MikeHawk

Since i moved out of the USA people ask me "what is wrong with the USA" ...i reply now by saying "Look up Ron Paul...he sums it up " His truth is so refreshing, i am so tired of hearing the "barking of bullshit" both dems and rep.....makes me sick.



Ron Paul: My Answer to the President

The financial meltdown the economists of the Austrian School predicted has arrived.

We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy - all the capital misallocation, all the malinvestment - and prevent the market's attempt to re-establish rational pricing of houses and other assets.

Last night the president addressed the nation about the financial crisis. There is no point in going through his remarks line by line, since I'd only be repeating what I've been saying over and over - not just for the past several days, but for years and even decades.

Still, at least a few observations are necessary.

The president assures us that his administration "is working with Congress to address the root cause behind much of the instability in our markets." Care to take a guess at whether the Federal Reserve and its money creation spree were even mentioned?

We are told that "low interest rates" led to excessive borrowing, but we are not told how these low interest rates came about. They were a deliberate policy of the Federal Reserve. As always, artificially low interest rates distort the market. Entrepreneurs engage in malinvestments - investments that do not make sense in light of current resource availability, that occur in more temporally remote stages of the capital structure than the pattern of consumer demand can support, and that would not have been made at all if the interest rate had been permitted to tell the truth instead of being toyed with by the Fed.

Not a word about any of that, of course, because Americans might then discover how the great wise men in Washington caused this great debacle. Better to keep scapegoating the mortgage industry or "wildcat capitalism" (as if we actually have a pure free market!).

Speaking about Fannie Mae and Freddie Mac, the president said: "Because these companies were chartered by Congress, many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk."

Doesn't that prove the foolishness of chartering Fannie and Freddie in the first place? Doesn't that suggest that maybe, just maybe, government may have contributed to this mess? And of course, by bailing out Fannie and Freddie, hasn't the federal government shown that the "many" who "believed they were guaranteed by the federal government" were in fact correct?

Then come the scare tactics. If we don't give dictatorial powers to the Treasury Secretary "the stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet." Left unsaid, naturally, is that with the bailout and all the money and credit that must be produced out of thin air to fund it, the value of your retirement account will drop anyway, because the value of the dollar will suffer a precipitous decline. As for home prices, they are obviously much too high, and supply and demand cannot equilibrate if government insists on propping them up.

It's the same destructive strategy that government tried during the Great Depression: prop up prices at all costs. The Depression went on for over a decade. On the other hand, when liquidation was allowed to occur in the equally devastating downturn of 1921, the economy recovered within less than a year.

The president also tells us that Senators McCain and Obama will join him at the White House today in order to figure out how to get the bipartisan bailout passed. The two senators would do their country much more good if they stayed on the campaign trail debating who the bigger celebrity is, or whatever it is that occupies their attention these days.

F.A. Hayek won the Nobel Prize for showing how central banks' manipulation of interest rates creates the boom-bust cycle with which we are sadly familiar. In 1932, in the depths of the Great Depression, he described the foolish policies being pursued in his day - and which are being proposed, just as destructively, in our own:

Instead of furthering the inevitable liquidation of the maladjustments brought about by the boom during the last three years, all conceivable means have been used to prevent that readjustment from taking place; and one of these means, which has been repeatedly tried though without success, from the earliest to the most recent stages of depression, has been this deliberate policy of credit expansion.

To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection - a procedure that can only lead to a much more severe crisis as soon as the credit expansion comes to an end... It is probably to this experiment, together with the attempts to prevent liquidation once the crisis had come, that we owe the exceptional severity and duration of the depression.

The only thing we learn from history, I am afraid, is that we do not learn from history.

The very people who have spent the past several years assuring us that the economy is fundamentally sound, and who themselves foolishly cheered the extension of all these novel kinds of mortgages, are the ones who now claim to be the experts who will restore prosperity! Just how spectacularly wrong, how utterly without a clue, does someone have to be before his expert status is called into question?

Oh, and did you notice that the bailout is now being called a "rescue plan"? I guess "bailout" wasn't sitting too well with the American people.

The very people who with somber faces tell us of their deep concern for the spread of democracy around the world are the ones most insistent on forcing a bill through Congress that the American people overwhelmingly oppose. The very fact that some of you seem to think you're supposed to have a voice in all this actually seems to annoy them.

I continue to urge you to contact your representatives and give them a piece of your mind. I myself am doing everything I can to promote the correct point of view on the crisis. Be sure also to educate yourselves on these subjects - the Campaign for Liberty blog is an excellent place to start. Read the posts, ask questions in the comment section, and learn.

H.G. Wells once said that civilization was in a race between education and catastrophe. Let us learn the truth and spread it as far and wide as our circumstances allow. For the truth is the greatest weapon we have.



Ron Paul

www.house.gov/paul





Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. For more information click on the Project Freedom website.





Published with the authorization of Dr. Paul.

Copyright Dr. Ron Paul

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Vegas Ken

Great information. Just what i needed to get my brain cells working today in prep for the Debates tonight... well if McCain is done with his "political power play" and actually shows up for the debates.

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Bugbee

yep this is a great read Mike pretty much sums things up...

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brand0n

he would have really done some good..

but ofcourse no money there..

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MikeHawk

Sad huh?
I guess the older you get the more you can smell all the bullshit,

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Zayne E.

Nice post!

mikeyddddd

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leedsfan

One more thing to note. The Federal Reserve Bank is actually a totally separate entity and has no ties to the US government and the people of the US. So when money is created by the Federal Reserve Bank its actually creating debt load owed by taxpayers, NOT a federal banking institution. Federal Reserve Bank is owned by European aristocracy and power brokers, with solid ties to Bush family. Look up the Bildeberg group. This is essentially a world government, working above sovereign nations to create more wealth and power for themselves.

When the US treasury gave permission for the Federal Bank to stop backing new printed notes with actual gold tender (a system that meant for every dollar printed, 1/35g of gold had to be held in trust to cover that new printed dollar value), and instead printing essentially worthless (I.O.U.) promissory notes things started going downhill. Who was in power and approved this? Nixon...

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budz

I don't know <s>too much</s> anything really about politics.

Is there still a way for Ron Paul to get into it again? Or am I just dreaming :|

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MrMaxwell

The way Ron Paul is INTO IT is through all of the minds he's given eyes to..

PS: Mike and Spike run a ROCK FUCKING SOLID program...
Rebills like crazy, and they treat you like a top earner no matter who the fuck you are.
I can't thank them enough,
They've helped me through some times.

cwd

I have been reading up on Ron Paul and like alot of what he has to say. Some of his ideas I do not agree with but at least I know exactly what he believes in, which is a hell of a lot more than I can say for virtually any other politician.

budz

True Indeed, I have a Ron Paul bumper sticker... and I hate bumper stickers.

So there is no way he could still get in the race and win? That would rock.

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IllTestYourGirls

This man should have been president. He got my vote in the primaries. At least people are starting to listen to this "kook". He is the only person in Washington telling the truth.

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sltr

i've never found any valid facts supporting this conspiracy theory.

MikeHawk

Hey brother, this is the kind of stuff that blows over most peoples heads, and could not even for a minute understand or comprehend ...but you are so right, the Fed Reserve is a private system...and there is a group of families that pretty much run this entire country and helped control and run the Euro.

So here is a fact that cant be disputed:

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)

The federal reserve

1791-1811: Rothschilds? First Bank of the United States

1816-1836: Rothschilds? Second Bank of the United States

1837-1862: Free Banking Era - no formal Central Bank through the efforts of President Andrew Jackson

1862-1913: System of National Banks through the efforts of President Andrew Jackson

1913-Current: Federal Reserve Act effects a consortium of privately held associated banks called the Federal Reserve Bank. The largest shareholders of the Federal Reserve Bank are the Rothschilds of London holding 57% of the stock which is not available for public trading

On May 23 1933, Congressman Louis T. McFadden brought impeachment charges against the members of the Federal Reserve Bank. A smear campaign against McFadden ensued and he was poisoned 3 years later


...we are fucked ....

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MikeHawk

Mr Maxwell....thank you so very much from all of us at Smashbucks
Stay tuned we are rolling out the best Smashbucks ever..soon !

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sltr

here's some facts that are over conspiracy theorist's heads and some they will never comprehend:

sltr

continued

dav3

Ron Paul is the best choice for President. That would be amazing if some how he got back in the race.

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MikeHawk

Ok, so that is good, but how do you explain this,

Court Rules Federal Reserve is Privately Owned
Case Reveals Fed's Status as a Private Institution

Below are excerpts from a court case proving the Federal Reserve system's status. As you will see, the court ruled that the Federal Reserve Banks are "independent, privately owned and locally controlled corporations", and there is not sufficient "federal government control over 'detailed physical performance' and 'day to day operation'" of the Federal Reserve Bank for it to be considered a federal agency:

Lewis v. United States, 680 F.2d 1239 (1982)
John L. Lewis, Plaintiff/Appellant,
v.
United States of America, Defendant/Appellee.

No. 80-5905
United States Court of Appeals, Ninth Circuit.
Submitted March 2, 1982.
Decided April 19, 1982.
As Amended June 24, 1982.

Plaintiff, who was injured by vehicle owned and operated by a federal reserve bank, brought action alleging jurisdiction under the Federal Tort Claims Act. The United States District Court for the Central District of California, David W. Williams, J., dismissed holding that federal reserve bank was not a federal agency within meaning of Act and that the court therefore lacked subject-matter jurisdiction. Appeal was taken. The Court of Appeals, Poole, Circuit Judge, held that federal reserve banks are not federal instrumentalities for purposes of the Act, but are independent, privately owned and locally controlled corporations.

Affirmed.

1. United States

There are no sharp criteria for determining whether an entity is a federal agency within meaning of the Federal Tort Claims Act, but critical factor is existence of federal government control over "detailed physical performance" and "day to day operation" of an entity. . . .

2. United States

Federal reserve banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors, federal reserve banks, though heavily regulated, are locally controlled by their member banks, banks are listed neither as "wholly owned" government corporations nor as "mixed ownership" corporations; federal reserve banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .

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MikeHawk

cont...

3. United States

Under the Federal Tort Claims Act, federal liability is narrowly based on traditional agency principles and does not necessarily lie when a tortfeasor simply works for an entity, like the Reserve Bank, which performs important activities for the government. . . .

4. Taxation

The Reserve Banks are deemed to be federal instrumentalities for purposes of immunity from state taxation.

5. States Taxation

Tests for determining whether an entity is federal instrumentality for purposes of protection from state or local action or taxation, is very broad: whether entity performs important governmental function.

--------------

Lafayette L. Blair, Compton, Cal., for plaintiff/appellant.

James R. Sullivan, Asst. U.S. Atty., Los Angeles, Cal., argued, for defendant/appellee; Andrea Sheridan Ordin, U.S. Atty., Los Angeles, Cal., on brief.

Appeal from the United States District Court for the Central District of California.

Before Poole and Boochever, Circuit Judges, and Soloman, District Judge. (The Honorable Gus J. Solomon, Senior District Judge for the District of Oregon, sitting by designation)

Poole, Circuit Judge:

On July 27, 1979, appellant John Lewis was injured by a vehicle owned and operated by the Los Angeles branch of the Federal Reserve Bank of San Francisco. Lewis brought this action in district court alleging jurisdiction under the Federal Tort Clains Act (the Act), 28 U.S.C. Sect. 1346(b). The United States moved to dismiss for lack of subject matter jurisdiction. The district court dismissed, holding that the Federal Reserve Bank is not a federal agency within the meaning of the Act and that the court therefore lacked subject matter jurisdiction. We affirm.

In enacting the Federal Tort Claims Act, Congress provided a limited waiver of the sovereign immunity of the United States for certain torts of federal employees. . . . Specifically, the Act creates liability for injuries "caused by the negligent or wrongful act or omission" of an employee of any federal agency acting within the scope of his office or employment. . . . "Federal agency" is defined as:

the executive departments, the military departments, independent
establishments of the United States, and corporations acting
primarily as instrumentalities of the United States, but does not
include any contractors with the United States.

28 U.S.C. Sect. 2671. The liability of the United States for the negligence of a Federal Reserve Bank employee depends, therefore, on whether the Bank is a federal agency under Sect. 2671.

[1,2] There are no sharp criteria for determining whether an entity is a federal agency within the meaning of the Act, but the critical factor is the existence of federal government control over the "detailed physical performance" and "day to day operation" of that entity. . . . Other factors courts have considered include whether the entity is an independent corporation . . ., whether the government is involved in the entity's finances. . . ., and whether the mission of the entity furthers the policy of the United States, . . . Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities for purpose of the FTCA, but are independent, privately owned and locally controlled corporations.

Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stockholding commercial banks elect two thirds of each Bank's nine member board of directors. The remaining three directors are appointed by the Federal Reserve Board. The Federal Reserve Board regulates the Reserve Banks, but direct supervision and control of each Bank is exercised by its board of directors. 12 U.S.C. Sect. 301. The directors enact by-laws regulating the manner of conducting general Bank business, 12 U.S.C. Sect. 341, and appoint officers to implement and supervise daily Bank activities. These activites include collecting and clearing checks, making advances to private and commercial entities, holding reserves for member banks, discounting the notes of member banks, and buying and selling securities on the open market. See 12 U.S.C. Sub-Sect. 341-361.

Each Bank is statutorily empowered to conduct these activites without day to day direction from the federal government. Thus, for example, the interest rates on advances to member banks, individuals, partnerships, and corporations are set by each Reserve Bank and their decisions regarding the purchase and sale of securities are likewise independently made.

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MikeHawk

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Just_Dave

where did you move to mike

sltr

can anyone really explain tort law?
LOL!

i can't really speak to the legalities of those cases, however, i did help put my ex-wife through law school and her 1st few years practicing and i recall her frustations when trying to make sense of torts, and our many conversations about them.

it seems to me you are posting those cases to show that the federal reserve bank is privately owned, correct? if so, i think the issue is a complicated one and that's why the courts decided that the bank is not a government institution and therefor, not liable to damages or tort to the plaintiffs in those cases.

but again, i am not an attorney and it's hard to make heads or tails outta that shit, hahahahahah!

but even so, privately owned does not mean foreign owned and conspiratorial.

also, re: the original topic of this thread, i am in complete agreement with ron paul and with your conclusion that we are fucked.

doh.

notoldschool

it amazes me how blind people are.

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IllTestYourGirls

There are few conservatives left in GOP. The neo-cons (who come from the very far left) have completely taken over the party.

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MikeHawk

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Chauncy

great read thanks for this I would love to see Ron Paul in office and if he was smart he would go outside of the government for a vp maybe Jon c Bogle who wrote a book in 05 that predicted this to almost the minute "the battle for the soul of capitalism" if you haven't read it you should

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notoldschool

I agree. People dont know the difference between fiscal and social conservatism. These fuckers are far from fiscally conservative.

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MikeHawk

Bumps for Ron Paul........

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