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So I watched a hearing today with Federal Reserve Chairman Ben Bernanke, a figure was brought to light that I was not aware of. As of 2006, the total amount of U.S. Dollars in existence was $10.3 Trillion. As of today, only 2 years later, the Federal Reserve has created over $4 Trillion in new credit, creating a total circulation of $14.6 Trillion.
Hold the phone, a 40% increase in the total US money supply in only 2 years?! Just what in the hell is going on here?! Congress doesn't know what to do. The dollar is falling so fast merchants can't even keep pace with their pricing mark ups. Every day gold gets stronger against the dollar, today closing at almost $950 an ounce (it was closer to $300 at the beginning of the Bush presidency) Want to know why gasoline has gone from $1.15 a gallon to an average of $3? To hell with all the examples, want to know why your savings and wages are becoming more and more worthless by the day?? Look again at that figure up top. The Federal Reserve decided to create $4 Trillion new dollars in the last 2 years. That means we're more wealthy right? We had 10 trillion, now we have 14! Wrong. The pie doesn't get bigger just because you cut it into more pieces. Here's the catch- when they create more pieces (ie dollars) all that does is make the existing pieces (your money, your savings, your wages) smaller. Wow, mind blowing economics, right?? So if your portion of that pie just shrunk by 10% (ie prices going up by 10% because your dollar lost 10% of its purchasing power) where did that 10% go?? It is now part of those 4 trillion new pieces the Federal Reserve just created, and they are going to loan it out WITH INTEREST to the banks and to our government in exchange for treasury notes. The national debt right now is over 9 trillion dollars. We only owe a little over a third of that to foreigners... So who do we owe that other 5.5 trillion to? The Federal Reserve Bank. The private bank who in 1913 was given the authority by Congress to create your money. Did you know that over a third of your income tax doesn't even fund any form of government, but rather goes in one door and out the other as interest payments to the Fed? And for what? To fund needless wars and bridge the gaps on deficit spending. Every year there is a deficit, they have to either borrow or create that missing money. This year they are expecting to collect 600 billion less than what they intend to spend, and that money has to come from somewhere.
Everyone is concerned with the economy. Why is it tanking? Well, it's simple- we don't offer anything to the world! Very few products are being produced here for one simple reason- we've been able to talk countries all over the world into doing all kinds of work and selling it to us in exchange for ink and paper. Totally unbacked dollar bills, which cost virtually nothing to create and have no real value other than the near worthless material it is made of. Now the world is finally starting to say they want real wealth in return. They want goods, products, precious metals-real wealth! And guess what- we don't have it!. Nixon spent all of our gold on the vietnam war! After that bankrupted us, he moved to completely disassociate the dollar with gold backing, because low and behold, we had no gold left! We've been given a free ride for the last 30+ years by other nations simply accepting the dollar as the reserve currecny, treating it as gold. That ride is over now, and the printing press isn't going to dig us out. Just sit back and watch as the Fed announces rate cut after rate cute on "new lines of credit". Ah yes, the Fed is there to bail us out again with money they don't have. They're just going to create that new money as credit, and loan it to the banks, but they didn't make the pie bigger! They're just taking the existing pie that we own a portion of, slimming down our slices and transferring that skim to the banks! And now the banks have money so they can start loaning it back to us- with interest don't forget! And thanks to inflation driving the cost of everything so high, and paying higher taxes to fund the government's own debt, you can't afford to buy damn near anything without borrowing. It is a brilliant system they've concocted.
So, Mr. Obama, Mrs. Clinton, what do you have to say about this system that is single handedly destroying our currency and forcing Americans into a lifestyle of endless debt? It has caused gasoline prices to triple in the last 10 years, all living expenses to rise, increased our tax burden tremendously, and has consistently, since its inception in 1913, transferred what little wealth we in the middle and lower class have to the banks, just so they can loan it back to us with interest; and to the government so they can continue to spend our money without we the people approving of the necessary tax hike to pay for it. Will you even acknowledge this problem on the campaign trail?? A wave, a wink, anything?! No? Well Mr. Obama, when you're not busy calling for "change", or Mrs. Clinton, when you're not busy trying to sell the people on your "experience" (Nafta and other awesome treaties that happened on your watch) maybe you could take the time to address the real reason this country is having record foreclosure and bankruptcy rates. Maybe you could also explain why nutty ol' Ron Paul with his crazy gold standard talk has been the only candidate to mention this issue? (I'm sure it has nothing to do with being Ranking Member of the Congressional Domestic and International Monetary Policy subcommittee)
Or you could just continue talking about your healthcare plans (which I can find no authority for you to create or fund with tax dollars anywhere in the constitution) or argue over who voted the least for the Iraq War, since you've both voted yes for its funding. More than once.
Oh boy, I can't wait to see all the "change" Democrats bring to Washington in 2009! Hopefully it will measure up to what we saw last year when they stormed the castle and took back congress, swords drawn and guns blazin'!! (and not one Bush policy reversed to date) Yeehaw!
