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There was never a good reason for the US government to delegate its Constitutional power to coin money and print paper currency, or to create any banking cartel, or to “protect” large banks, or to try to control any boom – bust economic cycles, or to set or control interest rates. Interest, like wages and prices, are best determined by free market forces and the law of supply and demand, as applied to money. Maintaining a stable money supply, keeping the nation’s books in order and up to date and protecting the nation’s treasure is the responsibility of the Secretary of the Treasury, not any private banking cartel to whom that responsibility might be un-Constitutionally delegated. Private banking is not the Constitutional business of government. Controlling the economy is not the Constitutional business of the government. Saving any failing financial entities is not the Constitutional business of the government.
There is no such thing as a financial institution or a private business entity that is “too big to fail.” Never was; never will be. No bankruptcy or other failure of any private enterprise is the responsibility of the innocent American tax payer, and American treasure should not be expended to bail out any business. Government has no proper business interfering with private business, and no private enterprise or cartel of them has any business controlling American national treasure in any way. Any bank that holds American national treasure has a fiduciary responsibility to protect those funds the same as similar funds of any private or public customer of the bank.
At the heart of the matter is the question of whether the American federal government is empowered, instructed and limited by the United States Constitution to govern America, or to run a cartel of private banks.
I submit that Congress violated its own responsibility and the trust of its constituency by simply delegating government authority to coin and print American currency, and it created an unhealthy relationship between “private” banking captains and “public” (government) authority. Nothing good comes from such relationships, which historically typify Fascist government relationships with private industry. The bank(s) involved no longer have bank shareholder, owner or depositor-borrower interests at heart, but submerge those more proper interests beneath “public” (government) interests. At some point it becomes impossible to tell whether the bank manager is a for-profit business man competitively providing services to depositors and borrowers, or just another government bureaucrat answering to a Führer.
The claim that the Federal Reserve exists to “smooth” economic boom-bust cycles is a lie. It is a falsehood. Here’s what I said about it in the 2008 Financial Crisis page:
Actually, I now believe that American neosocialism began earlier, under Wilson, and the Federal Reserve Act was a major part of that transformation. It helped set the stage for the government-induced economic catastrophe of 1929. Shortly after the market crash, which should have been seen as nothing more than a speculative bubble burst, and should have been left alone, the government “took charge” and made things worse. One morning, the blaring newspaper headlines read “President Orders Banks Closed!” Ordering any private enterprise to close should be something beyond the authority of any American President. But, you see, we now had a Fed, and it was virtually owned by the sitting President.
So we had businesses going belly-up, rocketing unemployment, and closed banks. People couldn’t even get access to their savings. They had no income, they couldn’t meet their bills, including their mortgage payments, and they couldn’t even access their own money, because the banks were closed by government order. Which caused more businesses to fail, and more unemployment, and more foreclosures, and more homelessness, and longer soup lines.
(One of Marcie's Uncles had a house under mortgage, and more than enough in a savings account to pay it off. But when the banks closed, having lost his job, he couldn't make payments, nor could he get his savings to pay it off. He wound up losing his house and losing his savings.)
None of it was necessary.
Today, we still have vestiges (vestiges hell, we have monstrosities) left over from that interventionist-era still contributing to future economic calamities. Fannie Mae and Freddie Mac, given life during this era, are alive and well, heavily protected by the sitting government, still making bad loans to people who cannot pay them back, still creating future economic bubbles to burst on into future decades, again and again. These government invented entities exist for the sole purpose of making bad loans. Their true but hidden purpose is to contribute to the eventual destruction of our economy.
Does it make any sense to you that an appointed bureaucrat – a Chairman of the Federal Reserve – should have more oversight and more authority over American government treasure than the American Congress, or than the American Secretary of the Treasury? That’s funny, it doesn’t make a lot of sense to me either.
In my opinion, we never should have gone off of the Gold Reserve, and the Federal Reserve Note never should have come into being. Now, we need to do the work needed to destroy this monster before it destroys us.
That’s my opinion. What’s yours?
Additional food for thought:
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Respond to This Article Below The Last Comment
Date: Thu Oct 20 09:46:57 2011
I don't know which page I commented on the Federal Reserve, but I included a link to a website on Congressman McFadden, that was rabidly anti-Zionist as well as being an anti-Catholic site. If you could remove that link and replace it with this one, it would be appreciated bro. Thank you.
If you are unable, then if you have access to the page, we can perhaps repeat our conversation using the new link?
Date: Sat Oct 22 05:44:49 2011
From: Vic Biorseth
You’ll have to do better than that; there are hundreds of pages on this site. Are you sure it was on this site?
Date: Mon Oct 24 22:13:21 2011
First, the Bible prohibits charging interest to your neighbor, which indicates there shouldn’t be any banks, as Marx said. Second, your pope is calling for a "global bank" which should tell you that he is leading his followers to hell. Who is right between Marx and the pope?
Date: Tue Oct 25 06:51:46 2011
From: Vic Biorseth
Re the Bible and banks:
The Bible nowhere prohibits banks, money lending or interest. What it does is reinforce Christian charity and the Rule of Subsidiarity.
You are not to charge interest to your brother or your neighbor or one who comes to you in need. Unless you are in the business of lending money, you don’t charge interest. This does not prohibit you from making a business deal, in which you put up money for interest; but that is business, not need. Our Lord spoke of it in some of his parables.
When you are in need, you first go to your family; if still in need, you go to your Church or members of the congregation. If still in need, you can always go to the money lenders.
Re Marx and banks:
The only problem Marx had with banks was that he didn’t own them. That’s exactly the same problem Obama has with banks. Marx absolutely insisted on one, big, global bank, with himself or someone like himself in charge of it.
(The Communist Manifesto was written by Karl Marx.)
Marx intended to eliminate all alternatives for the individual, so that he had to depend absolutely on the state for everything. This meant the destruction of the family –
and it meant the destruction of the Church –
Re the Pope and banks:
It appears that Benedict XVI has been bitten by the Communist bug. It remains to be seen how severe the infection might be. Every time a bank fails or begins to fail, somebody gets all horrified and thinks that it must be rescued. Every time a business of any kind is not allowed to fail and is bailed out in some artificial non-business way, the situation gets worse. It is now approaching catastrophic scope for multiple nations.
It is time to stop making it worse and allow banks to fail, even if that means allowing nations to fail. This situation has got to be allowed to straighten itself out. Every time someone tries to save it , the problem is made worse, not better.
Only militant Marxism is gaining ground here.
(Bankruptcy does not mean the end of existence for an entity; it means a reorganization under a renewal agreement of debt and responsibility.)
This is not the first time I have disagreed with this Pope on matters other than faith and morals. See the The Pope on Globalism page.
Friday, March 08, 2013
Converted Page to SBI! Release 3.0 BB 2.0.
Date: Fri Oct
From: Vic Biorseth
Changes pursuant to changing the website URL
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Thinking Catholic Strategic Center to
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