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Underground Panther in the Sky's Scratching Post
Posted by undergroundpanther in General Discussion
Wed Feb 25th 2009, 09:18 PM
THE FEDERAL RESERVE IS CANDID
The Federal Reserve itself is amazingly frank about this process. A booklet published by the Federal Reserve Bank of New York tells us: "Currency cannot be redeemed, or exchanged, for Treasury gold or any other asset used as backing. The question of just what assets 'back' Federal Reserve notes has little but bookkeeping significance." Elsewhere in the same publication we are told: "Banks are creating money based on a borrower's promise to pay (the IOU). Banks create money by 'monetizing' the private debts of businesses and individuals."

In a booklet entitled Modern Money Mechanics, the Federal Reserve Bank of Chicago says: In the United States neither paper currency nor deposits have value as commodities. Intrinsically, a dollar bill is just a piece of paper. Deposits are merely book entries. Coins do have some intrinsic value as metal, but generally far less than their face amount. What, then, makes these instruments--checks, paper money, and coins--acceptable at face value in payment of all debts and for other monetary uses?
Mainly, it is the confidence people have that they will be able to exchange such money for other financial assets and real goods and services whenever they choose to do so. This partly is a matter of law; currency has been designated "legal tender" by the government--that is, it must be accepted.


*my comment*(in other words tthe BELIEF that paper can be exchanged for food or a house for instance. That's why CONSUMER CONfidence is such a big deal now)

In the fine print of a footnote in a bulletin of the Federal Reserve Bank of St. Louis, we find this surprisingly candid explanation: Modern monetary systems have a fiat base--literally money by decree--with depository institutions, acting as fiduciaries, creating obligations against themselves with the fiat base acting in part as reserves. The decree appears on the currency notes: "This note is legal tender for all debts, public and private." While no individual could refuse to accept such money for debt repayment, exchange contracts could easily be composed to thwart its use in everyday commerce. However, a forceful explanation as to why money is accepted is that the federal government requires it as payment for tax liabilities. Anticipation of the need to clear this debt creates a demand for the pure fiat dollars.

MONEY WOULD VANISH WITHOUT DEBT

It is difficult for Americans to come to grips with the fact that their total money-supply is backed by nothing but debt, and it is even more mind boggling to visualize that, if everyone paid back all that was borrowed, there would be no money left in existence. That's right, there would not be one penny in circulation--all coins and all paper currency would be returned to bank vaults--and there would be not one dollar in any one's checking account. In short, all money would disappear.

http://www.globalallianceassnnew.org/html/...

*pouf*

Who benefits from all of this? Certainly not the average citizen. The only beneficiaries are the political scientists in Congress who enjoy the effect of unlimited revenue to perpetuate their power, and the monetary scientists within the banking cartel called the Federal Reserve System who have been able to harness the American people, without their knowing it, to the yoke of modern feudalism.
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HissSpit!
We live imprisoned in a dream of our leaders' making, whether we realize this or not and it is killing us.

kakistocracy

kak·is·toc·ra·cy

Noun:Inflected forms: pl. kak·is·toc·ra·cies
Government by the least qualified or most unprincipled citizens.

Etymology:
Greek kakistos, worst, superlative of kakos, bad; see caco– + –cracy.

In other words the worst of shit heads humanity has are in the Whitehouse..The US government is being destroyed by a bunch of sociopaths.

Time for all liberals to realize we are not dealing with rational,ethical people anymore when we deal with neocons or theocracies.The neocon fascist/theocracy have taken over the GOP. This is because of a big unseen problem found with certain types of relationships with certain types of personalities.Too many people demonstrate a destructive personality type that is more somewhere along the spectrum of narcissism/authoritarian/controlling or a conduct disorders.
Their ego defenses really do interfere with their own sense of ethics their capacity for insight,honesty and empathy with others not like themselves.

This bullying type of persona or it's flip side the true believer obedient one(enablers) can be found in varying degrees of severity in most people. But it's the 1 in 4 problem people out of our entire population who are DEFINED by these traits that are the worst offenders..
Learn about them here:
http://www.successunlimited.co.uk /

People with these types of personality really do see the world through the distorted lens of their sick egos,winning zero-sum games,getting away with it, and maintaining their own addictions at any cost to others.
We can all be shitty sometimes but the type of person I find to be a real problem are career shit heads, people who are defined by the shit they do that ruins and diminishes other people's lives..

Bush and the tyrannical "Neocon" corporate religious Christo-Fascists are a cabal of sociopath shit heads. Problem personalities shredding the very document that gives America protection from these sorts of criminal shit heads. The career bullies among us seek to undermine America..by warping the noble yet still imperfect socially evolving ethical character that up until now has kept it's shit heads away from positions of power ,bound them by law,and kept them under control.We need to flush this stinking kakistocracy down the toilet and learn to say NO to abusers of trust and power wherever they are..and learn to rub their noses in their own shit wherever they do their incompetent,criminal,inhumane acts.Wherever they offend we should go on offensive.The sanctity of the spirit of conscience demands no less of us ,if we want to keep our own freedoms intact.


“Truth is one of the rarest commodities in the times we are living through, to expose it to the masses is tantamount to slapping the entrenched power structure of the United States in their very face, but which, at times, someone needs to take the risk and do, otherwise, and what we are seeing in America now, lies become the truth because they are more comfortable for people to believe.”David L. Booth

Bataille’s call for collective awakening :

“Lift the curse of those feelings which oppress men, which force them into wars they do not want, and consign them to work from whose fruits they never benefit… Assume within oneself perversion and crime, not as exclusive values, but as a prelude to their integration into the totality of humanity. Participate in the destruction of a world as it presently exists, with eyes open to the world which is yet to be."



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