Actually, there were two central banks in america before the FED was founded in 1913. The Bank of North America and the Bank of the United States, the latter named after the BOE. I have this nagging feeling that there might have been a third actually, but i don't remember it. Anyways, both of these banks were abolished without revolution by the simple act of government, revoking / refusing to extend their charters. The government wont do this now though because they are in their pocket. We need not a revolution but rather political reform. Reform that should probably start with campaign finance reform. That is, after all, the area of greatest influence that money lenders exert over politicians.
We need a political revolution in this country; in the American Tradition, of course - not by violence or bloodshed, but through the use of intelligently cast votes, and pressure on legislators to do the right things. We certainly need to break the two party system and come down hard on political-corporate nepotism, at long last (as Eisenhower warned). And we certainly should reexamine the purpose, effect and entire mission of a central bank, working off a pure fiat standard, untethered by accountability to the electorate. In uncertain times, that is the one thing I'm absolutely confident of.
Excellent Commentary, BiLoSellHi ................................................................... Excellent Commentary, Gnome .......................................................................................................... Gnome offered....... This takes just a minute to read. It is a short essay by Charlie Reese a former columnist of the Orlando Sentinel Newspaper. It is quite a message to think about as we head to the voting booths this year. 545 People by Charlie Reese Politicians are the only people in the world who create problems and then campaign against them. Have you ever wondered why, if both the Democrats and the Republicans are against deficits, we have deficits? Have you ever wondered why, if all the politicians are against inflation and high taxes, we have inflation and high taxes? You and I don't propose a federal budget. The president does. You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does. You and I don't write the tax code, Congress does. You and I don't set fiscal policy, Congress does. You and I don't control monetary policy, The Federal Reserve Bank does. One hundred senators, 435 congressmen, one president and nine Supreme Court justices - 545 human beings out of 300+ million - are directly, legally, morally and individually responsible for the domestic problems that plague this country. I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered but private central bank. I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes. Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party. What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it. The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? She is the leader of the majority party. She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to. It seems inconceivable to me that a nation of 300+ million cannot replace 545 people who stand convicted -- by present facts - of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist. If the tax code is unfair, it's because they want it unfair. If the budget is in the red, it's because they want it in the red. If the Marines are in IRAQ, it's because they want them in IRAQ. If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way. There are no insoluble government problems. Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power Above all, do not let them con you into the belief that there exists disembodied mystical forces like 'the economy,' 'inflation' or 'politics' that prevent them from doing what they take an oath to do. Those 545 people and they alone, are responsible. They and they alone, have the power. They, and they alone, should be held accountable by the people who are their bosses - provided the voters have the gumption to manage their own employees. ................................................................................................ So the question is....how to resolve the problem.... As I have mentioned before.....The 300 million people will only take control when the current system is eliminated and substituted by another..... So the question becomes .....to what other system ... The other system should be one that... Creates and accomplishes true objectives set by the population.... Elections are no longer necessary, because they serve no purpose.....Elections are just advertising games.....and making the 300 million feel like they are in a Democracy.... The most qualified people for the jobs get the jobs... Tax money is the name of the game......The IRS has to be eliminated and replaced by a national sales tax.... The sales tax is then divided in proportion to the revenues on a state by state basis..... Each state becomes an internet government center for its own cities and towns..... For the national items such as the military....each state contributes prorata.... Internet Government State by State.... The time has come.....
The politicians are controlled by the rich people, otherwise they could not be elected in the first place. The majority of ordinary people in this country are brain-washed by the news media controlled by the rich people. When hard time comes, there is a higher chance for revolution, but the country can start a war with a major foreign country in order to avoid the revolution.
Bernanke and Paulson are a lot of things, but incompetent is not one of them. how naive. everything is going EXACTLY as planned.
As I remember you wanted rate cuts They did. Theier cuts were fastest in the history of Fed so you got what you wanted. when they started everybody warned about high oil and worthless dollar you said it's not important as high oil is because of bad ethanol policy not because of rate cuts Do you think they should ve cut 5.25% all together? please explain
the dollar has been in freefall since 1913... what does the acceleration of that freefall have to do with the primary truth of the cause?
A big +1. Well said. Periodically weed out the imbeciles. Those who overextended themselves during the mortgage and credit bubble were like sloppy drunks at an all-niter-- and this is their painful hangover the next morning when the sun came up. Darwinism at its finest. -Prof.