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As the Super Committee failed to agree on a measly $1 trillion in budget cuts, Bloomberg recently reported yet another secret bank bailout totaling $7.7 trillion courtesy of the private Federal Reserve bank. This disclosure is in addition to the first-ever Congressional audit of the Fed that revealed a startling $16 trillion in secret bailouts.
This brings the grand total of previously unknown theft to $23.7 trillion which, interestingly enough, is the exact figure Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program, estimated in July 2009.
As Americans are being told that they need to tighten their belts and that Congress must do the same or the country will fall into economic ruin, these private bank bailouts, nearly double the size of the national debt, are handed out without any benefit to the public.
Indeed, it is of great detriment to the public who bear the brunt of the inflationary and tax burdens, as well as reduced public benefits forced by the failed Super Committee. Furthermore, it has been recently disclosed that the people's FDIC will now backstop some $75 trillion in derivatives at Bank of America alone. And just today, they threw in a fresh new bailout of Europe that is just another temporary fix. When will the people tire of bailing out a clearly broken monetary system?
The blatant raping of the American people couldn't be more obvious. The once-fringe Tea Party activists who were spawned from their anger over a meager $700 billion TARP bailout have now seemingly swelled into what appears to be a global "Occupy" movement. Regardless of their political differences, they both agree that the system of perpetual bailouts on the backs of Americans must end.
Perhaps the only two genuine public servants left in Congress are Ron Paul (R-TX) and Dennis Kucinich (D-OH); Paul being the early inspiration for the Tea Party, and Kucinich an early sympathizer with the Occupiers. Together they have clearly identified the Federal Reserve System as the disease, and have both proposed pragmatic solutions to cure the ills of the hijacked economy.
Before detailing their exact proposals, many people claim that the Federal Reserve System has a 100-year charter that will expire in 2013. However, the original Federal Reserve Act only allowed for a 20-year charter until the law was changed in 1927 (6 years before the Fed was up for renewal) to allow perpetual renewal of federal corporations where charters could only be "dissolved by Act of Congress or until forfeiture of franchise for violation of law." (Source)
Regardless, given the increased rate of awareness of the Federal Reserve's private, secretive, monopolistic, and destructive structure over the economy, their days are likely numbered. Perhaps that is the reason for the mass looting they, and their international member banks, are rapidly engaged in. In other words, they're raiding the last crumbs of the cookie jar before Daddy comes to punish them.
Ron Paul, a leading proponent for "Ending the Fed" has put forward legislation to legalize competing currencies, which he believes is the first step toward breaking the monopolistic control over currency by the Fed. As with most of Paul's legislation, it is undoing laws instead of writing them. The Free Competition in Currency Act (HR 1098) will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies.
Below Paul introduces the bill and explains its importance on the House floor in 2009:
Ron Paul is an advocate for returning to Constitutional money made of, or backed by, precious metals. Equally angry and aware of the heart of economic problems, Dennis Kucinich has introduced the NEED Act which will dissolve the Fed into the Treasury and return the power to issue currency back to Congress as outlined in the Constitution.
Kucinich explains why his bill is important in a recent video:
Although Kucinich's legislation doesn't call for currency to be backed by gold or other precious metals -- and public trust for Geithner and the U.S. government's handling of the economy are at all-time lows -- seizing control from the Fed seems like a necessary early step to effectively transfer to something new.
As explained by author and documentary filmmaker, Bill Still, the Treasury still handles the coinage of U.S. currency and issues this money free of interest. This means that, technically, the entire U.S. debt could be erased by debt-free coins minted by the treasury. Crisis averted, prosperity for all.
Yet, these are just the early steps for getting the monetary system back on track. Perhaps the most acceptable longer term solution is what John F. Kennedy attempted to do with Executive Order 11110 which gave the Treasury the power to issue silver certificates to be backed by, and redeemable in, silver. This concept is the ideal blend of both Paul and Kucinich's ideas, and the most Constitutional way to handle modern money.
Please comment and share this, and let's get on with solutions instead of more bailouts and taxpayer servitude.
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22 comments:
This brings the grand total of previously unknown theft to $23.7 trillion.
That's $75,000 per person that could have been loaned interest-free to each person but instead, Obama lent it all to the banks to loanshark out. Or not. "Yes we can." Har har har. $300,000 per family of four, instead, all of it to the banks.
Why austerity for the American peeps? Let us just print up money out of thin air like they do and pay back the national debt thusly? Inflation? What has the central bank done besides ponzi most of the wealth of the planet? 'Allowed' humanity to 'flourish and grow. Britannia and The City of London's minions are on the rampage again, rapine pillage and burn and kill. These swine are obsolete and a half. End the Fed. Make them feel lucky to be left alive.
Right on! There are real solutions out there. It's time to educate OWS about these. Without taking down the Fed, the rest is just window dressing. GREAT ARTICLE! Love the videos!
The national debt is a figure that is an interest on money that was created out of thin air, how can we owe interest on counterfeit money ? Not to mention there is a trail of hundreds of trillions of dollars of stolen money going out the back door. Just read Congressman Mcfaddens 1934 congressional report which by the way is still in force today, congress has never acted on it. Why, because they work for the corporation. Why is the government not printing its own money, the feds and all accomplices locked up and all their assets seized !? Well then that would make the prez, congress, house and senate, every gov't, state, city, town worker especially the enforcers (revenue collectors) guilty by association. The whole system is one big ponzi scheme, the u.s. has been supporting the world, while at the same time, profiting through wars, private contractors, special interests groups, and all i keep hearing about is democracy this, democracy that, America is a republic!!! or was and still is lawfully. not to be confused with legally. I disagree with Bill Still, we owe no national debt. how could we when the same criminals printing our counterfeit money have been looting us the whole time? This is a crime against humanity. And unless the people entrusted with their position of duty which they have conscrued to a title of "authority" which is a "PUBLIC EMPLOYEE". Either honor your oath of office and stand for the best interest of the people and fix this mess or go down in history as part of the largest crime syndicate in the history of the world guilty of treason.
Who controls the fed, the illuminati global elitists thats who. They believe they are above the law, it's time they all went to prison.
Prison is too good for these bums...go watch Toy Story 3, Lotso the Bear is the perfect parallel to these parasitic control freaks. His fate should be shared by all the global elites.
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress
Q
By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011 7:01 PM ET
Bloomberg Markets Magazine
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
....
“This is an issue that can unite the Tea Party and Occupy Wall Street. ...
The size of the bailout came to light after Bloomberg ....
$7.77 Trillion
The amount of money the central bank parceled out was surprising ....
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
BTW
13 billion is just a few days in Iraq and Afghanistan
Any econ develop based on interest paid to middle men and high finance CEO trickery (1% banksters) of speculation economy (Fed Reserve notes, Wall Street, etc) and not based on true production, services and labor in real economy (Main Street) is not sustainable, but doomed to bust the manmade bubbles -eventually total collapse
See Destructive Power of the Financial Markets
http://www.spiegel.de/international/business/0,1518,781590,00.html
And
The Dumbest Idea In The World Maximizing Shareholder Value
http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/
about the destructiveness of expectations market ....(ie the stock market) compared to the “real market,”
Key quotes
Our theories of shareholder value maximization and stock-based compensation have the ability to destroy our economy and rot out the core of .. capitalism.... until we change the theories, future crashes are inevitable.”
has ...introduced parasitic market players..
..capitalism is at risk
A large number of rent-collectors and financial middlemen making vast amounts of money are keeping the current system in place. The fact that what they are doing is destroying the economy will not sway their thinking. As .. noted, “It is difficult to get a man to understand something, when his salary depends upon his not understanding it.”
And see:
Sovereign bond crisis in US & Euro the beginning of total collapse
http://terrorismbreedsterrorism.wordpress.com/sovereign-bond-crisis-in-us-euro-the-beginning-of-total-collapse/
Key quote
For Pento, however, sovereign default is a matter of mathematics.
History is replete with examples that indicate once a nation reaches a debt to GDP ratio of between 90-100 percent, two pernicious conditions begin to appear..
First, public debt drains capital from the private sector, which stymies economic growth. Second, the bond market no longer believes the country can repay its debt (partly because of the slowed economic growth). The market then charges the country higher borrowing rates, which leads it down a spiral of debt unsustainability.
At the end of the 2010, the debt to GDP ratio was 94 percent for the U.S., 220 percent for Japan, and 119 percent for Italy, according to the IMF.
.. eventually, these countries will either have to outright default or print their way out of their debt. Both scenarios.. will be deleterious to the economy.
And See
Hedge Hogs; Gold Man’s Sacks; “financial terrorist attacks;” and the Obama sellout:
http://abusalmandeyauddeeneberle.wordpress.com/hedge-hogs-gold-man%E2%80%99s-sacks-%E2%80%9Cfinancial-terrorist-attacks%E2%80%9D-and-the-obama-sellout/
SUPER COMMITTEE BIG BANK ROBBERY and “this sucker” going down
http://abusalmandeyauddeeneberle.wordpress.com/super-committee-big-bank-robbery-and-this-sucker-going-down/
Terrorism by Economic Collapse, debt bondage, money as debt on interest, etc
http://terrorismbreedsterrorism.wordpress.com/terrorism-topics/terrorism-by-economic-collapse/
Derivatives ‘Mother of All Bubbles’ exploding
http://inlightofrecentevents.wordpress.com/2011/10/14/derivatives-%E2%80%98mother-of-all-bubbles%E2%80%99-exploding/
Super rich 1% vs 99 %; Terrorism Cycle: Guillotines: Occupy “ALL” streets
http://inlightofrecentevents.wordpress.com/derivatives-%E2%80%98mother-of-all-bubbles%E2%80%99-exploding/
Fractunal Reserve Deposit Expansion Banking is the largest Ponzi Pyramid Scam in the history of the world. The Federal Reserve is a criminal enterprise. It is unconstitutional, inherently fraudulent and inimical to the public interest. It is neither a federal government institution, nor does it have any reserves, because all the money is created from debt. This cancer on the American republic must be surgically removed before it destroys the economic body. Since the Fed has monetized all this debt I notice that the U.S. econmomy is in a double digit inflationary recession. A bailout for the bankers and not for main street. The financial institutions that defrauded investors and borrowers in the sub-prime mortgage collapse indicted and prosecuted. And if found guilty they should be fined and sentensed to jail time. The 2/3 majority in congress that voted for NAFTA and Gatt and to repeal the Glass steagal act that deregulated the banks should be tried for treason and thrown in jail right along with their co-conspiritors.
Interesting..
Dear Website Administrator,
will all my comments go through a
filtering process? If this is the case
please remove me from your email list.
Raymond
Ellen Brown (Web Of Debt) suggested just minting a trillion dollar coin and using that to pay the debt - a little problematic to cash but legal tender nevertheless, with our constitutional power to "coin" money.
Kent,
PublicCentralBank.com
down with the fed!!!
The totally fraudulent, usurious, unconstitutional, but presently "legal" national debt must be dealt with before we lose the country to those who mean us the greatest harm, that of de-nationalization and loss of sovereignty, leaving us to join the rest of humanity as tax and labor drones for those who proclaim openly to be part of a new world order (as did Hitler) or one-world-corporation, with a mass of interlocking directorateships encompassing almost the entire globe.
I would not just pay off the "national debt", but would first get rid of the Fed act and its companion 16th amendment, and enact fair tax law; then adjudicate each case of transaction known to date, via at least the 29,000 pages that judge Loretta Presaka finally persevered in getting FOIA, and now someone got another 21,000 documents to help find out who got what and why, and which should be ruled malfeasant and even treasonous to the Constitution and the "general welfare" of the country. The foreign debt, which should never have been allowed in the first place, should be perhaps dealt with as any other 3rd world country would by either foregiveness or being"discounted" or equivalent...I'm in the wrong industry here.
As to a new monetary system, I would favor a different type of fiat dollar based on the GNP, as the Fed loosely does now, but that the government would issue it DEBT FREE (NO national debt), as before and during our Revolution, as Ben Franklin knew well of, first with his colonial scrip, which the bank of england forbade, knowing that they couldn't keep us in penury, peonage, serfdom that way, and so forced us to start a bank with borrowed gold from the BOE, immediately putting us into debt, like with the Fed act of 1913, and so we rebelled with the revolution, replacing the money with the Continental, which was also a pure fiat dollar, but it got us through it all, but was finally counterfeited out of favor by the British after the war. There was also Lincoln's greenback of the civil war that got us through that one too. The problem with a baseless/unbacked dollar is that it is eventually overprinted, even by the government, so the inflation becomes unbearable, so people usually go back to metals; gold and silver, etc.
So to continue, BUT that is only one type of commodity...why not use them all to truly reflect the value of the country and its currency ? I would also move to use a new to me at least idea to have the dollar stabilized against the GNP by not only the Federal government, but the states with their powers of nullification such that all parts of the country would be more fairly represented in the GNP basket of goods...of course bad stuff, like CDOs, derivatives, MBSs, and esp. credit default swaps would not qualify, being too risky to exist at all.
So, Kucinich's idea to pay of the ND as it comes due I would not support in light of my stance above, but that would be much better than what we have now ! Ron Paul's mixed metals competing with frns is up for grabs,but I don't really favor that either, as gold, declared to be money, ie, legal tender would, as a commodity tend to accumulate unearned appreciation, even if you buried it in the ground again, which does not honor the work ethic that made this country in the first place. As a commodity, taking its chances with all the others, and NOT being declared money, it's a fine investment and I wish I had some, as does most of the rest of the world, but history is replete with its problems when it is used as money, being hoarded and not loaned,etc. as the abusive banks have always done (which should be more regulated and the banks forced to make valid loans, as in the case of the Bank of North Dakota, the only public bank in the country that has as it's legally binding mission statement (that should be added to our Constitution) that all profits must be plowed back into the use of making valid loans (not the Barney Frank type with F/F and franklin Raines as well, which needs to be adjudicated also, but where is the USAG and potus ?), or be given back to the general fund of the state for tax breaks for the people of the state or valid projects like roads and schools, etc...enough for now; read Ellen Brown, Jere Hough, NOT Wm F. Hummel (shill for the Fed)for starters. more if someone wishes.
It is time to End the Fed, end speculation, require future contracts to include delivery of commodity, reassert executive order 11110 and jail all the board members of Federal Reserve, IMF, BIS,etc on the same island Napoleon died and use the disbanded TSA to guard the island, bring back the glass-steagle act and most important of all, close over 700 foreign military bases worldwide and bring our military home.
Check this out, Obama issues "kill order" on Ron Paul because he tells us the truth!
http://globalresearch.ca/index.php?context=va&aid=27980
This is the best laymans' terms breakdown of the Fed's robbery that I've seen lately:
"This brings the grand total of previously unknown theft to $23.7 trillion.
That's $75,000 per person that could have been loaned interest-free to each person but instead, Obama lent it all to the banks to loanshark out. Or not. "Yes we can." Har har har. $300,000 per family of four, instead, all of it to the banks. "
Almost every friend that I graduated from high school with just graduated from their first four years of college this past May. My parents are not giving me a nickel for college. Nor am I willing to go into debt to be "taught" something which I could just as easily teach myself by shopping around at a college textbook store. Thus, had Dr. Puppet invested that value of $75,000 per American into, say, the education system by reducing each individual's college tuition, room & board, and text book expenses by that $75,000 amount, then Mr. Basler could already have an undergraduate degree. Thanks, Dr. Puppet. You can go shove it.
I said it before and I will say it again-actually, King of the Paupers pretty much summed it up. This 23.7 trillion dollars could have gone to us-the American taxpayers. 75,000 to individuals and 300,000 to a family of four. We would have paid down our mortgages, started or expanded businesses, put our kids through college, bought cars and in general, we would become more prosperous and strong. All our spending would have put tax dollars right back into the coffers. People, our wealth has been stolen. The thiefs should be in the slammer. Let's take care of America-do our own manufacturing, grow beautiful organic food-and rise up out of these ashes of being downtrodden!
Yes, I agree wholeheartedly with Anonymous (at 11:18 AM). Those who live at or near the centre of the global, 'financialization' web (for illustration see Dave Dees book jacket design for Ellen Brown's great book, "Web of Debt") should now be contemplating their death sentences. Let us not forget, it is these people who are ultimately responsible for (1) massive environmental destruction, (2) the widespread use of depleted uranium munitions, (3) for the rise of 'Feminism' and in-you-face homosexuality, (4) for the highly destructive hoax of multiculturalism, and (5) for the uncountable deaths of innocents due to artificially incited wars (including WWII, the Korea War, and Vietnam). Those responsible (the identities of many are now obvious) should be dragged before a Guantanamo type court, and given a fair trial. But the evidence against most is so overwhelming that most will receive the death sentence. The sight of their psychopathic colleagues swinging on the ends of ropes will bring the remainder to heel, or send them scuttling to New Zealand or Paraguay. A multi-million Yuan price tag must be put on the heads of the Rothschilds: a family that must be removed from circulation entirely as a priority. No mercy to be shown.
Fractional reserve banking. This just kills me. Is it not the same as saying: "Well, we never really had the money to begin with, but you all still owe it to us anyway!" Hello! To that, every single person indebted to such an out and out fraud should say: Every one, all together now; one, two, three: Go fuck yourselves!
somebody who used to work for NASA suggested that a new currency should be backed be energy. that way new, innovative & clean energies would be created while at the same time creating new wealth within the economies of the world. It may be the best way forward.
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