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-- The Secret Criminal Society of the Federal Reserve (Part II)
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| Originally posted by pkcRAISTLIN which lies do you want? -the fed charges interest to the government -the national debt is created by the fed -the fed is a private corporation -the fed was created to enslave the people to the banks -the fed has never been audited -the fed is a for-profit organisation all untrue. |
Ever read the Hitchhikers guide to the galaxy? Remember those glasses that completely blacked when they sense the user might see something harmful to him? My god, apparently they do exist and people actually wear them. Who would have thought.
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| Originally posted by Krypton Who here has the time to read all of that? |
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| Originally posted by Krypton Seriously, and I debunked those in the previous pages and in the Zeitgeist thread, and I didn't get ONE response from colorut or trancer x... |
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| Originally posted by shaolin_Z Nice misrepresentation of my point, unless you missed this one as well. All I was saying was that capitalism, in theory, which bears little resemblance to what is called capitalism today, doesn't have anything to do with out current monetary system or banking system. |
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| Originally posted by Trancer-X The remaining few of us who still maintain some semblance of intellectual curiosity. |
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| Originally posted by Trancer-X Did I ever say any of those things? No. Sorry, troll. The Fed's a private, quasi-governmental organization which was created when the 16th Amendment was falsely ratified. And I'm sorry but I haven't been following the Zeitgeist thread. I don't follow every thread that you patrol on here, you know |
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| Originally posted by Trancer-X He's apparently a professional at misrepresentation and I'm glad that I'm not the only one to notice that trend. |
Funny I don't see anyone who has proved anything wrong. Just trolls who think they know it all without even reading or watching the hard facts.
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| Originally posted by culorut Funny I don't see anyone who has proved anything wrong. Just trolls who think they know it all without even reading or watching the hard facts. |
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| Originally posted by culorut Funny I don't see anyone who has proved anything wrong. Just trolls who think they know it all without even reading or watching the hard facts. |
]? Pick one, state your case. NOTE: Your case, not anyone else's. | quote: |
-the fed charges interest to the government -the national debt is created by the fed -the fed is a private corporation -the fed was created to enslave the people to the banks -the fed has never been audited -the fed is a for-profit organisation |
No need to state my case, everyone knows it is a scam. Why the hell would Kennedy print enough tender to replace all of the Feds tender if there was not something dearly wrong with it? Answer that smart ass.
How the Fed Harms the Public Interest
The Federal Reserve System exists only to serve its owners and member banks and in doing so is hostile to the public interest. That's because it's a banking cartel with the power to restrict competition for greater profits gained at our expense. It goes from our pockets to theirs, and the public loses in at least four ways:
One - Through the invisible tax of inflation that results from the dilution of purchasing power caused by newly created money entering the system reducing the value of dollars already there. The Greenspan Fed was especially expansive, never was held to account for its excess and was able to pass a serious problem it created on to a future Fed chairman and society to deal with. The man we now lionize as a monetary magician began sensibly. From 1982, before he arrived in 1987, until 1992, the money supply increased on average by 8% a year. But from 1992 - 2002, the printing press worked overtime in sync with the deregulation and growth of global markets expanding the currency by more than 12% a year. It became even more extreme post 9/11 and since 2002 grew at a 15% rate. It now has more than doubled in less than a decade. It appears that the new Fed chairman has taken note and has begun reducing the rate of money expansion as he continues raising the federal funds rate to whatever level he has in mind.
Currency traders as well apparently have taken note of the rate of money supply expansion overall. Except for a respite in 2005, it's quite likely the dollar weakness since 2002 is the result of the excess amount of them created for the Bush administration's profligate spending to fund its endless wars and reckless tax cuts for the rich. The problem is further compounded as from 1964 to the present debt service has grown from 9% to 16.5% of the federal budget and rising; the current account deficit has gone from a 1% surplus to an almost 7% deficit; and federal indebtedness has grown by 40% just since 2001 and financed in large part by "the kindness of (foreign) strangers" that may be growing restive. Furthermore, since March, 2006, the Fed stopped publishing the M-3 aggregate of the total amount of dollars in circulation. With that transparency gone, big buyers of US Treasuries now have to calculate the value of the dollar based on speculation and uncertainty rather than hard data - not a way to inspire trust in the financial markets that function best in an atmosphere of openness and clarity.
Two - The public also loses because the banking cartel is able to practice usury - from it's power over a flexible currency to artificially move rates up or down to any level it chooses which many small lenders in a truly free and open market can't do. In addition, the cartel's market dominance forces most borrowers (especially smaller ones less able to issue their own debt instruments) to come to them for loans which it's then able to make using what should be the peoples' money available to them at the lowest possible cost from many highly government regulated small lenders competing for customers.
Three - Through the taxes, we, the public, must pay to cover the interest on the huge national debt (now over $8.4 trillion) accumulated from the money the Fed printed and loaned to the government. As mentioned earlier, that now totals an annualized amount exceeding two-thirds of a trillion dollars and increasing daily. It's made the bankers rich, ordinary people poorer, and the public none the wiser it's been fleeced big time.
Four - Compounding the above abuse, the cartel is able to get the public to bail out the system with more of its tax dollars. It happens whenever any of the too-big-to-fail banks need financial help to survive. The same is true for big corporations like Chrysler or Lockheed, large investment firms or hedge funds like Long-Term Capital Management or even countries like Mexico. It's also true when a single bank goes out of business and depositors must be compensated or more seriously in the wake of a systemic financial meltdown like the one that wiped out many savings and loan banks in the 1980s. Whether it's a single bank or many dozens at a time, public tax dollars are used to save the system or just pick up the tab to repay depositors insured against losses through government insurance protection up to a stipulated amount per account.
How Would Adam Smith Have Reacted to the Federal Reserve System
This concentration of banking cartel wealth and power is the opposite of what Adam Smith, the ideological godfather of free market capitalism, advocated in his writings including his seminal work The Wealth of Nations. Smith wrote about an "invisible hand" that he said worked best in a free market with many small businesses competing locally against each other. He strongly opposed the concentrated mercantilism of his day (what there was of it) which now would be the equivalent of today's giant transnational corporations and the banking cartel with the power to restrict competition, maintain higher prices than otherwise possible and earn greater profits as a result at the public's expense.
The kind of banking cartel that exists today is precisely what Smith would have condemned. The problems of the central bank are compounded when, through subterfuge, the bank is set up to appear government owned and run but is, in fact, for private profit the way ours is and most others as well. And in the US, to make the arrangement work, a mostly publicly appointed governing authority runs the System acting as a shill for its private for-profit banking cartel members that wanted it in the first place and got a corrupted Congress to give it to them. To work, the cartel needs the cover it gets from its partnership with government, but it's through that arrangement that it harms the public interest for its own private gain.
And that goes to the heart of the problem: that the Congress elected to serve the people instead betrayed them by creating an all-powerful banking cartel and gave it the authority to practice fractional reserve banking with the power to get free money by creating it out of nothing. It then allowed its members a near-monopoly right to set the rates of interest they wish to charge borrowers. The whole process amounts to a legally sanctioned heist by the powerful banks working in league with government for its own gain. It's also part of a more extensive government arranged process to transfer wealth from the people to the pockets of large corporations and the rich and doing it while those being harmed are unaware it's even happening.
Another Way the Federal Reserve System Harms the Public
The Fed harms the public welfare in one other important way, and again most people are none the wiser about it. Supposedly the Federal Reserve System was established to stabilize the economy, smooth out the business cycle, maintain a healthy rate of sustainable growth while holding prices steady and benefitting everyone. So how well has it done its job? Since its creation in 1913, and with them in charge, we had the crashes of 1921 and the most important and remembered one in 1929. That was followed by The Great Depression that lasted until the onset of WW II that noted conservative economist Milton Friedman explained was caused and exacerbated because the Federal Reserve oddly decided to reduce the money supply at a time of economic contraction instead of increasing it. We then had recessions in 1953, 1957, 1969, 1975, 1981, 1990 and 2001. We also had inflation beginning in the 1960s which became quite severe through much of the 1970s and early 1980s. And we had a major banking crisis in the 1980s at which time more banks and savings and loan associations failed than ever before in our history. It happened in the wake of financial market deregulation when banks were allowed to pursue their own interests without government oversight to check their willingness to assume excess risk or stop them from trying to get away with deliberate fraud.
Along with the economic stability the Fed never achieved, we've also had soaring consumer debt; record high federal budget and trade deficits; a high level of personal bankruptcies and rising mortgage loan delinquencies; interest on a mounting national debt that's a large and rising percentage of the federal budget; the loss of our manufacturing base and it's high-paying jobs with good benefits because they're being exported to low wage countries; an economy in which services now account for nearly 80% of all business that provide mostly lower paying, less skilled jobs with few or no benefits; and a widening income and wealth gap that continues to harm lower and middle income earners to benefit the rich and well-off privileged few and a government that encourages it.
Sum it all up and the conclusion is clear. The one thing the Fed failed to accomplish above all else was what it was established to do in the first place. But it's much worse than that if we understand a cartel's real motives. It's not to serve the public interest. It's to abuse it because that's how it benefits most. It's able to do it with its legally sanctioned concentrated power and a friendly government in league with it as partners or facilitators. It's from that cozy hidden from view arrangement that it's able to get away with the grandest of grand thefts.
I know you guys think it is too long to read, maybe that's why you are so lost in the first place.
| quote: |
| Originally posted by culorut No need to state my case, everyone knows it is a scam. Why the hell would Kennedy print enough tender to replace all of the Feds tender if there was not something dearly wrong with it? Answer that smart ass. |
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| Originally posted by culorut How the Fed Harms the Public Interest The Federal Reserve System exists only to serve its owners and member banks and in doing so is hostile to the public interest. |
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| Originally posted by culorut That's because it's a banking cartel with the power to restrict competition for greater profits gained at our expense. |
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| Originally posted by culorut One - Through the invisible tax of inflation that results from the dilution of purchasing power caused by newly created money entering the system reducing the value of dollars already there. |
| quote: |
| Originally posted by culorut The Greenspan Fed was especially expansive, never was held to account for its excess and was able to pass a serious problem it created on to a future Fed chairman and society to deal with. The man we now lionize as a monetary magician began sensibly. From 1982, before he arrived in 1987, until 1992, the money supply increased on average by 8% a year. But from 1992 - 2002, the printing press worked overtime in sync with the deregulation and growth of global markets expanding the currency by more than 12% a year. It became even more extreme post 9/11 and since 2002 grew at a 15% rate. It now has more than doubled in less than a decade. It appears that the new Fed chairman has taken note and has begun reducing the rate of money expansion as he continues raising the federal funds rate to whatever level he has in mind. |
| quote: |
| Originally posted by culorut Currency traders as well apparently have taken note of the rate of money supply expansion overall. Except for a respite in 2005, it's quite likely the dollar weakness since 2002 is the result of the excess amount of them created for the Bush administration's profligate spending to fund its endless wars and reckless tax cuts for the rich. |
| quote: |
| Originally posted by culorut The problem is further compounded as from 1964 to the present debt service has grown from 9% to 16.5% of the federal budget and rising; the current account deficit has gone from a 1% surplus to an almost 7% deficit; and federal indebtedness has grown by 40% just since 2001 and financed in large part by "the kindness of (foreign) strangers" that may be growing restive. |
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| Originally posted by culorut Two - The public also loses because the banking cartel is able to practice usury - from it's power over a flexible currency to artificially move rates up or down to any level it chooses which many small lenders in a truly free and open market can't do. In addition, the cartel's market dominance forces most borrowers (especially smaller ones less able to issue their own debt instruments) to come to them for loans which it's then able to make using what should be the peoples' money available to them at the lowest possible cost from many highly government regulated small lenders competing for customers. |
| quote: |
| Originally posted by culorut Three - Through the taxes, we, the public, must pay to cover the interest on the huge national debt (now over $8.4 trillion) accumulated from the money the Fed printed and loaned to the government. |
| quote: |
| Originally posted by culorut As mentioned earlier, that now totals an annualized amount exceeding two-thirds of a trillion dollars and increasing daily. It's made the bankers rich, ordinary people poorer, and the public none the wiser it's been fleeced big time. |
| quote: |
| Originally posted by culorut Four - Compounding the above abuse, the cartel is able to get the public to bail out the system with more of its tax dollars. It happens whenever any of the too-big-to-fail banks need financial help to survive. The same is true for big corporations like Chrysler or Lockheed, large investment firms or hedge funds like Long-Term Capital Management or even countries like Mexico. It's also true when a single bank goes out of business and depositors must be compensated or more seriously in the wake of a systemic financial meltdown like the one that wiped out many savings and loan banks in the 1980s. Whether it's a single bank or many dozens at a time, public tax dollars are used to save the system or just pick up the tab to repay depositors insured against losses through government insurance protection up to a stipulated amount per account. |
| quote: |
| Originally posted by culorut The problems of the central bank are compounded when, through subterfuge, the bank is set up to appear government owned and run but is, in fact, for private profit the way ours is and most others as well. |
| quote: |
| Originally posted by culorut And in the US, to make the arrangement work, a mostly publicly appointed governing authority runs the System acting as a shill for its private for-profit banking cartel members that wanted it in the first place and got a corrupted Congress to give it to them. To work, the cartel needs the cover it gets from its partnership with government, but it's through that arrangement that it harms the public interest for its own private gain. |
| quote: |
| Originally posted by culorut And that goes to the heart of the problem: that the Congress elected to serve the people instead betrayed them by creating an all-powerful banking cartel and gave it the authority to practice fractional reserve banking with the power to get free money by creating it out of nothing. It then allowed its members a near-monopoly right to set the rates of interest they wish to charge borrowers. The whole process amounts to a legally sanctioned heist by the powerful banks working in league with government for its own gain. It's also part of a more extensive government arranged process to transfer wealth from the people to the pockets of large corporations and the rich and doing it while those being harmed are unaware it's even happening. |
| quote: |
| Originally posted by culorut The Fed harms the public welfare in one other important way, and again most people are none the wiser about it. Supposedly the Federal Reserve System was established to stabilize the economy, smooth out the business cycle, maintain a healthy rate of sustainable growth while holding prices steady and benefitting everyone. So how well has it done its job? Since its creation in 1913, and with them in charge, we had the crashes of 1921 and the most important and remembered one in 1929. That was followed by The Great Depression that lasted until the onset of WW II that noted conservative economist Milton Friedman explained was caused and exacerbated because the Federal Reserve oddly decided to reduce the money supply at a time of economic contraction instead of increasing it. We then had recessions in 1953, 1957, 1969, 1975, 1981, 1990 and 2001. We also had inflation beginning in the 1960s which became quite severe through much of the 1970s and early 1980s. And we had a major banking crisis in the 1980s at which time more banks and savings and loan associations failed than ever before in our history. It happened in the wake of financial market deregulation when banks were allowed to pursue their own interests without government oversight to check their willingness to assume excess risk or stop them from trying to get away with deliberate fraud. |
| quote: |
| Originally posted by culorut Along with the economic stability the Fed never achieved, we've also had soaring consumer debt; record high federal budget and trade deficits; a high level of personal bankruptcies and rising mortgage loan delinquencies; interest on a mounting national debt that's a large and rising percentage of the federal budget; the loss of our manufacturing base and it's high-paying jobs with good benefits because they're being exported to low wage countries; an economy in which services now account for nearly 80% of all business that provide mostly lower paying, less skilled jobs with few or no benefits; and a widening income and wealth gap that continues to harm lower and middle income earners to benefit the rich and well-off privileged few and a government that encourages it. |
| quote: |
| Originally posted by culorut Sum it all up and the conclusion is clear. The one thing the Fed failed to accomplish above all else was what it was established to do in the first place. But it's much worse than that if we understand a cartel's real motives. It's not to serve the public interest. It's to abuse it because that's how it benefits most. It's able to do it with its legally sanctioned concentrated power and a friendly government in league with it as partners or facilitators. It's from that cozy hidden from view arrangement that it's able to get away with the grandest of grand thefts. |
wrong.
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| Originally posted by Krypton I don't know anything about Kennedy conspiracy theories. But I will point out, that I believe your grand theory, in which all the most significant historical events are all somehow related through a web conspiracy is complete joke. Smart enough for you? |
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| Originally posted by culorut Shows how much your mind must be distorted if you believe that everything involving these events are intertwined. No wonder you cannot figure it out, too much for your little brain to handle? |
You are arguing (along with PKC) with nothing you know nothing about.
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| I don't know anything about Kennedy conspiracy theories. |
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| Originally posted by culorut You are arguing (along with PKC) with nothing you know nothing about. |
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| If anyone needs to get an education it is you two, end of. Do not argue if you don't know jack about even your own country's history. |
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| Originally posted by culorut You are arguing (along with PKC) with nothing you know nothing about. If anyone needs to get an education it is you two, end of. Do not argue if you don't know jack about even your own country's history. |
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| Originally posted by Krypton Again, continue insulting my intelligence. It only shows your lack thereof. Right, I am a Finance major, concentration in Financial Analysis, at the University of Texas. Keep talking shit... |
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| Originally posted by pkcRAISTLIN Hahahahaha. Youre the one without a degree telling lies. |
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| Originally posted by culorut Right, troll. Go get an education, LOL. |
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| Originally posted by culorut You just said you think all the theories you read about are intertwined and you also said you know nothing about JFK. |
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| Who's talking shit now? |
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