News Item: : Fatcat Bankers
(Category: Finance, Economy and Government)
Posted by Toddy Littman
Tuesday 02 February 2010 - 16:56:28
Apparently we, irrespective of the idea of Love Thy Enemy, see those with more than we have as an enemy via a jealousy, and, it is being used against us time and time again. Glenn Beck’s explanations about “Progressives” is a very bright light indeed.
The trouble is that those steeped in progressivism, as those in most narcissistic cults of an era whose entire identity is designed by it’s very existence, ends up as both, endlessly accurate due to consistency (because the basis of reason behind it will always prove out the cause, irrespective if it has any real meaning, purpose, or reason based on fact, on truth), and, proving out the absolute idea that Reagan put forth so well, “Government is the problem.”
So as we are directed to focus our attentions on the “fatcat bankers” and their evil doings, it seems it is time to make sure the Progressive “watch this hand” isn’t misleading us once more. And Mr. Beck, I hope you and your people can look at this, as I believe it’ll help to understand further that the Federal Reserve, an entity owned by the banking system through capital stock subscription in each region, though it has its faults, is not, and has not been the problem.
Let’s go to the time before 1917 when the Federal Reserve opened its doors....
States had their own currency, and each had its own treasury. There was no central repository for money, which is very independent indeed, yet, it did create problems when people would move or want to move because the treasury in one state would not recognize the currency in another, or, it would be recognized according to a ratio of value such as foreign currencies are today (originally, as our nation was founded, each state was viewed foreign to the next to assure no centralization. It was this type of decentralization that put an end to the rule of the monarchies in Europe, each Feudal State in Europe ended up being a despotic cabal of centralized oppression - e.g. The Dark Ages, “peasant” as a “class”, and your station in life based on bloodlines which are challenged through the “chancery” and trial by ordeal, making “claims” on a “coat of arms” always in jeopardy as the winner takes all when the loser yells “I yield”).
It is this environment where the last remnants of our original republic are found because the regional federal reserve banks are autonomous from the Washington D.C. Board, who basically provides a level of oversight and feedback to the United States Government who, and this is notable, owns no stock in the Federal Reserve (Reference Title 12, Section 284, “Omitted”, and the notes thereunder, http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000284----000-.html).
Of course this lack of ownership by the United States Government is the crux of the issue that even John F. Kennedy took up. However, the point of this is that by the Federal Reserve System, an outside party, is controlling the money, thus the States, who had their own treasury, do not feel threatened by an expanding national government because of the very lack of direct national hands on control over the property of the states and the people, the private property that is deposited into the banks in each of the 12 federal reserve regions.
However, and this is the shocking truth of the matter, the Federal Government gets a direct benefit from the profits of the Federal Reserve. Do you hear me Mr. Beck? Though you may loathe the 55 billion dollar profit the Federal Reserve made last year due to the notion it’s the “creature from Jekyll Island,” I submit that the Federal Reserve Act wasn’t done on the ground of this statement, “Let me issue and control a nation's money and I care not who writes the laws,” stated in a variety of similar ways yet always to the credit of Mayer Amschel Rothschild, this iteration credited to have been said in 1790.
The history of our own Colonies provides the truth of “government controlled currency” when England passed the currency act of 1764 forbidding our Colonies from printing their own, our Colonies fell into unemployment and depression, entirely beholden to the government’s issue of currency, at the Will and Whim of a despotic king and his minions in his politburo.... er... House of Lords, and the National British Subject's politburo.... er… Parliament (the people in the Colonies no longer represented in either chamber in any way).
Yet the suspicions of the Federal Reserve System are what people read into this entire situation, never once thinking as they would with all other legislation, that “government is passing this for its own self-interest.” The books by Eustace Mullins and others have always placed the suspicion on the authors of the Federal Reserve Act, and I am about to submit why this is misguided, and merely more Progressive “watch this hand....” magic tricks. This is important because the remnant of this suspicion and all-out hatred of those who have found a way to make money on money is still with us today, and being used by President Obama in absolutely the same Progressive fashion as has been used since 1917.
Going back to the 55 billion dollar profit, please see Title 12, Section 289, paragraph (b), http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000289----000-.html, of which I quote a portion thereof:
“The Federal reserve banks shall transfer from the surplus funds of such banks to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury, a total amount of $3,752,000,000 in fiscal year 2000. ”
Please note this was in the original act (Dec. 23, 1913, ch. 6, § 7(a), (b), 38 Stat. 258, I have no link to this statute, sorry.), and every year the Congress changes this statute to transfer the “surplus,” like that 55 billion dollar profit, to the U.S. Treasury, Timothy Geithner is surely pleased this last year, and of course Bernanke is confirmed for another term in light of this wonderful windfall for the U.S. Treasury, ala the Federal Reserve.
Speaking of the Secretary of the Treasury, he has full control of these surplus funds too:
“The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied. ” (Reference Title 12, Section 290, http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000290----000-.html
Makes you wonder why they needed an income tax years later, many surmise it’s to pay the interest to the Federal Reserve, but, mathematically if the profits of the Federal Reserve, their surplus, end up in the U.S. Treasury, this interest is “a wash” and so we have a domestic economy that is debt free in the public sector.
So let’s make sure we properly define “redistribution of wealth” in its accurate Progressive terms, in light of Woodrow Wilson being the Federal Reserve Poster Child, Franklin Delano Roosevelt the income tax poster child, and John F. Kennedy, the “red bills” poster child (attempting to get rid of the Federal Reserve and make the U.S. Treasury the issuer of our currency, in the way England had control of the currency of the colonies, that totalitarian fascist manner of Progressivism.)
This is history, the factual record, the evidence of abuse and exploitation of our people and crises by Progressives, an overwhelming record in regard to the disintegration of capitalism. The best example is the “Great Depression” that our current situation is being compared to regularly and addressed just as similarly by President Obama, as the previous Progressive President Franklin Delano Roosevelt did, likely with the same wasteful counter productive results http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx (Please note this was written in 2004 and is from UCLA, not exactly a conservative institute.)
To those of you who read this entire, I applaud you and thank you as this is a sharing of published history done in the interest of doing all we can to not succumb to the vilifying of another group of American people by submission to class warfare, jealousy and hatred, to not join in and be further manipulated by Progressive tactics to “communicate better” as though our lives are therapy sessions and they are the therapists who know better.
Toddy Littman, A Common Man
This news item is from ChangingWind.org
( http://changingwind.org/index/news.php?extend.67 )
(Category: Finance, Economy and Government)
Posted by Toddy Littman
Tuesday 02 February 2010 - 16:56:28
“Those Fatcat Bankers,” It’s All Their Fault....
Apparently we, irrespective of the idea of Love Thy Enemy, see those with more than we have as an enemy via a jealousy, and, it is being used against us time and time again. Glenn Beck’s explanations about “Progressives” is a very bright light indeed.
The trouble is that those steeped in progressivism, as those in most narcissistic cults of an era whose entire identity is designed by it’s very existence, ends up as both, endlessly accurate due to consistency (because the basis of reason behind it will always prove out the cause, irrespective if it has any real meaning, purpose, or reason based on fact, on truth), and, proving out the absolute idea that Reagan put forth so well, “Government is the problem.”
So as we are directed to focus our attentions on the “fatcat bankers” and their evil doings, it seems it is time to make sure the Progressive “watch this hand” isn’t misleading us once more. And Mr. Beck, I hope you and your people can look at this, as I believe it’ll help to understand further that the Federal Reserve, an entity owned by the banking system through capital stock subscription in each region, though it has its faults, is not, and has not been the problem.
Let’s go to the time before 1917 when the Federal Reserve opened its doors....
States had their own currency, and each had its own treasury. There was no central repository for money, which is very independent indeed, yet, it did create problems when people would move or want to move because the treasury in one state would not recognize the currency in another, or, it would be recognized according to a ratio of value such as foreign currencies are today (originally, as our nation was founded, each state was viewed foreign to the next to assure no centralization. It was this type of decentralization that put an end to the rule of the monarchies in Europe, each Feudal State in Europe ended up being a despotic cabal of centralized oppression - e.g. The Dark Ages, “peasant” as a “class”, and your station in life based on bloodlines which are challenged through the “chancery” and trial by ordeal, making “claims” on a “coat of arms” always in jeopardy as the winner takes all when the loser yells “I yield”).
It is this environment where the last remnants of our original republic are found because the regional federal reserve banks are autonomous from the Washington D.C. Board, who basically provides a level of oversight and feedback to the United States Government who, and this is notable, owns no stock in the Federal Reserve (Reference Title 12, Section 284, “Omitted”, and the notes thereunder, http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000284----000-.html).
Of course this lack of ownership by the United States Government is the crux of the issue that even John F. Kennedy took up. However, the point of this is that by the Federal Reserve System, an outside party, is controlling the money, thus the States, who had their own treasury, do not feel threatened by an expanding national government because of the very lack of direct national hands on control over the property of the states and the people, the private property that is deposited into the banks in each of the 12 federal reserve regions.
However, and this is the shocking truth of the matter, the Federal Government gets a direct benefit from the profits of the Federal Reserve. Do you hear me Mr. Beck? Though you may loathe the 55 billion dollar profit the Federal Reserve made last year due to the notion it’s the “creature from Jekyll Island,” I submit that the Federal Reserve Act wasn’t done on the ground of this statement, “Let me issue and control a nation's money and I care not who writes the laws,” stated in a variety of similar ways yet always to the credit of Mayer Amschel Rothschild, this iteration credited to have been said in 1790.
The history of our own Colonies provides the truth of “government controlled currency” when England passed the currency act of 1764 forbidding our Colonies from printing their own, our Colonies fell into unemployment and depression, entirely beholden to the government’s issue of currency, at the Will and Whim of a despotic king and his minions in his politburo.... er... House of Lords, and the National British Subject's politburo.... er… Parliament (the people in the Colonies no longer represented in either chamber in any way).
Yet the suspicions of the Federal Reserve System are what people read into this entire situation, never once thinking as they would with all other legislation, that “government is passing this for its own self-interest.” The books by Eustace Mullins and others have always placed the suspicion on the authors of the Federal Reserve Act, and I am about to submit why this is misguided, and merely more Progressive “watch this hand....” magic tricks. This is important because the remnant of this suspicion and all-out hatred of those who have found a way to make money on money is still with us today, and being used by President Obama in absolutely the same Progressive fashion as has been used since 1917.
Going back to the 55 billion dollar profit, please see Title 12, Section 289, paragraph (b), http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000289----000-.html, of which I quote a portion thereof:
“The Federal reserve banks shall transfer from the surplus funds of such banks to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury, a total amount of $3,752,000,000 in fiscal year 2000. ”
Please note this was in the original act (Dec. 23, 1913, ch. 6, § 7(a), (b), 38 Stat. 258, I have no link to this statute, sorry.), and every year the Congress changes this statute to transfer the “surplus,” like that 55 billion dollar profit, to the U.S. Treasury, Timothy Geithner is surely pleased this last year, and of course Bernanke is confirmed for another term in light of this wonderful windfall for the U.S. Treasury, ala the Federal Reserve.
Speaking of the Secretary of the Treasury, he has full control of these surplus funds too:
“The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied. ” (Reference Title 12, Section 290, http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000290----000-.html
Makes you wonder why they needed an income tax years later, many surmise it’s to pay the interest to the Federal Reserve, but, mathematically if the profits of the Federal Reserve, their surplus, end up in the U.S. Treasury, this interest is “a wash” and so we have a domestic economy that is debt free in the public sector.
So let’s make sure we properly define “redistribution of wealth” in its accurate Progressive terms, in light of Woodrow Wilson being the Federal Reserve Poster Child, Franklin Delano Roosevelt the income tax poster child, and John F. Kennedy, the “red bills” poster child (attempting to get rid of the Federal Reserve and make the U.S. Treasury the issuer of our currency, in the way England had control of the currency of the colonies, that totalitarian fascist manner of Progressivism.)
This is history, the factual record, the evidence of abuse and exploitation of our people and crises by Progressives, an overwhelming record in regard to the disintegration of capitalism. The best example is the “Great Depression” that our current situation is being compared to regularly and addressed just as similarly by President Obama, as the previous Progressive President Franklin Delano Roosevelt did, likely with the same wasteful counter productive results http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx (Please note this was written in 2004 and is from UCLA, not exactly a conservative institute.)
To those of you who read this entire, I applaud you and thank you as this is a sharing of published history done in the interest of doing all we can to not succumb to the vilifying of another group of American people by submission to class warfare, jealousy and hatred, to not join in and be further manipulated by Progressive tactics to “communicate better” as though our lives are therapy sessions and they are the therapists who know better.
Toddy Littman, A Common Man
This news item is from ChangingWind.org
( http://changingwind.org/index/news.php?extend.67 )