The article on Real Clear Politics by Richard Fisher should be required reading for every congress person, staffer, citizen, high school and college student in the country. Richard Fisher is the president and CEO of the Federal Reserve Bank of Dallas.
He mentions the questions raised at the Fed’s FOMC meeting about the “efficacy of further asset purchases.” This is Fed-speak for buying further Treasury debt, which is quite simply enabling the continued deficit spending of Congress.
He also refers repeatedly to “Congress” as a monolithic entity. It is not. It is a collection of 535 individuals, each of whom is engaged in a political mini-circus between his constituents, his congressional associates, his party and his president. It is only when the collective will of these 535 people becomes strong enough to take controversial action that we will see real progress. Unfortunately, that isn't likely to happen until there is a crisis, and then the action is rarely well thought-out.
It is too easy, and even compelling, for congressmen to submit to the pleas of their business or labor contributors, their lobbyists, or even their constituents to use the federal purse or tax system to dispense goodies such as food stamps, unemployment compensation, health care, tax preferences, subsidies, grants and all the other forms of vote-buying that they engage in. It is too easy for “we the people” to accept all of these goodies as part of our expectation for an “advanced” society that “takes care” of people.
Like an errant college student with her first credit card, it’s all fun until the limit is reached and the bills must be paid off. In the case of the United States, or the countries of Europe, the limit is very near. Ignoring that approaching limit literally guarantees the collapse of our economic system and our country. If you think the recession of the last few years was tough, you ain’t seen nothing yet.
It is past time that we demand of our representatives some fiscal responsibility and some limits on the passing out of goodies.
Please read the article.
This is what keeps me up at night, and only a handful of the 535 seems to really 'get it.'
Sometimes when you look in the mirror, you see the problem.
In addition, most American households are two wage-earner families. As such, for most of the tax returns filed, the number of taxpayers is actually 2. As such, the number of tax returns needs to be multiplied by somewhere around 1.5 to 2 to determine the number of taxpayers. Lastly, to scare us into thinking we each owe $140,000, Mr. Graves failed to indicate that the national debt is actually owed by the 50% who pay taxes and specifically by the top 1% which controls 80% of the financial wealth of this great nation. It's interesting that while 1% of the country control such a great percentage of the wealth and have directly and indirectly benefited from the taking on of the debt, that they want to allocate the debt equally to all taxpayers. Thanks Mr. Graves, but No Thanks!
The trick is to get past the polemic arguments and find solutions because the "Red/Blue, They did this - or they didn't do that" bickering is what both Mssrs. Lowry and Fisher correctly claim to be at the root of the problem. "We'll sink together, fighting each other on the way down."
Project much, Frank?
"All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." - John Adams, 2nd President of the United States "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance." - James Madison, the chief architect of the Constitution “Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” – Daniel Webster “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” - Henry Ford
The root of the problem is much deeper. Financing of the deficit is only a surface problem. The root of the deficit is the desire of Congress (both parties) to continue to vote programs that buy votes. "Obstructionists" is the derogatory term given to people that want to stop this. In this view, count me as an obstructionist. We cannot simply continue to raise the credit card limit in order for politicians to continue voting in new benefit programs. It will destroy our independence, and continue to weaken the incentives to work and achieve.
The first step to financial stability is for the US Congress to step up the their constitutional mandate and take control of the creation of the money supply. They have failed at this miserably. In fact in 1913 the congress passed the Federal Reserve Act of 1913. This one act gave control of the money supply to a PRIVATE bank operating for profit and to the detriment of the people of the united states. Since 1913 our currency has been devalued year after year. For example an item costing $1 in 1913 will cost you $23 today. Why is this? Inflation. Inflation is just a tax levied by the private central bank to you for the use of their money. Money the private central bank created out of thin air. Here is a nice little quote that sums up the real intentions of the central banking system: "Give me control of a nations money supply, and I care not who makes it’s laws." - Mater Amschel Rothschild, founder of the Rothschild banking dynasty. With this quote in mid it could be argued that the US Government was overthrown by an internal coup orchestrated by the bankers. So what to do. First End the private Federal Reserve system. It is really easy, congress just needs to let their charter expire. Although I think it should be terminated immediately. Second, congress should take direct control of the money supply. This is also easy and there are many examples of how it can be accomplished.
In 1872, Supreme Court Justice Stephen Field, aware of the rages of inflation, attempted to block an unconstitutional over-extension of powers by the Bank of the United States. He wrote: “The arguments in favor of the constitutionality of legal tender paper currency tend directly to break down the barriers which separate a government of limited powers from a government resting in the unrestrained will of Congress. Those limitations must be preserved, or our government will inevitably drift from the system established by our Fathers into a vast, centralized, and consolidated government.” "Those who create and issue money and credit direct the policies of government, and hold in the hollow of their hands the destiny of the people." - Reginald McKenna, former president of the Midland Bank of England, ex-secretary of the British Exchequer 1920
"There exists in this country a plot to enslave every man woman and child. Before I leave this high and noble office I intend to expose this plot." - John F. Kennedy http://www.michaeljournal.org/lincolnkennedy.htm http://www.xat.org/xat/usury.html http://www.prolognet.qc.ca/clyde/pres.htm "On June 4th, 1963, President Kennedy signed a presidential document, called Executive Order 11110, which further amended Executive order 10289 of September 19th, 1951. This gave Kennedy, as President of the United States, legal clearance to create his own money to run the country, money that would belong to the people, an interest and debt-free money. He had printed United States Notes, completely ignoring the Federal Reserve Notes from the private banks of the Federal Reserve. ... It was perfectly obvious that Kennedy was out to undermine the Federal Reserve System of the United States. ... But it was only a few months later, in November of 1963, that the world received the shocking news of President Kennedy's assassination." http://dandelionsalad.wordpress.com/2008/07/21/louis-t-mcfadden-1876-1936-an-american-hero-by-richard-c-cook/ Congressman/patriot/victim http://rense.com/general86/pres.htm House and Senate members oppose the Fed and face death by coincidence
Generally people are not open to the truth. Especially cold hard facts that will lead them down a path which threatens to obliterate their entire world view. Like a horse to water you can lead them to it but you cannot make them drink. Brace yourself for the onslaught from the blind. BTW - You mention Pres. Kennedy. There is evidence to support the idea that Pres. Lincoln was assassinated for his green back.
See the prior links for Lincoln and others. Congressman McFadden deserves a monument for his efforts to save the country.
Putting 53 million people on food stamps and providing 2 years of unemployment compensation isn't really helping anyone, just expanding the base of government dependency and removing their incentive to find real work. There are better solutions.
Both sides are girding for four more years of gridlock, regardless of who resides at 1600. We are truly at the most significant crossroads of how America will attempt to resolve issues of major importance. If only a few of the recommendations in Simpson Bowles were enacted, we would probably avoided the credit downgrade. American voters fall into two categories, those who work and those who do not. The latter category is divided into those who want to work and those who don't need to work.
I have always believed that "The government that governs least, governs best." I find it striking that one US pol Party claims FDR as a savior and the other points to that same man as the beginning of the end for our Republic. We have a government and cannot simply dissolve it, but we can insist that our government does it's job. Here's a decent cause and idea: http://action.nolabels.org/5985/no-budget-no-pay/
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