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Old 07-19-2008, 11:55 PM
 
Location: Prepperland
13,751 posts, read 9,864,468 times
Reputation: 9880

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My goodness, the economy is NOT in recession... it is going DOWN, like the Titanic, like a steel plated balloon, like like like...

Not to dash cold water on the wonderful exuberance, but Federal Reserve Notes (FRNs) are not dollars.

There is a money shortage, not a surplus of cash.

What fact supports such a statement?

National Debt in excess of 9.5 Trillions.

That debt is not payable with FRNs, even if enough existed. (M1 = 1.3 T)
If you read Title 12 USC Sec. 411, it defines a FRN as an obligation to pay face value, in lawful money, ON DEMAND. In 1933, Congress repudiated that promise, and became bankrupted. Then, in 1935, offered the opportunity for the American people to become securities on that debt (Human Resources) via the Federal Insurance Contribution Act.

By law, every FRN is borrowed, at interest, into existence. That means the only way for the printing press to run is when Congress authorizes more debt. (HUH!)

In 2007, the new debt was greater than the interest payment on the old debt (insane?).

And, no, you cannot question "the debt" (Thank you, 14th amendment).

The upshot is that the outstanding "dollar" debt (obligations owed to creditors, etc) is far greater than the amount of FRNs.

And the national debt, if called due on demand, would require 85 times as much gold as there exists above ground, in the whole world. At current mining rates, it would take 57,000 years to mine enough to pay it off (if the interest was frozen RIGHT NOW).

Ergo, America is heading down the drain, and no amount of FED MONETARY POLICY (Striptease to distract folks), will change the nature and cause.
There are not enough FRNs to satisfy the bookkeeping entries for all the folks who are owed FRNs.

There is not enough gold in the whole world to pay the national debt.
If you think this is incorrect, take a large paycheck to your local bank, and cash it - but do not deposit it. Ask for FRNs. You may be surprised that they won't have enough, on hand.

I have many reports from people who tried to cash out their accounts and were given "cashier's checks" and were admonished to "deposit them" elsewhere - and not try to cash them.

------------
References:
TITLE 12,CHAPTER 3,SUBCHAPTER XII,sec. 411. Issuance to reserve banks;
nature of obligation; redemption
" Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in LAWFUL MONEY on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank."

LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.


"Dollars, or units; each to be of the value of a Spanish milled as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard, silver."
"Eagles—each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold."
--- Sec. 9, Coinage Act of 1792, April 2, 1792

($10 Eagle had 1/2 troy ounce gold)


According to Title 31 of the U.S. code, a silver dollar complies with the original Coinage Act.
31 USC Sec. 5112. Denominations, specifications, and design of coins
(e)(1) ...weight 31.103 grams;
(e)(4) have inscriptions ... 1 Oz. Fine Silver ... One Dollar


http://www.debtclock.com/
The Outstanding Public Debt as of 20 Jul 2008 at 05:09:13 AM GMT is:
$ 9,521,953,667,917.96
To pay national debt, in Eagles, would require:
476097683395.898 ounces (476 billion ounces)


Demand and supply > World Gold Council, gold investment value as a global currency and commodity.
At the end of 2006, it was estimated that all the gold ever mined totaled 158,000 tonnes.
1 tonnes = 35,273.9619 ounces (avoirdupois)
Multiplied out, it computes to:
World's supply of gold = 5573285980.2 ounces (5.5 billion ounces)

The U.S. owes 85 times the world's supply of gold to its creditor, whose fiduciary agent is the Federal Reserve Corporation, whose governor shall not be paid by the U.S. government (see Title 22 USC Sec. 286a, et seq.)
(FYI - the U.S. Governor of the World Bank and International Monetary Fund is the Secretary of Treasury. Pursuant to Executive Orders issued during the Bank holiday of 1933, the President transferred sweeping powers to the Secretary of Treasury to "deal with" the Emergency.)
Though Congress is delegated the power to COIN (stamp bullion) money or BORROW money (gold or silver coin), no one has audited the Federal Reserve or the Treasury to verify that the FEDERAL RESERVE ever loaned money to the U.S. Congress to substantiate the 9.5 Trillion debt. Nor did anyone point out that usury, charging a fee, in money, is mathematically impossible to pay in a finite money token system... as the national debt clearly illustrates.



(Don't bother that funny man behind the curtain, he is the GREAT AND POWERFUL WIZARD...)

(And for those who rely on the Bible, For G*d sake, do not read Ezekiel 18:13 KJV! It may upset you.)

AVERT THINE EYES --- STOP --- GO BACK --- DO NOT READ FURTHER
Ezekiel 18:13
Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him.

(Trans: He loaned out money, at usury, and received interest, and is under a death sentence for that abomination ...)

Coincidentally, no instrumentality of the Federal Reserve Banking system will open an interest bearing personal bank account for Americans who do not participate in national socialism and do not have an account number (aka Social Security Number).
Bless their hearts!
(What? You didn't know that participation was 100% voluntary?)
Tsk, tsk.

More info at:
Yahoo! Groups
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Old 07-20-2008, 12:06 AM
 
Location: Princeton, New Jersey
937 posts, read 676,509 times
Reputation: 177
Not to sound like a hypocrite, but it is our own country's fault that our debt makes up 62% of the GDP. If the US were to continue sending payments to Britain after the US sent billions of dollars for reconstruction of WWII, this country would have a significantly lower debt, and possible a wealthier country.
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Old 07-20-2008, 07:21 AM
 
Location: near Paris france
46 posts, read 166,387 times
Reputation: 47
Default i can add

all latinos send the money to their country ; mexico salvador etc.....

to help families.......

all this money go away from the country. this is not safe for usa
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Old 07-20-2008, 09:43 AM
 
721 posts, read 2,354,271 times
Reputation: 253
Quote:
Originally Posted by frenchie View Post
all latinos send the money to their country ; mexico salvador etc.....

to help families.......

all this money go away from the country. this is not safe for usa
The same thing happens in Europe (I see you are in Paris) but in your case, the money goes to Algeria, your former colony, or to other North African or Islamic state. eEurope has a huge immigration problem too.

Anyway, the amount of money that actually is sent out of the country is not the reason for the economic crises in the US. It has more to do with a government run by special interest, globalization, and the race to the bottom. If the US actually wanted to stop exporting jobs, it could do so.

Although, we would be issued many corrective orders by the WTF for violating free trade agreements.
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Old 07-20-2008, 10:19 AM
 
11,179 posts, read 22,400,541 times
Reputation: 10933
Quote:
Originally Posted by DAP443 View Post
Not to sound like a hypocrite, but it is our own country's fault that our debt makes up 62% of the GDP. If the US were to continue sending payments to Britain after the US sent billions of dollars for reconstruction of WWII, this country would have a significantly lower debt, and possible a wealthier country.
The US sent billions of dollars to Europe after WWII for reconstruction because Europe's recovery was crucial to the US's economy and long term survival.

The billions we sent to Europe after WWII paid us back in hundreds of billions in investment and exports.

There are very very obvious reasons our economy is in serious trouble and they mostly related to the US's determination to fight wars and refusal to save any money and spend much more than it actually earns.

I think we're just drunk on power right now, and reaching the peak of our domination of the world where we think the good times will last forever without actually sacrificing and working to keep everything in place.
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Old 07-20-2008, 01:16 PM
 
Location: Prepperland
13,751 posts, read 9,864,468 times
Reputation: 9880
I am flabbergasted that these replies fail to note that the underlying issue is that the unit of money - the Federal Reserve Note - is NOT a dollar.

It was never a dollar.

Millions, if not billions, assume that they were dealing in "dollars".

Let me illustrate.

On one hand, you have a nice, shiny automobile.
On the other hand, you have a note, that says "pay to the bearer, one nice, shiny automobile."
But the party who issued the note says, "OOPS, I changed my mind. I will not honor that note."

Federal Reserve Notes are obligations (debt) of the U.S. government to pay DOLLARS (silver or gold), on demand.
In 1933, they repudiated that obligation.

Every FRN is a worthless IOU.
To compound the problem, "electronic" accounts list outstanding obligations to pay creditors more worthless IOUs than exist.

Private debt exceeds 50 Trillion.
Fed reports (June 2008) M1 = 1.3 Trillion in demand accounts, travelers checks, etc.

Since the national debt is 9.5 T, and that is inflated by usury, we know that the outstanding sum of FRNs must be less than that.

In essence, Fed banks are kiting checks, as is the Federal government.

F R A U D

(It's not unique to the U.S.A. - the "fee" world is under the dominion of the financial powers.)
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Old 07-20-2008, 01:18 PM
 
Location: southern california
55,696 posts, read 74,690,590 times
Reputation: 48231
good point. denial is not a river in egypt.
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Old 07-20-2008, 02:38 PM
 
552 posts, read 983,114 times
Reputation: 180
Quote:
Originally Posted by frenchie View Post
all latinos send the money to their country ; mexico salvador etc.....

to help families.......

all this money go away from the country. this is not safe for usa
All Latinos? ALL LATINOS? First off, not all Latinos have family in "their country". For example, Mexico used to include what is now a very large part of the USA. When American imperialism took the land, it's not as if all Mexicans were then swept back with the border. In fact, at the time loads of Mexicans (Mestizos/Spaniards) were considered White by law, and were legally allowed into the USA.

And even if Latinos have family in "their country", that doesn't mean they're sending money to them. It's not as if everyone is poor south of the border.
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