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Author Topic: A gold coin, a worthless Federal Reserve note or an IOU?  (Read 2473 times)
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WhiskeyGirl
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« on: February 11, 2009, 08:12:47 AM »

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Congress looted Social Security

High Social Security payroll taxes have contributed to yearly Social Security Trust Fund surpluses until the proclaimed surplus is now in excess of $2,290 billion ($2.29 trillion). However, Congress has elected to sacrifice Social Security on the altar of corruption by spending the entire surplus requiring the U.S. Treasury to cover the embezzlement by issuing non-negotiable IOU bonds to the Trust Fund.

This author has some harsh words.

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Congress will select the easy way out and ask the Federal Reserve to crank up the printing press and create money out of thin air. Of course debasing the currency means that the dollar becomes a peso and your Social Security check will only buy some coffee beans or at best, a bowl of java.

I'm saving a Jamaican $100 dollar bill as my personal emergency fund.  I figure it will be worth millions of U.S. dollars in a short time.

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Currently the yearly program surplus is about $170 billion and to save Social Security, the yearly surplus must be invested in precious metals so that future Social Security recipients receive something of value.

I just don't see government or the Fed concerned about keeping the nation on a sound financial footing, maintaining value.  It's all about spending and passing down these massive debts to future generations of Americans. 

A future of poverty...

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In the future when the Social Security eagle takes off on its monthly mission, what would you rather receive in your hand: a gold coin, a worthless Federal Reserve note or an IOU?

The choice is yours,


Robert A. Dahlquist

Orange, Calif.


http://www.hattiesburgamerican.com/article/20090211/OPINION01/902110334

imho
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WhiskeyGirl
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« Reply #1 on: February 11, 2009, 08:24:13 AM »

Taxpayer trillions fuel a monster mess

by David Hirst
February 11, 2009


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It almost goes without saying that such a monstrous amount of money being created out of thin air will have implications for the world economy. What exactly they are, and will be, time will tell. The first sign may be a lift in US stock indices that will send the Australian market, and then world markets, off and running. Or, as investors contemplate the breadth of the "stimulus", they might be off and running.

Whatever, the story here is that we are all captives of a "commitment" of money that reportedly exceeds all money spent by the US in the Depression, World War II, and the Korean, Vietnam and Gulf wars.

It is an almighty amount. As Bloomberg wrote yesterday, the new package will raise the Government's commitment to solving the financial crisis to "enough to pay off more than 90 per cent of the nation's home mortgages". Yet home mortgage holders have barely seen a trickle of this money. Where has it gone? We don't know.

Future generations of Americans will have to pay back all this money, the interest to the Fed, and their individual mortgages.  There is no free ride.

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Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor last week: "We've seen money go out the back door of this government unlike any time in the history of our country. Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?"

Well the truth is the US taxpayer cannot be told. Treasury and the Federal Reserve, the latter a privately owned, profit-making cartel, have refused freedom of information requests from Bloomberg and Fox for details on the grounds of confidentiality.

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Most Americans and almost every Australian I know see the Federal Reserve as like our Reserve Bank or the central banks of the world. But it is not. Few know how the Federal Reserve functions. It is in an enviable position for those who own the bank, the richest people on earth.

Somehow, I don't think these are the rich people Obama talks about.  It is the little people who work hard for their everyday money and put a little away in a 401k.

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This is how the Fed scheme works: The US issues Treasury bonds. It then sells them to the Fed, which buys the bonds from thin air, with money created by a computer stroke — a bookkeeping entry. The money from nowhere then goes to the US Government and the Fed holds the bonds. Then the US Government pays interest on the bonds that the US itself issued.

That is as good as it gets, for the interest is money in the bank for the private owners of the Fed. They might well be the bankers whom the Fed is granting untold and untellable sums to — the lucky few who are running the scheme.

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The consequence is that the Fed is more powerful than any other force on earth, apart from nature. The Fed controls the US money supply yet there is no reference to the Fed in the US constitution. There has been no constitutional amendment to create the Fed. The Fed's existence has never come before the Supreme Court. It was established through a bill passed through an almost empty Congress at the behest of a small group of bankers lead by J.P. Morgan in 1913.

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Kevin Rudd, Gordon Brown and Barack Obama are not doing anything about that. Instead, they are re-arming the bank robbers with billions and accelerating tax cuts. This approach is insane because it will hasten the Big "D".

From my other reading, it will consolidate the power of the reserve banks over the nation.

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David Hirst is a journalist, documentary maker, financial consultant and investor. Planet Wall Street, is syndicated by News Bites, a Melbourne-based sharemarket and business news publisher.

Abolish the Federal Reserve.

http://www.theage.com.au/articles/2009/02/10/1234028038078.html

jmho
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

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WhiskeyGirl
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« Reply #2 on: February 19, 2009, 09:23:11 PM »

What is the current administration doing to keep the wolf from our nation's doorstep?

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“Our way of life is over,” Hedges began in a monotone. “Our profligate consumption is finished. Our empire is imploding. Our children will never have the standard of living we had, and poverty and despair will sweep across the landscape like a plague. This is the bleak future. There is nothing President Obama can do to stop it. It has been decades in the making. It cannot be undone with a trillion or two trillion dollars in bailout money. Our empire is dying. Our economy has collapsed.”


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Hedges left the crowd with this parting message: America will not be a superpower in the 21st century, and the best thing we can do now is manage its decline gracefully.

“Our children will never have the standard of living that we have,” Hedges said, “but that’s not necessarily a bad thing.”

I’d say that goes quite far enough. Hedges is right to be concerned about the state of our economy. We’re suffering a massive hangover from a decadeslong debt-fueled binge. Our home values have plummeted. Our 401(k)s are shrunken. Many of our jobs are in jeopardy or have already vanished.

But to say that all there is left to do now is “manage our decline” is absurd. The United States continues to have a spirit of enterprise second to none. Its universities are the envy of the world. Companies such as Wal-Mart, Cisco, Google, Microsoft, UPS and Boeing are dominant worldwide forces. These companies, these schools and that spirit are all going to be standing 10 years from now.

Are these companies outsourcing jobs?  Or, helping to keep Americans in jobs?

http://www.columbiatribune.com/news/2009/feb/19/alarmist-message-resonates-with-local-crowd/

Why isn't the government encouraging Americans to plant gardens?  With so much free time, there are possibilities in your backyard, the community garden, community garden plots for individuals, co-ops, etc.
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
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LouiseVargas
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« Reply #3 on: February 19, 2009, 11:35:33 PM »

“Our Way of Life is Over”

I knew this immediately on September 11. The world changed that day. Most people I know did not take it as hard as I did. I was paralyzed and scared to death. If I were working I would have lost my job. I could not leave the house. It rates #1 on my list of traumas. 
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Hope is everything. I see angels everywhere.
LouiseVargas
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« Reply #4 on: February 19, 2009, 11:36:48 PM »

PS: I would take the gold coin.
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Hope is everything. I see angels everywhere.
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