Take out a federal reserve note... read the statement ..: "This note is legal tender for all debts, public and private" found in the upper left corner of the note's face. The United States of America...not the Federal Reserve stands as the guarantor of the US Dollar... with the full faith and credit of the US government... which is as good as gold. The Federal Reserve doesn't guarantee payment the US Government does.
In the event of default, the holder of these notes would negotiate terms for payment in another currency or for gold or silver. thru a legal settlement with the US Treasury...not the FED.
In less than one hundred years the Federal Reserve has managed to acquire what appears to be all of our Gold and Silver reserves ... and for what service did we pay such an exorbitant fee? The Fed's income is derived solely from its managment of our currency and debt... They managed to parlay all or most of our equity in Gold and silver reserves in less than 100 years... some service.
The public debt is now over 31 trillion and growing exponentially... Since 1917 our nation has become a debtor nation... before the Fed, we were a creditor nation... lending to the world. Just how the HELL can you claim that is the mark of a stable economy... We have been feeding the economy with the proceeds of DEBT, sold in the form of Treasury Notes... Without the trillions in government debt used to keep our economy robust, we would be nearer a third-world economic status than our current failing economy... it won't be long before the US Dollar collapses, and then what ... hyperinflation and massive bankruptcies?
Get a real education... 652 billion in interest is due annually and rising. We need to get rid of those who managed o exchange our Gold and Silver for the fiat currency of the federal reserve.... as they traded worthless Federal Reserve Notes for our Gold and silver certificates..exchanging the fiat debt held by the Fed for our debt for gold and silver certificates, pulling off the largest robbery in the history of the world... Our children are about to begin paying for all that supposed stable economy our parents and grandparents gave us. They indeed were the GREATEST GENERATION... as their heritage will be forever etched in the minds of our children and grandchildren.
Paul Simmon > Ronald A. Nelson COL, USA, RetiredAugust 2, 2023 at 5:05pm
I can tell you "just how the HELL I can claim that is the mark of a stable economy". Nah, I let a chart tell you: https://www.russellsage.org/sites/default/files/unemployment-rate-y... (You can find data on the Bureau of Labor Statistics if you want to verify it all and if you want to go back further.)
In the 1800s, recessions were even more frequent than in the early 1900s. As the Federal Reserve System learned monetary policy, recessions became rarer and rarer. I am sure you can see this data very clearly in the chart. I am also sure that you will bring up some flimsy counterargument irrespective of the evidence. Hell will freeze over before you acknowledge that the chart says what it says, namely that recessions have become rarer since we have the Federal Reserve System.
Hahaha. I just saw another exchange we had on this thread when we talked about the "demise of the US Dollar since 1913". Dang, I am one sucker that I still think that economic facts can win the day with you. It is indeed very hard to discuss such matters with someone of such superior trust in his own beliefs even when the beliefs defy facts. I guess that's why people who accept (economic) facts can make more money than people who don't. Maybe we should compare bank and investment accounts. What do you think?
The demise of the Dollar has been taking place since 1913 and the creation of the Federal Reserve... When the Fed was formed our paper currency was backed by Gold and silver... Part of the reason for the Fed's creation was to facilitate corporatism and the globalist designs for a new world order. The Fed and the League of Nations (later the UN) were principal players in the creation of a globalist government. That should have informed Congress about the dangers of letting Private Central Banks hold the reigns of a nation's currency and exchange rates.
Central Banks have a sordid history of converting a nation's Gold and Silver to corporate interests... incrementally and over time. Where are our Gold and Silver Reserves.... Federal Reserve notes are bank notes they don't require gold or silver reserves... FED notes are backed by an intrinsic trust that they will continue to be an acceptable means for financial settlements. The US Dollar has been in steady decline ever since the FED was created. The Great Depression occurred 10 years after it was formed. WW-2 rescued the Dollar and turned our economy around, not the Fed or the Dollar. America became the defacto world's manufacturer, storekeeper, and BANKER... we were the world's lender and shopkeeper... WW-2 had more to do with turning the Great Depression around than the FED.
When I was a teenager one could take a US TREASURY GOLD OR SILVER CERTIFICATE to a National Bank and directly exchange it for Gold or Siler, based on the value fixed by Congress and the US Treasury... that is all gone. However, in the transition to FIAT CURRENCY (Federal Reserve Bank Notes), the Gold and Silver behind the US Treasury Certificates we exchanged for them ... disappeared?... No one wants to ask, where is all that Gold and Silver?
Most of the world is unaware or cautiously hesitant to challenge the US Dollar... However, they are powerless to act decisively without destroying their economy and destabilizing their government. When the Dollar made the shift from gold and silver certificates to Fed Noes, secured by the 'good faith and credit' of a Federal Reserve Note... the US Dollar took a real nose dive in value. Federal Reserve BANK NOTES are not gold and silver Certificates t They are not CONSTITUTIONAL CURRENCY and their value is not set by Congress or the US Treasury... as required by our Constitution. I would add there are very good reasons our forefathers established Congress as the ONLY authority to 'COIN Money' and regulate the value thereof, and of foreign coin' ...this power was not to be assigned to a private central bank. See: Article 1, Section 8, Clause 5 of the US Constitution.
In short, our nation's Gold and Silver Reereves need to be audited... to determine how much we have and exactly where they are stored... We need to look into the exchange transaction that took place when the Fed issued FIAT FEDERAL RESERVE BANK NOTES in exchange for US Treasury Gold and Silver Certificates. DID THE FED RECEIVE GOLD AND SILVER FOR THE US TREASURY CERTIFICATES IN EXCHANGE FOR... fiat Fed Reserve Bank notes. Senator Rand Paul and, retired Congressman Ron Paul both want to audit the US Treasury to find out what took place... in the exchange of gold and silver certificates for the Fed's fiat Bank Notes? It is only proper to ask ...Where are the Gold and Silver that backed the US Treasury Gold and Silver Certificates?
In the meantime, the US Dollar remains the world's reserve currency... primarily because most nations are unable to dump/exchange the trillions they hold in US Dollars for other forms of currency/exchange, without creating panic and a worldwide economic crash led by hyperinflation and the insolvency of the US Dollar.
The above quote you picked had nothing to do with the dollar being the world's reserve currency in 1913.... read what was stated: "The demise of the Dollar has been taking place since 1913 and the creation of the Federal Reserve..." not a single word about the US Dollar being the worlds reserve currency in 1913 was mentioned. The point is that America made it for over 100 years building a stable currency secured by gold and silver... America was a creditor nation with a national debt under 2.5 Billion ... until the Federal Reserve Arrived. The next 100 yrs brought us to the door of bankruptcy and a national debt our children and grandchildren will have trouble paying off... 32 Trillion!!!
The demise of the US Dollar occurred over time... starting with Roosevelt's 'New Deal', social security, and the removal of the Gold standard. Wreckless spending accelerated with Johnson's ' 'War On Poverty' and the Great Society. Congress's love for any socialist program accelerated thru the '60s onward... Trillions were thrown at every imaginable social program by a congress obsessed with deficit spending. Decades of deficit spending has finally come home to roost as the Dollar is devalued on the world market and our nation's credit rating is lowered to reflect our poor fiscal policy.
As for the preeminence of MODERN ECONOMIST... I would remind you that almost every prediction and recommendation by these experts has ended poorly and in several cases resulted in producing the opposite economic outcome. One doesn't have to be an expert to know when those driving the bus are about to run out of road. It doesn't take a rocket scientist to know that one can not sustain a standard of living using other people's money, or borrowing against the future of one's children
Paul Simmon > Ronald A. Nelson COL, USA, RetiredJune 5, 2023 at 8:07am
"The demise of the Dollar has been taking place since 1913." That's kind of funny because it is factually wrong as of right now and because it will be correct at some point in the future. In 1913 Pound Sterling was the world's reserve currency. A few decades after 1913 or after the" demise of the Dollar", the US Dollar replaced the Pound as the world's reserve currency giving the US an estimated economic benefit to the tune of $100 billion each year. That's some "demise". I'd love to have more of this kind of "demise".
In any case, as usual I concede and I move on. I have more important things to do than to argue about historic economic facts that can be verified easily. You seem to be not only the most preeminent economist, but also the most preeminent historian, constitutional law scholar, social psychologist, theologian,.... Now I am wondering when you were wrong about something on any topic. This must have been decades ago if ever, right?
McCarthy is back in his California mode ... his Newsome role... by permitting this outrageous agreement to go forward he is pushing big government, the destruction of the middle class, and ignoring his duty to promote rational fiscal policy. One doesn't cave on core principles. Shut the government down.
What the Speaker needs to do:
Call a joint session of Congress to address the nation
Address the Nation and both Houses of Congress on the current crisis in our fiscal policy... use simple terms, diagrams, and examples of fraud waste, and abuse in the budget ... demonstrate why we can no longer expand our debt, increase the size of our government. or employ 87 thousand new IRS Agents... ARMED IRS agents.
Close by informing the public and Congress that no further negotiations will take place, other than to facilitate the signing f the bill the House passed .
ANNOUNCE THE HOUSE IS ADJOURNING and its members will all leave DC... Until l futher notice... Subject to the bill in the Senate becoming law.
Finally, let the GOP in the House all stand up and march out of the House in unity ... while the cameras roll... and don't return until the bill is signed into law.
Time to play hardball Mr. Speaker or resign!
Paul Simmon > Ronald A. Nelson COL, USA, RetiredMay 31, 2023 at 9:57am
This whole deal is ridiculous. It doesn't address the level of debt at all. Besides, we the people certainly don't support law enforcement by adding funds to the IRS, whether it is 60 billion or 80 billion. Law enforcemeng isn't the government's business and it should not be wasting any money on this. This kind of law enforcement is only meant to harrass people, especially the job creating wealthy entrepreneurs, it doesn't do any good to anybody.
Absolutely... criminal law was primarily a state and local function in the early years of the Republic... the Federal Courts and law enforcement's Jurisdiction was limited to those cases as prescribed in Article 3, Section 2, clauses 1 thru 4, and Treason.
The soverign states and local governments were to provide criminal code enforcement. Federal lands, the US Treasury, and the District of Columbia were under the jurisdiction of the Federal Courts, the US Marshalls, and the Secret Service... with local governments in the territories being appointed as US Marshalls, or elected as sheriffs and constables.
There was no FBI, DEA, DHS, Border Patrol, or the host of other federal law enforcement officials operating in the USA today... Most of these agencies have exceeded their Constitutional authority and need to be restrained or eliminated. We need to return criminal law enforcement as the primary duty of the several States and realign federal law enforcement to operate within their appropriate Constitutional jurisdiction.
Paul Simmon > Ronald A. Nelson COL, USA, RetiredJune 1, 2023 at 5:56am
Help me understand. In many other posts you have said that the president was the chief law enforcement officer because he is constitutionally mandated to take care that the laws including tax laws be faithfully executed. Now you say law enforcement is up to the states. How does this add up?
Replies
Take out a federal reserve note... read the statement ..: "This note is legal tender for all debts, public and private" found in the upper left corner of the note's face. The United States of America...not the Federal Reserve stands as the guarantor of the US Dollar... with the full faith and credit of the US government... which is as good as gold. The Federal Reserve doesn't guarantee payment the US Government does.
In the event of default, the holder of these notes would negotiate terms for payment in another currency or for gold or silver. thru a legal settlement with the US Treasury...not the FED.
In less than one hundred years the Federal Reserve has managed to acquire what appears to be all of our Gold and Silver reserves ... and for what service did we pay such an exorbitant fee? The Fed's income is derived solely from its managment of our currency and debt... They managed to parlay all or most of our equity in Gold and silver reserves in less than 100 years... some service.
The public debt is now over 31 trillion and growing exponentially... Since 1917 our nation has become a debtor nation... before the Fed, we were a creditor nation... lending to the world. Just how the HELL can you claim that is the mark of a stable economy... We have been feeding the economy with the proceeds of DEBT, sold in the form of Treasury Notes... Without the trillions in government debt used to keep our economy robust, we would be nearer a third-world economic status than our current failing economy... it won't be long before the US Dollar collapses, and then what ... hyperinflation and massive bankruptcies?
Get a real education... 652 billion in interest is due annually and rising. We need to get rid of those who managed o exchange our Gold and Silver for the fiat currency of the federal reserve.... as they traded worthless Federal Reserve Notes for our Gold and silver certificates..exchanging the fiat debt held by the Fed for our debt for gold and silver certificates, pulling off the largest robbery in the history of the world... Our children are about to begin paying for all that supposed stable economy our parents and grandparents gave us. They indeed were the GREATEST GENERATION... as their heritage will be forever etched in the minds of our children and grandchildren.
I can tell you "just how the HELL I can claim that is the mark of a stable economy". Nah, I let a chart tell you: https://www.russellsage.org/sites/default/files/unemployment-rate-y... (You can find data on the Bureau of Labor Statistics if you want to verify it all and if you want to go back further.)
In the 1800s, recessions were even more frequent than in the early 1900s. As the Federal Reserve System learned monetary policy, recessions became rarer and rarer. I am sure you can see this data very clearly in the chart. I am also sure that you will bring up some flimsy counterargument irrespective of the evidence. Hell will freeze over before you acknowledge that the chart says what it says, namely that recessions have become rarer since we have the Federal Reserve System.
Hahaha. I just saw another exchange we had on this thread when we talked about the "demise of the US Dollar since 1913". Dang, I am one sucker that I still think that economic facts can win the day with you. It is indeed very hard to discuss such matters with someone of such superior trust in his own beliefs even when the beliefs defy facts. I guess that's why people who accept (economic) facts can make more money than people who don't. Maybe we should compare bank and investment accounts. What do you think?
The demise of the Dollar has been taking place since 1913 and the creation of the Federal Reserve... When the Fed was formed our paper currency was backed by Gold and silver... Part of the reason for the Fed's creation was to facilitate corporatism and the globalist designs for a new world order. The Fed and the League of Nations (later the UN) were principal players in the creation of a globalist government. That should have informed Congress about the dangers of letting Private Central Banks hold the reigns of a nation's currency and exchange rates.
Central Banks have a sordid history of converting a nation's Gold and Silver to corporate interests... incrementally and over time. Where are our Gold and Silver Reserves.... Federal Reserve notes are bank notes they don't require gold or silver reserves... FED notes are backed by an intrinsic trust that they will continue to be an acceptable means for financial settlements. The US Dollar has been in steady decline ever since the FED was created. The Great Depression occurred 10 years after it was formed. WW-2 rescued the Dollar and turned our economy around, not the Fed or the Dollar. America became the defacto world's manufacturer, storekeeper, and BANKER... we were the world's lender and shopkeeper... WW-2 had more to do with turning the Great Depression around than the FED.
When I was a teenager one could take a US TREASURY GOLD OR SILVER CERTIFICATE to a National Bank and directly exchange it for Gold or Siler, based on the value fixed by Congress and the US Treasury... that is all gone. However, in the transition to FIAT CURRENCY (Federal Reserve Bank Notes), the Gold and Silver behind the US Treasury Certificates we exchanged for them ... disappeared?... No one wants to ask, where is all that Gold and Silver?
Most of the world is unaware or cautiously hesitant to challenge the US Dollar... However, they are powerless to act decisively without destroying their economy and destabilizing their government. When the Dollar made the shift from gold and silver certificates to Fed Noes, secured by the 'good faith and credit' of a Federal Reserve Note... the US Dollar took a real nose dive in value. Federal Reserve BANK NOTES are not gold and silver Certificates t They are not CONSTITUTIONAL CURRENCY and their value is not set by Congress or the US Treasury... as required by our Constitution. I would add there are very good reasons our forefathers established Congress as the ONLY authority to 'COIN Money' and regulate the value thereof, and of foreign coin' ...this power was not to be assigned to a private central bank. See: Article 1, Section 8, Clause 5 of the US Constitution.
In short, our nation's Gold and Silver Reereves need to be audited... to determine how much we have and exactly where they are stored... We need to look into the exchange transaction that took place when the Fed issued FIAT FEDERAL RESERVE BANK NOTES in exchange for US Treasury Gold and Silver Certificates. DID THE FED RECEIVE GOLD AND SILVER FOR THE US TREASURY CERTIFICATES IN EXCHANGE FOR... fiat Fed Reserve Bank notes. Senator Rand Paul and, retired Congressman Ron Paul both want to audit the US Treasury to find out what took place... in the exchange of gold and silver certificates for the Fed's fiat Bank Notes? It is only proper to ask ...Where are the Gold and Silver that backed the US Treasury Gold and Silver Certificates?
In the meantime, the US Dollar remains the world's reserve currency... primarily because most nations are unable to dump/exchange the trillions they hold in US Dollars for other forms of currency/exchange, without creating panic and a worldwide economic crash led by hyperinflation and the insolvency of the US Dollar.
The above quote you picked had nothing to do with the dollar being the world's reserve currency in 1913.... read what was stated: "The demise of the Dollar has been taking place since 1913 and the creation of the Federal Reserve..." not a single word about the US Dollar being the worlds reserve currency in 1913 was mentioned. The point is that America made it for over 100 years building a stable currency secured by gold and silver... America was a creditor nation with a national debt under 2.5 Billion ... until the Federal Reserve Arrived. The next 100 yrs brought us to the door of bankruptcy and a national debt our children and grandchildren will have trouble paying off... 32 Trillion!!!
The demise of the US Dollar occurred over time... starting with Roosevelt's 'New Deal', social security, and the removal of the Gold standard. Wreckless spending accelerated with Johnson's ' 'War On Poverty' and the Great Society. Congress's love for any socialist program accelerated thru the '60s onward... Trillions were thrown at every imaginable social program by a congress obsessed with deficit spending. Decades of deficit spending has finally come home to roost as the Dollar is devalued on the world market and our nation's credit rating is lowered to reflect our poor fiscal policy.
As for the preeminence of MODERN ECONOMIST... I would remind you that almost every prediction and recommendation by these experts has ended poorly and in several cases resulted in producing the opposite economic outcome. One doesn't have to be an expert to know when those driving the bus are about to run out of road. It doesn't take a rocket scientist to know that one can not sustain a standard of living using other people's money, or borrowing against the future of one's children
"The demise of the Dollar has been taking place since 1913." That's kind of funny because it is factually wrong as of right now and because it will be correct at some point in the future. In 1913 Pound Sterling was the world's reserve currency. A few decades after 1913 or after the" demise of the Dollar", the US Dollar replaced the Pound as the world's reserve currency giving the US an estimated economic benefit to the tune of $100 billion each year. That's some "demise". I'd love to have more of this kind of "demise".
In any case, as usual I concede and I move on. I have more important things to do than to argue about historic economic facts that can be verified easily. You seem to be not only the most preeminent economist, but also the most preeminent historian, constitutional law scholar, social psychologist, theologian,.... Now I am wondering when you were wrong about something on any topic. This must have been decades ago if ever, right?
Here, here...
McCarthy is back in his California mode ... his Newsome role... by permitting this outrageous agreement to go forward he is pushing big government, the destruction of the middle class, and ignoring his duty to promote rational fiscal policy. One doesn't cave on core principles. Shut the government down.
What the Speaker needs to do:
Time to play hardball Mr. Speaker or resign!
This whole deal is ridiculous. It doesn't address the level of debt at all. Besides, we the people certainly don't support law enforcement by adding funds to the IRS, whether it is 60 billion or 80 billion. Law enforcemeng isn't the government's business and it should not be wasting any money on this. This kind of law enforcement is only meant to harrass people, especially the job creating wealthy entrepreneurs, it doesn't do any good to anybody.
Absolutely... criminal law was primarily a state and local function in the early years of the Republic... the Federal Courts and law enforcement's Jurisdiction was limited to those cases as prescribed in Article 3, Section 2, clauses 1 thru 4, and Treason.
The soverign states and local governments were to provide criminal code enforcement. Federal lands, the US Treasury, and the District of Columbia were under the jurisdiction of the Federal Courts, the US Marshalls, and the Secret Service... with local governments in the territories being appointed as US Marshalls, or elected as sheriffs and constables.
There was no FBI, DEA, DHS, Border Patrol, or the host of other federal law enforcement officials operating in the USA today... Most of these agencies have exceeded their Constitutional authority and need to be restrained or eliminated. We need to return criminal law enforcement as the primary duty of the several States and realign federal law enforcement to operate within their appropriate Constitutional jurisdiction.
Help me understand. In many other posts you have said that the president was the chief law enforcement officer because he is constitutionally mandated to take care that the laws including tax laws be faithfully executed. Now you say law enforcement is up to the states. How does this add up?
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