The Creature from Jekyll Island
- Thread starter DrPepper
- Start date
"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."
- Cicero - 55 BC
"When the people find they can vote themselves money, that will herald the end of the republic."
- Ben Franklin
"The best argument against democracy is a five-minute conversation with the average voter."
- Winston Churchill
- Cicero - 55 BC
"When the people find they can vote themselves money, that will herald the end of the republic."
- Ben Franklin
"The best argument against democracy is a five-minute conversation with the average voter."
- Winston Churchill
At first, I thought, 'great quote'! My second thought was, 'oh shit'!
But, alas. The actual quote is: "The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall."
http://www.truthorfiction.com/rumors/c/cicero-plan.htm
According to The Creature from Jekyll Island, that is not the way the banking cartel, euphemistically referred to as the Federal Reserve, makes money. The Fed creates money out of thin air, then lends it out to make a profit on the interest. The Fed wants governments, corporations and individuals to be in debt to maximize the Fed's interest income.
And you got this from your LOCAL WHITE PAGES phone book, as was clearly stated in the instructions? Nice try, lol!
this is quite impossible under our current monetary system. because money can only exist through the creation of debt
no debt = no money
"If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible -- but there it is."
Robert Hemphill. Credit Manager, Federal Reserve Bank of Atlanta
âThat is what our money system is. If there were no debts in our money system, there wouldnât be any money.â
Marriner S. Eccles, Chairman and Governor of the Federal Reserve Board
âThus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.â
Irving Fisher, economist and author
"Banks lend by creating credit. They create the means of payment out of nothing."
Ralph M. Hawtrey, former Secretary of the British Treasury
âI have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money... I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue.â
Congressman Wright Patman
Banks create money. That is what they are for. . . . The manufacturing process to make money consists of making an entry in a book. That is all. . . . Each and every time a Bank makes a loan . . . new Bank credit is created -- brand new money.
Graham Towers, Governor of the Bank of Canada from 1935 to 1955, acknowledged:
[W]hen a bank makes a loan, it simply adds to the borrower's deposit account in the bank by the amount of the loan. The money is not taken from anyone else's deposit; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower
Robert B. Anderson, Secretary of the Treasury under Eisenhower, said in an interview reported in the August 31, 1959 issue of U.S. News and World Report:
These words were written almost 20 years ago on page 94 of The Creature from Jekyll Island, but seem just as relevant today. The thought of this happening sends chills down my spine:
"As long as the American dollar remains in high esteem as a trade currency, America can continue to spend more than it earns. But when the day arrives--as it certainly must--when the dollar tumbles and foreigners no longer want it, the free ride will be over. When that happens, hundreds of billions of dollars that are now resting in foreign countries will quickly come back to our shores as people everywhere in the world attempt to convert them into yet more real estate, factories and tangible products, and to do so as quickly as possible before they become even more worthless. As this flood of dollars bids up prices, we will finally experience the inflation that should have been caused in years past but which was postponed because foreigners were kind enough to take the dollars out of our economy in exchange for their products.
The chickens will come home to roost. But when they do, it will not be because of the trade deficit. It will be because we were able to finance the trade deficit with fiat money created by the Federal Reserve. If it were not for that, the trade deficit could not have happened."
This helps my understand one likely reason why stocks have been going up despite a bad economy. Foreigners are probably getting rid of their dollars by investing them into US companies by buying stock.
"As long as the American dollar remains in high esteem as a trade currency, America can continue to spend more than it earns. But when the day arrives--as it certainly must--when the dollar tumbles and foreigners no longer want it, the free ride will be over. When that happens, hundreds of billions of dollars that are now resting in foreign countries will quickly come back to our shores as people everywhere in the world attempt to convert them into yet more real estate, factories and tangible products, and to do so as quickly as possible before they become even more worthless. As this flood of dollars bids up prices, we will finally experience the inflation that should have been caused in years past but which was postponed because foreigners were kind enough to take the dollars out of our economy in exchange for their products.
The chickens will come home to roost. But when they do, it will not be because of the trade deficit. It will be because we were able to finance the trade deficit with fiat money created by the Federal Reserve. If it were not for that, the trade deficit could not have happened."
This helps my understand one likely reason why stocks have been going up despite a bad economy. Foreigners are probably getting rid of their dollars by investing them into US companies by buying stock.
A bunch of fraidy cats looking for a scapegoat as to why things are so hard
You never hear many wealthy talking such nonsense. There are far better things to worry about
You never hear many wealthy talking such nonsense. There are far better things to worry about