Financial Conspiracy, Bailouts and Dollar Collapse

Financial Conspiracy, Bailouts and Dollar Collapse

Things have changed a lot since the financial industry crash of 2008. During that time, I was in college and studying economics. In college, words like “inflation” were rarely if ever used in courses. Instead, we heard terms like “monetary policy” and “quantitative easing”. There was one professor that dared to teach us about the “petro-dollar status” but that was too out-of-context for our young minds to really comprehend. As economics majors, like most finance majors, we wanted to deal with green paper, not grimy oil and messy politics.

At the age of 22 years old, the focus was more geared to learning numbers that would squeeze out a few dollars in the financial industry. Rarely did we really focus on the underlying meaning of such numbers. Risk, trust, ownership, control, adding value, resources – these were all abstract concepts that our class, or perhaps even our entire generation, missed the importance of.

Bailouts and the Not-So-Free-Market.

While politicians on both the left and right were busy justifying the bail-outs to the banks and auto industry, I was busy studying how great the theory of the free-market system was. Professors didn’t often discuss the current world news in class. It was sometimes a politically taboo topic. We generally focused on economic theory – macroeconomics, surplus, how hedge funds operate, financial analysis, etc. Understanding all of these pieces was somehow meant to get me a job at an investment bank or hedge fund, and lead to a $120k/year salary.

This was America after all, if I finished my degree, worked hard, and they liked me, I would get a desk on some trading floor bringing in the big bucks. Not only that, but understanding economics and finance (to us) meant that we knew how the world work.

As time went on, the Bail-outs became big news. Politicians were really fantastic at persuading Americans that the bail-outs were necessary to save the American system. We needed the bailouts to protect the free American way of life – but therein lies the rub. In free-markets there is no such thing as bail-outs. When a company or bank is failing, it just dies. There are no hand-outs. There are no safety nets. So it was interesting, we were being taught that the United States was a free market system, but the political economy was doing some very non free-market things.


You see, the great thing about the free market is it allows hard-workers to rise up. When the slackers and corrupt business people fail, they are replaced by the superior firm, product, worker, etc. The bail-outs contradicted this in every way possible.

After the bail-outs were squeezed through congress and the gravy was paid out – Americans were told things would change. The recession would end shortly and we’d all be up to our eyes in money and employment possibilities. But as we know now, in 2014, we’re still all waiting for that to happen. What actually happened is this:

The outdated financial industry and the auto-industry were slowly failing – so they took more risk. They leveraged up their positions by taking on more and more debt. Eventually the risk caught up with them and they lost a shitload of money. After that – they whined – a lot. They pulled their political strings and got their bail-out money from the Tax-payers through the federal reserve printing money (read: inflation). But instead of re-investing to make their companies stronger, they took massive bonuses and fired a lot of their staff. Then they sat low and expected everyone else to pick up the slack in the economy. They weren’t going to hire new staff, they had no plans of “stimulating” the economy. They just wanted their corrupt green money and to lay low in case the world imploded.

Read Douglass Rushkoff’s explanation of the bailouts in his powerful article called LET IT DIE.

The Federal Reserve.

Before the 2008 financial crash and the following recession, few Americans understood the role of the Federal Reserve, the USA’s Central Bank. Even if they knew what it was, they surely didn’t understand how it worked, or what it’s relationship is with the treasury.

As the economy tanked after 2008, families lost their homes, employees got fired, credit card rates were raised for no reason, and the dinner table started looking a lot less filling. Americans got burned. Since then, a lot of people have woken up, thank god. Finally, people are cutting back on debt, living more within their means, and making better decisions. Americans swore to never get screwed again. This fact alone has reflected the dismal performance of the real economy.

While Wall Street has been pumped full of funny money from the Federal Reserve, Main Street has smartened up. The Federal Reserves role before 2008 was primarily to manage inflation and set rates using bonds. Now – they’re focused more on monetizing the system, depressing the price of gold, making financial (paper) assets look good, and dodging economic bullets for the US government. Mostly everyone I know avoids debt like the plague and can explain who the Chairman of the fed is (Janet Yellen btw).

My question is this – who thought it was a good idea to bail anyone out? Whomever allowed this and supported it should be drawn and quartered. Our economy is on life support today because of this decision.

Scandals are the New Way of American Financial Life

The US Financial industry is weak, meaning money is flowing a lot less abundantly than it used to (pre-2008). This has lead some industry “experts” to cut corners. While the subordinates are still doing the dirty work for the “higher-ups”, both of these guilty parties involved are being exposed for what they really are.

  • Gold Rigging
  • High Frequency Trading
  • LIBOR Scandal
  • London Whale
  • Foreclosure Scandal of 2010-2014
  • Student Loan Bubbles

Interesting how each crisis in America typically leads to another crisis or scandal. Our leaders love to point fingers for accountability and responsibility, but they’re sure willing to cut corners when the system doesn’t work how they want it to. An interesting thing resulted from the 2008 financial crisis – the 2010 forclosure scandal exploded on the scene. When families were struggling to pay their mortgages because of the recession after 2008, banks started illegally foreclosing on families homes to earn money. This has lead to an explosion of litigation and involvement with the Federal Government. And one thing is true – the families that lost their homes never got them back. Sure, maybe they received some settlement money. But does $1000 really compensate one for homelessness, lost community, family distress and unjust legal troubles?

Money Printing Pisses Me Off.

In the USA, I love the concept of possibility. I love the opportunity of bettering oneself. Money printing by the Federal Reserve infringes on my possibilities. When I work hard for my money and someone else can print more for themselves – how the hell does my work matter? Sure, I have my pride – but I will never win. I can’t print money. My money is my employment, and I can’t work faster than they can print money.

Worse, the people that print money are not looking out for the best interest of Main Street. They are largely influenced, if not completely run, by Wall Street. Many Federal Reserve authorities are pulled directly from the executive seats of major banks and hedge funds. Lobbying groups that lobby Washington often have federal reserve ties.

How many Americans does it take to realize this incestuous relationship before things finally change?

Dollar Collapse Is The Only Way.

The people that control our currency are irresponsible, unelected, and self-motivated. They have abused their position and taken advantage of the authority that has been granted to them. They have stripped Main Street of it’s value and delivered it to Wall Street in a nice little handbasket with a fat bonus. In addition to this recent bail-out, the US dollar has lost about 98% of it’s purchasing power. In 1930, a loaf of bread only cost 9 cents. From this in itself, the dollar will surely eventually collapse.

It’s sad though. It’s unnecessary for the dollar to collapse. It really doesn’t solve any problems. Those in power will still be in power when they start printing up the next currency and financial bonuses will still be handed out to undeserving banking executives that originally drove this country into the ground. Worse, this will continuously drive opportunity away from Americans and always give other countries the upper hand. Until the United States gets it’s act together, I will not take out new lines of credit (debt), I will deal in dollars as little as possible, I will support the constitution and not the government that tramples over it, and I will make as many Americans aware of how the cards are stacked against them.

To make matters worse, even other countries are abandoning the dollar. The Petrodollar status is losing ground quickly because Russia and China are offering petroleum oil to other countries and bypassing the dollar. As demand shrinks for the dollar worldwide, all it will take is everyday people on Main Street like you and me to stop using the dollar, by stop accepting the dollar for exchange, and that’ll be the last draw.

Since The Bail-Outs, I’ve Changed

I no longer follow the Left or Right political wings. I used to be moderate left, but now I more moderate libertarian than anything. I believe in the constitution, I don’t believe in big government, I don’t believe in big corporations, and I believe in protecting personal liberties and freedoms of the American people.

With my new belief system, nobody is harmed except someone that wants to take away from someone else. With my beliefs, everyone gets their slice of life and nobody is allowed to infringe on the slice of others life. It’s pretty simple really. My beliefs have no place in the world of big government and big corporations – because these are the exact institutions that aim to take from one person and give to another.

What are your thoughts on these issues? I’d be curious to hear!


6 Responses to “Financial Conspiracy, Bailouts and Dollar Collapse”

  1. Peter Palms says:

    The United States government is mired in a 5.8-trillion-dollar debt. By 2001, interest payments on that debt were running $360 billion per year. That consumes about 19% of all federal revenue and costs the average family over $5,000 each year. Nothing is purchased by it. It merely pays interest. It represents the government’s largest single expense. Interest on the national debt is already consuming more than 36% of all the revenue collected from personal income taxes. If the long-term trend continues, there is nothing to prevent it from eventually consuming all of it.
    By 1992, there were more people working for government than for manufacturing companies in the private sector. There are more citizens receiving government checks than there are paying income taxes. When it is possible for people to vote on issues involving the

    transfer of wealth to themselves from others, the ballot box
    becomes a weapon whereby the majority plunders the minority. That is the point of no return. It is a doomsday mechanism.
    By 1992, more than half of all federal outlays went for what are called entitlements. Here is another doomsday mechanism. Entitle-
    ments are expenses—such as Social Security and Medicare—which are based on promises of future payments. Entitlements represent 52% of federal outlays. When this is added to the 14% that is now being spent for interest payments on the national debt, we come to the startling conclusion that two-thirds of all federal expenses are now entirely automatic, and that percentage is growing each month.
    The biggest doomsday mechanism of all is the Federal Reserve System. Every cent of our money supply came into being for the purpose of being loaned to someone. Those dollars will disappear when the loans are paid back. If we tried to pay off the national debt, our money supply would be undermined. Under the Federal Reserve System, therefore, Congress would be fearful to eliminate the national debt even if it wanted to.
    Political environmentalism has caused millions of acres of timber and agricultural land to be taken out of production. Heavy industry has been chased from our shores by our own government. High taxes, rules beyond reason for safety devices in the work place, so-called fair-employment practices, and mandatory health insurance are rapidly destroying what is left of the private sector. The result is unemployment and dislocation for millions of American workers. Government moves in to fill the void it creates, and bureaucracy grows by the hour.
    Federal taxes now take more than 40% of our private incomes. State, county, and local taxes are on top of that. Inflation feeds on what is left. We spend half of each year working for the government. Real wages in America have declined. Young couples with a single income have a lower standard of living than their parents did. The net worth of the average household is falling The amount of leisure time is shrinking. The percentage of Americans who own their homes is dropping. The age at which a family acquires a first home is rising. The number of families counted among the middle class is falling The number of people living below the officially defined poverty level is rising. More and more Americans are broke at age 65.

    None of this is accidental. It is the fulfillment of a plan by members of the CFR who comprise the hidden government of the United States. Their goal is the deliberate weakening of the industrialized nations as a prerequisite to bringing them into a world government built upon the principles of socialism, with themselves in control.
    The origin of many of the stratagems in this plan can be traced to a government-sponsored think-tank study released in 1966 called the Report from Iron Mountain. The purpose of the study was to analyze methods by which a government can perpetuate itself in power—ways to control its citizens and prevent them from rebelling. The conclusion of the report was that, in the past, war has been the only reliable means to achieve that goal. Under world government, however, war technically would be impossible. So the main purpose of the study was to explore other methods for controlling populations and keeping them loyal to their leaders. It was concluded that a suitable substitute for war would require a new enemy which posed a frightful threat to survival. Neither the threat nor the enemy had to be real. They merely had to be believable.
    Several surrogates for war were considered, but the only one holding real promise was the environmental-pollution model. This was viewed as the most likely to succeed because (1) it could be related to observable conditions such as smog and water pollution—in other words, it would be based partly on fact and, therefore, believable and (2) predictions could be made showing end-of-earth scenarios just as horrible as atomic warfare. Accuracy in these predictions would not be important. Their purpose would be to frighten, not to inform.
    While the followers of the current environmental movement are preoccupied with visions of planetary doom, the leaders have an entirely different agenda. It is world government.

    The fourth collapse of the fed is inevitable

    It ought to be abandoned because
    • It is incapable of accomplishing its stated objectives.
    • It is a cartel operating against the public interest.
    • It is the supreme instrument of usury.
    • It generates our most unfair tax.
    • It encourages war.
    • It destabilizes the economy.
    • It is an instrument of totalitarianism.

  2. Peter Palms says:

    • It is incapable of accomplishing its stated objectives.
    • It is a cartel operating against the public interest.
    • It is the supreme instrument of usury.
    • It generates our most unfair tax.
    • It encourages war.
    • It destabilizes the economy.
    • It is an instrument of totalitarianism.

  3. Peter Palms says:

    Everyone knows what ought to be done and everyone knows that we have lost control of what used to be our government and our rulers will not let it be done. They know they can hold power only if the inevitable collapse is allowed to complete. But I’ll provide details of how it could be fixed if you allow a longer comment in this comment.

  4. Peter Palms says:

    So much for things not to do. All that would be required to abolish the Federal Reserve System is an act of Congress consisting of one sentence: The Federal Reserve Act and all of its amendments are hereby rescinded. But that would wipe out our monetary system overnight and create such havoc in the economy that it would play right into the hands of the globalists. They would use the resulting chaos as evidence that such a move was a mistake, and the American people then likely would welcome a rescue from the IMF/World Bank. We would find ourselves back in the Pessimistic Scenario even though we had done the right thing.
    There are certain steps that must precede the abandonment of the Fed if we are to have a safe passage. The first step is to convert our present fiat money into real money. That means we must create an entirely new money supply which is 100% backed by precious metal—and we must do so within a reasonably short period of time.1 To that end, we also must establish the true value of our present fiat money so it can be exchanged for new money on a
    1. Most money is issued by governments, but there are many examples of private money that has functioned better than politically created money. A recent example in the U.S. was The Liberty Dollar, a privately issued currency 100% backed by silver and gold. In November 2007 its assets were seized by the government on the absurd claim that people might mistake it for worthless federal reserve notes.

    realistic basis and phased out of circulation. Here is how it can be
    1. Repeal the legal-tender laws. The federal government will continue accepting Federal Reserve Notes in the payment of taxes, but everyone else will be free to accept them, reject them, or discount them as they wish. There is no need to force people to accept honest money. Only fiat money needs the threat of imprisonment to back it up. Private institutions should be free to innovate and to compete. If people want to use Green Stamps or Disney-ride coupons or Bank-of-America Notes as a medium of exchange, they should be free to do so. The only requirement should be faithful fulfillment of contract. If the Green-Stamp company says it will give a crystal lamp for seven books of stamps, then it should be compelled to do so. Disney should be required to accept the coupon in exactly the manner printed on the back. And, if Bank of America tells its depositors they can have their dollars back any time they want, it should be required to keep 100% backing (coins or Treasury Certificates) in its vault at all times. In the transition to a new money, it is anticipated that the old Federal Reserve Notes will continue to be widely used.
    2. Freeze the present supply of Federal Reserve Notes, except for what will be needed in step number six.
    3. Define the “real” dollar in terms of precious-metal content, preferably what it was in the past: 371.25 grains of silver. It could be another weight of silver or even another metal, but the old silver dollar is a proven winner.
    4. Establish gold as an auxiliary monetary reserve which can be substituted for silver, not at a fixed-price ratio, but at whatever ratio is set by the free market. Fixed ratios always become unfair over time as the prices of gold and silver drift relative to each other. Although gold may be substituted for silver at this ratio, it is only silver that is the foundation for the dollar.
    5. Restore free coinage at the U.S. Mint and issue silver “dollars” as well as gold “pieces.” Both dollars and pieces will be defined by metal content, but only coins with silver content can be called dollars, half-dollars, quarter-dollars, or tenth-dollars (dimes). At first, these coins will be derived only from metal brought into

    the Mint by private parties. They must not be drawn from the Treasury’s supply which is reserved for use in step number six.
    6. Pay off the national debt with Federal Reserve Notes created for that purpose. Creating money without backing is forbidden by the Constitution; however, when no one is forced by law to accept Federal Reserve Notes as legal tender, they will no longer be the official money of the United States. They will be merely a kind of government script which no one is required to accept. Their utility will be determined by their usefulness in payment of taxes and by the public’s anticipation of having them exchanged for real money at a later date. The creation of Federal Reserve Notes, with the understanding that they are not the official money of the United States, would therefore not be a violation of the Constitution. In any event, the deed is already done. The decision to redeem government bonds with Federal Reserve Notes is not ours. Congress decided that long ago, and the course was set at the instant those bonds were issued. We are merely playing out the hand. The money will be created for that purpose. Our only choice is when: now or later. If we allow the bonds to stand, the national debt will be repudiated by inflation. The value of the original dollars will gradually be reduced to zero while only the interest remains. Everyone’s purchasing power will be destroyed, and the nation will die. But if we want not to repudiate the national debt and decide to pay it off now, we will be released from the burden of interest payments and, at the same time, prepare the way for a sound monetary system.
    7. Pledge the government’s hoard of gold and silver (except the military stockpile) to be used as backing for all the Federal Reserve Notes in circulation. The denationalization of these assets is long overdue. At various times in recent history, it was illegal for Americans to own gold, and their private holdings were confiscated. The amount which was taken should be returned to the private sector as a matter of principle. The rest of the gold supply also belongs to the people, because they paid for it through taxes and inflation. The government has no use for gold or silver except to support the money supply. The time has come to give it back to the people and use it for that purpose.
    8. Determine the weight of all the gold and silver owned by the U.S. government and then calculate the total value of that supply in terms of real (silver) dollars.

    9. Determine the number of all the Federal Reserve Notes in circulation and then calculate the real-dollar value of each one by dividing the value of the precious metals by the number of Notes.
    10.Retire all Federal Reserve Notes from circulation by offering to exchange them for dollars at the calculated ratio. There will be enough gold or silver to redeem every Federal Reserve Note in circulation. 1
    11.Convert all contracts based on Federal Reserve Notes to dollars using the same exchange ratio. That includes the contracts called mortgages and government bonds. In that way, monetary values expressed within debt obligations will be converted on the same basis and at the same time as currency.
    12.Issue Silver Certificates. As the Treasury redeems Federal Reserve Notes for dollars, recipients will have the option of taking coins or Treasury Certificates which are 100% backed. These Certificates will become the new paper currency.
    13.Abolish the Federal Reserve System. It would be possible to allow the System to continue as a check clearing-house so long as it did not function as a central bank. A check clearing-house will be needed, and the banks that presently own the Fed should be allowed to continue performing that service. However, they must no longer receive tax subsidies to operate, and competition must be allowed. However, the Federal Reserve System, as presently chartered by Congress, must be abolished.
    14.Introduce free banking. Banks should be deregulated and, at the same time, cut loose from protection at taxpayers’ expense. No more bailouts. The FDIC and other government “insurance” agencies should be phased out, and their functions turned over to real insurance companies in the private sector. Banks should be required to keep 100% reserves for demand deposits, because that is a contractual obligation. All forms of time deposits should be presented to the public exactly as CDs are today. In other words, the depositor should be fully informed that his
    1. Since the value of FRNs would be firmly established in terms of real dollars, there would be no compelling reason to exchange them, and it is possible that people would continue to use them in daily commerce. Therefore, to retire the FRNs and make the transition as quickly as possible, it would be necessary to have the banks automatically exchange them for real dollars whenever they are deposited. In short order, they would become collectors’ items and historical curiosities.

    money is invested and he will have to wait a specified time before he can have it back. Competition will insure that those institutions that best serve their customers’ needs will prosper. Those that do not will fall by the wayside–without the need of an army of bank regulators.
    15.Reduce the size and scope of government. No solution to our economic problems is possible under socialism. It is the author’s view that the government should be limited to the protection of life, liberty, and property—nothing more. That means the elimination of almost all of the socialist-oriented programs that now infest the federal bureaucracy. If we hope to retain—or perhaps to regain—our freedom, they simply have to go. To that end, the federal government should sell all assets not directly related to its primary function of protection; it should privately sub-contract as many of its services as possible; and it should greatly reduce and simplify its taxes.
    16. Restore national independence. A similar restraint must be applied at the international level. We must reverse all programs leading to disarmament and economic interdependence. The most significant step in that direction will be to Get us out of the UN and the UN out of the US, but that will be just the beginning. There are hundreds of treaties and administrative agreements that must be rescinded. There may be a few that are constructive and mutually beneficial to us and other nations, but the great majority of them will have to go. That is not because we are isolationist. It is simply because we want to avoid being engulfed in global tyranny.
    Some will say that paying off the national debt with Federal Reserve Notes amounts to a repudiation of the debt. Not so. Accepting the old Notes for payment of taxes is not repudiation. Exchanging them for their appropriate share of the nation’s gold or silver is not repudiation. Converting them straight across to a sound money with little or no loss of purchasing power is not repudiation. The only thing that would be repudiated is the old monetary system, but that was designed to be repudiated. The monetary and political scientists who created and sustained the Federal Reserve System never intended to repay the national debt. It has been their ticket to profit and power. Inflation is repudiation on the installment plan. The present system is a political trick, an

    accounting gimmick. We are merely acknowledging what it is. We are simply refusing to pretend we don’t understand what they are doing to us. We are refusing to play the game any longer.

  5. Peter Palms says:

    In a very real sense, it is fractional reserve banking and not money itself that is the root of so many of today’s evils. Whenever fractional reserves are permitted, the banking system – including the one that exists today throughout the world – comes to resemble a classic Ponzi scheme which can only function as long as most people don’t try to get at their money.
    A Better System
    Now, is this critique of the current monetary system just impotent ideological whining over something that, like the weather, can’t be changed? Or could fractional reserve banking and the resulting need for economic central planning actually be replaced by something better? Specifically, how could a banking system without fractional reserve lending accommodate depositors’ demand that their money be there when they want it and borrowers’ desire for 30-year mortgages which would tie up those deposits for decades? And could this market operate without the need for government oversight and management?
    The answer to that last question is yes. A better financial system is possible, and here’s how it would work:
    First, today’s commercial banks would split into two types. “Banks of commerce” would take deposits and keep them safe for a fee, like the goldsmiths of old. “Banks of credit” would pay interest on deposits and lend out depositor money, but would have to match the duration of deposits with the duration of loans. Deposits that can be withdrawn anytime (a checking account for instance) could only be used to fund a loan which the bank can “call” on demand, while longer-term deposits (say a 5-year CD) would be matched to longer-term loans like a business term loan or 5-year mortgage. Really long-term loans like 30-year mortgages would be funded with deposits for which the bank would have to pay up in order to convince a depositor to part with his or her money for such a long time.
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    The resulting mortgage would carry a high enough rate to provide the bank with a small profit, which would make 30-year mortgages both expensive and hard to get. But the case can be made that they should be hard to get. Buying a house – or anything else that requires capital for extremely long periods – should require a hefty down payment, other liquid assets as collateral and a solid income stream. This coverage would give the bank the ability to foreclose and realize more than the value of the loan, which would protect its ability to repay its depositors, thus making depositors more willing to tie up their money for long periods.
    Such a society would be a lot less prone to excessive debt accumulation and inflation, bank runs would be far less frequent and government deposit insurance would be much less necessary. It would, in short, be a saner world in which individuals managed their own finances, saved with confidence and borrowed only for highly-productive uses, while two sharply-differentiated types of banks facilitated wealth protection and real wealth creation rather than paper trading.
    Today’s investment banks and hedge funds, meanwhile, would be set free to speculate with their investors’ money to their hearts’ content, making fortunes when they succeed and collapsing when they fail, with no public stake in either outcome. They would be seen as high risk/high reward propositions and their customers and investors would participate with eyes wide open. No entity would be “too big to fail” because the banking system would be insulated from the vicissitudes of more volatile investment markets.
    Central banks in such a 100-percent reserve world would either be completely unnecessary or serve a sharply-defined, very limited function of issuing paper currency 100-percent backed by gold/silver reserves and standing ready to exchange one for the other upon request. No need to be a lender of last resort because the banking system is sound and stable. No need to intervene in currency markets to fool citizens into treating valueless paper as a savings vehicle because paper, as a warehouse receipt for real assets, will have intrinsic value. Booms and busts would be fewer and less devastating, reducing the need for government programs in response. Debt levels would be miniscule by today’s standards, and therefore easily serviced from profitable activities. This hypothetical world, in short, is more modest and far more sustainable. All in all, it’s an attractive, completely feasible vision.

  6. Peter Palms says:

    Myth Accepted as History
    The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: “It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was fed up once and for all with the anarchy of unstable private banking.” Even the most naive student must sense a grave contradiction between this cherished view and the System’s actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of ’29 to ’39; recessions in ’53, ’57, ’69, ’75, and ’81; a stock market “Black Monday” in ’87; and a 1000% inflation which has destroyed 90% of the dollar’s purchasing power.
    Let us be more specific on that last point. By 1990, an annual income of $10,000 was required to buy what took only $1,000 in 1914.4 That incredible loss in value was quietly transferred to the federal government in the form of hidden taxation, and the Federal Reserve System was the mechanism by which it was accomplished.
    Actions have consequences. The consequences of wealth confiscation by the Federal-Reserve mechanism are now upon us. In the current decade, corporate debt is soaring; personal debt is greater than ever; both business and personal bankruptcies are at an all-time high; banks and savings and loan associations are failing in larger numbers than ever before; interest on the national debt is consuming more than half of our personal income tax; heavy industry largely has been replaced by overseas competitors; we are facing an international trade deficit for the first time in our history; 75% of downtown Los Angeles and other metropolitan areas is owned by foreigners; and the nation is in economic recession

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