By now we all know that the United States of America is an airliner flying straight into the side of a mountain. The plane is out of fuel. The pilot is drunk. The co-pilot is sleeping. The USA is tapped, bankrupt, toast.
Whether we pass the debt ceiling really doesn’t matter in the long run because the outstanding liabilities are so overwhelming. Forget the deficit number, it’s a short term distraction. The real bother is the estimated $65 trillion of obligations we (theoretically) have to pay to run this business called USA going forward. Social Security and health care for old folks. Medical care for veterans. Welfare for the burgeoning dependent class.
But wait, back to the headline. You see, while the US is suffering like never before, the corporations are hoarding more cash than ever before. From Fortune:
In all, Fortune 500 generated nearly $10.8 trillion in total revenues last year, an increase of 10.5 percent. Total profits soared 81%. ” But guess who didn’t benefit much from this giant wave of cash? Millions of U.S. workers stuck mired in a stagnant job market.”
Oh, and this one I love:
Amidst reports that Apple Inc. (Nasdaq: AAPL) has more cash on hand than the beleaguered U.S. government, it might be fun to wonder if Steve Jobs could singlehandedly bail out the Feds.
Now some portion of the profits held by these corporations came from abroad, but the vast majority of the profit came from right here in the USA. We gave them our paychecks, our retirement accounts, the treasure accumulated over generations. We gave and they took it.
And they also took with them all the jobs and benefits and prosperity that this country once enjoyed. The pay far less taxes than ever before and less, as a percentage, than corporations in other countries. And what about us? The USA? Well, we remain mired in deep, deep trouble….the corporations are sitting high atop their mountains of cash, looking down at the rest of us. The banks, especially are sneering at us. And the banks especially, they want more.
It’s not enough that they have the mortgages and the payments…they have teams of jack booted thugs fanned out all across this country who are convinced that the banks have the right to kick down your door, change locks…and if one of their employees takes your property…well, that’s just too bad. Call law enforcement? Sorry, they’ll tell you, “too bad, not my problem”.
Just read about Chris Boudreau in Hernando County. Just read the press release put out by the Hernando County Sheriff. (A press release that contains many alleged “facts” that Boudreau disputes.
Boudreau’s fight is just one of many, many examples from all across the country…..I alone have many right here in the Tampa Bay area, where the banks are kicking down doors, changing locks and in some cases taking property. Talk about invasion. Talk about terror. We are all now forced to live (at least for now) in this terrifying world that corporatism has created. Scary. Very Scary..
The time has come for the people to realize that we need to have a United States currency, as constitutionally intended at Article 1, Section 8, Clause 5 of the Constitution of the United States. Few people know that we borrow our medium of exchange (commonly known as money) from the Federal Reserve Bank (Fed) which is a private banking cartel. Money comes into circulation when the Fed sells our future promise to pay in exchange for present value held by the purchaser and lends it back to the Unites States Treasury at interest. The Treasury, through the IRS, collects taxes to pay the interest (and other expenditures.) Our current medium of exchange is not paper money but is bookkeeping entries of credit in the banking computer system.
As anyone who has become familiar with the process of debt creation at interest knows, we owe more than present value if we incur debt and pay it over time at interest. Therefore, since the money we use to pay the debt must also be borrowed as described above, more money must be borrowed to pay the interest.
The debt is impossible to repay without borrowing more private bookkeeping entries of credit, unless the tax revenues meet the expenditures. But the tax revenues can never meet the current expenditures because we have to borrow the money in order to pay the debt.
If this sounds complicated, it is not. All the United States needs to do is to stop borrowing money from the private Federal Reserve System and create sovereign currency, which it has the power to create. Purists will say the we have to use gold and silver coin and I support a production-based credit system which would technically require a constitutional amendment to provide for a new constitutional currency. But the US has not used gold coin since the Great Depression and Federal Reserve notes (once supposedly redeemable in silver) have not been redeemed since 1963.
We can, politically, create a sovereign currency by fiat and work on the constitutional amendment to ratify the new medium of fiat money.
Brazil did something like this when its currency was hyperinflated. It gradually withdrew the hyperinflated currency and replaced it with the real. This article is helpful to explain the process, although it is unintentionally misleading insofar as it calls the new money “fake.” What is meant by “fake” in this article is that it is virtual. US money is virtual and it is more than “fake.” It is a fraud because a private institution (the Fed) is creating it out of thin air and loaning it back to us at interest.
See what was done in Brazil. Their unit of currency is called the real.
https://www.npr.org/blogs/money/2010/10/04/130329523/how-fake-money-saved-brazil
We do not have a shortage of money. We have no money at all. It is all created and controlled by banking institutions which are private and it comes into circulation by the private banks loaning it to the US government.
This same system is used worldwide. Iceland’s people voted not to pay the bank bailout forced on that nation by the mortgage backed securities scam originating on Wall Street. https://www.reuters.com/article/2011/04/09/us-iceland-referendum-idUSTRE7383KP20110409
The US “cradle of democracy” did not allow its citizens to vote on bailing out the banks or we would have resoundingly refused to unconditionally do so, as Iceland did.
We need political movement of voting citizens in which the citizens take back the money supply. Banks cannot vote. That is why they lobby, advertise through the misguided news media and try to control our perception of the issues to distract us from the fact that as long as they can create the money, they can buy everything–except the votes of informed, patriotic citizens.
For those who really want to examine this issue, CH Douglas, a Scottish engineer writing after WWI, correctly described the impact on sovereignty and production when a nation succumbs to a debt-based, private medium of exchange. His books are now so scarce that his book Social Credit (in hardcover) is down to two used copies in the US and costs over $200.00 through a used book store on amazon.com. His book The Monopoly of Credit has only a handful of copies available, one of which (a paperback)costs over $140.00. There are two reasonably priced copies of The Monopoly of Credit left on the used book connection on amazon.com. These books need to come back into print. I hope to work with the publishers to bring these books back, along with any other writings by CH Douglas. He describes production credit as the medium of exchange, replacing private, debt-based bank credit.
Does it surprise anyone reading this website that the very money we are being told we owe is a privately controlled, debt-based medium of exchange created by the promises to pay of our nation and its citizens? The banking cartel has overplayed its hand this time. Too many citizens are awakening to their frauds. It isn’t too late to begin to create a debt-free, sovereign currency.
DO NOT USE THE CONSTITUTIONAL MONEY ARGUMENT IN COURT. THE COURTS CANNOT GRANT RELIEF FROM THE FEDERAL RESERVE ACT, EXCEPT BY FINDING IT UNCONSTITUTIONAL. THAT WOULD LEAVE THE NATION WITHOUT ANY ACCEPTED MEDIUM OF EXCHANGE. ONLY CONGRESS AND THE EXECUTIVE BRANCH CAN CREATE THE DEBT-FREE, SOVEREIGN MEDIUM OF EXCHANGE AND WE MUST VOTE FOR REPRESENTATIVES WHO WILL MAKE THIS HAPPEN. THE DEBT CEILING CRISIS IS A GOOD PLACE TO START THIS CRUCIAL DISCUSSION.
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