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Old 12-20-2010, 01:03 PM
 
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Why should we borrow trillions from the private Fed bankers to pay the unemployed - why not just issue debt-free money backed by the US government?
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Old 12-20-2010, 01:06 PM
 
Location: Reality
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Debt-free money? Someone must have spiked the Koolaid.
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Old 12-20-2010, 03:29 PM
 
Location: USA - midwest
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Default Why should we borrow trillions from the private Fed bankers to pay the unemployed - why not just issue debt-free money

I have a much better question:

Why should we borrow trillions from communist China so that US billionaires can have lower tax rates?
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Old 12-20-2010, 07:54 PM
 
2,024 posts, read 4,781,045 times
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This is correct but beyond just unemployment. Private banks controlling the production of our money as a interest bearing debt to them who are debt pushers and asset strippers is the worst possible way for a money system to work. As it is now you end up with massive asset bubbles and depressions and massive debt, then crushing austerity and gutted social safety net and ultmately a loss of national sovereignty and possibly war as a distraction and destruction of the value of our money. The government needs to take back control of the production of our money without debt to any private banker, with quantity controls of course tied to economic and population growth and transparency. Neither inflation or deflation would be the goal, basically work within the laws of nature.
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Old 12-20-2010, 08:16 PM
 
Location: Texas
14,076 posts, read 18,471,668 times
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Quote:
Originally Posted by 73-79 ford fan View Post
This is correct but beyond just unemployment. Private banks controlling the production of our money as a interest bearing debt to them who are debt pushers and asset strippers is the worst possible way for a money system to work. As it is now you end up with massive asset bubbles and depressions and massive debt, then crushing austerity and gutted social safety net and ultmately a loss of national sovereignty and possibly war as a distraction and destruction of the value of our money. The government needs to take back control of the production of our money without debt to any private banker, with quantity controls of course tied to economic and population growth and transparency. Neither inflation or deflation would be the goal, basically work within the laws of nature.

But, we have a fiat currency, like most of the rest of the world.

It isn't backed by anything tangible which you can exchange those dollars for. It ONLY HAS VALUE when it's owed to someone. Consequently, there is no such thing as "debt free" money. Without being owed to someone, your money would literally not be worth the paper it's printed on.
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Old 12-20-2010, 08:59 PM
 
2,024 posts, read 4,781,045 times
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Quote:
Originally Posted by stillkit View Post
But, we have a fiat currency, like most of the rest of the world.

It isn't backed by anything tangible which you can exchange those dollars for. It ONLY HAS VALUE when it's owed to someone. Consequently, there is no such thing as "debt free" money. Without being owed to someone, your money would literally not be worth the paper it's printed on.
Unfortunately gold backed money is being presented as a solution by people like
Larry Kudlow and some central bankers which is a trap. Non debt backed or gold backed money will only work. The most important thing to remember is who controls the production of our money and right now private corporations control it now. Gold linked money changes nothing and has failed like the last great depression shows which had gold backed money and history shows it to be a massive failure time and time again. Gold bugs are wrong on this and they act like gold is some kind of religion without studying the history of its failures. Look at tally sticks for a better solution.
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Old 12-20-2010, 10:09 PM
 
Location: Prepperland
14,892 posts, read 10,773,900 times
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Ahem...
Congress has no power to create money.
If it did, why would it need the power to borrow money?

What Americans call "money", is not money, by law.
The Federal Reserve notes, authorized under Title 12 USC Sec. 411, are worthless IOUs.
They are "legal tender" on obligated parties - like the U.S. government - who cannot object to their tender.
How "you" became an obligated party on those worthless IOUs is a curious tale.
Ask "your" congressman to explain how FICA made you a "human resource" pledged as collateral on that debt.

http://www.treas.gov/education/faq/c...ender.shtml#q2
"Federal Reserve notes are "backed" by all the goods and services in the economy."

Isn't that "special" (in "Church Lady" voice mode)...

Everything you thought you owned is pledged to underwrite Congress' deficit spending madness.

Don't be wroth - according to the law, YOU GAVE CONSENT.
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Old 12-20-2010, 10:52 PM
 
Location: Portland, Oregon
7,090 posts, read 11,110,674 times
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Quote:
Originally Posted by jetgraphics View Post
Ahem...
Congress has no power to create money.
If it did, why would it need the power to borrow money?

What Americans call "money", is not money, by law.
The Federal Reserve notes, authorized under Title 12 USC Sec. 411, are worthless IOUs.
They are "legal tender" on obligated parties - like the U.S. government - who cannot object to their tender.
How "you" became an obligated party on those worthless IOUs is a curious tale.
I'll take all those "worthless IOU" dollars you have just laying around. Since they are IOU's and not "money" I know you won't mind.

Don't worry about me, I'll be fine with all those Benjamin's. Oh wait, I guess those would be Abraham Lincoln's...
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Old 12-21-2010, 12:10 PM
 
2,539 posts, read 2,479,999 times
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Quote:
Originally Posted by wade52 View Post
I have a much better question:

Why should we borrow trillions from communist China so that US billionaires can have lower tax rates?
The reason China has to buy US treasuries is because the dollar is the reserve currency of the world. You can only buy oil with US dollars. We don't borrow from China, we borrow from the private Fed bankers, then lend the borrowed fiat currency to other countries in the form of US treasuries.
We could just as easily lend debt-free dollars to other countries, and avoid the debt, just as in Lincoln's day (greenbacks). The is a movement afoot to replace the Federal Reserve Note with the American 'greenback'.

The Money Masters - How International Bankers Gained Control of America#
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Old 12-21-2010, 01:06 PM
 
12,688 posts, read 18,419,728 times
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Quote:
Originally Posted by freefall View Post
Why should we borrow trillions from the private Fed bankers to pay the unemployed - why not just issue debt-free money backed by the US government?
Maybe the government should just give every person in the USA a check for 1 million dollars.
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