johnwk
01-01-2009, 09:23 AM
See:Banks not saying where bailout money is going (http://www.denverpost.com/commented/ci_11288128?source=commented-news)
By Matt Apuzzo
The Associated Press
WASHINGTON — It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
You bet they refuse to discuss where the $700 BILLION is going, especially when the lion’s chunk of the taxpayer money involved is, in all probability, being funneled to “investors” in foreign nations such as Red China, Russia, Saudi Arabia and other nations who have “invested” in United States interest bearing securities [Treasury Notes, bills and bonds] which Congress sells to fund socialistic programs which they create to bribe voters for their vote and keep themselves in power.
And now that these “investors” are demanding payment on their “investment” at the very time America’s federal reserve banking bubble and its corrupted fractional reserve paper money scheme is already bursting at the seam, our dishonest politicians scurry around like rats to find a clever way to secretly pay out more paper money profits to unidentified investors who have purchased United States Securities and plan use their paper profits to buy the real estate from under the American Taxpayer’s feet, leaving American working class people tenants in their own homeland and paying rent to foreigners because the President of the United States, the Congress of the United States, and their pals who make up a federal reserve banking cartel are allowed to use an unconstitutional, criminal, and corrupted money system which was always known from the very beginning would allow and culminate in the plundering of the American people. For a previous example of a paper money scheme see John Law and the Mississippi Bubble: 1718-1720 (http://mshistory.k12.ms.us/index.php?id=70)
Truth is, there is nothing new here. Bankers and dishonest politicians do what bankers and dishonest politicians do, and they have throughout history created countless corruptible money systems, many of which, like our existing one, is based upon “confidence” and is ultimately designed by its creators to trade a worthless medium of exchange to acquire real material wealth which is created by the sweat of labor and industry. And just as in countless historic times, this worthless medium of exchange is now forced upon labor and industry by “legal tender law” which somehow always creates a corporate chartered monopoly for a designated bank or a privileged group of bankers who then use such power to control, manipulate and issue a nation’s medium of exchange which ultimately robs the people.
In speaking of such dishonesty and government created corporate monopolies during America’s financial crisis in the late 1830’s, an oration on banking, education, etc., was given at the Queen-street Theatre, in the city of Charleston, S.C., July, 4th 1837 by Theophilus Fisk titled
Labor the only true source of wealth; or, The rottenness of the paper money banking system exposed, its sandy foundations shaken, its crumbling pillars overthrown. (http://www.archive.org/stream/laboronlytruesou00fiskrich/laboronlytruesou00fiskrich_djvu.txt)
It is well worth reading through the entire piece, but for the moment, I will provide the following highlights which reflects many of our current circumstances:
We possess privileges, which we either have not the wisdom to appreciate, or the courage to enjoy. Political power has been wrested from the many, and monopolized by the few. The people have been flattered and cajoled, and then robbed. The few have managed to keep them divided into parties and classes, while their interest was all one and the same, and by dividing them have conquered, and now are sharing the spoils. . . The leaders of both parties and all parties, are equally fond of obtaining exclusive favors by an act of incorporation, and for supporting each other in legalized fraud . . What has thinned the ranks of honest industry, overstocking the learned professions, decreasing producers and increasing idlers, until consumption so greatly exceeds production that we have been compelled to import our bread stuffs from Europe? The answer is ready. The cause of all this, and almost countless other evils which might be named, is the improper facilities afforded to speculating gamesters by the paper money Banks, to live without labor and to grow rich without industry. Who among us would perform any more labor if we could pay all our debts in promises and what else is a Bank note? If our promises would enable us to live in luxury and idleness, would not labor be banished from the earth? . . . ' I am very suspicious of the moral honesty that guides the transactions of the MONEY MARKKT; of men who grow wealthy not by producing wealth, but by shuffling the cards. . . . . . The American people have tested, by a reduplicated experiment, continued through a long series of years, the good and evil of a federal bank, and they have seen that the evil far outweighs the good. They have seen it fail in the cardinal objects for which it was created. They have seen that it could not prevent the alternate expansions and contractions of the currency, and ruinous fluctuations in commercial affairs. They have seen, also, that it could not resist the temptation to turn its pecuniary means into political channels, and, through the corrupting influence of money, attempt to rule the destinies of freemen. They have seen it purchase presses, bribe public men, and endeavor to pollute the streams of popular intelligence at the fountain head These are facts not merely conjectured by suspicion. They rest not on uncertain evidence of probability. They are corroborated by proofs which defy refutation, and stand indelibly recorded on the enduring archives of the federal legislature. It was for these reasons the people decided there should be no federal bank.
Regards,
JWK
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs ______ believed to be written by Thomas Jefferson in Letter to the Secretary of the Treasury Albert Gallatin (1802)
By Matt Apuzzo
The Associated Press
WASHINGTON — It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
You bet they refuse to discuss where the $700 BILLION is going, especially when the lion’s chunk of the taxpayer money involved is, in all probability, being funneled to “investors” in foreign nations such as Red China, Russia, Saudi Arabia and other nations who have “invested” in United States interest bearing securities [Treasury Notes, bills and bonds] which Congress sells to fund socialistic programs which they create to bribe voters for their vote and keep themselves in power.
And now that these “investors” are demanding payment on their “investment” at the very time America’s federal reserve banking bubble and its corrupted fractional reserve paper money scheme is already bursting at the seam, our dishonest politicians scurry around like rats to find a clever way to secretly pay out more paper money profits to unidentified investors who have purchased United States Securities and plan use their paper profits to buy the real estate from under the American Taxpayer’s feet, leaving American working class people tenants in their own homeland and paying rent to foreigners because the President of the United States, the Congress of the United States, and their pals who make up a federal reserve banking cartel are allowed to use an unconstitutional, criminal, and corrupted money system which was always known from the very beginning would allow and culminate in the plundering of the American people. For a previous example of a paper money scheme see John Law and the Mississippi Bubble: 1718-1720 (http://mshistory.k12.ms.us/index.php?id=70)
Truth is, there is nothing new here. Bankers and dishonest politicians do what bankers and dishonest politicians do, and they have throughout history created countless corruptible money systems, many of which, like our existing one, is based upon “confidence” and is ultimately designed by its creators to trade a worthless medium of exchange to acquire real material wealth which is created by the sweat of labor and industry. And just as in countless historic times, this worthless medium of exchange is now forced upon labor and industry by “legal tender law” which somehow always creates a corporate chartered monopoly for a designated bank or a privileged group of bankers who then use such power to control, manipulate and issue a nation’s medium of exchange which ultimately robs the people.
In speaking of such dishonesty and government created corporate monopolies during America’s financial crisis in the late 1830’s, an oration on banking, education, etc., was given at the Queen-street Theatre, in the city of Charleston, S.C., July, 4th 1837 by Theophilus Fisk titled
Labor the only true source of wealth; or, The rottenness of the paper money banking system exposed, its sandy foundations shaken, its crumbling pillars overthrown. (http://www.archive.org/stream/laboronlytruesou00fiskrich/laboronlytruesou00fiskrich_djvu.txt)
It is well worth reading through the entire piece, but for the moment, I will provide the following highlights which reflects many of our current circumstances:
We possess privileges, which we either have not the wisdom to appreciate, or the courage to enjoy. Political power has been wrested from the many, and monopolized by the few. The people have been flattered and cajoled, and then robbed. The few have managed to keep them divided into parties and classes, while their interest was all one and the same, and by dividing them have conquered, and now are sharing the spoils. . . The leaders of both parties and all parties, are equally fond of obtaining exclusive favors by an act of incorporation, and for supporting each other in legalized fraud . . What has thinned the ranks of honest industry, overstocking the learned professions, decreasing producers and increasing idlers, until consumption so greatly exceeds production that we have been compelled to import our bread stuffs from Europe? The answer is ready. The cause of all this, and almost countless other evils which might be named, is the improper facilities afforded to speculating gamesters by the paper money Banks, to live without labor and to grow rich without industry. Who among us would perform any more labor if we could pay all our debts in promises and what else is a Bank note? If our promises would enable us to live in luxury and idleness, would not labor be banished from the earth? . . . ' I am very suspicious of the moral honesty that guides the transactions of the MONEY MARKKT; of men who grow wealthy not by producing wealth, but by shuffling the cards. . . . . . The American people have tested, by a reduplicated experiment, continued through a long series of years, the good and evil of a federal bank, and they have seen that the evil far outweighs the good. They have seen it fail in the cardinal objects for which it was created. They have seen that it could not prevent the alternate expansions and contractions of the currency, and ruinous fluctuations in commercial affairs. They have seen, also, that it could not resist the temptation to turn its pecuniary means into political channels, and, through the corrupting influence of money, attempt to rule the destinies of freemen. They have seen it purchase presses, bribe public men, and endeavor to pollute the streams of popular intelligence at the fountain head These are facts not merely conjectured by suspicion. They rest not on uncertain evidence of probability. They are corroborated by proofs which defy refutation, and stand indelibly recorded on the enduring archives of the federal legislature. It was for these reasons the people decided there should be no federal bank.
Regards,
JWK
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs ______ believed to be written by Thomas Jefferson in Letter to the Secretary of the Treasury Albert Gallatin (1802)