by Eric Blair
December 1, 2011
from
ActivistPost Website
recovered through
WayBackMachine Website
As the Super Committee failed to agree on a measly $1 trillion in budget
cuts, Bloomberg
recently reported yet another secret bank bailout totaling
$7.7 trillion courtesy of the private Federal Reserve bank.
This disclosure is in addition to the first-ever
Congressional audit of the Fed that revealed a startling
$16 trillion in
secret bailouts.
This brings the grand total of previously unknown theft to $23.7 trillion
which, interestingly enough, is the exact figure Neil Barofsky, special
inspector general for the Treasury’s Troubled Asset Relief Program,
estimated in July 2009.
As Americans are being told that they need to tighten their belts and that
Congress must do the same or the country will fall into economic ruin, these
private bank bailouts, nearly double the size of the national debt, are
handed out without any benefit to the public.
Indeed, it is of great detriment to the public who bear the brunt of the
inflationary and tax burdens, as well as reduced public benefits forced by
the failed Super Committee. Furthermore, it has been recently disclosed that
the people's FDIC will now
backstop some $75 trillion in derivatives at Bank
of America alone. And just today, they threw in a fresh
new bailout of
Europe that is just another temporary fix.
When will the people tire of bailing out a
clearly broken monetary system?
The blatant raping of the American people couldn't be more obvious. The
once-fringe Tea Party activists who were spawned from their anger over a
meager $700 billion
TARP bailout have now seemingly swelled into what
appears to be a global "Occupy" movement.
Regardless of their political differences, they
both agree that the system of perpetual bailouts on the backs of Americans
must end.
Perhaps the only two genuine public servants left in Congress are Ron Paul
(R-TX) and Dennis Kucinich (D-OH); Paul being the early inspiration for the
Tea Party, and Kucinich an early sympathizer with the Occupiers. Together
they have clearly identified the Federal Reserve System as the disease, and
have both proposed pragmatic solutions to cure the ills of the hijacked
economy.
Before detailing their exact proposals, many people claim that
the Federal
Reserve System has a 100-year charter that will expire in 2013.
However, the original Federal Reserve Act only
allowed for a 20-year charter until the law was changed in 1927 (6 years
before the Fed was up for renewal) to allow perpetual renewal of federal
corporations where charters could only be,
"dissolved by Act of Congress or until
forfeiture of franchise for violation of law."
(Source)
Regardless, given the increased rate of
awareness of the Federal Reserve's private, secretive, monopolistic, and
destructive structure over the economy, their days are likely numbered.
Perhaps that is the reason for the mass looting
they, and their international member banks, are rapidly engaged in. In other
words, they're raiding the last crumbs of the cookie jar before Daddy comes
to punish them.
Ron Paul, a leading proponent for "Ending the Fed" has put forward
legislation to
legalize competing currencies, which he believes is the first
step toward breaking the monopolistic control over currency by the Fed. As
with most of Paul's legislation, it is undoing laws instead of writing them.
The Free Competition in Currency Act (HR 1098)
will essentially do three things:
-
repeal legal tender laws to remove the
monopoly control of the Federal Reserve
-
legalize private mints to issue coins to
be controlled by anti-fraud and anti-counterfeit laws
-
remove taxes from precious metal coins
to ensure fair competition among new currencies
Below Paul introduces the bill and explains its
importance on the House floor in 2009:
Ron Paul is an advocate for returning to Constitutional money made of, or
backed by, precious metals.
Equally angry and aware of the heart of economic
problems, Dennis Kucinich has introduced
the NEED Act which will dissolve
the Fed into the Treasury and return the power to issue currency back to
Congress as outlined in the Constitution.
Kucinich explains why his bill is important in a recent video:
Although Kucinich's legislation doesn't call for currency to be backed by
gold or other precious metals - and public trust for Geithner and the U.S.
government's handling of the economy are at all-time lows - seizing control
from the Fed seems like a necessary early step to effectively transfer to
something new.
As explained by author and documentary filmmaker, Bill Still, the Treasury
still handles the coinage of U.S. currency and issues this money free of
interest. This means that, technically, the entire U.S. debt could be erased
by debt-free coins minted by the treasury.
Crisis averted, prosperity for all.
Yet, these are just the early steps for getting the monetary system back on
track.
Perhaps the most acceptable longer term solution
is what John F. Kennedy attempted to do with
Executive Order 11110 which
gave the Treasury the power to issue silver certificates to be backed by,
and redeemable in, silver.
This concept is the ideal blend of both Paul and
Kucinich's ideas, and the most Constitutional way to handle modern money.
