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December 29, 2011


“The  banks — commercial banks and the Federal Reserve — create all the money of this nation and its people pay interest on every dollar of that newly created money. Which means that private banks exercise unconstitutionally, immorally, and ridiculously the power to tax the people. “Jerry Voorhis (five terms US House)


 “We could produce plenty for all, but we don’t do it … we will do it only when all producing wealth is owned publicly. …  (WIKI-Voorhis)
“Voorhis advocated the purchase by the Federal Government of the stock in the Federal Reserve Banks, which was held by the member banks, as a way of financing government expenditures…” (Wiki-Voorhis)

“It’s Always Been The People Versus The Banks”

I have received  enlightened wisdom from  readers familiar with  the pungent  and brilliant observations  of the nation’s  Founding Father and  early President,  John Adams. Curious that these pithy critiques of banking finance should come from several followers of my blog  at almost the same moment. Seems as if we should all harken to the  past  insights  of John  Adams.

“All  the perplexities, confusion and distress in America arises not  from deficits in the Constitution or  Confederation , nor from want of honor and virtue,  so much as downright ignorance of the nature of coin, credit, and circulation, “wrote Adams in the very early 19th century America.”
Yes, that’s so well put;– “ignorance of coin, credit, and circulation;” that goes for a good many authorities some 200 years or more since Adams was in the White House.
Even more pointedly, Adams charged that “Banks have done  more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.” Tough, tough words long before there was the end of Glass-Steagall,  the rise of Goldman Sachs and JP Morgan Chase– or the fall of Lehman,  and the basket cases of Citigroup or Bank of America.
This issue of the banks early on was also taken up by that philosopher Lord Acton,  who advised that “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”
What high-minded prophecy so long before the meltdown of 2008– and the  concentrated plague on the banks of Europe now. Does no-one ever learn from the great thinkers of the past? I’d be willing to bet my bottom dollar that neither Jamie Dimon nor Lloyd Blankfein have ever read John  Adams or Lord Acton.
History doesn’t change much except by degrees; few are such students of the past that they know not to repeat old  damaging mistakes.  ” Facts are stubborn things,; ” Adams said. — and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.”


      • Studying and teaching history enlightened my life, and yet nothing has caused more frustration. One feels like a Cassandra, ignored even when the truth sears with urgency and portent.
        Lord Acton, perhaps did not anticipate the rise of credit unions, which provide banking services with greater accountability and heart. Perhaps credit unions should be the beginning of a conversation about reforming the banking system. Oh, wait, that would be socialism, the alleged pariah among economic systems. But I ask you. Which one, banks or credit unions, would provide a better model for preventing mayhem in the financial markets?
        Perhaps I am a bit premature in asking such questions, but probably not for long. Next year our own large banks may become basket cases again, thanks to a Eurozone contagion. The Republican-led House warns that they will not support bailing banks out. My questionis this:
        Just what will they support to prevent economic calamity? I am sure that they do not know.
        michaelsondergard 1 day ago What is this, bash banks day?!
      • Banks have done more than any other single institution to INCREASE our standard of living.
        I ask you, what kind of home, apartment or even mobile home would people be living in were it not for credit? What kind of car would would you be driving were it not for credit? What university would your children attend? How much cash would you have to carry in your wallet?
        How few items would sit on your grocery store shelf if your retailer were not able to finance the inventory?
        There are virtually countless reasons why banks have made our lives better, not worse. I’m getting sick and tired of all this indiscriminate bashing of financial institutions (banking and finance). Stop it!
        And while I’m at it, Mr. Paine, exactly what financial instruments were European banks supposed to invest their capital in? Sovereign debt of developed European countries were considered among the safest securities in the world. Were they supposed to invest their capital in junk bonds, mortgage-backed bonds? Go ahead, tell me Mr. Monday Morning Quarterback!
      • “There are countless reasons why banks have made our lives better”
        Sir,I beg to differ and I use the one and only one reason why banks exist;TO USE MONEY TO MAKE A PROFIT FOR THEIR OWNERS.Period.
        The method they use is by its nature “the most powerful force in the universe” compound interest which by nature,ultimately cannot be repaid even with the surrender of the asset itself.
        Also your response should be directed against those who were quoted and of course they should be challenged.
        You could also challenge the words of :
        Aristotle, ”
        The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice.”
        Horace Greeley,
        While boasting of our noble deeds we’re careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.”
        Alexander Hamilton,

        In the general course of human nature, A power over a man’s subsistence amounts to a power over his will.”
        Please take a few minutes to read about “the most powerful force in the universe ” (Einstein)
        As for the solution,read:
        “ The All Inclusive Solution”
      • Maybe “FOOL” (hey, the name fits!) should send his silly little quotes about usurous interest rates to our good friends that run pawn shops.
        “Underlying most arguments against the free market is a lack of belief in freedom itself.” Milton Friedman
        Perfect comparasion;Banks and Pawn Shops.Both legally charge interest for their own enrichment.This should perhaps be known as the “world’s oldest profession” knowing what they do,differ only in the “cost” (read interest rate).
        As to a “FOOL”
        Right AGAIN
        “Anyone that attempts to predict the future is a fool””If by chance,correctly then “justaluckyfool”.
        “Believe nothing merely because you have been told it…
        But whatsoever, after due examination and analysis,
        you find to be kind, conducive to the good, the benefit,
        the welfare of all beings — that doctrine believe and cling to,
        and take it as your guide.”
        – Buddha
        [Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism
      • P.S.
        I am myself persuaded, on the basis of extensive study of the historical evidence, that… the severity of each of the contractions – 1920-21, 1929-33, and 1937-38 – is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements
        …………The power to determine the quantity of money… is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power… Any system which gives so much power and so much discretion to a few men, [so] that mistakes – excusable or not – can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic…
        MAYBE,just perhaps,maybe Freidman would endorse “The Federal Reserve Bank of America owned by the people, of the people, for the people, charging interest to fund “a more perfect union, for the general welfare,pursuit of happiness FOR ALL.(not the 1%)
        Please read,challenge,and perhaps cling to… “The All Inclusive Solution” by
        Perhaps,you can prove me not only a FOOL,rather JUSTALUCKYFOOL .

H. W. White, “The banks do create money. They have been doing it for a long time, but they didn’t realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create it.

Woodrow Wilson,”We have restricted credit, we have restricted opportunity, we have controlled development, and we have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world–no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.

Woodrow Wilson, “We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the world.

“Believe nothing merely because you have been told it.
…But whatsoever, after due examination and analysis,
you find to be kind, conducive to the good, the benefit,
the welfare of all beings — that doctrine believe and cling to,
and take it as your guide.”
— Buddha
[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism

Please read,challenge,and perhaps cling to… “The All Inclusive Solution” by
Perhaps,you can prove me not only a FOOL,rather JUSTALUCKYFOOL .
  • AMEND Federal Reserve Charter and NEW INCOME TAX, ZERO,ZILCH,NADA.
    Posted on December 14, 2011 by justaluckyfool
    The All Inclusive Solution.The Federal Reserve Bank of America.
    As Thomas Jefferson said,(12/26/11 N.B. Great quote, except that it’s false..)’I believe that banking institutions are more dangerous to our liberties than standing armies.If the American people ever allow private banks to control the issue of their currency, will deprive the people of all property… The issuing power (of currency) should be taken from the banks and restored to the people,to whom it properly belongs,’
    Click to view link
    Click to view link…/
    It is to be noted that it is perhaps someone else’s opinion of an interpertation of Thomas Jefferson’s fellings and beliefs about private banks
    THE ACTUAL QUOTES (with verification):

    Click to view link
    ‘The system of banking [is] a blot left in all our Constitutions,
    which, if not covered, will end in their destruction…
    I sincerely believe that banking institutions are more dangerous
    than standing armies…'(Letter to Taylor 1816)
    Click to view link
    ‘… the circulating medium must be restored to the nation to whom it belongs.’ (Letter to Eppes 1813)


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