Abolish the Fed

[floridarocks]

Can someone please explain why we should not abolish the Federal Reserve or explain why lawyers won't discuss the bankruptcy of the corporate US in 1933 the keeps us perpetually indebted to the international bankers. How rich are those Rothschilds anyway? Is there such a thing as kazillion?

[Nick Danger]

It gets even better. The FED doesn't print the notes. the MINT does and they "sell" the notes to the FED at the cost of printing them (2-3c per) and then the CORPORATE UNITED STATES "borrows" it at face value plus interest, which the American people pay & pay & pay.

Talk about a scam.

See, this is the sort of ignorance that passes for wisdom on kookburger sites.

This reply would have us believe that when the Treasury borrows money, it is in the form of little pieces of green paper that were printed by the mint under contract to the Federal Reserve.

Whoever came up with this stuff does not know the difference between "currency" and "money," and seems to imagine that there is a piece of currency out there for every dollar in existence. No one should believe anything said by someone who is that ignorant of how money works.

Then we have the implication that the American people are "paying and paying" interest to the Fed on these borrowings. That too is ignorant nonsense, as has been demonstrated earlier in this thread, and dozens of times on earlier threads.

These kookburgers simply do not give up spouting the same ignorant lies over and over and over and over, no many how many times people take the trouble to expose their nonsense for what it is.

Here's Mikey spouting the same damned crap that's been debunked on this forum a hundred times, and here's facecriminal cheering him on. Everything said in that note is demonstrably false. Those are lies. The people who tell them are liars.

[Torie]

All TRUE wealth still comes from the earth, any thing else is simply man made folly.

And there you have it. Your statement was most true during the hunter and gatherer period, but even then it was not totally true. When plants were domesticated, the non-soil GNP skyrocketed. There was lots more stuff to make to cultivate, and lots more stuff to trade.

[hove]

OK Nick...you seem like a smart guy. Answer me this. Congress passes a budget that exceeds incoming taxes received. This is called a deficit. Each year the deficit accumulates....that is called the "Debt". Each year, a percentage of our budget is interest on that debt. Like if I don't pay my credit card....I have to pay more interest to the lender. Now I understand that the American people have to pay several hundred billion $ per year for interest on our collective debt. So my question is.....who is Americas lender? And who gets that interest money each year?

[Deuce]

Right this minute, there are guys flying F-16's around our nation's airports. Any one of them could decide to blow a 747 out of the sky, just because he can. The crew of a single boomer could go nuts and blow up half of the United States.

If they are not authorized to do so, what's your point? The issue is whether the Fed is a centralized authority with unlimited LEGAL powers.

[Torie]

So my question is.....who is Americas lender

Those that hold treasury bills and bonds, and arguably, the social security trust fund via accounting entries. I'm a holder myself.

[Torie]

Please tell me one thing in your possesion that did not come from the earth originally.

Is your primary focus here the origin of matter and energy? This might be the wrong thread for that.

[TopQuark]

I thought that the original remark was about income, not wealth.

[Torie]

The origin of wealth is atoms, and the manipulation of same by man. Some of those atoms when combined in certain ways create such intangibles as information, which can be a quite valuable commodity. Lots of other valuable assets are also intangible. I hope that helps.

[TopQuark]

We have the balls to say what we mean. And the vagina to prove it?

Americans used to have brave hearts and, after building a dream of a country, remained a gutsy people. Apparently, the defining organ is sagging: as we enter the XXI century, you and your fellow abusers of the language and decorum of public discourse identify themselves with the organs of reproduction. This is a remarkable achievement indeed: it elevates one high above the reptiles.

[Torie]

The article is less kooky than just pathetically ignorant. It starts off with a rant about government interference with land use, and then rather discordantly seques into monetary policy. It seems to blame the collapse of Bretton Woods on land use restrictions, when just about everyone else on the planet thinks it was more about the dollar being overvalued because of LBJ induced guns and butter inflation. But yes the assumption is that about 100% of the GNP comes from mining and agriculture, and that is the only source of wealth to repay the debt. That is also really, really, quite bizarre.

It might cheer you up to know the government debt is close to a post WW II historic low as a percentage of GNP (maybe not if GNP is cut back to only include agriculture and mining). Ain't that grand?

[Torie]

Sorry, I have answered more of your questions than you deserve. Maybe someone else will get interested in you.

[Jason_b]

I [the author] would like to give you a grand distillation of world and economic history from the dawn of man till today, because that is what is really required to understand what is going on, but I don?t have the time to do that. Instead I?d like to refer you to a chapter called Legally Pigilly from the book Critical Path by R. Buckminster Fuller for that. Fuller was one of the world?s top architects, scientists, and philosophers of the 20th century. In this chapter he lays out a speculative account of the evolution of man?s political and economic systems from it?s origins to the 1980?s. It is excellent reading which even today remains more right than wrong. Click here to check it out:

linked from here.

Long but somewhat thought provoking.