Monday, December 17, 2007
Sunday, December 16, 2007
A 1982 court ruling regarding the Federal Reserve Bank (LEWIS v. UNITED STATES, 680 F.2d 1239) came to this conclusion.
“Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Federal Reserve Banks are not federal instrumentalities for purpose of the FTCA, but are independent, privately owned
and locally controlled corporations.
Posted by Ryan Renshaw at 12:48 PM
In the earlier 1930’s, a true American Patriot, Congressman Louis T. McFadden spoke out against the Federal Reserve owners:
“Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed have cost enough money to pay the National debt several times over."
“This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it."
“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lender."
“In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislatures; there are those who maintain International propaganda for the purpose of deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.”
Posted by Ryan Renshaw at 12:24 PM
Thomas Jefferson, declared, "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."
Did Jefferson have a crystal ball when he spoke these words? Has a private bank taken control over our nation's money supply?
If you would ask any American citizen what the Federal Reserve is, he probably would tell you that it is a government agency that creates all of the money to run the United States. This unfortunately, is the misconception most American have: that the Federal Reserve is a government agency, probably because the word "Federal" is used in its name. And this is exactly what the Bankers want: ignorance among the population!
In the next few paragraphs, I am going to simply explain what the Federal Reserve is really all about, and how it is being used to control the United States. A good resource book that I am using is entitled "Billions for the Bankers - Debts for the people" by Sheldon Emry.
* * * A private corporation
The first thing that must be understood is that the Federal Reserve Corporation is not a government agency, as most people think. It is a private corporation controlled by the Bankers, and therefore it is operated for the financial gain of the Bankers over the people, rather than for the good of the people.
When our Founding Fathers wrote the Constitution of the United States back in the 1700's, they specifically stated in Article 1 of this Constitution:
Congress shall have the Power to Coin Money and Regulate the Value Thereof.
It was the wish of the Founding Fathers that the power to create and control the money be in the hands of the Federal Congress, and not in the hands of private Bankers who could charge enormous amounts of interest, and who could actually then control the country by controlling the money. They understood the tricks of the Bankers, for what did Mayer Anselm Rothschild, the great European Banker, once say: "Permit me to ussue and control the money of a nation, and I care not who makes its laws..." It was their belief that all citizens should share in the profits of its creation, not just private Bankers, and therefore the national Government must be the only creator of money.
So what happened! For several years after the Constitution was signed, the money in the country was handled both legally and illegally, the Bankers having devised all kinds of tricks to try to take control of the nation's money.
The Federal Reserve Act
But the final blow came in 1913, on Christmas Eve, when the Congress passed the Federal Reserve Act, which officially took the power to create the money to run United States away from the Congress, and gave it over to private Bankers, who called themselves the Federal Reserve Corporation. But note: they are private Bankers.
The passage of this Federal Reserve Act authorized the establishment of a Federal Reserve Corporation, with a Board of Directors (The Federal Reserve Board) to run it. And the United States was divided into 12 Federal Reserve Districts.
This new law completely removed from the Congress the right to create money or to have any control over its creation, and gave this function over to the Federal Reserve Corporation. The Fed printed "Federal Reserve Notes", which are still accepted today as money among the citizens of the country.
But we have to understand that these Federal Reserve Notes, used as money in the country, cannot be considered as being constitutional money. Why, you ask? Because the Congress went against the Constitution of the United States when it passed this Federal Reserve Act, for it specifically states that Congress, and only Congress shall have the power to coin and regulate the money of the country.
Some might ask: "What does it matter if Congress or private Bankers create the money? It is accepted by the people just the same as a medium of exchange with which to perform business transactions".
Yes, the Federal Reserve Notes are accepted as a medium of exchange by the people of the United States. But this is a debt-money, being interest is charged on every dollar that is created, but the interest is not created!, Let me give an example to illustrate this point.
To obtain the money
Let us say that the Federal Government needs $1,000,000,000 ($1 billion) more, after it collects the taxes, to continue financing its projects. Since it does not have the money, and Congress has given away its authority to create it, the Government must go to the Federal Reserve, which is now in charge of creating the money for the country. But the Federal Reserve does not just give its money away! The Bankers are willing to deliver $1 billion in money or credit to the Federal Government only in exchange for the Government's agreement to pay it back - with interest! The Congress then authorizes the Treasury Department to print $1 billion in U.S. bonds, which are then delivered to the Federal Reserve Bankers.
The Federal Reserve then pays the cost of printing the $1 billion (about $1,000), and makes the exchange. The Government then used the money to pay its obligations.
Now, what are the results of this transaction! The $1 billion in Government bills is paid, but the Government has now indebted the people to the Bankers for $1 billion, on which the people must pay interest! And, of course, the interest is not created!.
Thousands upon thousands of such transactions have taken place since 1913, so by now the United States Government is indebted to the Bankers for $5,000,000,000,000, ($5 trillion), on which the people pay over $400 billion a year in interest alone, with no hope of every paying off the principal. Because of the interest charged on the money created, the borrower must always pay back more than he borrowed, so the Bankers will always get back more than they lend.
And, to top it all, on this $1 billion that the Federal Reserve received in bonds from this transaction, it is legally allowed to create another $15 billion in new credit to lend to states, municipalities, businesses, and individuals. Added to the original $1 billion, they could have $16 billion of created credit out in loans paying them interest, with their only cost being the $1,000 they spent for printing the original $1 billion lent to the Government. Is it diabolical? You bet it is!
By now you must surely agree that the only real solution to solve our financial problems is to put pressure on the Government to repeal the Federal Reserve Act of 1913 and to demand that Congress again be allowed to create and control the money of the nation, issuing interest and debt-free "United States Notes" as the legal currency. John F. Kennedy had begun to do this very thing just before he was assassinated!
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System was established by President Woodrow Wilson in 1913. The premise used by President Wilson and his financial advisors for the establishment of the Federal Reserve System was to "supplant the dictatorship of the private banking institutions" and "to stabilize the inflexibility of national bank note supplies". The previous system of banking was "feudal" in nature, in which private bankers control communities and could issue their own bank notes. They had little regulations concerning reserve assets and loan policies. Banking was a patch-quilt of institutions scattered across the face of the nation with no central policy.
With the advent of the Federal Reserve a new currency was issued - Federal Reserve notes, which at the time were based on the gold standard. The Federal Reserve was to unite and supevise the entire banking system, control the expansion or contraction of currency, and regulate the flow of money to the commercial banks through the establishment of 12 Federal Reserve Banks. The Federal Reserve is controlled by private banking interest and by Presidential appointment - but it is still a private organization and not a government entity. In 1913, President Wilson's creation of the Federal Reserve System established a three-tier monetary system in the United States - the holders of money (public, government, business and institutions; the commercial banks that borrow from the public and issue loans; and the central bank or Federal Reserve that has a monopoly on the issuing of money. The Federal Reserve is technically owned by the commercial banks.
FEDERAL RESERVE CONTROLS THE MONEY, NOT THE GOVERNMENT
The monetary policy of the United States is the domain of the Federal Resene Bank and not the government. This process is in direct contradiction of the U.S. Constitution that reposes the responsibility of the monetary system with the Congress of the United States. On April 27, 1936, hearings were held by the House Committee on Banking and Currency. The preamble of the bill - HR 9216 of the Seventy-fourth Congress, states, "The committee had under consideration the bill (HR 92163 to restore to Congress its constitutional power to issue money and regulate the value thereof; to provide monetary income to the people of the United States at a fixed and equitable purchasing power of the dollar, ample at all times to enable the people to buy wanted goods and services at full capacity of the industries and commercial facilities of the United States; to abolish the practice of creating bank deposits by private groups upon fractional reserves, and for other purposes."
The Congress declared, "Whereas the permanent welfare of the people and the protection of the economic life of the Nation are dependent on the establishment of a monetary system wholly subject to the control of Congress that will promote the interests of agriculture and labor, of industry, trade, commerce, and finance for the economic well being of all citizens by the maintenance of an adequate supply of money with a unit of fixed average purchasing power, which will avoid excessive expansion or disastrous contraction." That preamble led to the body of the text. "Section 1. That it is hereby declared to be the policy of Congress to provide such issuances of certificates of national credit as shall be requisite so to increase the purchasing power of the consumers of the United States as to make it conform to the capacity of the industries and people of the United States for the production and delivery of wanted goods and services, which capacity be declared to be the measure of national credit." The Congress attempted to issue non-interest bearing Treasury Notes. A Federal Credit Commission linked to the Secretary of the Treasluy was the goal of Congress.
The Commission was to consist of seven commissioners appointed by the President with approval of the U.S. Senate. U.S. citizenship was a prime requirement and they could not have more than four from one political party. It was also made unlawful for anyone to interfere with the commission. The concern of Congress was that banks were issuing loans without the backing of real deposits and that it was controlling money based on the price it attracted on international money markets or by the amount of interest they could charge. The Congress wanted to withdraw from the banks the right to issue credit on fractional reserves, and leave the banks the right to issue credit on account of actual deposits, which means that permanent money will be loaned not bank manufactured money.
"By this bill, Congress resumes its constitutional duty of issuing money and regulating its value, a duty and a right which it has long been abdicated to the private banking system," read the preamble of the bill. The bill would have eliminated the private manufacture of money - a direct contravention of the mandate of the Constitution, which places the right to coin money in the hands of Congress.
PAYING OFF THE NATIONAL DEBT
The bill would have allowed the nation to pay off its national debt and stay out of debt. In one year's time, with this bill, the national debt could have been paid, and without any tax increases, plus it would have allowed for full employment. "Because of the unsound practice of relying on the private manufacturing of monetary credits by private groups, you are preparing to lay heavier taxes on the shrunken income of the people, without hope of balancing the Budget perhaps for years to come," was the testimony of Allen B. Brown, chairman of the New Economic Group. Remember, this testimony is in 1936. "In order to meet the Budget deficits, this administration and the preceding one committed themselves to a program of borrowing, so that now the national debt has doubled with every prospect of further increase. More than half of this great sum of added debt represents merely book figure which the banks have lent the Government. To pay for their service of writing figures on their books and canceling the Government checks in their clearing system, the Government has engaged to tax the American people. They must pay back the billions of book figures with sweat and labor, with goods and services to which they are now denied access of purchasing power for their families, and they must pay enormous debt charges." Brown said that the bill before Congress would "put a stop to this process of privately manufacturing monetary credit for the use of business out of added government debt."
"The banks manufacture, without borrowing it, the monetary credit which they loan to the Government. For every dollar they themselves contribute to the loaning process, they manufacture 10 credit dollars, and call them their own, although they base the credit dollars on human sweat and labor and productive genus that is not their own." The comments by Brown was a direct slap at the Federal Reserve System - that was only 23 years old, at the time. "The crying fault of our prevailing money system is its impermanence. It fluctuates wildly in volume, because it is debt-money, loans, and subject alternately to the fears and the sanguine expectations and speculative propensities of its private owners who have become the debt-masters of all business." He added, "We need to be delivered of the curse of a money system that is not owned, as a cash-credit system, by the American people. We want no longer a system that can at any time be cancelled out of existence with the dumping of pledged securities and, simultaneously, with the depression and deflation of all the physical and intangible assets of the American people."
The bill would have ended immediately the private monetary credit inflation. The Federal Reserve can create money out of nothing, simply printing it, lending it and printing more. You could have guessed that this bill never became law in 1936 - the banking interest was too powerful.
KENNEDY TRIED TO CHANGE IT
In 1963, President John Kennedy wanted an end to the Federal Reserve System, which had a strangle-hold on the United States and virtually the world. By a simple stroke of the pen, President Kennedy dismissed the Federal Resene System and ordered the U.S. governmcnt to restore its Constitutional-mandate of controlling the money. President Kennedy was dead three weeks later. When President Lyndon Johnson took office, he immediately rescinded Kennedy's order and the Federal Resene won another round.
Representative Charles A. Lindberg, Sr., the father of the famous aviator, was a member of thc Banking and Currency Committee. He opposed the Federal Reserve Act and gave a speech on January 20, 1915. "The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money, and in the interest of the stockholders and those allied with them." Representative Louis T. McFadden, chairman of the Housing Banking and Currency Committee, stated on June 10,1932, "Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions. They are privatc credit monopolies that prey upon the people of the United States for the benefit of themselves and their foreign and domestic swindlers; and rich and predatory money lenders."
FOREIGN BANKERS OWN MAJORITY OF FEDERAL RESERVE
More that half the shareholdings in the Federal Reserve Bank arc controlled by large New York City banks, including National City Bank, National Bank of Commerce, First National Bank, Chase National Bank, and Marine National Bank. When Rockefeller's National City Bank merged with J.P. Morgan's First National Bank in 1955, the Rockefeller group owned 22 percent of the shares of the Federal Reserve Bank of New York, which in turn holds the majority of shares in the Federal Reserve System - 53 percent. But who really owns what? Here arc the top controllers of the Federal Rwerve Bank
1. Rothchild banks of London and Berlin.
2. Lazard Brothers Banks of Paris.
3. Israel Moses Seif Banks of Italy.
4. Warburg Bank of Hamburg and Amsterdam.
5. Lehman Brothers Bank of New York.
6. Kuhn, Loeb bank of New York.
7. Chase Manhattan Bank of New York, which controls all of the other 11 Federal Rwerve Banks.
8. Goldman, Sachs Bank of New York.
This ownership combination has been challenged by the Federal Reserve Bank, but a study of Standards and Poors will verify the ownerships. This means that the controlling interest of our national monetary system is foreign. In 1797, John Adams wrote to Thomas Jefferson, "All the perplexities, confusion and distress in America arise, not from defects of the Constitution or Confederation; not from any want of honor or virtue, as much as downright ignorance of the nature of coin, credit and circulation." In simple terms, the United States Government borrows money from the Federal Reserve Bank with interest. Here is how it works: The Government wants $1 billion. The Federal Reserve prints $1 billion - based upon no hard asset - and lends it to the Government at a high interest rate. The bank did not have the original money, it created it and made a bookkeeping entry - like you writing yourself a check without funds and cashing it. The Federal Reserve controls the flow of money, making it tight and creating unemployment or printing more than actually exists and creates inflation. It is, in wessence, a paper corporation, which controls the entire economic well-being of the nation.
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet there is a catch - one that President Kennedy recognized before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself. Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Posted by Ryan Renshaw at 12:03 AM
Saturday, December 15, 2007
On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.
When President John Fitzgerald Kennedy - the author of Profiles in Courage -signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency -money - without going through the privately owned Federal Reserve Bank. President Kennedy's Executive Order 11110 [the full text is displayed further below] gave the Treasury Department the explicit authority: "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This means that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America.
"United States Notes" were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a "Federal Reserve Note" issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a "United States Note" from the U.S. Treasury issued by President Kennedy's Executive Order. They almost look alike, except one says "Federal Reserve Note" on the top while the other says "United States Note". Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.
President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper "currency" circulating in 1999 are Federal Reserve Notes.
Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes. This is a very simple matter of economics. The USN was backed by silver and the FRN was not backed by anything of intrinsic value. Executive Order 11110 should have prevented the national debt from reaching its current level (virtually all of the nearly $9 trillion in federal debt has been created since 1963) if LBJ or any subsequent President were to enforce it. It would have almost immediately given the U.S. Government the ability to repay its debt without going to the private Federal Reserve Banks and being charged interest to create new "money". Executive Order 11110 gave the U.S.A. the ability to, once again, create its own money backed by silver and realm value worth something.
Again, according to our own research, just five months after Kennedy was assassinated, no more of the Series 1958 "Silver Certificates" were issued either, and they were subsequently removed from circulation. Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve's control over the creation of money. It seems very apparent that President Kennedy challenged the "powers that exist behind U.S. and world finance". With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt:
1) war (Viet Nam); and,
2) the creation of money by a privately owned central bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order 11110 would have destroyed the profits and control of the private Federal Reserve Bank.
Executive Order 11110
AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY. By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:
SECTION 1. Executive Order No. 10289 of September 19, 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 amendment 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 and may be enforced as if said amendments had not been made.
JOHN F. KENNEDY THE WHITE HOUSE, June 4, 1963
Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998:
Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as amended by:
EO 10583, dated December 18, 1954, 19 F.R. 8725;
EO 10882 dated July 18, 1960, 25 F.R. 6869;
EO 11110 dated June 4, 1963, 28 F.R. 5605;
EO 11825 dated December 31, 1974, 40 F.R. 1003;
EO 12608 dated September 9, 1987, 52 F.R. 34617
The 1974 and 1987 amendments, added after Kennedy's 1963 amendment, did not change or alter any part of Kennedy's EO 11110. A search of Clinton's 1998 and 1999 EO's and Presidential Directives has also shown no reference to any alterations, suspensions, or changes to EO 11110.
The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private Corporation. Black's Law Dictionary defines the "Federal Reserve System" as: "Network of twelve central banks to which most national banks belong and to which state chartered banks may belong. Membership rules require investment of stock and minimum reserves." Privately-owned banks own the stock of the FED. This was explained in more detail in the case of Lewis v. United States, Federal Reporter, 2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said: "Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stock-holding commercial banks elect two thirds of each Bank's nine member board of directors".
The Federal Reserve Banks are locally controlled by their member banks. Once again, according to Black's Law Dictionary, we find that these privately owned banks actually issue money:
"Federal Reserve Act. Law which created Federal Reserve banks which act as agents in maintaining money reserves, issuing money in the form of bank notes, lending money to banks, and supervising banks. Administered by Federal Reserve Board (q.v.)".
The privately owned Federal Reserve (FED) banks actually issue (create) the "money" we use. In 1964, the House Committee on Banking and Currency, Subcommittee on Domestic Finance, at the second session of the 88th Congress, put out a study entitled Money Facts which contains a good description of what the FED is: "The Federal Reserve is a total money-making machine. It can issue money or checks. And it never has a problem of making its checks good because it can obtain the $5 and $10 bills necessary to cover its check simply by asking the Treasury Department's Bureau of Engraving to print them".
Any one person or any closely knit group who has a lot of money has a lot of power. Now imagine a group of people who have the power to create money. Imagine the power these people would have. This is exactly what the privately owned FED is!
No man did more to expose the power of the FED than Louis T. McFadden, who was the Chairman of the House Banking Committee back in the 1930s. In describing the FED, he remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932:
"Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it".
Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions, departments, or agencies. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers. Those 12 private credit monopolies were deceitfully placed upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions.
The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it's interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Some people, especially in the banking and academic communities, even support it. On the other hand, there are those, such as President John Fitzgerald Kennedy, that have spoken out against it. His efforts were spoken about in Jim Marrs' 1990 book Crossfire:"
Another overlooked aspect of Kennedy's attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.
Kennedy's comptroller of the currency, James J. Saxon, had been at odds with the powerful Federal Reserve Board for some time, encouraging broader investment and lending powers for banks that were not part of the Federal Reserve system. Saxon also had decided that non-Reserve banks could underwrite state and local general obligation bonds, again weakening the dominant Federal Reserve banks".
In a comment made to a Columbia University class on Nov. 12, 1963,
Ten days before his assassination, President John Fitzgerald Kennedy allegedly said:
"The high office of the President has been used to foment a plot to destroy the American's freedom and before I leave office, I must inform the citizen of this plight."
In this matter, John Fitzgerald Kennedy appears to be the subject of his own book... a true Profile of Courage.
This research report was compiled for Lawgiver. Org. by Anthony Wayne
What is the Federal Reserve Bank?
What is the Federal Reserve Bank (FED) and why do we have it?
The FED is a central bank. Central banks are supposed to implement a country's fiscal policies. They monitor commercial banks to ensure that they maintain sufficient assets, like cash, so as to remain solvent and stable. Central banks also do business, such as currency exchanges and gold transactions, with other central banks. In theory, a central bank should be good for a country, and they might be if it wasn't for the fact that they are not owned or controlled by the government of the country they are serving. Private central banks, including our FED, operate not in the interest of the public good but for profit.
There have been three central banks in our nation's history. The first two, while deceptive and fraudulent, pale in comparison to the scope and size of the fraud being perpetrated by our current FED. What they all have in common is an insidious practice known as "fractional banking."
Fractional banking or fractional lending is the ability to create money from nothing, lend it to the government or someone else and charge interest to boot. The practice evolved before banks existed. Goldsmiths rented out space in their vaults to individuals and merchants for storage of their gold or silver. The goldsmiths gave these "depositors" a certificate that showed the amount of gold stored. These certificates were then used to conduct business.
In time the goldsmiths noticed that the gold in their vaults was rarely withdrawn. Small amounts would move in and out but the large majority never moved. Sensing a profit opportunity, the goldsmiths issued double receipts for the gold, in effect creating money (certificates) from nothing and then lending those certificates (creating debt) to depositors and charging them interest as well.
Since the certificates represented more gold than actually existed, the certificates were "fractionally" backed by gold. Eventually some of these vault operations were transformed into banks and the practice of fractional banking continued.
Keep that fractional banking concept in mind as we examine our first central bank, the First Bank of the United States (BUS). It was created, after bitter dissent in the Congress, in 1791 and chartered for 20 years. A scam not unlike the current FED, the BUS used its control of the currency to defraud the public and establish a legal form of usury.
This bank practiced fractional lending at a 10:1 rate, ten dollars of loans for each dollar they had on deposit. This misuse and abuse of their public charter continued for the entire 20 years of their existence. Public outrage over these abuses was such that the charter was not renewed and the bank ceased to exist in 1811.
The war of 1812 left the country in economic chaos, seen by bankers as another opportunity for easy profits. They influenced Congress to charter the second central bank, the Second Bank of the United States (SBUS), in 1816.
The SBUS was more expansive than the BUS. The SBUS sold franchises and literally doubled the number of banks in a short period of time. The country began to boom and move westward, which required money. Using fractional lending at the 10:1 rate, the central bank and their franchisees created the debt/money for the expansion.
Things boomed for a while, then the banks decided to shut off the debt/money, citing the need to control inflation. This action on the part of the SBUS caused bankruptcies and foreclosures. The banks then took control of the assets that were used as security against the loans.
Closely examine how the SBUS engineered this cycle of prosperity and depression. The central bank caused inflation by creating debt/money for loans and credit and making these funds readily available. The economy boomed. Then they used the inflation which they created as an excuse to shut off the loans/credit/money.
The resulting shortage of cash caused the economy to falter or slow dramatically and large numbers of business and personal bankruptcies resulted. The central bank then seized the assets used as security for the loans. The wealth created by the borrowers during the boom was then transferred to the central bank during the bust. And you always wondered how the big guys ended up with all the marbles.
Now, who do you think is responsible for all of the ups and downs in our economy over the last 85 years? Think about the depression of the late '20s and all through the '30s. The FED could have pumped lots of debt/money into the market to stimulate the economy and get the country back on track, but did they? No; in fact, they restricted the money supply quite severely. We all know the results that occurred from that action, don't we?
Why would the FED do this? During that period asset values and stocks were at rock bottom prices. Who do you think was buying everything at 10 cents on the dollar? I believe that it is referred to as consolidating the wealth. How many times have they already done this in the last 85 years?
Do you think they will do it again?
Just as an aside at this point, look at today's economy. Markets are declining. Why? Because the FED has been very liberal with its debt/credit/money. The market was hyper inflated. Who creates inflation? The FED. How does the FED deal with inflation? They restrict the debt/credit/money. What happens when they do that? The market collapses.
Several months back, after certain central banks said they would be selling large quantities of gold, the price of gold fell to a 25-year low of about $260 per ounce. The central banks then bought gold. After buying at the bottom, a group of 15 central banks announced that they would be restricting the amount of gold released into the market for the next five years. The price of gold went up $75.00 per ounce in just a few days. How many hundreds of billions of dollars did the central banks make with those two press releases?
Gold is generally considered to be a hedge against more severe economic conditions. Do you think that the private banking families that own the FED are buying or selling equities at this time? (Remember: buy low, sell high.) How much money do you think these FED owners have made since they restricted the money supply at the top of this last current cycle?
Alan Greenspan has said publicly on several occasions that he thinks the market is overvalued, or words to that effect. Just a hint that he will raise interest rates (restrict the money supply), and equity markets have a negative reaction. Governments and politicians do not rule central banks, central banks rule governments and politicians. President Andrew Jackson won the presidency in 1828 with the promise to end the national debt and eliminate the SBUS. During his second term President Jackson withdrew all government funds from the bank and on January 8, 1835, paid off the national debt. He is the only president in history to have this distinction. The charter of the SBUS expired in 1836.
Without a central bank to manipulate the supply of money, the United States experienced unprecedented growth for 60 or 70 years, and the resulting wealth was too much for bankers to endure. They had to get back into the game. So, in 1910 Senator Nelson Aldrich, then Chairman of the National Monetary Commission, in collusion with representatives of the European central banks, devised a plan to pressure and deceive Congress into enacting legislation that would covertly establish a private central bank.
This bank would assume control over the American economy by controlling the issuance of its money. After a huge public relations campaign, engineered by the foreign central banks, the Federal Reserve Act of 1913 was slipped through Congress during the Christmas recess, with many members of the Congress absent. President Woodrow Wilson, pressured by his political and financial backers, signed it on December 23, 1913.
The act created the Federal Reserve System, a name carefully selected and designed to deceive. "Federal" would lead one to believe that this is a government organization. "Reserve" would lead one to believe that the currency is being backed by gold and silver. "System" was used in lieu of the word "bank" so that one would not conclude that a new central bank had been created.
In reality, the act created a private, for profit, central banking corporation owned by a cartel of private banks. Who owns the FED? The Rothschilds of London and Berlin; Lazard Brothers of Paris; Israel Moses Seif of Italy; Kuhn, Loeb and Warburg of Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller families of New York.
Did you know that the FED is the only for-profit corporation in America that is exempt from both federal and state taxes? The FED takes in about one trillion dollars per year tax free! The banking families listed above get all that money.
Almost everyone thinks that the money they pay in taxes goes to the US Treasury to pay for the expenses of the government. Do you want to know where your tax dollars really go? If you look at the back of any check made payable to the IRS you will see that it has been endorsed as "Pay Any F.R.B. Branch or Gen. Depository for Credit U.S. Treas. This is in Payment of U.S. Oblig." Yes, that's right, every dime you pay in income taxes is given to those private banking families, commonly known as the FED, tax free.
Like many of you, I had some difficulty with the concept of creating money from nothing. You may have heard the term "monetizing the debt," which is kind of the same thing. As an example, if the US Government wants to borrow $1 million ó the government does borrow every dollar it spends ó they go to the FED to borrow the money. The FED calls the Treasury and says print 10,000 Federal Reserve Notes (FRN) in units of one hundred dollars.
The Treasury charges the FED 2.3 cents for each note, for a total of $230 for the 10,000 FRNs. The FED then lends the $1 million to the government at face value plus interest. To add insult to injury, the government has to create a bond for $1 million as security for the loan. And the rich get richer. The above was just an example, because in reality the FED does not even print the money; it's just a computer entry in their accounting system. To put this on a more personal level, let's use another example.
Today's banks are members of the Federal Reserve Banking System. This membership makes it legal for them to create money from nothing and lend it to you. Today's banks, like the goldsmiths of old, realize that only a small fraction of the money deposited in their banks is ever actually withdrawn in the form of cash. Only about 4 percent of all the money that exists is in the form of currency. The rest of it is simply a computer entry.
Let's say you're approved to borrow $10,000 to do some home improvements. You know that the bank didn't actually take $10,000 from its pile of cash and put it into your pile? They simply went to their computer and input an entry of $10,000 into your account. They created, from thin air, a debt which you have to secure with an asset and repay with interest. The bank is allowed to create and lend as much debt as they want as long as they do not exceed the 10:1 ratio imposed by the FED.
It sort of puts a new slant on how you view your friendly bank, doesn't it? How about those loan committees that scrutinize you with a microscope before approving the loan they created from thin air. What a hoot! They make it complex for a reason. They don't want you to understand what they are doing. People fear what they do not understand. You are easier to delude and control when you are ignorant and afraid.
Now to put the frosting on this cake. When was the income tax created? If you guessed 1913, the same year that the FED was created, you get a gold star. Coincidence? What are the odds? If you are going to use the FED to create debt, who is going to repay that debt? The income tax was created to complete the illusion that real money had been lent and therefore real money had to be repaid. And you thought Houdini was good.
So, what can be done? My father taught me that you should always stand up for what is right, even if you have to stand up alone.
If "We the People" don't take some action now, there may come a time when "We the People" are no more. You should write a letter or send an email to each of your elected representatives. Many of our elected representatives do not understand the FED. Once informed they will not be able to plead ignorance and remain silent.
Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can "coin money and regulate the value thereof." The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency.
Ask your representative, in light of that information, how it is possible for the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, to be constitutional. Ask them why this private banking cartel is allowed to reap trillions of dollars in profits without paying taxes. Insist on an answer.
Thomas Jefferson said, "If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered."
Jefferson saw it coming 150 years ago. The question is, "Can you now see what is in store for us if we allow the FED to continue controlling our country?"
"The condition upon which God hath given liberty to man is eternal vigilance; which condition if he breaks, servitude is at once the consequence of his crime, and the punishment of his guilt."
Posted by Ryan Renshaw at 11:59 PM
Today most Americans have accepted the devaluation of the U.S. dollar as commonplace. They believe it is just a consequence of having paper currency. However, this is far from the case. Devaluation only occurs when fiat currency, money which is only backed by a government, is used. The first national currency was created in 1861 under the Lincoln administration. While this was the first step towards the out of control fiat currency we have today the 1861 currency was still backed by a gold standard. It wasn’t until 1971, 110 years later, that our currency became in essence worthless.
Just to give a few examples of the devaluation of the U.S. dollar:
$23.61 (in 2006 dollars) is equal to $1.00 (in 1861 dollars)
$4.55 (in 1970 dollars) is equal to $1.00 (in 1861 dollars)
$5.19 (in 2006 dollars) is equal to $1.00 (in 1970 dollars)
These statistics are quite upsetting. Considering for the 110 years that U.S. currency was backed by the gold standard the purchasing power of the dollar changed by $4.55 - or a decrease of $.045 per year. However, from 1970 (the last full year the U.S. had the gold standard) to 2006 the purchasing power of the dollar changed by $5.19 - or a decrease of $0.144 per year.
Basically we have increased the devaluation of U.S. currency by 3 fold. In the 1st 110 years of our national currency our purchasing power decreased at roughly the same rate it did in the last 30 years. The worst part of this is that the decrease in U.S. currency is being controlled by a private bank, the Federal Reserve. They have a de facto power to destroy U.S. currency if they so wished.
To conclude here are some quotes from our Founding Fathers on national banks:
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson
“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
“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States” - Sen. Barry Goldwater (Rep. AR)
Okay, so the last one wasn’t from a Founding Father, but it is enlightening nonetheless.
Posted by Ryan Renshaw at 11:54 PM
The other day a jury in Louisiana ruled against the IRS. While many view those who refuse to pay taxes on the basis that it is unconstitutional as crackpots, Tom Cryer only asked the Government to show him where they get their authority to tax him and he would gladly pay all of his taxes. To this day the Government nor the IRS have provided him with any documentation to back up their claims.
Here is the article on the case as reported by World Net Daily:
THE POWER TO DESTROY
IRS loses challenge to prove tax liability
Lawyer is acquitted after arguing income levy lacks legal foundation
© 2007 WorldNetDaily.com
The Internal Revenue Service has lost a lawyer’s challenge in front of a jury to prove a constitutional foundation for the nation’s income tax, and the victorious attorney now is setting his sights higher.“I think now people are beginning to realize that this has got to be the largest fraud, backed up by intimidation and extortion and by the sheer force of taking peoples property and hard-earned money without any lawful authorization whatsoever,” lawyer Tom Cryer told WND just days after a jury in Louisiana acquitted him of two criminal tax counts.And before you consign him to the legions of “tin foil hat brigades” who argue against paying taxes, and then want payment to explain how to do that, he addresses the issue up front.
“These snake oil peddlers have conned millions of dollars out of many well-intended patriots and left a trail of broken lives in their wake. … These charlatans should be avoided, not only because they will lead you to bankruptcy and prison, but because by association they discredit those who are telling the truth,” he said.
The truth, he said, is where he comes in, with the launch of a new Truth Attack website that is intended to build on his victory, and create a coalition of resources to defeat – ultimately – the income tax in the United States.
Although the legal citations in the case tend to run the length of paragraphs, Cryer told WND the underlying issue is not that complicated. Essentially, he argued that income is not necessarily any money that comes to a person, but rather categories such as profit and interest.
He said the free exchange of labor for compensation has been upheld as a right by the Supreme Court, but that doesn’t necessarily make the compensation income.
If ever such an argument were to be presented widely, Cryer said, the income to the federal government would plummet. But not to worry, he said, the expenses could be reduced equally by eliminating programs, departments and agencies that also have no foundation in the Constitution.
“The Founding Fathers intentionally restricted the taxing powers of the new federal government as a measure of restraint on its size. By exceeding that limited taxing authority the federal government has been able to obtain resources beyond its intended reach, and that money has enabled the federal government to exceed its authority,” he said.
For example, he said, the Constitution does not empower the federal government to regulate education, or employment, and agriculture, yet it does so.
The jury in U.S. District Court in Louisiana voted 12-0 to find Cryer, of Shreveport, not guilty of failure to file income taxes for two years. He had been indicted in 2006 on charges of failing to pay $73,000 to the IRS in 2000 and 2001. The next step in his personal case will be up to the IRS and prosecutors, if they choose to continue the issue, he said.
But for the rest of the nation, he’s working with Save-a-Patriot, the Free Enterprise Society, Live Free Now and his own Lie Free Zone to spread the message of the truth.
“There are three points that are important,” he told WND. “There’s no law making the average working man liable [for income taxes], there’s no law or regulation that allows the IRS to contend that earnings are 100 percent profit received in exchange for nothing, and the right to earn a living through any lawful occupation is a constitutionally protected fundamental right, and it is exempt from taxation.”
Spokesman Robert Marvin in Washington’s IRS office told WND the Internal Revenue Code provides for taxation on salaries or wages, but when pressed for a specific citation, or constitutional provision, he said, “I can’t comment.”
Cryer’s encounter with tax law began more than a decade ago when a friend told him the income tax was sham. Cryer started researching, hoping to keep his friend out of trouble. But his conclusions, after years of research, were exactly what his friend told him.
He researched not only tax laws, but also the documents pertaining to the drafting of the U.S. Constitution as well as the first income tax.
He said throughout his battle, he’s offered at every turn to pay taxes if the IRS could show him the authorization, and that never has happened.
“The Criminal Investigation Division and Department of Justice both responded only with ‘your position is frivolous.’ I had never stated a position, so how could they know whether it was frivolous?” he said. “Imagine my sending you a bill for $1,000 and when you call me and ask what the bill was for I simply said, ‘that position is frivolous, just write the check and send it in.’”
His acquittal, he said, was a precedent because it means “people can see and recognize the truth.”
He said multiple Supreme Court opinions have affirmed an individual’s ownership of his or her own labor, and “exercising your fundamental rights” is not taxable. “It is definitely a trade. What most people receive in the form of wages, salaries or in my case fees that they personally earned for their labor is not received in exchange for nothing.”
He said there might be a profit that should be taxable, but there might not.
“The IRS lets Wal-Mart sell a trillion dollars worth of goods, but they can back out their cost of goods [before being taxed,]” he said. “The IRS considers, in the case of a Wal-Mart wage earner, 100 percent of what he takes in is profit.”
“But he’s using his life, energy and work lifespan, and depleting it as he goes,” Cryer told WND. “[Working] is a God-given fundamental right that is protected under the Constitution and can’t be taxed any more than exercising freedom of speech.”
While he waits to see what, if anything, the IRS and Justice Department will do next in his case, he’s working to coordinate the groups that are battling taxation as unconstitutional.
“I have started a campaign to unify [the work] and we’ve got a number of organizations that are sponsoring and supporting this campaign,” he said. The goal is to get everyone “who is aware of the truth” organized so they can spread the word.
He warned without a restoration of constitutional basics, the nation is lost.
“Read your Constitution and you will see that the federal role does not include ANY authority to regulate or tax any citizen directly and that WE expressly reserved the right to rule and govern ourselves as States, not as mere political subdivisions,” his website says.
“The Constitution does not allow the government to run your lives, but the money it is stealing from millions of Americans is the fuel for its over-reaching and kibitzing. Take the money back and we and our states and communities can again be free,” he said.
The fight is over “our FREEDOM from rule by a DISTANT RULER, just as we fought to free ourselves of a distant England over 200 years ago,” he said.
Posted by Ryan Renshaw at 11:50 PM
People love liberty and when its threatened they will act anywhere. Don't believe the rosey pctures some hollywood types would have you believe about how great Chavez will be in the future.
Posted by Ryan Renshaw at 10:59 PM
Here are some ominous US debt and US bank numbers and time periods:
The US Treasury debt went above $9 trillion on November 7, 2007, 5 weeks after Congress raised the US Treasury debt ceiling. The new ceiling is $9.815 trillion.
This is the 5th increase since the current US president took office in January, 2001.
Back then, US debt was $5.6 trillion.
Do you wish you could take on debt at that rate *and* have the means to create out of thin air that which is required to pay the interest and principle? That is what is going on for the US as a whole, but it will not last. Sooner or later, sellers want real value for their goods and services. Look for goods on US suppliers and store shelves to start dissapearing. The US does not manufacture anywhere near what it used to.
Another reason for shelf inventories to decline is less internal US demand for goods and services due to US consumers being less able to take on more debt, just to maintain current living standards since the US is not creating enough value to pay for their current standard of living, level of spending. The US has to borrow, from the rest of the world, over $2 billion a day to maintain it.
Consumers are hitting their debt ceiling:
Total US debt (consumer) increases:
August + $15.41 Billion
September + $3.75 Billion
The latest on US banks:
Total US mortgage loans for 2006 was $10.9 trillion (American Mortgage Bankers Association of Washington).
Composition of that debt:
About $6 trillion of it is now CDOs
About $1.5 is subprime
About $1 is Alt-A
About $1.5 is adjustable rate
US bank debt got too big and too risky.
Just for starters, banks are going to take a $1 trillion hit to equity/assets?
How is business doing in the US?
Commercial mortgage debt for October was $8.6 billion.
The monthly average over the last 9 months was about $66 billion (Thomson Financial).
US business gets what is going on in the US. For all practical purposes, they have stopped taking on more debt (read no more new capital needed). The economic contraction is happening fast.
Put your Money in stuff that does not depreciate over time not dollars ... real estate, gold, silver,
Posted by Ryan Renshaw at 10:15 PM
Gold prices around the world are having a slightly bumpy but steady road to higher values.
A recent slight drop, due in part to a fed rate cut in the US is only a pause in the general trend up. The rate cut by 25 basis points to 4.25%, will temporarily bolster the flagging dollar for a period but will not affect the value of gold in the long term.
Charles Nedoss, a gold analyst at the Peak Trading Group in Chicago, commented that the short-covering in the dollar right after the Fed decision led traders to lock in gains in the precious metal.
"With the recent strength in gold, you're seeing a little bit of profit-taking," Nedoss said. "Going forward, however, gold is supported by strong fundamentals," he continued. "Technically, we're holding onto levels that we need to."
"Traders were looking for a larger cut of the fed funds rate or at least a 50 basis points discount rate cut," said Kathy Lien, chief strategist at DailyFX.com. "Stocks are down sharply, carry trades have plummeted and the U.S. dollar has strengthened across the board."
However with the weaker dollar and higher debt this cannot be sustained and despite overseas shoring up of the dollar we can expect a further decline in the coming months.
Meanwhile, a report recently issued by Bloomberg earlier this week indicated that demand for gold jewellery in China could increase 20 per cent by the end of the year, which would make China the world's second-largest gold consumer.
In addition figures released by Commodity Online found that consumption of both gems and gold in India increased by 11 per cent on the five-year period ending in 2007.
Around 80 per cent of India's jewellery market is based on gold, with the country representing around 20 per cent of the world's gold consumption.
So as far as the gold price is concerned, it is likely that we can expect a fall after the holiday season and a fairly quiet January period, but then the rise is likely to resume again with some experts predicting a new plateau of 900-1000 US dollars per ounce in the new year.
Posted by Ryan Renshaw at 10:12 PM
Buy gold is the cry from Chinese Billionaires! Many of Chinese wealthiest investors are selling off their shares and are about to invest almost 68 billion dollars into gold according to a top fund manager.
Wang Weilie, a fund manager who manages over $135 million dollars (1 billion yuan) on the Shanghai Gold Exchange on behalf of himself and his clients, has indicated that the so-called "Zhejiang clique" are about to pounce when Beijing opens up the spot market bullion trading and a futures contract launches early next year.
After accumulating 3 trillion yuan ($400 billion) from investments in red-hot real estate and stock markets, all of which have risen five-fold in the past two years, the wealthy group from eastern China is now looking for the next sure bet.
Wang says that's gold, and is expecting Chinese capital investment into gold over the coming two years to reach a record 500 billion yuan or$67.5 billion dollars US. This would launch China ahead of India as the worlds top buyer.
"We all agreed that upside room on stocks was limited, as was upside on property prices. But the gold price has only increased minimally, even after 20 years of China's reform and market opening," Wang told Reuters during a lunch with three business partners in Lujiazui, Shanghai's financial hub.
Coupled with inflation and global economic uncertainty, the redirection of Chinese capital towards domestic gold contracts will help spot prices more than double, says Wang, who says he once cornered two-thirds of the Chinese gold forward contract. "Spot gold prices will hit $2,000 in coming years," he stated.
Wang is also expecting a massive 15 percent of Chinas current market capitalization of 35 trillion yuan to move from stock investments to gold, meaning a good 5.25 trillion dollars is being earmarked for gold investment.
So when it comes down to when to buy gold, the astute wealthy Chinese investors say now and they are going to be right up there in the front of the queue!
Posted by Ryan Renshaw at 10:04 PM
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Friday, December 14, 2007
I believe the choice is obvious.... you decide!
Watch the video...below
Posted by Ryan Renshaw at 4:26 PM
If you care about your freedom (regardless of where you live), then check out this eye-opening interview with Aaron Russo director of such movies as Trading Places and the father of actress Renee Russo. I am about to pay this man the ultimate compliment: he has a big brain and big balls!
Listen to what this man has to say--carefully:
--Learn why the Federal Reserve is the biggest threat to America's--and the rest of the world's--security and freedom.
--Why the IRS--which thinks it is above the law--actually has no legal right to tax you!
--Congress has the power to shut down the Federal reserve, but won't do so until Americans start putting serious pressure on their senators to do so.
The interview has had hundreds of millions of cumulative views on the net and sports a 4-5 star rating (maximum 5)at every site I have seen...glad to see there are lots of others getting this guy's message. Now its your turn to get the message and understanding if you have not seen it yet.
THIS FIRST VIDEO IS AN INTERVIEW WITH Aaron Russo
THE SECOND VIDEO IS THE ACTUAL MOVIE ... IT IS LONG BUT ALL AMERICANS SHOULD MAKE THE TIME TO WATCH THIS ONE MOVIE IF THEY NEVER WATCH ANOTHER.
Posted by Ryan Renshaw at 4:04 PM
WASHINGTON -- Former Federal Reserve Chairman Alan Greenspan says the odds the U.S. will fall into a recession are "clearly rising" and he believes economic growth is "getting close to stall speed."
Greenspan, who ran the central bank for 18 1/2 years, until early 2006, offered his views on the economy in an interview on NPR News' Morning Edition that will air on Friday. Excerpts of the interview were released on Thursday.
A severe slump in the housing market, a stubborn credit crisis and turbulence on Wall Street are endangering the country's economic health. Growth in the current October through December period is expected to have slowed to a feeble pace of just 1.5 percent, or less.
Economists, including Greenspan, have warned that the chances of a recession are growing.
Asked whether the economy will tip into a recession _ something that has not happened since 2001 _ Greenspan said, "It's too soon to say, but the odds are clearly rising."
He said he felt this way because of the slowing pace of growth. "We are getting close to stall speed," he said. "We are far more vulnerable at levels where growth is so slow than we would be otherwise," he added. "Indeed, it's like someone who has an immune system that's not working very well is subject to all sorts of diseases and the economy at this lever of growth is subject to all sorts of shocks."
Greenspan's remarks come just days after the Federal Reserve, under Chairman Ben Bernanke, sliced a key interest rate for a third time this year to prevent the housing and credit troubles from sinking the economy.
The situation poses the biggest challenge yet to Bernanke since succeeding Greenspan in February 2006.
Some analysts have questioned whether Bernanke waited too long to cut the Fed's key rate and whether he has acted aggressively enough to soothe the economy's woes. The Fed initially dropped its key rate in September, the first reduction in four years. That was followed up by additional rate cuts in late October and then again on Tuesday.
Greenspan again rejected criticism that his policy actions helped to feed a housing boom that eventually went bust. Critics say Greenspan held interest rates too low for too long after the 2001 recession.
To have prevented such euphoria in housing that fed a bubble in prices, Greenspan said the Fed would have had to jack up interest rates so high that it would have damaged the economy. "That would have broken the back of the economy, and brought the housing boom down," Greenspan said.
Posted by Ryan Renshaw at 3:15 PM
101 Reasons to Vote for Ron Paul
01. He Really Supports the Constitution. (What a novel idea!)
02. He Believes In Religious Freedom.
03. He Has Never Voted For A Tax Increase.
04. He Is Against Public Funding Of Abortion.
05. He Is Against Funding Abortion Abroad.
06. He Is Against The National I.D. or Real I.D. Act.
07. He Believes In The "Just War Theory".
08. He Supports The Rights Of Private Property Owners.
09. He Wants Us Out Of The U.N.
10. He Wants Us To Trade With Nations And Not War With Them.
11. He Is For 2nd Amendment Rights.
12. He Wants To Bring Our Troops Home from Iraq.
13. He Wants To Bring Our Troops Home from the rest of the world also.
14. He Has No Plans To Start A War With Iran Or Anyone Else.
15. He Wants To Shrink The Federal Government, Not Expand It.
16. He Does Not Belong To The Criminal CFR! (Council On Foreign Relations).
17. He Has Not Received Campaign Contributions From Rupert Murdoch (Like Hillary).
18. He Does Not Believe in Amnesty for Illegals.
19. He Wants To End The I.R.S..
20. He Wants To Cut Spending! Really, Cut Spending.
21. He Is Against Eminent Domain.
22. He Is Against The North American Union Superhighway.
23. He Is Against The North American Union Or SPP (It Exists- Google It).
24. He Is For The Principle Of Sound Money.
25. He Is Against The Idea of The Amero (Google It).
26. He Is Against The Federal Reserve's Monopoly On Monetary Regulation.
27. He Is Philosophically Opposed To Big Government.
28. He Voted Against The Misnamed Patriot Act That Stripped Us Of Our Rights.
29. He Is For The Bill Of Rights.
30. He Knows The Meaning Of Liberty.
31. He Was 1 Of 4 People That Supported Reagan Early On.
32. He Has Been Married For 50 Years, Which Is An Achievement These Days.
33. He Believes in States Rights.
34. His Supporters Love Him.
35. He Is A Once In A Lifetime Candidate.
36. His Record Is Consistent.
37. He Is Against Funding The So-Called War On Drugs (Another Unsuccessful War).
38. He Is Actually Against Funding Many Unsuccessful Federal Programs.
39. He Does Not Want To Ruin Healthcare By Nationalizing It, (Like Hillary, Obama, et al.)
40. He Is A Student Of History.
41. He Votes In Accordance With The Constitution.
42. He Will Not Forcibly Implant Us With Microchips Or Like Devices.
43. He Is The Only Conservative, In The Traditional Sense, Left.
44. Republicans Love Him Because He Is For Small Government.
45. Democrats Love Him Because He Will End The War For Oil.4
6. Libertarians Love Him Because He Wants The Government Out Of Their Business.
47. He Is The Only Electable Republican Candidate.
48. He is Against The Creation Of A Surveillance Society. (See London).
49. He Supports Homeschool Rights.
50. He Wants To End The Corporate Welfare System That Is Destroying Our Government's Credibility.
51. He Tells It Like It Is. He Is Truthful.
52. He Reads.
53. As A Doctor, He Is Informed On The Healthcare Issue.
54. He Wants to Get Out of NAFTA, CAFTA and GATT, all Terrible Trade Agreements.
55. He Has The Courage To Speak Out Against What Is Wrong.
56. He Will Be Good For The Economy (Freedom Is Good For The Economy).
57. He Wants Us Out Of The WTO And Like Organizations.
58. The I.R.S. Is Scared Of This Guy.
59. He Is Smart Enough To Prefer Gold Over Paper.
60. He Knows The Term FIAT-CURRENCY and knows what it means.
61. He Wants To Secure Our Borders.
62. He Favors Guarding Our Country Over Policing The World.
63. He Opposed The War In Iraq From The Beginning.
64. He Authorized The Hunt For Osama Bin Laden.
65. He Believes Local Governments Are Better Suited To Handle Their Own Issues.
66. He Is Willing To Listen And Reason With Others.
67. He Is A Christian Who Believes Christ Was Right When He Said, "Blessed Are The Peacemakers".
68. He has never voted for an unbalanced budget.
69. He has never voted for a federal restriction on gun ownership.
70. He has never voted to raise congressional pay.
71. He has never taken a government-paid junket.
72. He has never voted to increase the power of the executive branch.
73. He voted against regulating the Internet.
74. He does not participate in the lucrative congressional pension program.
75. He returns a portion of his annual congressional office budget to the U.S. treasury every year.
76. He Is Against Selective Service Registration.
77. He Is Against A Mandatory Draft.
78. Illegals born in USA should be illegals, not US citizens.
79. He Has The Support Of The Youth.
80. His Campaign Has People Across The Country Motivated.
81. His Supporters Are Enthusiastic.
82. He Is Educated.
83. He Wants To Apply The Golden Rule In Government (How Radical).
84. He Believes in Freedom Of Speech.
85. He Believes In Individual Rights.
86. He Believes Those Rights Come From Our Creator.
87. He Does Not "Move With The Herd".
88. He Has Delivered Over 4,000 Babies And Values Life.
89. He Doesn't Have To "Act The Part" Because He Is What He Is.
90. He Has Not Waffled On The Abortion Issue As Every Other Republican Candidate.
91. He Has Faced Tremendous Opposition With Dignity.
92. He Is Optimistic.
93. He Values The Traditions That Have Kept Us Free.
94. He Understands That Monopolies Are Bad Things.
95. He Understands The Difference Between Individual And Government Responsibility.
96. He Understands Inflation Is Not Just The Prices Going Up, But Rather The Value Of Money Going Down.
97. You Will Feel Good About Your Vote For A Change.
98. You Will Know You Have Done The Right Thing.
99. For The First Time In A Long Time, You Will Not Be Voting "For The Least Worst or Lesser of 2 Evils".
100. You Will Help Undo The Damage Done To Our Country Over The Last Several Decades.
101. He Is Our Last Hope For A Free Nation.Think of the many Federal Crimes on the books today, then read the Constitution which only allows for three Federal Crimes, they are related to, Treason, Piracy and Counterfeiting money. All of the other criminal laws are left up to the States!
Remember, you must be a registered Republican to vote for Ron Paul in the Primary election!Register Now!
Posted by Ryan Renshaw at 1:14 PM
by Ron Paul
Statement Before the Joint Economic Committee, November 8, 2007
Mr. Chairman, our economy finds itself in a precarious state. Oil prices are rising, gold is nearing all-time highs, and the dollar is nearing all-time lows. The root of this crisis, as with past financial and economic crises, results from federal government intervention into the economy, not to anything endemic to the market, nor to the actions of market participants.
The collapse of the housing market has served as a catalyst for the economy's latest bust. For years the federal government has made it one of its prime aims to encourage homeownership among people who otherwise would not be able to afford homes. Various federal mortgage programs through the FHA, Fannie Mae, and Freddie Mac have distorted the normal workings of the housing market.
The implicit government backing of Fannie Mae and Freddie Mac provides investors an incentive to provide funds to Fannie and Freddie that otherwise would have been put to use in other sectors of the economy. It was this flood of investor capital that helped to fuel the housing bubble.
Legislation such as the Zero Downpayment Act and the misnamed American Dream Downpayment Act made it possible for people who could not afford down payments on houses to receive assistance from the federal government, or even to pay no down payment at all, courtesy of the taxpayers. The requirement of a down payment has always helped to ascertain the ability of a buyer to pay off a mortgage. It requires the buyer to show hard work and thrift, the ability to delay present consumption in order to make a larger acquisition in the future.
When this requirement is minimized or eliminated, you introduce a new class of homebuyers, people who are unable to budget and save for the purchase of a home, or who should wait for a few years until they have saved enough to purchase a home. Federal policies have encouraged investors, lenders, and brokers to cater to these people, so it is no surprise that market actors came up with ever more sophisticated means of bringing these people into the real estate market.
Finally, the Federal Reserve's loose monetary policy and lowering of interest rates were a major spur to the housing boom. Low interest rates influence marginal buyers, those who are sitting on the fence, and encourage them to take on a mortgage that they otherwise would not. Even when interest rates are raised, no one expects them to stay high for long, as there is always pressure from politicians and investors to keep rates low, as no one wants the cheap credit to end.
Thinking that interest rates will cycle from low to higher, back to low, lenders begin to offer adjustable rate mortgages, 2/28's, 3/27's, and other sophisticated mortgages that may trap many unsavvy buyers. Buyers go short, lenders go long, and many people have been burned as a result.
It is time that the federal government get out of the housing business. Through our interventionist legislation we have caused the boom and bust, and any attempts at reform that fail to address the causes of our current problem will only sow the seeds for the next bubble.
Posted by Ryan Renshaw at 12:25 PM