I submit the Fed is purchasing bonds with nothing, therefore can be found guilty of fraud. Remedy is: forcing the Fed to exchange something of value when purchasing bonds. Also, a $500 billion cash judgement for the Plaintiffs (hopefully it will be about $1,000 for every American, including children). This will place pressure on Congress and the Fed to balance the budget. It also might allow for creative dissolution of the current national debt which is over $17 trillion now.
Seems like a lot of work for $1000.....I'll just sit here and trade, thank you. Would someone please bring me a fiddle?
Signing a piece of paper to join a lawsuit? It's kind of like a petition. You'll just receive a check in the mail direct from the Treasury. Not much work.
The USD derives its price from existing contracts. The bond price/USD exchange rate/USD purchasing value don't have a whole lot to do with each other. If bonds go to zero tomorrow, is your paycheck going to change? No change. What about the price of a cup of coffee? No change. Your mortgage or rent payment? No change. Although, if bonds went to zero tomorrow, there are countries with guns, so I would not recommend that. However, see above. My remedies are pretty benign.
You'll receive a check denominated in dollars, which you are saying are worthless anyway. You should sue Herbalife for being a Ponzi scheme and ask them to pay you in their nutritional supplements so you can resell them.
Stop putting words in my mouth. Say something of substance. I am fixing your ponzi scheme. If you wish to speak with me, tell me your name and a photograph and physical address.
http://linkedin.com/in/keihatsu for information about me. I am sick of anonymous thieves and anonymous arrogance.
As lead plaintiff, I am currently looking for a lawyer who is familiar with multi-state class action. I was hoping one might contact me directly without me searching for one. However, that did not happen. If you know a lawyer or firm who would like to be a billionaire, have them contact me. 300,000,000 debt-slaves vs. the Federal Reserve A class-action lawsuit appears possible. Fraud is alleged and I think can be clearly proven. Based on my analysis, I think a conservative ruling would be to force the Fed to only lend what they have with a monetary judgement of $100-500 billion. As the numbers are large, I suggest a 1% contingency to the lawyer so $1-5 billion. Each American would receive around $1,000. Forcing the Fed to only lend what they have would place enormous pressure on Congress to balance their budget. Basic argument When the Federal Reserve Act was written, there was collateral. That collateral was confiscated in 1933 domestically, and 1971 internationally. Under basic contract law, a contract can be declared null and void if there is insufficient consideration conveyed. So, if the Fed is purchasing $100,000 T-bonds for essentially creating digits in an account or writing a check, the Fed is not conveying consideration. While the Treasury receives something of value, the Fed does not take risk or convey anything that would be considered valuable from their perspective. Therefore, the T-bond contract can be declared null and void under contract law. (Legislation cannot supersede basic contract law.) Background Open market operations have two separate parts. 1. Is the initial bond purchase from the treasury. That is a purchase with no risk with a marginal cost of zero. 2. Is sitting on the bid and ask to adjust interest rates via buying and selling existing bonds in their portfolio. I am referring to part one above. That is the origin of the creation or manufacture of money. Government spends it through various contracts. It does not get into the hands of the population until many have marked up the cost. It is an ineffective distribution mechanism. I also submit that it is illegal lending to the government and the fed assumes no risk. History Treasury bonds were designed in the mid-1860s during the Civil War. Bankers on both sides of the pond exchanged a series of letters. They were trying to figure out how to keep the population (white and black) as slaves without them knowing they were slaves. Thus, they invented T-bonds. It took them 50 years to get it through Congress with the Federal Reserve and income tax system installed in 1913. Why 50 years? Because many people at that time understood money and gold, so it was difficult to push through. See the 1890s and The Yellow Brick Road and the Cross of Gold. Subsequent generations carried through on the bankers' slavery system. (FYI, I have been unable to locate copies of those letters on the internet recently. I read them about 8-10 years ago.)