Have America’s politicians gone insane or are they just that
corrupt? What kind of idiot would
believe that when you are $20 trillion in debt (and that is just what is on the
books) it is a good idea to pass a trillion dollars in tax cuts for the
gamblers in America’s casino (Wall Street Banks) and pass another trillion
dollars in war spending? Like in Elton
John’s song Goodbye Yellow Brick Road,
“When are you gonna come down, When are you going to land” congress?? This cannot end well but it will end and it’s
going to be ugly when it does.
America has been stuck in this revolving door world of
endless borrowing to launch endless wars to keep the Federal Reserve Bank in
business since George W. Bush was installed in office in 2000. The philosopher George Santayana said:
Those who cannot learn from history are doomed to repeat it. ... Those
who fail to learn from the mistakes of their predecessors are destined to
repeat them.
Those words are so prescient today, this yellow brick road
was laid by Richard Nixon in 1971. From Follow the Money:
Excerpt:
When historians write about the
year 1944, it is often dominated with references to the tragedies and triumphs
of World War II. And while 1944 was truly a pivotal year in one of history’s
most devastating conflicts of all time,
it was also a significant year for the international economic system. In
July of that same year, the United Nations Monetary and Financial Conference
(more commonly known as the Bretton Woods conference) was held in the Mount
Washington hotel in Bretton Woods, New Hampshire… During the three-week conference, two new
international bodies were established. These
included:
·
The International Bank of Reconstruction and
Development (IBRD, later known as the World Bank)
·
The International Monetary Fund
In addition, the delegates
introduced the General Agreement on Tariffs and Trade (GATT, later known as the
World Trade Organization, or WTO.)
More importantly, for our purposes
here, another development that emerged from the conference was a new fixed
exchange rate regime with the U.S. Dollar playing a central role. In essence, all global currencies were pegged to the
U.S. Dollar.
At this point, an appropriate
question to be asking yourself is: “Why
would all of the nations be willing to allow the value of their currencies to
be dependent upon the U.S. Dollar?” The
answer is quite simple.
The U.S. Dollar would be pegged at
a fixed rate to gold. This made the U.S. dollar completely convertible into
gold at a fixed rate of $35 per ounce within the global economic community.
This international convertibility into
gold allayed concerns about the fixed rate regime and created a sense of
financial security among nations in pegging their currency’s value to the
dollar.
After all, the Bretton Woods
arrangement provided an escape hatch: if
a particular nation no longer felt comfortable with the dollar, they could
easily convert their dollars holdings into gold. This arrangement helped
restore a much-needed stability in the financial system. But it also accomplished one other very important thing. The Bretton Woods agreement instantly
created a strong global demand for U.S. dollars as the preferred medium of
exchange.
The U.S. Dollar is issued and loaned
to the United States government by the Federal Reserve. Because our dollars are loaned to our
government by the Federal Reserve, which
is a private central banking cartel, the dollars must be paid back. And not
only must the dollars be paid back to the Federal Reserve. They must be paid
back with interest! And who sets the
interest rate targets on the loaned dollars? It’s the Federal Reserve, of
course…
Meanwhile, an expensive and
unpopular war in Vietnam funded by
record deficit spending led some nations to question the economic
underpinnings of America… By 1971, as
America’s trade deficits increased and its domestic spending soared, the
perceived economic stability of
Washington was being publicly challenged by many nations around the globe…
The United States had accumulated large amounts of new debt but did not
have the money to pay for them. Making matters worse, U.S. gold reserves
were at all-time lows as nation after nation began requesting gold in exchange
for their dollar holdings.
One would have expected that the
large and growing demand by foreign nations for gold instead of dollars would
have been a strong indicator to the United States to get its fiscal house in
order. Instead, America did exactly the
opposite.
As Washington continued racking up enormous debts to fund its imperial pursuits and its over-consumption,
foreign nations sped up their demand for more U.S. gold and fewer U.S. dollars.
Washington was caught in its own trap and was required to supply real money
(gold) in return for the inflows of their fake paper money (U.S. dollars)…
On August 15, 1971, under the
leadership of President Richard M. Nixon, Washington chose to maintain its
reckless consumption and debt patterns by detaching the U.S. Dollar from its
convertibility into gold… It was in this year, 1971, that the U.S. dollar officially abandoned the gold standard and
was declared a purely “fiat” currency. In this new era of floating currencies, the U.S. Federal Reserve, America’s central
bank, had finally freed itself from the constraint of a gold standard…
Two years later, in an effort to
maintain global demand for U.S. dollars,
another system was created called the petrodollar system. In 1973, a deal
was struck between Saudi Arabia and the United States in which every barrel of
oil purchased from the Saudis would be denominated in U.S. dollars. Under this
new arrangement, any country that sought to purchase oil from Saudi Arabia
would be required to first exchange their own national currency for U.S.
dollars…
By 1975, all of the OPEC nations
had agreed to price their own oil supplies exclusively in U.S. dollars in
exchange for weapons and military protection…
This petrodollar system, or more simply known as an “oil for dollars”
system, created an immediate artificial
demand for U.S. dollars around the globe. And of course, as global oil
demand increased, so did the demand for U.S. dollars.
As the U.S. dollar continued to
lose purchasing power, several
oil-producing countries began to question the wisdom of accepting increasingly
worthless paper currency for their oil supplies. Today, several countries
have attempted to move away, or already have moved away, from the petrodollar
system. Examples include Iran, Syria,
Venezuela, and North Korea… or the “axis of evil,” if you prefer.
The only winner in this fiat currency fiasco is the Federal
Reserve Bank who is stuffing the coffers of America with trillions of dollars
in worthless paper money at interest rates determined by the whims of the
Federal Reserve Board. When are you gonna come down, when are you
gonna land America? The unholy
alliance with Saudi Arabia has been the source of all of the wars America has
perpetrated. Our petrodollar currency
are backed by nothing more than magic beans.
The Federal Reserve Bank is the real terrorist here, a financial
terrorist that needs to spread fear and destruction across the globe for
profit.
Russia is not a threat to the American people, North Korea
is not a threat to the American people, Iran is not a threat to the American
people, China is not a threat to the American people; they are a threat to the
Federal Reserve Bank. From HuffingtonPost:
Excerpt:
Non-Dollar Trading Is Killing the Petrodollar — And the Foundation of
U.S.-Saudi Policy in the Middle East
BEIRUT — A profound transformation
of the global monetary system is underway. It is being driven by a perfect
storm: the need for Russia and Iran to escape Western sanctions, the low interest rate policy of the U.S.
Federal Reserve to keep the American economy afloat and the increasing
demand for Middle East oil by China.
The implications of this
transformation are immense for U.S. policy in the Middle East which, for 50
years, has been founded on a partnership with Saudi Arabia. As
economic sanctions are increasingly part of the West’s arsenal, those
non-Western countries that are the target — or potential target — of such
sanctions are devising a counterpunch:
non-dollar trading. It would, in effect, nullify the impact of sanctions.
Whether in yuan or roubles, non-dollar trading — which enables
countries to bypass U.S. claims to legal jurisdiction — will transform the
prospects facing Iran and Syria, particularly in the field of energy reserves,
and deeply affect Iraq which is situated between the two. President Putin has said (in the context of
reducing Russia’s economic vulnerabilities) that he views the dollar monopoly
in energy trade as damaging to the Russian economy. Since hydrocarbon revenues
form the most substantive part of Russia’s revenues, Putin’s desire to take
action in this area is not surprising.
In the face of sanctions, Putin is
seeking to reduce its economic dependence on the West. Russia has signed two “holy grail” gas contracts with China and is in
negotiations to offer the latter sophisticated weaponry. It is also in the
process of finalizing significant trade deals with India and Iran. All of this
will be to the benefit of Iran, too: the Russians recently announced a deal to
build several new nuclear power plants there…
But what may ultimately be seen to have proved fateful to the petrodollar system has been the policy of zero interest
rate policy and “quantitative easing” pursued so unrestrainedly since
2008. Effectively, energy producers saw that the U.S. economy had now become so
dependent on low interest rates that it could never again manage to keep oil
prices steady relative to U.S. treasuries without blowing up the global
financial system…The U.S. economy had now become too “financialized” to
withstand anything more than a token interest rate hike…
Such a moment would seem ripe for Russia and Iran to begin a gradual
challenge to Saudi’s leadership of the OPEC cartel and to the
dollar-denominated energy system, if enough OPEC members and other
producers are prepared to rebel. Iran has been lobbying hard in this direction.
In the longer term, Russia might
take up Prince Bandar’s suggestion that Russia become a key determiner of oil
prices and output… And why should
producers opt for roubles or yuan? Well,
both China and Russia have recently been
big buyers of physical gold. Russia’s present gold reserves would
back 27 percent of the narrow rouble money supply. That is a high ratio — far
in excess of any other major country, and also in excess of the U.S. Fed’s
original stipulated gold coverage minimum.
Moreover, Russia is a large net
exporter of goods and energy, notwithstanding sanctions. So Russia’s gold
reserves, by implication, are likely to continue to grow, rather than decline. In the longer term, holding roubles or yuan may allow producers to escape the damaging
inflationary effects of a dollar system now dependent for its stability on
low interest rates and monetary expansion.
It would be ironic, indeed, were the tensions with Russia inadvertently
to become the driver of America finally losing its petrodollar card.
My, my, my. Ironic
indeed but that is the reality about to slam the American people in the
face. We have been bamboozled by
politicians who owe no loyalty to the American people, they only have loyalty
to those Wall Street speculators who fund their campaigns and write the laws
they present in congress. The trillions
in tax cuts are meaningless, the trillions in spending are meaningless as they
are based on worthless Federal Reserve Notes. Zero times a trillion is
zero. When are you going to come down America, when are you going to
land? From Veterans Today:
Excerpt:
CRYPTO LIBERTY: THE CALL HAS BEEN ISSUED, END CENTRAL BANKING NOW
“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 United States
and has practically bankrupted our government. It has done this through the
corrupt practices of the moneyed vultures who control it.” — Congressman
Louis T. McFadden in 1932
It’s no secret the central banking system (CBS) is a criminal, racketeering,
counterfeiting, wealth stealing, money laundering system involved with
long-term institutionalized larceny. The CBS permanently attached itself to
the wealth of Americans in 1913 and, with just a few brief periods of
instability, the parasite has persisted, almost without public notice, for more
than 100 years…
The banking/currency and financial systems of today have been
created by small groups of people and foisted on the public at large by means
of capturing governments and purchasing the Law. The current system of ‘money’ (currency) is created, copyrighted, and maintained by a
private cartel of generational bankers, which use the system to enrich their
own wealth exponentially.
The monetary system as it exists
today is based on a scam, a slowly evolving, degradation of the value of
currency which simultaneously and surreptitiously
transfer the users wealth to the usurer – banking system. This happens in
direct proportion to the ‘spiral of debt’ required to maintain the system.
The trick is every currency unit
(dollar) which comes into the system is “borrowed,” resulting in an interest payment being required for as long as the
dollar remains in the system. For every dollar borrowed, more dollars must
be ‘borrowed’ to provide the money demanded to payback the principle AND the
interest.
Eventually, over time as the money
supply expands, the interest required to pay the rent on ‘borrowed’ money
becomes exponentially larger and larger, leading inevitably to the collapse of
the currencies buying power – the Crackup Boom!
While the system is in operation,
larger and larger amounts of the currency are paid to the bankers for simply
creating money (with almost no effort) for ‘loaning’, the so-called ‘loan
capital…’
Central banking is an advanced
stage of parasitism, a cancer on civilization, which perverts and debases those
it enriches, enabling the most evil to
rise to prominence as good people are forced out or leave…
In our world today, Central banking
is responsible for ALL war, and for most of the suffering and misery of an ever
increasing number of people... The time is now to END the reign of terror
of central banking and the wealthy-by-theft class of people this system
enriches…
Declare all Federal Reserve Notes void. Repudiate all national
dollar debt, exchange void dollars held by America citizens for either
Greenback vouchers or Cryptocurrency at some well thought out rate of exchange…
People holding mortgages and other debt products of Federal Reserve
Banks would be given full title to any property held as Mortgage Collateral
or forgiven all collateral free loans. Formerly licensed Federal Reserve
participatory banks should lose all claim to properties under collateral
agreements...
All military bases in all nations around the world should be closed,
all materials and men and women brought home to a growing jobs market absorbing
these men and women as new manufacturing opportunities demanded workers. Finally, it is necessary to place high
tariffs on products that can be manufactured in America. Interest free loans could be made to those building and restoring
American manufacturing, workers to be paid in the new currency.
I know Jack about crypto currencies but if that is what it
takes to liberate America from the Federal Reserve Bank gulag, I’m all for
it. President Bill Clinton came close to
liberating America from the Federal Reserve Bank when he balanced the
budget. When he came into office he
vetoed congress’ bill calling for massive tax breaks for the rich. In return congress shut down the government,
not a mamby pamby shutdown like happens today but a real shut down.
Lights out, doors locked, everyone go home. The government was shut down for a full month
and Clinton did not back off. He raised
taxes on the rich, reformed Welfare as we knew it, busted up the Ma Bell
monopoly and created an environment where 22 million good paying jobs were
competing for American workers. Average
Americans made money off the well-regulated stock market and were able to retire
in their 50’s. The elderly enjoyed the
highest standard of living in American history living off the interest on their
investments. For that Clinton was
impeached.
All of that was undone when George W. Bush was installed as
President by a corrupt two-party system in collusion with the corrupt U.S.
Supreme Court.
Now things have come full circle. The world has been preparing for the day that
the Federal Reserve Bank’s fiat currency would implode. China and Russia as part of the BRICS
coalition are now ready to dump the petrodollar. From Geopolitics:
Excerpt:
Global Reset: China Officially Starts the Dumping of the Petrodollar
On March 26, the petrodollar will begin its funeral march to oblivion as the
Shanghai International Energy Exchange allows any Chinese and foreign traders
to trade oil in local currencies other than the dollar. This is very
significant considering that China is the world’s largest oil consumer as of
last year.
A statement from the Shanghai
International Energy Exchange says,
“Approved by the China Securities
Regulatory Commission (“the CSRC”), the Shanghai International Energy Exchange
Co., Ltd., or INE, is an international exchange that is jointly initiated and
established by relevant entities including the Shanghai Futures Exchange, and
open to global futures participants. As
a self-regulated entity, INE
discharges its duties pursuant to the Company Law, the Regulations on the
Administration of Futures Trading and relevant rules and regulations
prescribed by the CSRC.
Registered in the China (Shanghai)
Pilot Free Trade Zone on November 6th, 2013, INE operates the listing, clearing and delivery of energy derivatives
including crude oil, natural gas, petrochemicals, etc., formulates business
rules, implements self-regulation, publishes market information, and provides
technology, venue and facility services.
Based on the principles of “openness, fairness and impartiality”,
INE is devoted to establishing a global trading platform for energy derivatives
that is “internationalized, market-oriented, rules by law and professionalized”
to objectively reflect the energy supply-demand conditions, provide a tool in
price discovery, risk management and asset management for energy producers,
distributors, consumers and investors, so as
to facilitate the optimal allocation of energy resources and promote the
economic development.”
Superimposing this in the context
of what China has been doing in the South China Sea, Latin America and in the
Middle East, this means that any
deliberate disruption of the market by way of instigated conflict, or mere
speculative attacks against the INE, will never be allowed…
China, the world’s biggest oil buyer, is opening a domestic market
to trade futures contracts. It’s been planning one for years, only to encounter
delays. The Shanghai International Energy Exchange, a unit of Shanghai Futures
Exchange, will be known by the acronym INE and will allow Chinese buyers to
lock in oil prices and pay in local currency.
Also, foreign traders will be
allowed to invest — a first for China’s commodities markets — because the
exchange is registered in Shanghai’s free trade zone. There are implications for the U.S. dollar’s well-established role as
the global currency of the oil market…
Futures trading would wrest some control over pricing from the main
international benchmarks, which are based on dollars. Denominating oil
contracts in yuan would promote the use of China’s currency in global trade,
one of the country’s key long-term goals…
Another factor that would sidetrack the Deep State petrodollar is the
breathtaking and massive nuclear power plant constructions inside China, and
soon in other parts of Eurasia.
Meanwhile, the White House has just announced that more jobs are coming due to an
increased spending for the military industrial complex. Trump has just signed the spending bill
to avert a complete corporate government shutdown, which includes the budget for the arms and war
manufacturers.
Hmmm, is there a method to the madness of Donald Trump? Is Trump allowing congress to engorge on
Federal Reserve Notes to the tune of trillions of dollars with the plan to
stick the Central Bank with trillions of unrecoverable Federal Reserve
Notes? Will Trump lead America to the
promised land of controlling its own currency? “When are you gonna come down,
When are you going to land” America?
“So goodbye yellow
brick road, Where the dogs of society howl…
Oh I've finally decided my future lies Beyond the yellow brick road”
By Patricia Baeten
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