QE1, QE2 - Going, Going - GONZO!
Posted on 01/11/2011 9:44:56 AM PST by David DeGerolamo
The following article has far reaching implications for our future. Based on the price of gold and our total national debt, our gold reserves account for .0352 cents for every FRN. This means that if we revalued our currency based on a tangible asset (gold only in this case), you would receive $3.52 for every $10,000 of your assets. In a practical scenario, the United States would use silver reserves and property to augment the conversion of your property. This article in conjunction with the unprecedented land grab that the federal government has undertaken should make every sentient American take pause. Ask yourself why the federal government now owns 1/3 of the land in this country and 50% of all mortgages? History gives us the reason and you have to look no further than the Wiemar Republic of Germany to find the answer.
David DeGerolamo
Virginia Creates Subcommittee To Study Monetary Alternatives In Case Of Terminal Fed “Breakdown” http://www.zerohedge.com/article/virginia-creates-subcommittee-study-monetary-alternatives-case-term
(Excerpt) Read more at foothills.ncfreedom.us ...
I am guessing they would not be able to handle what I believe would happen if they did that.
An interesting way at looking at the fiat dollars. Would we find out how much gold is really out there, like the Hunt brothers found out about silver?
The same powers that put Obama in office...are using him to pave the way for their “Hitler”...at the helm of a real world class military machine.
Can’t get your links to work. Is it me or are the links bad? I’d really like to read it.
Debt default fears will spread to US and Japan, warns Citigroup’s Willem Buiter
snip..
“Against this backdrop, the US and Japan - dubbed the “fiscal sustainability deniers” - cannot keep ignoring the question of how safe their public finances are, the team said.
The fears about default will encompass the two economies “before long”, they argued - particularly if a default is defined not just as a failure to meet the debt contract, but also as inflicting severe losses on debt holders through deliberately-engineered inflation or weakening the currency.
“Both Japan and US public finances are unsustainable, in our view, and in the absence of credible and substantial fiscal tightening both would eventually face painful discipline through the markets,” the economists wrote.
It is only a matter of time before the US will have to raise funds by issuing debt offering “significantly higher” returns to bondholders, to reflect the level of risk surrounding it, they added.”
“Citigroup’s Willem Buiter: an economist worth listening to
The Dutch-born scholar, a professor of political economy at the London School of Economics and former Bank of England Monetary Policy member, has never been afraid to speak his mind – even about past and present employers.
In 2008, Dr Buiter turned his fire on his hosts when the Fed invited him to its annual retreat in the Teton Mountains. “The Fed listens to Wall Street and believes what it hears,” he told an audience of central bank officials from the Fed and around the world. “This distortion into a partial and often highly distorted perception of reality is unhealthy and dangerous.”
U.S.O.F.C.: If the Fraud Stops, the Financial System Collapses
http://www.oftwominds.com/blogjan11/financial-crime01-11.html
Had a wonderful conversation with my wife this weekend about the current state of affairs in which I informed her that the system is essentially broken in that whereas the “Framers” set up a system with three branches of gov’t, with checks and balances, what’s happened since the creation of the Fed Reserve Board and the removal of regs for the mega banks is a Fourth branch of gov’t, the banking branch, over which there are no workable/working checks and balances. This is why so many of Obama’s cabinet and other appointed high ranking officials come from such places as the NY Fed Bank, JP Morgan Chase, (a fed member bank and the U.S. “Bulion” bank), and Goldman Sachs). The Fed; it’s member banks and the satellite banks, i.e. BOA, Citigroup, etc. are all part of the same system.
At this point, the Fourth Branch of Gov’t essentially owns the other three branches which is why “political” answers no longer work. You can elect Repubs/Dems/Socialists, whatever and the result will be the same, i.e., the “lever pullers” of gov’t will be the toadies of the Banks. And these very same banks have all agreed to render the “Dollar” into worthless gov’t script and no, Ron Paul, they won’t allow any competition in the form of alternate forms of currency for the resolution of debts and transactions public and private. In fact, it wouldn’t surprise me to see them demand the handover of all gold and silver coinage in private hands. They’ve done it before; they’ll do it again. What’s the upshot of all this?
U.S. Americans work for nothing; they are payed in nothing but worthless gov’t script; investments go no where, if not down; savings held in worthless gov’t script are rendered worthless by inflation, but the pyramid scheme is continuously supported over time by the printing of ever more worthless gov’t script.
Now what’s happened? Well, I heard a commentator say the Repubs and the Tea Party crowd are clueless about how to fix this problem. He’s right, they are, because they can cut the budget and slash taxes till the cows come home but they accomplish nothing because the debt and the taxes are all based upon and measured in the same worthless gov’t script. HOWEVER, the Democrats are similarly clueless, just on the other side of the formula.
Is there a solution? Yes.
Will that solution be invoked? No.
Why?
Because the Banks can’t prosper on a silver based currency and the Banks ARE the power in Washington.
Now of course, the Banks are in a real jam because.....their underlying assets, real property, has declined significantly in value AND, they can’t take the write-offs because.......they can’t pursue forclosures, because........they screwed up the paper work. So, they’re hurridly foisting the underlying debt off to Fannie Mae/Freddie Mac. This is why the banks aren’t “lending”; they can’t lend and maintain their reserve requirements. So they hold the cash as they try to work off the bad debts which total something on the order of 37 TRILLION Dollars.
Have a nice day.
This article is nonsense.
The Federal Reserve is in absolutely no danger of failing. They just transfered $78 billion (last years profit) to the US treasury. How are they going to fail?
The government isn’t going to convert our “assets” to silver and property. They aren’t going to convert assets held in currency. And they aren’t going to convert non-currency assets.
And even if they did, they wouldn’t use silver and property.
And the Government doesn’t own 50% of the mortgages in this country. I’m not sure they even bought any mortgages using the TARP funds. They did make loans to banks with banks using mortgages as collateral. But most of those loans have been repaid.
>>Because the Banks can’t prosper on a silver based currency
A silver-based currency is a non-solution solution.
Who would control the exchange rate? The same piggies in the Farm House (and Senate), that’s who.
The problem is a moral and legal one, where governance is operating completely beyond the scope of its specified American Purpose - “TO SECURE THESE RIGHTS, governments are instituted among men”.
Did you get the divorce papers yet? Or did she drink the koolaid with you?
There are checks and balances on the banking system. Congress makes the laws. Including those that apply to banking and the Federal Reserve.
Contrary to Ron Paul's implications, the Federal Reserve is audited by independent auditors. Only their policy decisions aren't subject to review and for a very good reason. If currency traders like Soros could see the areas that the FED was trying to stabelize and what actions the FED was taking, they could work against the Federal Reserve. And Interest rate policy is announced publicly as quickly as the Board of Governors meets.
"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"
Your article proves the opposite of your claim. It proves there are checks and balances. They just failed in this case.
First, the derivative markets are part of the financial system but they are not part of the Federal Reserve or the Banking system. Equity markets are private and are more under the regulatory oversight authority of the SEC not the banking system.
A federal regulator wanted to regulate them and probably either had authority or was pushing for legislation to give them authority, but was talked out of it. Born who wanted to regulated them apparently worked for the SEC.
That the executive branch failed to take action, doesn’t mean they don’t have the power to take action and that the check and balance doesn’t exist.
“They just failed in this case.”
LOL. Nice view from your room in the Ivory Tower?
The Titanic had lots of theoretical checks and balances too; and they “just” failed in one case. How’d that work out again?
“All your checks and barances are berong to us. Ha ha ha - fogredabroudit”
Got A$$Paper?
The Titanic was about as much of a fourth branch of government as the derivatives market.
NCFreedom is back online. Our service provider (lypha.com) is working on our server. Since someone erased our Wordpress database last week and we were down for two days, I am actually starting to wonder if this site is under attack.
"Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States."
I seriously doubt that PBS claims the derivative markets is a fourth branch of the U.S. government. And if they do, they are idiots. I don’t need to watch a documentary to know what gov’t is and is not, or to know if the checks and balances are in place.
They are no different than any other industry that has washington lobbyists trying to keep their industry unregulated or arguing for favorable legislation, except that they can pack a bigger financial wallop than most industries.
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