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Old 03-10-2018, 09:09 PM
 
8,280 posts, read 3,454,476 times
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Quote:
Originally Posted by Larry Caldwell View Post
Congress cannot create money. The reason deficit spending adds to the debt is that they have to borrow the deficit from someone. That can be offshore money, or money created by the Fed.
A federal deficit is a private sector credit. Yes, some could end up in foreign accounts.
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Old 03-10-2018, 09:11 PM
 
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Quote:
Originally Posted by jetgraphics View Post
Ironically, those worthless IOUs are underwritten by 320 million "contributors" via FICA. {Voluntary servitude}
If ever a substantial number of people withdrew from FICA, the federal reserve notes will no longer be fungible.
Overnight, billionaires become zero-aires.
The usurer / socialist alliance will collapse.
Outside of barter, trade will cease until a new medium of exchange is agreed upon.
Fun, fun, fun.
I can guarantee you that a billionaire holds very few FRN's.
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Old 03-11-2018, 09:51 AM
 
Location: Prepperland
13,116 posts, read 9,202,467 times
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Quote:
Originally Posted by Hoonose View Post
Coins are done by the Treasury, part of the Executive branch.
Yes, BUT they have been counterfeit fractional coin since 1965, when silver was removed.
Coincidentally, CONgress reduced the penalty for counterfeiting - just in case.
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Old 03-11-2018, 09:54 AM
 
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Quote:
Originally Posted by jetgraphics View Post
Yes, BUT they have been counterfeit fractional coin since 1965, when silver was removed.
Coincidentally, CONgress reduced the penalty for counterfeiting - just in case.
They are very real and useful for many people and businesses. I don't use them myself.
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Old 03-11-2018, 09:59 AM
 
Location: Prepperland
13,116 posts, read 9,202,467 times
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Quote:
Originally Posted by Hoonose View Post
I can guarantee you that a billionaire holds very few FRN's.
But his assets are denominated in "dollar bills."
And that value goes to Z E R O when there are no "dollar bills."

Based on coining all the (alleged) gold in Fort Knox depository, there are only 3 billion 'dollars' (coin).
Divided among 320 million Americans, and that comes out to $9.39 per capita (roughly). Practically zero.

So I can "guarantee" you that even if a few choice billionaires got control over the bulk of the gold, they'd still be (ahem) in deep guano. Because without a circulating medium of exchange, trade will certainly break down. Then what will that gold buy?

Money is an abstraction for the reality of the marketplace of goods and services.
Money mad people focus on "making money" or acquiring money, by any means.
In reality, prosperity is dependent upon prodigious production of surplus usable goods and services, equitably traded, and enjoyed.
Let's hope those billionaires are very very productive when they can't get rich manipulating money.
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Old 03-11-2018, 10:06 AM
 
Location: Prepperland
13,116 posts, read 9,202,467 times
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Quote:
Originally Posted by Hoonose View Post
A federal deficit is a private sector credit. Yes, some could end up in foreign accounts.
NO.
A federal deficit authorizes CONgress to "borrow" more on the credit of the US (Title 12 USC Sec. 411).
But remember who has the power to "coin money" : CONgress. (Art 1, Sec 8, usCON)
World supply of gold bullion is roughly 5.6 billion ounces ($112 billion "dollars"). (Pursuant to the Coinage Act of 1792)
HOW did CONgress rack up $20 trillion in debt, when the 'dollars' do not exist?
CONgress was never lent $20 trillion "dollars".
And the total amount of "dollar bills" can never exceed the public debt, since they are part of it.

The issuance of 'credit' denominated in dollars is not a private sector credit. The banksters cannot create bullion, nor did they loan 'dollars' (coin) to CONgress.

Best of all, those who signed up with FICA underwrite those worthless IOUs with their own labor and property.

IN plain inglitch, the CON is ON.

But no one can legally question the validity of the public debt, pursuant to the 14th amendment, clause 4.

D'OH.
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Old 03-11-2018, 10:14 AM
 
Location: Prepperland
13,116 posts, read 9,202,467 times
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Default Big con

LEGAL TENDER STATUS
http://www.treasury.gov/resource-cen...al-tender.aspx
". . .Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy."
FEDERAL RESERVE & MONEY MADNESS
https://www.federalreserve.gov/relea...nt/default.htm
Dec. 2017 . . . M1: 3,614.3 . . . M2:13,845.0 (in billions)
How can you "pay off" $20 trillion dollar public debt when only $13.8 trillion dollar bills exist?


https://www.federalreserve.gov/faqs/currency_12773.htm
Q: How much U.S. currency is in circulation?
A: There was approximately $1.59 trillion in circulation as of November 15, 2017, of which $1.55 trillion was in Federal Reserve notes.

Federal Budget (2017): $3.65 Trillion

(Ahem, where's all that "TOO MUCH MONEY" chasing "TOO FEW GOODS" to cause inflation ?)

AND FOR THOSE WHO WANT TO GO BACK TO GOLD - - -
Based on the Coinage Act of 1792 - - -
Double Eagle = coin containing 0.9675 ounce (troy) of gold bullion and other alloys. Equivalent to 20 unit dollars.

World supply of gold bullion (est) 5.9 billion ounces.
https://en.wikipedia.org/wiki/Gold
183,600 tonnes x 32151 =5,902,923,600 troy ounces
If coined, pursuant to the Coinage Act of 1792, would compute to
● 122,024,260,465.11
$122 billion dollars
(Silver was demonetized in the Coinage Act of 1873. And since silver is not stockpiled, the only available silver is that which is annually mined and is no remedy for the money drought.)

World supply of gold ($122 B) divided by world population (7 B) = $17.42 per capita (approx.)

Those who understand the BIG CON going on are the richest, and most powerful people on Earth. And the rest of the muggles are working and sweating to acquire those money tokens.
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Old 03-11-2018, 10:39 AM
 
8,280 posts, read 3,454,476 times
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Quote:
Originally Posted by jetgraphics View Post
But his assets are denominated in "dollar bills."
And that value goes to Z E R O when there are no "dollar bills."

Based on coining all the (alleged) gold in Fort Knox depository, there are only 3 billion 'dollars' (coin).
Divided among 320 million Americans, and that comes out to $9.39 per capita (roughly). Practically zero.

So I can "guarantee" you that even if a few choice billionaires got control over the bulk of the gold, they'd still be (ahem) in deep guano. Because without a circulating medium of exchange, trade will certainly break down. Then what will that gold buy?

Money is an abstraction for the reality of the marketplace of goods and services.
Money mad people focus on "making money" or acquiring money, by any means.
In reality, prosperity is dependent upon prodigious production of surplus usable goods and services, equitably traded, and enjoyed.
Let's hope those billionaires are very very productive when they can't get rich manipulating money.
Assets may be denominated in USD or any other currency, but not necessarily 'dollar bills'. We can save, transfer and buy a world of goods and services without ever touching a dollar bill. I very rarely use them myself. I still have a 20 in my pocket from over a year ago, after $M's of USD worth of transactions.

Gold is now fiat and not very material today. It is a 'feel good' asset that gold bugs/believers and anyone else still stuck on the gold std. paradigm need to sustain themselves. Whether there are $B's or only few dollars worth of gold in Ft. Knox is almost immaterial. There is what we are told.
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Old 03-11-2018, 10:46 AM
 
8,280 posts, read 3,454,476 times
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Quote:
Originally Posted by jetgraphics View Post
NO.
A federal deficit authorizes CONgress to "borrow" more on the credit of the US (Title 12 USC Sec. 411).
But remember who has the power to "coin money" : CONgress. (Art 1, Sec 8, usCON)
World supply of gold bullion is roughly 5.6 billion ounces ($112 billion "dollars"). (Pursuant to the Coinage Act of 1792)
HOW did CONgress rack up $20 trillion in debt, when the 'dollars' do not exist?
CONgress was never lent $20 trillion "dollars".
And the total amount of "dollar bills" can never exceed the public debt, since they are part of it.

The issuance of 'credit' denominated in dollars is not a private sector credit. The banksters cannot create bullion, nor did they loan 'dollars' (coin) to CONgress.

Best of all, those who signed up with FICA underwrite those worthless IOUs with their own labor and property.

IN plain inglitch, the CON is ON.

But no one can legally question the validity of the public debt, pursuant to the 14th amendment, clause 4.

D'OH.
Congress does not coin money, that is the Executive.

Congress can vote and appropriate taxes or create new, deficit funds. New deficit funds when spent by the Federal gov't show up as deposits in the accounts of whatever goods or services private sector entity is providing. Those USD now exist.

Dollar bills are a small part of the total national debt. A $T or so out of 20.

Monetary sovereign fiat money everywhere in the world is ALL based on confidence. No nation bases its money on gold or commodity any longer.

Learn about it, apply it, save, invest and do your best to succeed.
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Old 03-11-2018, 11:57 AM
 
Location: Aurora Denveralis
2,986 posts, read 1,017,500 times
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Quote:
Originally Posted by Hoonose View Post
Learn about it, apply it, save, invest and do your best to succeed.
Or, hey, react to learning economic reality by running around screaming what a fraud it is, and how only people who have gold buried in their back yard actually have any wealth.

(For extra points, ask why gold is worth anything except for plating electrical contacts...)

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