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No Bailout For Wall Street

I liked this article by presidential candidate Chuck Baldwin so much that I’m posting it here in its entirety. This is highly recommended reading—a good refresher course for those who have done their own research on the subject, and probably revelatory for those who haven’t. When you’re done reading, take action.

Chuck Baldwin
American Free Press
September 27, 2008

At the time of this writing, the U.S. House and Senate are poised to pass a $700 billion bailout to Wall Street. At the behest of President George W. Bush, the U.S. taxpayers are going to be on the hook for what can only be referred to as the biggest fraud in U.S. history.

Virtually our entire financial system is based on an illusion. We spend more than we earn, we consume more than we produce, we borrow more than we save, and we cling to the fantasy that this can go on forever. The glue that holds this crumbling scheme together is a fiat currency known as the Federal Reserve Note, which was created out of thin air by an international banking cartel called the Federal Reserve.

According to Congressman Ron Paul, in the last three years, the Federal Reserve has created over $4 trillion in new money. The result of all this “money-out-of-thin-air” fraud is never-ending inflation. And the more prices rise, the more the dollar collapses. Folks, this is not sustainable.

Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by the bailout of Freddie and Fannie that will cost the taxpayers up to $200 billion. Then the Fed announced the bailout of AIG to the tune of $85 billion. Mind you, AIG is an enormous global entity with assets totaling more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into global money markets. And the Treasury Department promised $50 billion to insure the holdings of money market mutual funds for a year. Now, taxpayers are being asked to provide $700 billion to Wall Street. (I hope readers are aware that, not only will American banks be bailed out, but foreign banks will also be bailed out. Then again, at least half of the Federal Reserve is comprised of foreign banks, anyway.) In other words, the Federal Reserve is preparing to spend upwards of $1 trillion or more. Remember again, this is fiat money, meaning it is money printed out of thin air.

All of this began when the U.S. Congress abrogated its responsibility to maintain sound money principles on behalf of the American people (as required by the Constitution) and created the Federal Reserve. This took place in 1913. The President was Woodrow Wilson. (I strongly encourage readers to buy G. Edward Griffin’s book, The Creature from Jekyll Island.) Since then, the U.S. economy has suffered through one Great Depression and several recessions–all of which have been orchestrated by this international banking cartel. Now, we are facing total economic collapse.

But don’t worry: the international bankers will lose nothing–not even their bonuses. They will maintain their mansions, yachts, private jets, and Swiss bank accounts. No matter how bad it gets on Main Street, the banksters on Wall Street will still have the best of it–President Bush and the Congress will make sure of that. This is one thing Republicans and Democrats can agree on.

America’s founders were rightfully skeptical of granting too much power to bankers. Thomas Jefferson said, “If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

Jefferson also believed that “banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

Daniel Webster warned, “Of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes them with paper money.”

Webster also said, “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no, Sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors, and a ruined people.”

Our first and greatest President George Washington said, “Paper money has had the effect in your State [Rhode Island] that it ever will have, to ruin commerce–oppress the honest, and open the door to every species of fraud and injustice.”

If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, “Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

What President Andrew Jackson said to the bankers in 1832 is exactly what an American President should say to these criminal international bankers today. But what George Bush, John McCain, and Barack Obama want to do is provide amnesty for the international bankers, just as they want to provide amnesty for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for illegal aliens, either. Instead of sending these banksters on extended vacations to the Bahamas with millions of taxpayer dollars in their pockets, we should be sending them straight to jail!

The only way to fix this economic mess that the international bankers have created is to return America to sound money principles, as prescribed in the U.S. Constitution. This means dismantling the Federal Reserve and the Internal Revenue Service, overturning the 16th Amendment and the personal income tax, and returning the American monetary system to hard assets: gold and silver. Anything short of this will only delay and worsen the inevitable collapse that has already begun.

(There is some irony in the fact that Andrew Jackson’s image is on one of the most highly circulated Federal Reserve notes, not to mention other past presidents who held similar views.)

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2 Responses

  1. If you want to be honest and fair with the American people, this is what needs to added to this bailout..

    The CEO, COO, CFO and board of directors of any private company seeing taxpayer rescue must agree to these conditions. They will have an option of.

    1. 15 years in prison

    or:

    2. Agree to a reduction in pay to $47,000 per year. That is the average US income. They will also pay 1/3 of there medical insurance, which will consist of a basic HMO. They will also give up their pensions and have the option to elect contributions to an IRA.

    They should be honored to be able to work under these conditions until they get their company back into financial shape at which time their compensation will be reconsidered and based on performance.

    The Administration, Congressional members and the heads of the Treasury will also agree to these conditions as it was your lack of oversight and irresponsible deregulation that let this occur in the first place.

    It’s time for you and them to feel the pain of the American people. Only then will we have accountability, honesty and ethics returned to both Corporate America and the Government.

    That will never happen of course, because you look out for your own. Republicans and Democrats alike. You have failed your constituents, the constitution of the United States and your own credibility. Not one of you has the moral courage to do the right thing. I’d bet my life on it.

    Anything less is a sham and Washington as usual.

    Feel free to contact your representatives and tell them what you think. Even if they are in your party, you can’t let them get away with another sham bill rushed through 4 weeks before the most important election of our time. It’s YOUR responsibility to make sure your representative does the right thing.

  2. Maybe for option 2 it should be removing them from their positions and giving up their pensions. $47,000 still seems like it would be rewarding them. I’m sure most of them have plenty of money tucked away.

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