housing - are not sustainable.” - Maurice Strong, opening speech at the 1992 Rio Earth Summit.
...Ted Turner, who donated over a billion dollars to the United Nations specifically to fund the Intergovernmental Panel on Climate Change (IPCC) thinks that "A total population of 250-300 million people, a 95% decline from present levels, would be ideal."
....Both economic and regulatory factors combined to spur the explosion in large takeovers and, in turn, large LBOs. The three regulatory factors were the Reagan administration's relatively laissez-faire policies on antitrust and securities laws, which allowed mergers the government would have challenged in earlier years; the 1982 Supreme Court decision striking down state anti-takeover laws (which were resurrected with great effectiveness in the late eighties); and deregulation of many industries, which prompted restructurings and mergers. The main economic factor was the development of the original-issue high-yield debt instrument. The so-called "junk bond" innovation, pioneered by Michael Milken of Drexel Burnham, provided many hostile bidders and LBO firms with the enormous amounts of capital needed to finance multi-billion-dollar deals.... www.econlib.org...
Convince those that are advocating for socialism that what they are railing against is not the failure of capitalism (it hasn’t really existed for over 100 years), but is more accurately, the capture of government through those who pay for representation in order to be exempt from the law.
Convince those that are advocating for a reapplication and return to the Constitution that this cannot be accomplished without removal of those who have captured our government and who pay for representation in order to be exempt from the law.
Why are all the so-called 'anti-NWO' people all 'don't hurt our beloved banks' on this?
I want a return to the rule of law and accountability. I want government transparency.
Six thousand years of human governance generally supports the view that humans are mostly incapable of anything other than tyranny.
I have no problem with the 'social compact' nature of governance. And consequently, I am not an anarchist. But when I say the 'rule of law', 'accountability' and 'transparency', these things are prerequisites to anything other than what can be found in those 60000 years I mentioned.
Incidentally, when I say the rule of law, I mean limited government, protection of property interests, and enforcement of contracts. All of that would be a very good start.
Originally posted by loam
reply to post by Lilitu
Perhaps because evolutionary change is very often preferable to revolutionary change. I may not like the status quo of things, but I'm terrified by the collectivist interests behind some of these calls for revolution.
I want a return to the rule of law and accountability. I want government transparency.
I do not want fascism, disguised as reform.