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The Fox in the Henhouse Bailout Program

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They’ve got us into the old high school spirit rooting for the Red team or the Blue team as though the gridlock in the House were the gridiron on homecoming.

“House Rejects Bailout Package, 228-205; Stocks Plunge” the NY Times bellowed.

A lot of us cheered.

“House ignores Bush, rejects $700B bailout bill,” AP thundered.

Again, many of us cheered.

All this in the midst of a hot electoral season with debates at colleges, mooseburgers, NOBAMA T-shirts, Caribou Barbie, and an addled old GI Joe. The economy is tottering and everybody seems to be cheering for their team.

We’re cheering because we’ve stopped the Wall Street Bailout and we’re gearing up for the fight all over again in the Senate.

They’ve got us where they would like to keep us: focusing on the political game instead of watching the pea and shell game of money and finance.

Although we were ecstatic that we stopped the political giveaway, the fox was in the chicken coop again and again. You just gotta know where to look. They’ve been stealing in plain sight for a lot of years already—95 years to be exact. How do you spell fox? FEDERAL RESERVE. Last week, the week before the bailout was rejected, Reuters reported that,

“U.S. banks and money managers borrowed a record amount from the Federal Reserve in the latest week, nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.”

Even before the House voted to reject the $700 billion bailout, the Federal Reserve Bank announced that they were planning to pump $630 billion into the global financial system. Whose money is that? Yours, mine, ours. The Federal Reserve is creating money out of thin air that we are expected to repay with interest. Just like the $700 billion figure pulled out of thin air by the White House, the Federal Reserve creates “money” (or what we have allowed to pass for money) out of thin air…just an electronic bit of data. Nothing to back it such as gold or silver, just “trust us.”

The US Dollar is printed under the control of the Federal Reserve which is not Federal and has no reserves. It is backed by nothing but the full faith and credit of the United States Corporation, the government of the USA. It's never been audited and now they won't even reveal how much money is in circulation. They can run the printing presses day and night and we would not know why prices are going up all the time. It's not inflation proof. Printing more of it makes inflation worse. All such currencies have failed in the past because the governments did not have the discipline to restrain spending. If they need more "money" they just print more. Money systems that are not backed by the discipline of precious metals ultimately fail. Control of the money makes it possible for those behind the Federal Reserve to gather to themselves more and more power. Real money is inflation-proof money by choice. Source

Just think about it for a moment: back in 1964 when the last silver dollar was minted for distribution as a currency, four gallons of gas could be purchased with a US Silver Dollar, one ounce of pure silver. Now, 44 years later, one ounce of silver would buy…how much gasoline? Roughly four gallons. Did gasoline go up in price? Not compared to silver. It takes more dollars to buy the silver today and it takes more dollars to buy the gasoline. Why is that? The value of the dollar has dropped that much. And that’s because the Federal Reserve is printing more dollars. You could call it the “inflation tax.”

James Corbett writes,

Inflation is nothing more than an indication that the ratio of money to products that can be purchased with that money has been increased. Since the overall number of dollars has gone up without any corresponding increase in economic production (as happens when the Federal Reserve creates money out of thin air), the value of each individual dollar goes down. That means that the value of the money in each individual’s bank account (not to mention their pension and social security dividends) can be reduced simply by the flick of a pen of a Federal Reserve paper-pusher… This is sometimes known as an inflation tax because its overall effect is the same as if the government came in and took that value out of the individuals' bank account.

Why, then, is the public not furious about this stealth bailout, now taking place at the blistering pace of nearly $1 trillion a week, and all to the taxpayer's detriment? The obvious answer is that the media is not whipping the public into a frenzy about it, instead focusing its attention on a $700 billion program and allowing the public to feel like they scored a blow against Wall Street when the program gets rejected. If so, it's time the public got wise to how the system is really being run by and for the benefit of private bankers and at the expense of the average taxpayer. Otherwise, the fleecing of the public will continue unabated even as the public thinks they've won the battle.

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My life came to a watershed in 1988 when I was forced to either teach what was in the selected history text or end my teaching career. I couldn't lie to my students so I ended my teaching career. Today, through my websites, I teach thousands each (more...)
 

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If you want to know more about the bailout bill, w... by Mark Adams on Thursday, Oct 2, 2008 at 12:37:42 PM