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HR 1207 : Federal Reserve Transparency Act 2009 (pg. 6)
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| Capitalizt |
The fed's balance sheet is crap jer..lol http://www.cnbc.com/id/31204170
I found a reference to a WSJ article with comments from one of the fed presidents..good summary here. I don't think you can view the original without a subscription. http://seekingalpha.com/article/140...onetization-wsj
As for your comment..I don't think the fed is transferring anything from existing accounts..How could they? Where are they hiding these trillions of dollars they are spending? Fact is they don't have the assets to buy anywhere near the amount of stuff they are buying. They are simply creating assets for themselves on the spot. Bernanke made a decision to grow the fed's balance sheet..saying recently it would top $4 trillion before they are finished with all of this stimulus/easing. This means they are going to buy $2 trillion in additional treasuries, mortgage backed securities, etc in addition to the $1.2 trillion they've bought over the past year. What are they going to purchase these things with? Did they have $3 trillion in existing wealth sitting in a savings account somewhere? Nope, it is all newly printed money (I know this is not the correct term). And you are right..it isn't actually printed by them because it exists simply as digital credits..but the economic effect is the same. Dollars that didn't exist before are put into circulation and multiplied many times over by the fractional reserve process..
It's a darn shame they stopped publishing M3 data. I have a feeling that spike would be parabolic. |
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| jerZ07002 |
| quote: | Originally posted by Capitalizt
What are they going to purchase these things with? Did they have $3 trillion sitting in a savings account somewhere? Nope, it is all newly printed money (I know this isn't the correct term). And you are right..it isn't actually printed by them because it exists simply as digital credits..but the economic effect is the same. Dollars that didn't exist before are put into circulation and multiplied many times over by the fractional reserve process..
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neither is money created by the multiplier effect. releasing reserves has a huge impace on money supply. i think this is a situation in which reserves are released and not some magical keystrokes creating ficticious money. but, like i said before, i'm open to persuasion from reputatble media outlets saying that is the case.
the description of "creating money out of thin air" could easily be describing the release of reserved funds (in my view). why is it that this description of fed activity is not being put forth by business media, only bloggers? |
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| Capitalizt |
| quote: | Originally posted by jerZ07002
the description of "creating money out of thin air" could easily be describing the release of reserved funds (in my view). why is it that this description of fed activity is not being put forth by business media, only bloggers? |
very good question. :)
I have heard these issues discussed on panels of The Kudlow Report and other shows like that..but it is not reported in news segments and you never hear about it on the major broadcast networks. I suppose the establishment media thinks the public is too dull to grasp things like monetary policy and it would probably be poor for ratings, so they don't bother. |
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| jerZ07002 |
| quote: | Originally posted by Capitalizt
very good question. :)
I have heard these issues discussed on panels of The Kudlow Report and other shows like that..but they are never reported on the major broadcast networks. I suppose the establishment media thinks the public is too dull to grasp things like monetary policy and it would probably be poor for ratings, so they don't bother. |
or maybe, viewed the other way, the popular media isn't saying it like that because that's not the most accurate description of what's happening and they are accountable for what they say. On the other hand, bloggers aren't really accountable for what they write so they can be less precise (I haven't heard it described like that in the WSJ - so unless i missed an article, which is entirely possible, i doubt that is what's going on). I like to view it in this way. If the fed was really creating money out of thin air the main stream media would be all over it reporting it as such because it's easier to describe creating money from nothing than describing some of the things i've read. it's certainly far easier than describing any reserve requirements or accurately portraying "quantiative easing". |
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| culorut |
| quote: | Originally posted by ********
Hi,
One if you don't know how your own monetary system works, that is unfortunate - I'll recap for you.
America was a British and other European states colony (Native Americans also lived there but tended to barter, but had loose "status" trades items also wumpum and stuff)
The British Eventually consolidated trade in America - and eventually banks were opened in America. The Rotheschilds and their agents were in America.
For a long time gold coins silver coins etc.. were all used.
The allowed banks to make their own bank notes.. and these were traded.... (bank notes are much older).. way back when someone got the idea of using bank notes so heavy money didn't need to be moved.
The templars started this by using "tabs" or clay tablets, to mark debts.
Eventually there was instability in the banking industry... this prompted the US under pressure of the major banks to implement a "joint banking" act, to better regulate bank notes. This causes a lot of the smaller banks to be destroyed, leaving the major players the rothechilds and their agents. Morgan Stanley etc..
The US monetary instruments were originally the sterling which were actually at times stolden 8 reals (spanish silver currency which the british reminted).. when the americans went solo.. they continued using the 8real ... eventually the US minted their own money.. as was legislated in the acts of congress...
Eventually a president ammended the federal reserve act.. originally all the money needed to be backed by gold/silver.. and was... and the US could cancle the bank notes by repaying the money -- repaying the money would have not only all the gold returned to the US.. but also any excess gold accumualted by the reserve or any other assets.
However this was ammened so that the money could never be returned. Thus the reserve would perpetually hold all assets, and it would not be legally possible to cancle the arrangement. Effectively letting the reserve (private banks) accumulate the real commodity - gold and silver.. while the US accumulated paper which would eventually wear out and need replaced. Not only this but the value of the currency ...
after the gold and silver standard was dropped (meaning the money no longer had a commodity tied to it) now they could buy gold with the float currency or other commodities.. from money made from trees!!! That had no real value tied to it, other than what people priced it for.
The US sky rocketed in debt because now the money could buy anything and wasn't worth anything other than its use itself.
With more money printed, more inflation, increased in cost of goods, as people tried to match..
the real joke is that it is a float currency - it is only worth what people say it is worth. You don't have an ounce of gold tied to it, you have a peice of paper.
Of course on this same note the US didn't loose its power to mint its "own currency" (the US dollar is controlled by the reserve - although the secret service does police it)
JFK tried to recirculate american money --- tied to silver.. but was shortly there after killed - assasinated.
The US continues to mint coins - such as the gold eagle silver eagle etc..
http://en.wikipedia.org/wiki/United_States_Mint
That my friends is THE REAL US currency-- but good luck using your $50 eagle to buy something worth $50 as it will cost you about $1400
Federal Reserve Dollars...
None the less all that extra money is because money has been lost, and a lot of money was on credit, inflation, debt interest etc..
There is your Monetary system in retrospect
--------------------------------------------
None the less to respond to the personal attacks
1. I finished highschool with 36 credits as opposed to the regular 30) plus I was eligible for 16 PLAR credits ontop of that. I entered university. So calling me a drop out is not totally accurate - my parents forced me to enter the work force, and even after I did I went back to school, with 6 month to 1 year breaks.
As far as being poor and unemployed - 1. I am self employed, as far as being poor, true I earn under the poverty line which is $20,000 if not counting my grants and loans for school.
I have never been to rehab, nor do I know why i would need to go to rehab, I rarely if ever drink, do not use drugs, and quit smoking around 2001 - whereas I only bought 3 packs of cigarettes since then.
As far as arrests, in one trial the witnesses purgered, and in the others if the charges were dropped. So I'm not sure what your point is here, other than that I've been a victim of the justice system.
As far as psychological issues, frankly, no, I don't have psychological issues. I live a relatively calm and relaxed life, with little if any problems of my own creation. |
pwned.
Could have not said it better myself. |
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| pkcRAISTLIN |
| quote: | Originally posted by ********
Hi,
One if you don't know how your own monetary system works, that is unfortunate - I'll recap for you.
America was a British and other European states colony (Native Americans also lived there but tended to barter, but had loose "status" trades items also wumpum and stuff)
The British Eventually consolidated trade in America - and eventually banks were opened in America. The Rotheschilds and their agents were in America.
For a long time gold coins silver coins etc.. were all used.
The allowed banks to make their own bank notes.. and these were traded.... (bank notes are much older).. way back when someone got the idea of using bank notes so heavy money didn't need to be moved.
The templars started this by using "tabs" or clay tablets, to mark debts.
Eventually there was instability in the banking industry... this prompted the US under pressure of the major banks to implement a "joint banking" act, to better regulate bank notes. This causes a lot of the smaller banks to be destroyed, leaving the major players the rothechilds and their agents. Morgan Stanley etc..
The US monetary instruments were originally the sterling which were actually at times stolden 8 reals (spanish silver currency which the british reminted).. when the americans went solo.. they continued using the 8real ... eventually the US minted their own money.. as was legislated in the acts of congress...
Eventually a president ammended the federal reserve act.. originally all the money needed to be backed by gold/silver.. and was... and the US could cancle the bank notes by repaying the money -- repaying the money would have not only all the gold returned to the US.. but also any excess gold accumualted by the reserve or any other assets.
However this was ammened so that the money could never be returned. Thus the reserve would perpetually hold all assets, and it would not be legally possible to cancle the arrangement. Effectively letting the reserve (private banks) accumulate the real commodity - gold and silver.. while the US accumulated paper which would eventually wear out and need replaced. Not only this but the value of the currency ...
after the gold and silver standard was dropped (meaning the money no longer had a commodity tied to it) now they could buy gold with the float currency or other commodities.. from money made from trees!!! That had no real value tied to it, other than what people priced it for.
The US sky rocketed in debt because now the money could buy anything and wasn't worth anything other than its use itself.
With more money printed, more inflation, increased in cost of goods, as people tried to match..
the real joke is that it is a float currency - it is only worth what people say it is worth. You don't have an ounce of gold tied to it, you have a peice of paper.
Of course on this same note the US didn't loose its power to mint its "own currency" (the US dollar is controlled by the reserve - although the secret service does police it)
JFK tried to recirculate american money --- tied to silver.. but was shortly there after killed - assasinated.
The US continues to mint coins - such as the gold eagle silver eagle etc..
http://en.wikipedia.org/wiki/United_States_Mint
That my friends is THE REAL US currency-- but good luck using your $50 eagle to buy something worth $50 as it will cost you about $1400
Federal Reserve Dollars...
None the less all that extra money is because money has been lost, and a lot of money was on credit, inflation, debt interest etc..
There is your Monetary system in retrospect
--------------------------------------------
None the less to respond to the personal attacks
1. I finished highschool with 36 credits as opposed to the regular 30) plus I was eligible for 16 PLAR credits ontop of that. I entered university. So calling me a drop out is not totally accurate - my parents forced me to enter the work force, and even after I did I went back to school, with 6 month to 1 year breaks.
As far as being poor and unemployed - 1. I am self employed, as far as being poor, true I earn under the poverty line which is $20,000 if not counting my grants and loans for school.
I have never been to rehab, nor do I know why i would need to go to rehab, I rarely if ever drink, do not use drugs, and quit smoking around 2001 - whereas I only bought 3 packs of cigarettes since then.
As far as arrests, in one trial the witnesses purgered, and in the others if the charges were dropped. So I'm not sure what your point is here, other than that I've been a victim of the justice system.
As far as psychological issues, frankly, no, I don't have psychological issues. I live a relatively calm and relaxed life, with little if any problems of my own creation. |
almost all of that is wrong. seriously ********, i know you live in your own fantasy land but i didn't realise you were a swallower of the woo like this. grow up ffs. the gold standard is antiquated nonsense, and kennedy was actually trying to strengthen the federal reserve you idiot:
| quote: |
BY: Edward Flaherty, Ph.D. Department of Economics College of Charleston, S.C.
Presidential Executive Order 11,110 is quite infamous among conspiracy buffs. Jim Marrs, author of Crossfire: The Plot that Killed Kennedy, writes that the order instructs the Treasury secretary to issue about $4.2 billion in silver certificates as a form of currency in place of Federal Reserve Notes.1 Written by John F. Kennedy, Marrs also speculates this order was part of a larger plan by Kennedy to reduce the influence of the Federal Reserve by giving the Treasury more power to issue currency. The order was signed June 4, 1963. A few months later, of course, Kennedy was killed, and conspiracy theorists hypothesize a link between the murder and E.O. 11,110. They argue that the Federal Reserve was somehow involved in the assassination to protect its power over monetary policy.
The executive order modifies a pre-existing order issued by Harry Truman in 1951. E.O. 10,289 states "The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President..." The order then lists tasks (a) through (h) which the Treasurer can now do without bothering the President. None of the powers assigned to the Treasury in E.O. 10,289 relate to money or to monetary policy. Kennedy's E.O. 11,110 then instructs that
SECTION 1. Executive Order No. 10289 of September 9, 1951, as amended, is hereby further amended (a) By adding at the end of paragraph 1 thereof the following subparagraph (j): '(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,' and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
SECTION 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue any may be enforced as if said amendments had not been made.
John F. Kennedy, THE WHITE HOUSE, June 4, 1963.
To understand exactly what Kennedy's order was trying to do, we must understand the purpose of the legislation which gave the order its underlying authority. The Agricultural Adjustment Act of May 12, 1933 (ch. 25, 48 Stat 51) to which Kennedy refers permits the President to issue silver certificates in various denominations (mostly $1, $2, $5, and $10) and in any total volume so long as the Treasury has enough silver on hand to redeem the certificates for a specific quantity and fineness of silver and that the total volume of such currency does not exceed $3 billion. The Silver Purchase Act of 1934 (ch. 674,48 Stat 1178) also grants this power to the Treasury Secretary subject to similar limitations. Nowhere in the text of the order is a quantity of money mentioned, so it is unclear how Marrs arrived at his $4.2 billion figure. Moreover, the President could not have authorized such a large issue because it would have exceeded the statutory limit.2
As economic activity grew in the fifties and sixties, the public demand for low denomination currency grew, increasing the Treasury's need for silver to back additional certificate issues and to mint new coins (dimes, quarters, half-dollars). However, during the late fifties the price of silver began to rise and reached the point that the market value of the silver contained in the coins and backing the certificates was greater than the face value of the money itself.2
To conserve the Treasury's silver needs, the Silver Purchase Act and related measures were repealed by Congress in 1963 with Public Law 88-36. Following the repeal, only the President could authorize new silver certificate issues, and no longer the Treasury Secretary. The law, signed by Kennedy himself, also permits the Federal Reserve to issue small denomination bills to replace the outgoing silver certificates (prior to the act, the Fed could only issue Federal Reserve Notes in larger denominations). The Treasury's shrinking silver stock could then be used to mint coins only and not have to back currency. The repeal left only the President with the authority to issue silver certificates, however it did permit him to delegate this authority. E.O. 11,110 does this by transferring the authority from the President to the Treasury Secretary.2
E.O. 11,110 did not create authority to issue new silver certificates, it only affected who could give the order. The purpose of the order was to facilitate the reduction of certificates in circulation, not to increase them. In October 1964 the Treasury ceased issuing them entirely. The Coinage Act of 1965 (PL 89-81) ended the practice of using silver in most U.S. coins, and in 1968 Congress ended the redeemability of silver certificates (PL 90-29). E.O. 11,110 was never reversed by President Johnson and remained on the books until 1987 when there was a general cleaning-up of executive orders (E.O. 12,608, 9/9/87). However, by this time the remaining legislative authority behind E.O. 11,110 had been repealed by Congress with PL 97-258 in 1982.2
In summary, E.O. 11,110 did not create new authority to issue additional silver certificates. In fact, its intention was to ease the process for their removal so that small denomination Federal Reserve Notes could replace them in accordance with a law Kennedy himself signed. If Kennedy had really sought to reduce Federal Reserve power, then why did he sign a bill that gave the Fed still more power?
Marrs also makes some other factual errors in his conspiracy tale that suggest he is not very familiar with the Federal Reserve or the financial system. He writes that a source of tension between the Federal Reserve and the Kennedy Administration was the Treasury's desire to allow banks to underwrite state and local government bonds, thereby weakening the "dominant" Federal Reserve banks. However, such a move, which was later permitted by Congress, would not have affected the Federal Reserve system because it had never been involved in underwriting bond issues. Marrs also claims that Kennedy signed a bill that changed the backing of small denomination currency from silver to gold to "add strength to the weakened U.S. currency." This is completely false. U.S. currency has not been on the gold standard since 1934, and silver certificates, as their name suggests, had never been redeemable in anything but silver. In addition, U.S. currency was not "weak" during Kennedy's time: There had not been any significant inflation since the late forties, and the exchange rate value of the dollar was fixed according to the Bretton Woods agreement.
In the introduction to his book, Marrs advises the reader not to trust his book. This appears to be good advice.
References:
1. Marrs, Jim (1989), Crossfire: The Plot that Killed Kennedy, New York: Carroll & Graf Publishers.
2. Woodward, G. Thomas (1996), "Money and the Federal Reserve System: Myth and Reality," Congressional Research Service. |
this is the difference between people with economics degrees and people with warlock or reiki healing training, you ing fraud.
| quote: | Originally posted by culorut
Could have not said it better myself. |
thats not saying much! |
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| culorut |
There goes the thread, KFC the ing biggest troll on the internet just showed up posting from troll websites.
And yes ******** does have it correct. |
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| pkcRAISTLIN |
| quote: | Originally posted by culorut
There goes the thread, KFC the ing biggest troll on the internet just showed up posting from troll websites. |
| quote: |
BY: Edward Flaherty, Ph.D. Department of Economics College of Charleston, S.C. |
10 characteristics of conspiracy theorists
A useful guide by Donna Ferentes
6. Inability to tell good evidence from bad. Conspiracy theorists have no place for peer-review, for scientific knowledge, for the respectability of sources. The fact that a claim has been made by anybody, anywhere, is enough for them to reproduce it and demand that the questions it raises be answered, as if intellectual enquiry were a matter of responding to every rumour. While they do this, of course, they will claim to have "open minds" and abuse the sceptics for apparently lacking same. |
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| jerZ07002 |
| quote: | Originally posted by pkcRAISTLIN
this is the difference between people with economics degrees and people with warlock or reiki healing training, you ing fraud.
thats not saying much! |
LOL - i love your posts!
some of ********'s was partially accurate (e.g., his description of banks issuing notes), but it was littered with inaccuracies (e.g., morgan stanley was founded in 1935 so it wasn't around during the bank note era) and mostly irrelevant crap. I especially liked how he called our system "float" money, which obviously is wrong. As anyone with a remedial college course under their belt knows, it's accurately called fiat money. |
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| pkcRAISTLIN |
5 years ago i didnt even care about all this conspiracy crap. sure, id heard of roswell, moon landings and JFK, but didn't have to deal with any of it because most australians arent morons. then the internet really came about and before you knew it there was stupid EVERYWHERE.
what really boggles my mind is why internet detectives think they are the definitive experts on everything they're interested in. even a cursory understanding of banking history, banking or the federal reserve should dispel such nonsense, but no, there's a new sucker born every minute. |
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| Groundhog Boy |
| quote: | Originally posted by pkcRAISTLIN
5 years ago i didnt even care about all this conspiracy crap. sure, id heard of roswell, moon landings and JFK, but didn't have to deal with any of it because most australians arent morons. then the internet really came about and before you knew it there was stupid EVERYWHERE.
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I loved the introduction of the internet to my high school in the mid-late 90s. Then every idiot under the sun figured out that it could be used for any idiotic purpose.
The things that I read on blogs and even here, are just baffling sometimes. |
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| pkcRAISTLIN |
| haha, exactly. the single biggest tool ever created for information sharing, and they use it for this crap! :stongue: |
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