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“If you don’t deal with the dollar
there will be no retirement for anybody.
We’re going to have chaos.”
– Ron Paul
Category: $Money$ ToBeFree Page 20 of 21
Denmark Bank predicts Ron Paul presidency, U.S. depression
Denmark based Saxo Bank predicts Ron Paul presidency in 2008. According to Pravda.Ru, the bank predicts Paul will be the next president and that the U.S. economy will plunge into a depression prior to the election.
Saxo Bank says the U.S. economy will shrink by 25% and the Chinese economy will decrease by 40%. The economic downturn will come about as a result of the housing crash.
Ron Paul has been critical of the Federal Reserve and has blamed the Federal Reserve for causing the real estate bubble and crash. Paul has said that the loose monetary policy of the Fed had artificially inflated real estate prices which lead to the collapse.
Paul supports ‘Sound Money’ and opposes the Federal Reserve’s ‘Inflation Tax’ and says that he wants to prevent a dollar collapse.
NEW YORK (AP) – Gold soared to a record high Thursday after Federal Reserve Chairman Ben Bernanke pledged to cut interest rates, undermining the dollar and boosting demand for the metal as a safe investment.
Other precious metals traded mixed, and agricultural futures fell.
Bernanke said the central bank was ready to act aggressively to prevent the economy, weakened by turmoil in the housing and credit markets, from sliding into a recession.
Some economists predict the Fed will slash its key interest rate by a half percentage point it meets Jan. 29-30. Others expect a more modest quarter percentage point cut, in light of high energy prices and inflation worries.
An ounce of gold for February delivery on the New York Mercantile Exchange jumped to $897.30, a fresh high, before easing back to $892.80, up $11.10.
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“Today, everybody is screaming:
‘the Fed has to act…and lower interest rates,
and save the economy!’ …
How do they lower interest rates?
They print money.
That’s how they lower interest rates.
So you can’t solve the problem of inflation
with more inflation.”
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“Inflation is 10% & you’re getting a 2% raise”
Part 1 is here
On Friday, Mr Bush convened the so-called Plunge Protection Team for its first known meeting in the Oval Office. The black arts unit – officially the President’s Working Group on Financial Markets – was created after the 1987 crash.
It appears to have powers to support the markets in a crisis with a host of instruments, mostly by through buying futures contracts on the stock indexes (DOW, S&P 500, NASDAQ and Russell) and key credit levers. And it has the means to fry “short” traders in the hottest of oils.
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Former four-term Congressman Ron Paul describes the American power structure. As a member of the House Banking and Currency Committee, Paul was in a unique position to see the inner workings of economic power and control of the country, and how this power translates into political power. Paul describes how, through the control of the Federal Reserve and the banking system, the American power elite is basically out of reach of the democratic system. Concurrently, by using such organizations as the Trilateral Commission and the Council on Foreign Relations, control over the political process is maintained, resulting in what is in reality a in the U.S.
[youtube=http://www.youtube.com/watch?v=0I2fRcFPzu4]Ron Paul talks about American power structure, FED, Trilateral Commission and CFR (August 1988) – YouTube
Published on Jul 19, 2011
Congressman Ron Paul (at the time for this interview, August 1988, former four-term congressman) describes the American power structure.
As a member of the House Banking and Currency Committee, Ron Paul was in a unique position to see the inner workings of economic power and control of the country, and how this power translates into political power.
Related:
United States banks on average borrowed $4.83 billion a day directly from the Federal Reserve in the week ended Dec. 26, up from $4.62 billion a day the previous week, Fed data released Thursday showed.
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From: Ludwig von Mises Institute
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World Affairs Brief March 31, 2006 Copyright Joel Skousen. Partial quotations with attribution permitted. Cite source as Joel Skousen’s World Affairs Brief
BIG INFLATION COMING Freemarketnews.com reported this week that, “the federal reserve ordered two trillion dollars to be printed! … Three separate sources in the U.S. Treasury have told me that this week, the federal reserve ordered TWO TRILLION dollars to be printed! The US Treasury is allegedly running printing presses 24/7 to accommodate that order. Treasury employees were specifically ordered not to talk about this to anyone because it could cause economic collapse.” That’s a bit inflammatory. Press officials are never supposed to tell how much money is being printed. Even another $2 trillion isn’t going to cause a collapse, though it would and will eventually impact the value of the dollar. I’ve always said that the US has not yet used up all its power to inflate. I guess the PTB are starting in earnest. It is important to note that in response to growing dollar weakness, silver is at a ten year high and gold is nearing a 25 year high.
Robert HcHugh lets us in on what M3 was doing recently – and it was very inflationary. “M-3 has been launched into outer space, up another $56.3 billion last week, up $92.4 billion over the past two. This is some real horsepower. Over six weeks, the meaningless figure, ahem, is up $177.8 billion. These annualized growth rates are 28.7 percent, 23.6 percent, and 15.3 percent respectively. Those are the seasonally adjusted figures. The raw, non-seasonally adjusted, figure is up $293.3 billion over the past 12 weeks, on a pace to add 1.2 trillion in money to the economy … That’s right folks – soon to be discontinued money supply data ALREADY showing annualized growth rates in excess of 28% – and the Fed would have us all believe that this is a non-event.”
The staff at Free Market News tried to imply a direct relationship between the decision to not report M3 money supply figures and this new print move. “The M3 was the amount of cash the government printed to put into circulation, propping-up the U.S. economy.” This is not true, specifically. M1 is the sum of currency that is held outside banks, travelers checks, checking accounts (but not demand deposits), minus the amount of money in the Federal Reserve float. M2 is sum of M1 plus savings deposits (this would include money market accounts from which no checks can be written), small denomination time deposits (less than $100,000), and retirement accounts. M3 (discontinued) is M1 plus M2 plus the large time deposits (more than $100,000), Eurodollar deposits, dollars held at foreign offices of U.S. banks, and institutional money market funds. Cash eventually shows up in all of these, but the significance of removing M3 has more to do with hiding the numbers of dollars outside the US where most inflation goes so as to deny currency traders a key piece of the data which helps evaluate the dollar versus other currencies. They have alternates, of course, but losing M3 was important. Congressman Ron Paul (R-TX) has introduced legislation to require the Fed to resume reporting the M3 statistic. Urge your Congressmen to support The Sunshine in Monetary Policy Act.
Every time new dollars are printed and the money supply increases,
your income and savings are worth less.
Even as you save for retirement, the Fed is working against you.
Inflation is nothing more than
government counterfeiting by the Fed printing presses.
– U.S. Congressman Ron Paul
What do Rising Gold Prices Mean?
December 5, 2005
The market price for an ounce of gold rose to over $500 last week, a significant milestone for economists watching precious metals and commodities markets. The last time gold topped $500 was December 1987, in the wake of the “Black Monday” stock market collapse earlier that fall.
Gold prices historically rise when faith in paper currencies erodes, as investors seek the intrinsic value of gold to protect themselves from inflation. It’s interesting to note that while the U.S. dollar has regained some of its value relative to other paper currencies like the Euro, it continues to lose value relative to gold and other hard assets. This shows the folly of using one fiat currency to value another.
Gold is history’s oldest and most stable currency. Central bankers and politicians don’t want a gold-backed currency system, because it denies them the power to create money out of thin air. Governments by their very nature want to expand, whether to finance military intervention abroad or a welfare state at home. Expansion costs money, and politicians don’t want spending limited to the amounts they can tax or borrow. This is precisely why central banks now manage all of the world’s major currencies.
Yet while politicians favor central bank control of money, history and the laws of economics are on the side of gold. Even though central banks try to mask their inflationary policies and suppress the price of gold by surreptitiously selling it, the gold markets always cut through the smokescreen eventually. Rising gold prices like we see today historically signify trouble for paper currencies, and the dollar is no exception.
President Nixon finally severed the last tenuous links between the dollar and gold in 1971. Since 1971, the Federal Reserve and U.S. Treasury have employed a pure fiat money system, meaning government can create money whenever it decrees simply by printing more dollars. The “value” of each newly minted dollar is determined by the faith of the public, the money supply, and the financial markets. In other words, fiat dollars have no intrinsic value.
What does this mean for you and your family? Since your dollars have no intrinsic value, they are subject to currency market fluctuations and ruinous government policies, especially Fed inflationary policies. Every time new dollars are printed and the money supply increases, your income and savings are worth less. Even as you save for retirement, the Fed is working against you. Inflation is nothing more than government counterfeiting by the Fed printing presses.
From: House.gov/paul
January 29, 2007
The Pentagon recently reported that it now spends roughly $8.4 billion per month waging the war in Iraq, while the additional cost of our engagement in Afghanistan brings the monthly total to a staggering $10 billion. Since 2001, Congress has spent more than $500 billion on specific appropriations for Iraq. This sum is not reflected in official budget and deficit figures. Congress has funded the war by passing a series of so-called “supplemental” spending bills, which are passed outside of the normal appropriations process and thus deemed off-budget.
This is fundamentally dishonest: if we’re going to have a war, let’s face the costs– both human and economic– squarely. Congress has no business hiding the costs of war through accounting tricks.
As the war in Iraq surges forward, and the administration ponders military action against Iran, it’s important to ask ourselves an overlooked question: Can we really afford it? If every American taxpayer had to submit an extra five or ten thousand dollars to the IRS this April to pay for the war, I’m quite certain it would end very quickly. The problem is that government finances war by borrowing and printing money, rather than presenting a bill directly in the form of higher taxes. When the costs are obscured, the question of whether any war is worth it becomes distorted.
Congress and the Federal Reserve Bank have a cozy, unspoken arrangement that makes war easier to finance. Congress has an insatiable appetite for new spending, but raising taxes is politically unpopular. The Federal Reserve, however, is happy to accommodate deficit spending by creating new money through the Treasury Department. In exchange, Congress leaves the Fed alone to operate free of pesky oversight and free of political scrutiny. Monetary policy is utterly ignored in Washington, even though the Federal Reserve system is a creation of Congress.
The result of this arrangement is inflation. And inflation finances war.
Economist Lawrence Parks has explained how the creation of the Federal Reserve Bank in 1913 made possible our involvement in World War I. Without the ability to create new money, the federal government never could have afforded the enormous mobilization of men and material. Prior to that, American wars were financed through taxes and borrowing, both of which have limits. But government printing presses, at least in theory, have no limits. That’s why the money supply has nearly tripled just since 1990.
For perspective, consider our ongoing military commitment in Korea. In Korea alone, U.S. taxpayers have spent $1 trillion in today’s dollars over 55 years. What do we have to show for it? North Korea is a belligerent adversary armed with nuclear weapons, while South Korea is at best ambivalent about our role as their protector. The stalemate stretches on with no end in sight, as the grandchildren and great-grandchildren of the men who fought in Korea give little thought to what was gained or lost. The Korean conflict should serve as a cautionary tale against the open-ended military occupation of any region.
The $500 billion we’ve officially spent in Iraq is an enormous sum, but the real total is much higher, hidden within the Defense Department and foreign aid budgets. As we build permanent military bases and a $1 billion embassy in Iraq, we need to keep asking whether it’s really worth it. Congress should at least fund the war in an honest way so the American people can judge for themselves.
World Affairs Brief June 16, 2006 Copyright Joel Skousen. Partial quotations with attribution permitted. Cite source as Joel Skousen’s World Affairs Brief
MASKING THE INFLATIONARY ECONOMY
According to Bloomberg, “U.S. consumer prices excluding food and energy rose more than forecast for a third consecutive month, increasing speculation the Federal Reserve will keep raising interest rates beyond this month. The 0.3 percent jump in the so-called core consumer price index reported by the Labor Department in Washington today exceeded the median forecast of a 0.2 percent increase by economists in a Bloomberg News survey. Core inflation over the last three months was the highest since 1995. Including food and fuel, prices climbed 0.4 percent.”
But as George Ure of Urban Survival comments, “What’s more interesting to me than the numbers themselves, is how the mainstream media has swallowed with virtually no disclosure the fact that the inflation reports in 2006 are not the same thing that we were looking at in 2005 … The Labor Department announced in 2005 that they were ‘changing weights’ of various components: Effective with release of data for January 2006, the Bureau of Labor Statistics (BLS) will update the consumption expenditure weights in the Consumer Price Index for All Urban Consumers (CPI-U) and Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to the 2003-04 period.”
This is not the first time the BLS has tampered with the CPI. It’s a constant process of removing highly inflated prices from the “typical basket of goods” Americans buy in order to manipulate the numbers downward. The BLS creates lots of different categories, as well, in order to mask inflation. They have created what they call a “core inflation rate” which, strangely, does not include food and fuel! How can these two basic necessities not be included in the core inflation category? They do it because they have a political mandate to hide the chronic effects of government monetary creation.
Borrowing, Spending, Counterfeiting
By Congressman Ron Paul
August 22, 2005Few Americans truly understand how our Federal Reserve system enables Congress to spend far beyond its means, but the cycle of spending and printing money affects all of us. Simply put, the more money our Treasury prints, the less every dollar is worth. Our pure fiat money system, in place since the last vestiges of a gold standard were eliminated in the early 1970s, has reduced the value of your savings by 80%. Disregard the government’s Consumer Price Index, which substantially underreports price inflation. Monetary inflation is true inflation, and we only need to look at the cost of homes, cars, energy, and medical care to recognize that a dollar buys far less today than ever.
Economist Mark Thornton of the Ludwig von Mises Institute lays out a sobering case against the long-term health of the U.S. dollar. He identifies several facts and trends that bode ill for millions of Americans counting on dollar-denominated assets to fund their retirements.
First, federal debt continues to grow exponentially and shows no sign of abating. Americans were shocked at the notion of a $1 trillion federal debt in 1980; just 25 years later the total approaches $8 trillion. The Bush administration and the current Congress have increased spending at rates unseen since the New Deal and Great Society eras, and single-year deficits now exceed $500 billion. There is zero political will in Washington to curb spending, as evidenced by the shameful transportation bill recently passed by Congress.
Second, federal entitlement programs like Social Security and Medicare will not be “fixed” by politicians who are unwilling to made hard choices and admit mistakes. Demographic trends will force tax increases and greater deficit spending to maintain benefits for millions of older Americans who are dependent on the federal government. Faced with uncomfortable financial realities, Congress will seek to avoid the day of reckoning by the most expedient means available— and the Federal Reserve undoubtedly will accommodate Washington by printing more dollars to pay the bills.
Third, future administrations are unlikely to challenge a foreign policy orthodoxy that views America as the world’s savior. We are hemorrhaging billions of dollars every month in Iraq, and we waste billions more every year through foreign aid and overseas meddling. A foreign policy based on nation-building and the imposition of “democracy” abroad, in direct contravention of our founders’ admonitions, is not economically sustainable. In Korea alone, U.S. taxpayers have spent nearly one trillion in today’s dollars over 55 years. A permanent military presence in Iraq and the wider Middle East will cost enormous amounts of money.
Finally, we face a reordering of the entire world economy. China, Japan, and Asia in general have been happy to hold U.S. debt instruments in recent decades, but they will not prop up our spending habits forever. Foreign central banks are increasingly reluctant to hold more U.S. dollars, understanding that American leaders do not have the discipline to maintain a stable currency. When the rest of the world finally abandons the dollar as the global reserve currency, both Congress and American consumers will find borrowing money a more expensive proposition.
All of these factors make it likely that the U.S. dollar will continue to decline in value, perhaps precipitously, in the coming decade. Will it take an economic depression before the American public finally holds the political class accountable for its reckless borrowing, spending, and counterfeiting?
The greatest threat facing America today is not terrorism, or foreign economic competition, or illegal immigration. The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation. It is this one-two punch– Congress spending more than it can tax or borrow, and the Fed printing money to make up the difference– that threatens to impoverish us by further destroying the value of our dollars.
By Jeff Fenske
In 1971, the (Nissan) Datsun 240Z sold new for $3,500.
In 2005, the base-priced Nissan 350Z sells for $26,700.
This amounts to a 760% real-world inflation increase since 1971.
In 1971, the Chevrolet Corvette sold new for $5,000.
In 2005, the base-priced Corvette sells for $43,710.
This amounts to a 870% real-world inflation rate since 1971.
Another real-world inflation illustration:
The Ford Mustang
• Original sticker price of the 1964 Ford Mustang: $2,368
• 2005 sticker prices: $20,000 V6 – $27,000 GT
So real-world inflation since 1964 for the Mustang is approximately 1000%
1960’s & 1970’s Data from:
“Mustang and Corvette Reborn,” The Travel Channel
“Full Throttle: 1971 Datsun 240Z”—The History Channel
“The Bush administration’s open-borders policy and its decision to ignore the enforcement of this country’s immigration laws is part of a broader agenda. President Bush signed a formal agreement that will end the United States as we know it, and he took the step without approval from either the U.S. Congress or the people of the United States.”
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Washington, D.C. (AHN) – The national debt is growing by more than $1 million a minute, according to the National Debt Clock, which bases it’s figures on U.S. Department of the Treasury data. …
The national deficit stood at $5.7 trillion when President Bush took office in January 2001, and, at current rates, it could reach $10 trillion before his current term expires in January 2009.
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“They keep us over here
looking in one direction,
when the whole economy of the country
is being hijacked from another.”
_______________________
“China’s factories are brand new. They’re state of the art. They’re not like some of the old, fallen factories in the US that weren’t properly maintained, and were just essentially disassembled and moved to the third world over the last forty years.
China is modern. They can make boards for computer games or they can make boards for guidance systems on missiles with the flip of a switch, because all of it is computer driven assembly systems for electronics.
They have a better educated class of engineers coming in every year in increasing numbers….
China holds the number one currency reserves in the world, $1.3 trillion.
And Russia, a bankrupt country just a few years ago holds the third largest.
And here we are, the United States, functioning under capitalism for over 200 years and not very efficiently competing against this. Why is it?
It’s because, ladies and gentlemen, we’ve been incrementally sold out by both administrations, Democrats and Republicans, on the installment plan. You know, one slice at a time until the bologna is all gone…. It’s the boiling frog syndrome where you don’t even feel it cookin’.
… Economic terrorism is maybe a phrase we should start to become familiar with…. This economic war has already destroyed more of the United States than anything we have seen in the past.
Multinationals, while we’re down, while we’re beaten into the ground on the manufacturing side
are ripping us off on the raw commodities side. They’re taking them out of the ground at pennies on the dollar. Most of them are foreign companies.
Here in Alaska, they’re not even national organizations. They’re foreign companies that are making their money, hijacking the resource at bargain-basement prices as our deficits increase, and as these closed meetings that take six years to find out about, finally get revealed on the outside of this administration, just in time for some indictments, and then Presidential pardons before everybody disappears to go make their [$$$megabuck$$$, payback] speeches.”
Transcribed by Jeff Fenske from
Changing the Way We See the World with Dr. Nick Begich on GCN Live
9/9/07
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December 5, 2006:
“Politicians often manage to fool voters and the media, but they rarely fool the financial markets over time. …”
“This decline in the value of the dollar is simple to explain. The dollar loses value as the direct result of the Federal Reserve and U.S. Treasury increasing the money supply. Inflation, as the late Milton Friedman explained, is always a monetary phenomenon. The federal government consistently wants to spend more than it can tax and borrow, so Congress turns to the Fed for help in covering the difference. The result is more dollars, both real and electronic – which means the value of every existing dollar goes down.”
From: “Secrets of the Federal Reserve” by Eustace Mullins
“Our financial system is a false one and a huge burden on the people . . . This Act establishes the most gigantic trust on earth.” — Congressman Charles Augustus Lindbergh, Sr.
The shareholders of these banks which own the stock of the Federal Reserve Bank of New York are the people who have controlled our political and economic destinies since 1914.
They are the Rothschilds of Europe, Lazard Freres (Eugene Meyer), Kuhn Loeb Company, Warburg Company, Lehman Brothers, Goldman Sachs, the Rockefeller family, and the J.P. Morgan interests.
Disclaimer: I don’t at all see this as a Jewish conspiracy. I never point the finger at any race of people. Even those mentioned above aren’t the main problem. Paul wrote:
“For our wrestling is not against flesh and blood, but against the principalities, against the powers, against the world’s rulers of the darkness of this age, and against the spiritual forces of wickedness in the heavenly places” (Eph. 6:12).
People are not the enemy. We should never hate people.
Hate evil, not people.
Peace,
Jeff Fenske
…………
Related:
Bob Chapman: Who Owns the Fed? “The Rockefellers and the Rothschilds, etc.”
G. Edward Griffin: The “Federal” Reserve is a Privately Owned Cartel
Starring Ron Paul & Ed Griffin: “Fiat Empire—Why the Federal Reserve Violates the U.S. Constitution”
Pastor Baldwin: Moneychangers Destroying America—And Christians Don’t See It