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Termyn8or -> RE: new powers for the fed (4/1/2008 8:58:36 PM)
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I can't really say all that much except to agree. There is a huge shit sandwich on the way.
However I would like to say this, wonder why the government itself just doesn't enact and enforce guidelines ? Any clue ? Hey, a city or state government can do it. Forget the Constitution, that has nothing to do with it.
The obvious reason is because the Fed has to take into account market forces and might have to act quickly before there would be time to amend laws and so forth. But what many people do not know is that is would be interfering in a private enterprise. That's right, the Fed is not a part of the government in any way. The swearing in of Greenspan's successor was just for show, in fact so was the swearing in of Greenspan and all his predecessors. Just for show.
The word federal does not mean part of the national government apparently. The FDIC and FSLIC are not any part of the government. Even our beloved IRS is incorporated in Deleware. Don't believe me, please, let me straighten you out on this with real reality. No links, no copying and pasting on any of our part. Not even the internet or a book.
Write to the state of Deleware and they will send you CERTIFIED copies of the original papers. I have facsimiles of them, but not them themselves. I personally knew the person who made the request, send in the copying fee and recieved these CERTIFIED copies.
I think he had to send them about ten or fifteen bucks for the copies, but as long as the IRS is in business you can get them. It may cost more now, but it is proof positive.
See I don't often rely on a cite, I want the real thing if it is that important, but I doubt you are all going to go out and bumrush Deleware's offices. It is a moot point in a way. It doesn't matter how nasty they want to be, the government is just as bad. So there really is not much difference except that the government condones unlawful acts by certain corporations. Would you prefer they be part of the government ? Think about that for a minute.
LOL
Now there is something to be said for the abolition of the fed. Even if our money was backed by credit, the congress would have the power to coin it and regulate the value thereof. Congress is a large body and getting changes to the value, or credit extending guidelines would be slow, but in a way that would be a good thing because it would be more stable.
Though the Founding Fathers did not forsee this level of international trade, their doicuments do provide the authority for congress to adopt a formula for the net worth of a dollar based upon certain quantifiable things. Like the yuan is pegged to the dollar, so can the dollar be pegged to the ???
So basically it is a complex formula which takes in variables such as the relative currency values of our trading "partners". We stand firm and learn how to do this. If China can do it so can we.
Let's say we enact this policy as of today. The US dollar is pegged say 60% to the yuan and the CDN. Say 40% to the euro. Something like that. We stick by that and being among the world's largest comsumers, our clout should win out.
If I were Pres and said this in public the Chinese would like me, they already pegged to the USD. They are enjoying favorable returns on that policy right now. Right now. After a period of this, there would be quite a few households without TVs or a bunch of lead based toys. People would not be able to afford that junk.
What happens then ? They can't cut costs any more than they have. They have been experts at cutting costs for a long time, and are said to use prison or slave labor as well. There simply is not much more cost cutting to be done on that end. This will start coming out of their rich people's pockets. And they always have the choice of just going out of business. Boils down to this, take less or you get nothing.
Market forces are driven by the market, and as one of the largest markets, it is time we used a bit of force.
But I digress. Back to the topic.
I am starting to think that they want everybody's credit wrecked. I am serious, but I did say starting to think.
Think about it, a new car with no payments for a year. Furniture with no payments for over a year. New TVs with no payments for over a year. I can tell you from personal and professional experience, that a new TV is VERY likely to break in the first two years.
Or you could smash the car. Recently I saw an ad with no payments for a year, for bodywork and a paint job on your car. Then they got mortgages and credit cards with the "skip a month" option. Are you crazy ? Pay that NOW, you are paying interest on it. And if it's a secured loan, pay it off early. Skip a month indeed. I'd have to be in some pretty bad shape to consider that.
Sometimes I think the idea is to bleed us dry. And I will pay good money for evidence to the contrary.
T
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