MONEY: H.R. 2755: Federal Reserve Board Abolition Act

Sunday, December 7, 2008

http://www.lewrockwell.com/huff/huff24.html

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You might also ask your US Representative to co-sponsor the Bill to Abolish the Fed. So far Ron Paul’s Bill has no co-sponsor. What does that tell us?

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[JR: That politicians are happy with the blank check that the current system provides them? ]

http://www.govtrack.us/congress/bill.xpd?bill=h110-2755

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Federal Reserve Board Abolition Act – Abolishes the Board of Governors of the Federal Reserve System and each Federal reserve bank.

Repeals the Federal Reserve Act.

This bill is in the first step in the legislative process. Introduced bills go first to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills never make it out of committee.

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Arhhh!

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POLITICAL: Nuke the FED!

Monday, November 3, 2008

http://www.lewrockwell.com/rockwell/austrian-econ-more-than-ever.html

Why Austrian Economics Matters More Than Ever
by Llewellyn H. Rockwell, Jr.

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Abolishing the Fed would put a huge brake on the planning state. Without the ability to expand the money supply at will, the federal government would become about as threatening as state or local government. That is to say, the federal government would still be an intolerable imposition on life, liberty, and property. But we wouldn’t be worrying about hyperinflation, large scale bubbles in specific sectors, crazy business cycles, trillion-dollar bailouts, controls that reach into every nook and cranny of our lives, a cradle to grave welfare state, or a global empire that invades any and every country at will, and makes America the enemy to whole regions of the world.

That’s only the beginning of what the end of the Fed would mean. It would dramatically change the political culture in this country. Bureaucracies would tumble. Trade would stabilize. The investment-risk calculus would accord with the free market. The left could no longer live out its pipe dreams of socialist utopia at our expense. The right would have to give up its wacky notion of a world police state. The power ambitions of whole sectors of society would be scaled back.

The state is always and everywhere a danger, even when it has no monopoly on money and no printing press that can create money tickets at will. But a state with the ability to make its own money is a grave and relentless threat to prosperity and freedom. It leaves the future entirely to the discretion of the money managers. Every day we live under the threat that the US could be the next Weimar Republic or even another Zimbabwe. All that stands between us and that day is the wisdom and prudence of the Fed.

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There was a fundamental shift in America that was done without the People even being aware of the terrible path they were being taken down.

With the financial meltdown (i.e., criminal collusion between Congress and Wall Street), it seems like an appropriate time to put the Fed out of business.

It’s un-American!

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RANT: It’s not an “economy” failure, nor a “free market” failure. It’s a “political” failure!

Saturday, October 11, 2008

On Oct 10, 2008, at 10:08 PM, P wrote:

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From: “Chuck & Joyce”
Date: October 10, 2008 7:18:54 PM EDT
To: <Undisclosed-Recipient:;>
Subject: Fw: Our failed economy

Back in 1990, the Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wits who couldn’t make money running a whore house and selling booze?

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TO WHICH I REPLIED:

the economy hasn’t failed. we’ve failed to keep our politicians in line with what the dead old white guys outlined as the proper role of gooferment. at our own peril. anyone who votes for an incumbent this year is part of the problem. even if the incumbent had NOTHING to do with it or did nothing bad, they were: (1) tacitly complicit; (2) too stupid to realize what was coming down the road; OR (3) ineffective to stop it. Look at how many times Ron Paul was the lone voice “no”! No on the war. No on taxes. No on Fannie and Freddie. No on the Fed. Sigh. Best gooferment money can buy. Sorry. It wasn’t an economy failure; it was a political failure. We may become the next hyperinflation — like present day Rhodesia, Argentina of the 70s, or Germany of the 1930s. We know how well those all worked out. Gold coins may be needed. The Dead Old White Guys told us that was money. But we didn’t listen as FDR and Nixon fooled us. The 1913 FED started to procession to where we are today. Spinning out of control. Does no good to be right when the commonweal goes over the cliff taking us all to perdition. Argh. It’s all socialism and the elite in their hubris have led us there. Now where is my pitchfork and torch!

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Warning! Don’t stick your fingers in the Libertarian’s cage and poke or prod them. They can snap back. Us little L libertarians are very frustrated. No amount of warning “Here comes The Cliff” has done any good. All we get are dumb looks as people ask “Who’s Cliff?” Guess you know now. Welcome to what Mises, Hayek, Rothfarb, and all the “Austrian School” economists have been warning about!

Don’t blame me. I supported Ron Paul!

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RANT: It’s not a “financial crisis”; it’s a moral crisis!

Tuesday, October 7, 2008

http://www.glennbeck.com/content/articles/article/198/16171/


Glenn Beck: What happened?

October 6, 2008 – 13:01 ET
Glenn’s letter to his family explaining how we got into this economic crisis…
Yes, another email letter from your crazy brother. You raised a lot of questions in your last email and I am going to try to answer all of them.

I think all of your questions fall into three areas: (1) how did we get here; (2) what’s coming; and (3) what can I do to prepare myself and my family.

Consider this email as my answer to your first question, “how did we get here?”. I’ll be sending you 2 more emails answering your other two questions. Since there’s a lot of misinformation out there I will document each of the facts in my emails so you know where I pulled the information from and where you can go to read and learn more.


{Article Continues}

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A well-reasoned well-documented apolitical (there’s a lot of blame to go around!) piece. Clearly, there are a lot of people who deserve some tar and feathers. Clearly, it ain’t going to change anytime soon. Clearly, not only will NEITHER prez candidate be ABLE to DO anything about it. So what’s some one to do. (1) Get rid of incumbent politicians. Good start. (2) DownsizeDC dot org to slow them down and put them under a microscope. (3) Get ready for a “japan decade” of low growth tight times and look at the stagflation of the Carter years. Morose, yes. Realistic, yes. We need to summon up the Dead Old White Guys for government reform, the courage to start making hard political choices, and good old American ingenuity. We have to THINK our way out of this mess. And, “thinking” is not Washington’s strong suit. Spending is. We have to follow the lead of Andrew Jackson and kill the FED. It’s the root of all evil in that the inflation tax allows COngress to spend money it doesn’t get from taxes. We need them to run an honest set of books. You want a war, pay for it. You want welfare, pay for it. You want spending, where is the tax to cover it. Painful, yes. Necessary, yes. Unavoidable, yes.

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MONEY: Why not deal directly with the Treasury?

Monday, October 6, 2008

http://www.lewrockwell.com/blog/lewrw/archives/023366.html

October 06, 2008
A Question
Posted by Charles Featherstone at October 6, 2008 01:59 PM

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Some years ago, I signed up for U.S. Treasury press releases regarding bond and note sales. I don’t remember why I did this, and generally I never bothered to read the e-mails.

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Once upon a time, Treasury debt, specifically T-Bills, were only available in 10k$ denomination. Once upon a time, FDIC insurance was only available up to a very limited amount. (I remember it as 10k. But that was a long long time ago.) Obviously, there was some payoffs — legal campaign contributions or illegal graft — and “insurance” was raised to 100k.

Why do we need FDIC?

Small depositors can deal directly with the Treasury via Treasury Direct!

So, explain to me again WHY we need any FDIC insurance?

Is it a payoff to banks who make contributions? Or is there another scam going on?

Sigh!

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MONEY: “Silent” Bank Run

Thursday, October 2, 2008

http://www.charlotteobserver.com/business/story/226799.html

Wachovia faced a ‘silent’ bank run; FDIC forced sale
Fearing a loss of funding over the weekend, the FDIC forced the sale.
By Rick Rothacker and Kerry Hall
CharlotteObserver.com Business
Posted: Thursday, Oct. 02, 2008

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Starting Friday morning, Evans said, businesses and institutions with large accounts started withdrawing money to lower their balances to below the federally insured $100,000 limit. They weren’t closing accounts, he said, adding “they were very apologetic in saying they love the service they get from Wachovia and they weren’t leaving Wachovia. They were just moving their money until things settled down.”

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Clearly, for us little guys, you should never have anything close to the FDIC limit.

Even with that, you can’t have all your eggs in one basket.

Paper money is just that paper money. When panics start, they develop a life of their own. Clearly, depending upon one bank is absurd. Even if FDIC comes in and saves “your bank”, I can only imagine the ‘fun’ while things, like deck chairs, get rearranged.

It would seem that us little guys need several banks or credit unions pre-set up and funded, ready to go at a moments notice.

I’d go so far as to suggest that FOUR might not be excessive. With web bill pay, printed checks, and direct deposit all energized ready to go.

Fore warned is Fore armed. “Be prepared” It ain’t just for Boy Scouts.

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MONEY: Are we going to be left with a banking oligarchy?

Monday, September 29, 2008

http://biz.yahoo.com/ap/080929/wachovia_citigroup.html?.v=1

Citigroup to buy Wachovia banking operations
Monday September 29, 9:24 am ET

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NEW YORK (AP) — In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.

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Doesn’t anyone think that banks are becoming too big?

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LIBERTY: Fiat money ALWAYS fails!

Thursday, September 25, 2008

Ron Paul Discussing his Bernanke Confrontation 9/24/2008

Like the old Fram Oil Filter commercial, pay for it now or later. Pay now is better in the long run. Don’t bail them out. “Too Big To Fail” is an illusion. Capitalism REQUIRES us to let them fail. TO teach EVERYONE a lesson!

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