This was a response to a response to Max Keiser’s SILVER LIBERATION ARMY post on David DeGraw’s FASCISTBOOK page. I was pleased with it and feel it’s wasted on FASCISTBOOK and really fits better as a full blog post on THE REVOLT.
Jill Cohn: The answer is Kucinich’s HR6550-have you read it? Gives the right to print money back to the congress & abolishes fractional lending. See http://www.theamericandreamfilm. com
I read the bill and while it has some good provisions in it, it is not even an answer I, a non-US national, find sufficient to control the problems the USA monetary system, banking system, and CFTC rules cause the rest of the world. That’s to me. To a US resident, it’s way less of an answer. All it really would to is to harmonize the USA monetary system with that of most nations of the world in that it would have a public central bank under “ministry of finance” control. Even that is in question given the passage that refers to the purchase of equity in the constituent member banks of the Federal Reserve. The issue of fractional lending (which I consider way too polite a term and prefer “LEVERAGE FRAUD”) is not well-confronted in the bill and, moreover, no matter what the bill says about there existing no right of individuals to create money, the CFTC OTC rules make enforcement impossible without a judicial challenge to those rules and a win at the Supreme Court level. Another problem is that all of the reforms (which are good and well-meant) in the bill would require an Executive Branch decree in order to return a privilege of agency granted to Congress in the Constitution. So, it’s all really whistling in the dark and depending on the clearance of some very high material hurdles. Despite the modest improvements that would come about should all those hurdles be cleared, NONE of the problems the SLA has cited are addressed at all.
But I’m not in the SLA, so here are more of my problems with the bill many of which dovetail with the SLA’s (1) The monetary-system would remain debt-based
(2) There is no provision for the liquidation of the present debt-load, let’s call it $20 TLN, to be conservative given the present debt-load and the debt which would accumulate during the process of passing this legislation. (3) There is no provision to unwind the derivative contracts of much greater notional principal which sits atop the debt load. Let’s call that figure $2 QUADRILLION.
(4) My numbers (2) and (3) are really not correct, strictly speaking, because there is a way to do it, but to do it would create an apocalypse — DEFAULT ON THE EXTANT DEBT, FORCING THE UNWINDING OF THE DERIVATIVE CONTRACTS.
(4x) Default really is the only unilateral action because to do anything else would violate the “takings clause” for US holders of US debt and would be acts of war against foreign governmental holders of US debt
(5) There is nothing that addresses the corruption inherent in the banking-cartel/US government/Federal Reserve relationship in which all three of these entities are really the same and thus not even highly-leveraged bank speculation bears any risk at all of loss (while the counter-party to those transactions do). The banks collect from the counter-parties should they win and are given some prize by the Fed (themselves in other words) and/or the Treasury if they lose!
(6) There is nothing in the bill that addresses the problem of inability of people and businesses outside that triumvirate to do voluntary business or trade and settle voluntarily because of the militarized law-enforcement powers over individual voluntary transactions granted by the triumvirate to itself via the US government’s Executive Branch: (a) the powers assumed by USA v Union Bank Of Switzerland (NA)/Banque Union de Switerland, S.A. (b) USA PATRIOT ACTS 1,2 & 3 (c) RICO (d) UIGEA (e) ·KYC” (f) F.A.T.C.A.T. (g) all of those powers unnamed but assumed under an umbrella we’ll call the “War On Terror” which include the US Executive Branch’s various signing statements, executive orders, emergency powers, it’s interpretations of the War Powers Act and the UCOMJ
(6) there is very pleasant language in the bill with regard to unemployment and the American middle-class and so forth, but without a separate act of Congress a right or even entitlement to full employment is neither constitutional nor in any way materially feasible.
Fortunately for me, but not for your or Dennis Kucinich, UNASUR-ALBA and most of MERCOSUR see these issues the same way the SLA does, including everything I´ve written up to this point, but primarily THE NEED FOR ASSET-BASED NOT DEBT-BASED MONEY as voluntarily agreed-to media of exchange and store of value. Some of the UNASUR-ALBA nations have gone so far as to ENCOURAGE private, voluntary transactions between people and/or businesses apart from their current USD-reserve debt-based monetary systems but rather with “Trueque” (Barter), with a tax holiday kicker. Yes, HUGO CHÁVEZ=RON PAUL.
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