Congress is looking into why credit-rating agencies gave high ratings to securities backed by subprime mortgages. Commentator Robert Reich says the answer is clear.
Lue loput."Viime viikkoina valtiot ympäri maailmaa ovat kaivaneet kuvetta useiden satojen lisämiljardien edestä tukeakseen pankki- ja finanssisektoria. Vähemmälle huomiolle on jäänyt keskustelu siitä mistä patjan alta suuret summat yllättäen löytyvät tukitalkoisiin.
Pelkästään Yhdysvalloissa lähennellään tuhatta miljardia (biljoona) taalaa uutena apuna, kun aikaisempaa velkaa on yli kymmenen biljoonan eli noin 30 000 taalaa jokaista kansalaista kohden. Tämäkään ei ole vielä koko totuus sillä lisäämällä vielä kattamattomat sosiaaliturva-, terveys- ja eläkevastuut päästään jo yli 500 000 taalaan jokaista kansalaista kohden, kokonaisvelan näyttäessä 59 biljoonaa dollaria."
16. Monetary Policy: It is long past the time that we looked at the implications of our debt based monetary system, the privatization of money created by the 1913 Federal Reserve Act, the banks fractional reserve system and our debt-based economic system. Unless we have dramatic reform of monetary policy, the entire economic system will continue to accelerate wealth upwards. I am currently working on drafting legislation for an 'American Monetary Act' to address these and other issues in order to protect the economic wellbeing of America.
SOTT Editors Simon Davies and Joe Quinn appeared on UK-based TV show On The Edge on Thursday 9th October 2008.
This proposed law would require banks to increase their reserves on deposits from the current 10%, to 100%, over a one-year period. This would abolish fractional reserve banking (i.e., money creation by private banks) which depends upon fractional (i.e., partial) reserve lending. To provide the funds for this reserve increase, the US Treasury Department would be authorized to issue new United States Notes (and/or US Note accounts) sufficient in quantity to pay off the entire national debt (and replace all Federal Reserve Notes).
The funds required to pay off the national debt are always closely equivalent to the amount of money the banks have created by engaging in fractional lending because the Fed creates 10% of the money the government needs to finance deficit spending (and uses that newly created money to buy US bonds on the open market), then the banks create the other 90% as loans (as is explained on our FAQ page). Thus the national debt closely tracks the combined total of US Treasury debt held by the Fed (10%) and the amount of money created by private banks (90%).
Because this two-part action (increasing bank reserves to 100% and paying off the entire national debt) adds no net increase to the money supply (the two actions cancel each other in net effect on the money supply), it would cause neither inflation nor deflation, but would result in monetary stability and the end of the boom-bust pattern of US economic activity caused by our current, inherently unstable system.
Thus our entire national debt would be extinguished – thereby dramatically reducing or entirely eliminating the US budget deficit and the need for taxes to pay the $400+ billion interest per year on the national debt - and our economic system would be stabilized, while ending the terrible injustice of private banks being allowed to create over 90% of our money as loans on which they charge us interest. Wealth would cease to be concentrated in fewer and fewer hands as a result of private bank money creation. Thereafter, apart from a regular 3% annual increase (roughly matching population growth), only Congress would have the power to authorize changes in the US money supply - for public use -not private banks increasing only private bankers' wealth.
We have not previously written the viewers of The Money Masters. We judged the time was not ripe. But increasingly we are being asked - urgently - what can we do, and when, to be effective. Now it is clearly urgent that we flood Congress with our calls, emails and letters, to oppose the proposed taxpayer-funded Bailout of the banks. Rather, we support genuine reform, that will not result in an even greater concentration of economic power in fewer and fewer hands. We support the Monetary Reform Act, or any such Act that repeals or reforms the Federal Reserve Act so as to prohibit fractional reserve banking and money creation (as loans or otherwise) by private banks. We oppose the Bailout of the banks. We want genuine, fundamental reform, now!
Very truly yours,
Patrick S.J. Carmack
Producer of The Money Masters
Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation and dislocation America and the world experienced in its wake. At least, that's the clearly stated view of current Fed Chairman Ben Bernanke.
The federal reserve caused the 700 billion dollar bailout. Share this video with everyone you know. The Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York.Itävaltalaisen talouskoulun ratkaisu on tietysti se 100% kassavaranto ja palaaminen kultakantaan. Hyvin monen asiantuntijan mielestä Mises Instituten ihannoima kultakanta ei todellakaan ole tarpeen vaan katsotaan että rahapolitiikka voidaan hallita muilla keinoin.
The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which set up the Jekyll Island Conference The Federal Reserve was created with no constitutional authority in 1913, the Fed prints money out of thin air and loans it to the U.S. treasury at interest. This can only lead to one outcome: debt. Currently, the Federal Reserve is printing billions of dollars to bail out Wall Street while destroying the middle class and the dollar with inflation. If our country wants a sound and transparent monetary system, we need to abolish the Federal Reserve.
"Ron Paul wants us to use gold as money, because that will enable the international bankers to privately control our money supply and drive us into a depression at any time they choose by gathering together the gold and holding it until the economy fails. The international bankers will then be able to trade food from other nations under their control for all the wealth of America and they will take all the gold in payment of American debts, which debts they themselves have caused." (hieman editoitu versio)
Chinese-speaking Timothy Geithner is President of the New York Federal Reserve Bank and Vice Chairman of the Federal Open Market Committee which really controls the amount of loanable funds in the economy.
Fed Chairman Bernanke is a powerless figurehead and misinformation mouthpiece, a cardboard figure who merely announces what the new discount rate (the rate at which the Fed will lend money to banks "discounted" with treasury securities held as collateral so banks will not dip below required reserves when they are lending close to the the limit allowed by their excess reserves.)
Don't think for a minute that the Fed Chairman or the Board of Governors is the power behind the Fed -- he is merely the "front man," the only leader of the system that is "appointed" by the President -- that being the only basis on which it can it all be said that the Fed is in any way an instrument of the US government or responsible to its people. Both the Chairman and the US President who appoints him are mere tokens following orders.
The real power is Timothy Geithner and the men behind him -- Kissinger, Greenspan, Voker, Reuben, Thain and Corrigan as will be shown below.
Ulkoministeri sanoi hypänneensä kokonaisen metrin ilmaan. Pääministeri vuorostaan hekotteli ja ylpeili sillä että koko hallitus taputti spontaanisti kuultuaan suuren uutisen presidentiltä.
The selection of Martti Ahtisaari for the Nobel Peace Price was a reward for services rendered. This was a purely political statement, meant to underline an important principle in international affairs. The same Western nations that forcibly carved Kosovo from Serbia are vociferously complaining that independence for South Ossetia and Abkhazia violates international law and the territorial integrity of Georgia. This year’s Nobel Peace Prize affirms the lofty principle that it is only the West that will draw and redraw borders in the manner of 19th-century imperial powers.
"It's rare for the Nobel Prize to be used for political goals, this is one of those," Borislav Milosevic, the former Yugoslav ambassador to Russia, told Echo of Moscow radio. (lähde)
Uutiset toitottaa meille samaa sanomaa koko ajan: pankkeja pitää pelastaa, pankeille pitää sysätä lisää pääomaa, pankkeja pitää "pääomittaa" talletustakuut nostaa jne. Ekonomistit - tarkoittaen valtavirtasellaiset - neuvovat jokainen vuorollaan meitä hyväksymään yhä suurempia "pelastuspaketteja" ja saarnaavat "roskapankkiratkaisun" puolesta. Menen tähän Cookin ehdotukseen tarkemmin jossain seuraavassa blogipostuksessa, mutta totean että hänen ehdotuksensa on radikaalilla tavalla erilainen. Ilmeisesti niin erilainen ja poikkeuksellinen ettei se miellyttäisi nykyistä finanssioligarkiaa.An entirely new paradigm is needed. This can be provided through dividend-based economics like the Alaska Permanent Fund, the 2008 tax rebate stimulus, and the basic income guarantee (negative income tax) discussed during the 1960s and 1970s.
Following is the “Cook Plan”:
- Non-taxable vouchers should be issued at the rate of $1,000 per month per adult and $500 per month per child which may be used for food, housing, fuel, communications media, utilities, and educational services provided at outlets within the U.S. Distribution of vouchers may be delegated to state and local governments.
- Vouchers will be deposited by service providers and vendors only in a new network of local chartered savings banks—one for each county in the U.S. Deposits will be made to the bank in the county of the local point-of-sale.
- Banks will lend locally at zero-percent interest using voucher deposits as capitalization. The banks may create loans at a 1:10 reserve ratio with borrowers paying administrative fees only. Borrowers must provide a 20% down payment as collateral or purchase default insurance at 2% of the loan principal.
- Lending will be made only to business entities, including family or commercial farms, operating from an established location within the county.
This system will create a grassroots “bottom-up” economic infrastructure to parallel the “top-down” Federal Reserve System which is collapsing. Transfers between local savings banks and the banks of the Federal Reserve System will be denominated in U.S. dollars with vouchers redeemed within the banking system.
The system could be implemented within a matter of weeks through seed-money provided by the federal government. It could be replicated by any other nation.
It is requested that readers give this plan the widest possible distribution.
Copyright 2008 by Richard C. Cook
Tässä voisi olla ajankohtainen ja mielenkiintoinen kirja.Adequate money supply needed
An adequate supply of money is indispensable to civilized society. We could forego many other things, but without money industry would grind to a halt, farms would become only self-sustaining units, surplus food would disappear, jobs requiring the work of more than one man or one family would remain undone, shipping and large movement of goods would cease, hungry people would plunder and kill to remain alive, and all government except family or tribe would cease to function.
An overstatement, you say? Not at all. Money is the blood of civilized society, the means of all commercial trade except simple barter. It is the measure and the instrument by which one product is sold and another purchased. Remove money or even reduce the supply below that which is necessary to carry on current levels of trade, and the results are catastrophic.
No Money for Peace, but Plenty for War.
World War II ended the "depression." The same Bankers who in the early 1930's had no loans for peacetime houses, food and clothing, suddenly had unlimited billions to lend for army barracks, K-rations and uniforms.
A nation that in 1934 could not produce food for sale, suddenly could produce bombs to send free to Germany and Japan! (More on this riddle later).
With the sudden increase in money, people were hired, farms sold their produce, factories went to two shifts, mines reopened, and "The Great Depression" was over!
Some politicians were blamed for it and others took credit for ending it. The truth is the lack of money (caused by Bankers) brought on the depression, and adequate money ended it. The people were never told that simple truth and in this article we will endeavor to show how these same bankers who control our money and credit have used their control to plunder America and place us in bondage.
PETRIFIED ABOUT PAUL
While they are confident they can deal with any “potential president,” the Trilateralists paid huge tribute to Ron Paul in an equally large twist of irony, by expressing alarm that he is causing “significant future damage.” They expressed concern that Paul’s rallies have attracted multitudes of young people who are getting “their political education.” They want Republicans to pressure Paul to drop out now and stop his education rallies. This assignment was given to Thomas Foley, former U.S. House speaker.
The reasons Paul’s “education campaign” strikes fear into Trilateral hearts are obvious. Paul would refuse to surrender an ounce of U.S. sovereignty to an international organization and TC wants world government.
