The U.S. Congress who are funded by Wall Street Banks are now using the Debt Ceiling to place primacy of Treasury debt owed to Wall Street Banks and the Federal Reserve over Treasury debt owed to the American People. Our Treasury Bonds should have primacy over Treasury Bonds owned by crooked Wall Street Banks.
When congress says the Social Security funds are a bunch of IOU’s, well so are the funds owed
China, Japan and Wall Street, but congress
doesn’t tell China to pound sand.
The debt ceiling is nothing new; it was statutorily imposed and has been in effect since 1917. Before 1917 there was no debt ceiling in force. Isn’t that odd, that there would be a ceiling on the U.S. Treasury borrowing after the 1913 establishment of the Federal Reserve Bank?
United States has held public debt since the
U.S. Constitution legally went into effect on March 4,
1789. From 1796 to 1811 there were 14 budget
surpluses and 2 deficits. There was a
sharp increase in the debt as a result of the War of 1812. In the 20 years following that war there were
The federal government actually paid off its debt entirely in January 1835 only to begin accruing debt anew by 1836 when the debt was $37,000. Another sharp increase in the debt occurred as a result of the Civil War. The debt was $65 million in 1860, but passed $1 billion in 1863 and reached $2.7 billion by the end of the war. During the following 47 years prior to the Federal Reserve, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off.
Secret meetings to develop the Federal Reserve Bank began in November 1910. A meeting of a handful of rich political bankers met at a private resort on
and secretly drew up a framework for the
nation’s new banking system owned by extremely wealthy European banking
families. While the Fed would handle
government debt, it would be a private institution. The would have a seat on the board, but would
exercise no further oversight. Jekyll Island, Georgia
The Federal Reserve would be privately owned by a for-profit corporation, with no reserves and would pay no taxes on the trillions of dollars it would make.
According to WordPress.Com:
The Federal Reserve was chartered by an act of deceit, by an act of congress when most of congress had gone home for Christmas holiday on December 23rd 1913. The Federal Reserve Act of 1913 passed the house, but was having difficulty getting through the senate.
No recess had been called, most senators had gone home, yet three senators passed the act with a unanimous voice vote. There was no objection. If there had been one person present in the absence of a quorum, the bill would not have been passed.
In 1923, Representative Charles A. Lindbergh, a Republican from
, and father of
the famous aviator Lucky Lindberg stated. “The financial system has been turned
over to the Federal Reserve Board. That board administers the finance system by
authority of a purely profiteering group. The system is private, conducted for
the sole purpose of obtaining the greatest possible profits from the use of other
people’s money. Minnesota
Former chairman of the House Banking and Currency Committee, during the great depression era, Louis T. McFadden in 1932 stated, “We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the
practically bankrupted our Government. It has done this through the corrupt
practices of the moneyed vultures who control it.” United States
Even Ben Bernanke admitted, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation and dislocation
and the world experienced in its wake. America
According to Rense.Com:
June 4, 1963,
a little known attempt was made to strip the Federal Reserve Bank of its power
to loan money to the government at interest. On that day President John F.
Kennedy signed Executive Order No. 11110 that returned to the U.S.
government the power to issue currency, without going through the Federal
Mr. Kennedy's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in
notes into circulation. The ramifications of this bill are enormous.
With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of
out of business. If enough of these silver certificates were to come into
circulation they would have eliminated the demand for Federal Reserve notes.
This is because the silver certificates are backed by silver and the Federal
Reserve notes are not backed by anything.
After Mr. Kennedy was assassinated just five months later, no more silver certificates were issued. The Executive Order was never repealed by any U.S. President through an Executive Order and is still valid.
Yes, in 1992 after 12 years of Republican rule, 10 million Americans were unemployed, the country faced record deficits, and poverty and welfare rolls were growing. Family incomes were losing ground to inflation and jobs were being created at the slowest rate since the Great Depression.
I remember it well. The Republicans hated
Alan Greenspan at the Fed did everything possible to slow down the economy but the
Debt held by the public includes Treasury securities held by investors outside the federal government, including that held by individuals, corporations, the FEDERAL RESERVE SYSTEM and foreign, state and local governments.
Debt held by government accounts or intra-governmental debt includes non-marketable Treasury securities held in accounts administered by the federal government that are owed to program beneficiaries, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of these accounts that have been invested in Treasury securities.
Did you get that? Debt held by government accounts that are owed to program beneficiaries, such as Social Security Trust Fund. Monies owed to the Social Security Program have equal parity with those monies owed to
China, foreigners and the Federal
That is to say, that the government debt that is owed to Social Security Trust Fund are surplus funds that were invested in Treasury Securities that is owed to the American people plus interest on those securities. The Debt owed to the American people MUST have priority over Wall Street Banks and the Federal Reserve.
The Federal Reserve is responsible for printing up over $43 trillion dollars to bail out banks. Their 100 year charter ends in December 2013. Americans have lost their homes, their jobs, public education, cities are bankrupt, and we are in the worst depression since the great depression.
Time to end the Federal Reserve and take
America back. Wall Street bankers cared less about
bankrupting the country, their bonuses were insured by the Federal
Reserve. Let them take the hit this time. The banks are criminal
enterprises and need to be cut loose.
End the Fed.
By Patricia Baeten