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To US Senator Sanders,”Don’t End,AMEND !

January 12, 2012
Don’t END THE FED,AMEND THE FED!ADDED BONUS,ZERO INCOME TAXES.

Wednesday, January 11, 2012

Don’t END THE FED,AMEND THE FED!ADDED BONUS,ZERO INCOME TAXES.

 

Top Economists to Advise Sanders on Fed Reform

 

October 20, 2011

WASHINGTON, Oct. 20 – Nobel Prize-winning economist Joseph Stiglitz and other nationally-renowned economists agreed today to serve on a panel of experts to help Sen. Bernie Sanders (I-Vt.) draft legislation to reform the Federal Reserve.
Sanders announced formation of his expert advisory panel in the wake of a damning report that faulted apparent conflicts of interest by bank-picked board members at the 12 regional Fed banks.
Top executives from Goldman Sachs, J.P. Morgan Chase, General Electric and other firms sat on the boards of regional Federal Reserve banks while their firms benefited from the central bank’s policies during the financial crisis, the Government Accountability Office investigation found. The dual roles created an appearance of a conflict of interest, according to the GAO.
After the report was issued Wednesday, Sanders said he would work with top economists to develop legislation to restructure the Fed and tighten rules on conflicts of interest, ensure that the Fed fulfills its full-employment mandate, increase transparency, protect consumers and reduce income inequality.
Sanders’ panel of experts includes:

  • Joseph Stiglitz, the 2001 winner of the Nobel Prize. The economics professor at Columbia University is a former chief economist for the World Bank.
  • Jeffrey Sachs, director of The Earth Institute and an economics professor at Columbia University. He also is special advisor to United Nations Secretary-General Ban Ki-moon.
  • Robert Reich, Professor of Public Policy at the University of California, Berkeley. Reich has served in three national administrations, most recently as secretary of labor under President Bill Clinton. He also served on President-Elect Obama’s transition advisory board. In 2008, Time Magazine named him one of the ten most successful cabinet secretaries of the century.
  • James K. Galbraith, Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, University of Texas at Austin. Galbraith served in several positions on the staff of the U.S. Congress, including Executive Director of the Joint Economic Committee.
  • Lawrence Mishel, president of the Economic Policy Institute, the premier research organization focused on U.S. living standards and labor markets.
  • William Black, associate professor of economics and law at the University of Missouri, Kansas City. He worked with the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation and the Office of Thrift Supervision.
  • Nomi Prins, a senior fellow at Demos, was a managing director at Goldman Sachs, a senior manager at Bear Stearns in London, a senior strategist at Lehman Brothers, and an analyst at the Chase Manhattan Bank (now JPM Chase)
  • William Greider, author of Secretsof the Temple: How the Federal Reserve Runs the Country, a monumental account of how the American central bank, cloistered and protected from public accountability, exercises its control over the US economy – workers, consumers, investors.
  • Jane D’Arista, an Economic Policy Institute research associate, has written on the history of U.S. monetary policy and financial regulation, The former Boston University School of Law professor previously served as a staff economist for Congress.
  • Tim Canova, professor of economic law and co-director of the Center for Global Law & Development at the Chapman University School of Law in Orange, Calif. He was an early critic of financial deregulation and warned of the dangers of the bubble economy.
  • Robert Johnson, senior fellow and director of the Project on Global Finance at the Roosevelt Institute. He was chief economist of the Senate Banking Committee and a senior economist for the Senate Budget Committee.
  • Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. He was a senior economist at the Economic Policy Institute, a consultant for the World Bank and the Joint Economic Committee of the U.S. Congress.
  • Gerald Epstein, chair of the economics department at the University of Massachusetts at Amherst. Epstein also is the co-director of the Political Economy Research Institute.
  • Robert Auerbach, professor at the Lyndon B. Johnson School of Public Affairs with the University of Texas at Austin. Auerbach was an economist with the House banking committee during the tenure of four Federal Reserve Chairmen: Arthur Burns, William Miller, Paul Volcker, and Alan Greenspan. Auerbach also served as an economist in the U.S. Treasury’s Office of Domestic Monetary Affairs during the first year of the Ronald Reagan administration and as a financial economist with the U.S. Federal Reserve System.
  • Roger Hickey, Co-Director of the Campaign for America’s Future. In the late 1980s he and Jeff Faux created the Economic Policy Institute.
  • Robert L. Borosage is the founder and president of the Institute for America’s Future and co-director of its sister organization, the Campaign for America’s Future.
  • Robert Pollin, co-director of the Political Economy Research Institute and economics professor at the University of Massachusetts-Amherst. He has worked with the Joint Economic Committee and the U.S. Competitiveness Policy Council.
  • L. Randall Wray, a professor of economics and research director of the Center for Full Employment and Price Stability at the University of Missouri-Kansas City, and a Senior Scholar at the Levy Economics Institute.
  • Stephanie Kelton, associate professor of Economics at the University of Missouri, Kansas City and a research scholar at the Center for Full Employment and Price Stability.

The need for major reforms at the Federal Reserve was driven home by the GAO findings announced Wednesday and in an earlier report issued on July 21. Both unprecedented audits of the Federal Reserve were required by a Sanders’ amendment to last year’s Wall Street reform law.
The need for major reforms at the Federal Reserve was driven home by the GAO findings announced Wednesday and in an earlier report issued on July 21. Both unprecedented audits of the Federal Reserve were required by a Sanders’ amendment to last year’s Wall Street reform law.

Don’t END THE FED,AMEND THE FED!ADDED BONUS,ZERO INCOME TAXES.
 
America,Where we went wrong and How we can fix it.
 
The America Revolution of 2012.
 
Where we went wrong.
“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)
“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.”
 
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)

 
Part one of where we went wrong:
Allowing private financial institutions to charge compound interest
on our own money.
“We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”
This is our Preamble to the US Constitution and it is  being challenged .
If it were possible to sum up the single greatest flaw to the American form of its democratic capitalism ,it  would  be :It allows for the “most powerful force in the universe”… to quote Einstein,” compound interest” to be used against that democracy.
This “most powerful force”  is being used only for the enrichment of a few (1%)  and the servitude of all others (99%).
The lender becomes the owner of all  the money based upon the act of compounding at any rate within a long period of time.The present system has to change .
 Private banks are lenders to the taxpayers who become borrowers. They are allowed to charge interest to taxpayersC 
Part two of where we went wrong:
Fractional Reserve Banking,allowing private institutions to “print” our money in order to gain more money.
Private banks are allowed to “create money” by fractionation of money on hand and use that
newly created money to gain more money. A cycle that commands total money control or it must bust. The real kicker is that the borrower by today’s system guarantees the lender they will not lose their money by covering any of their losses. The taxpayers are guarantors of their own servitude !
 
READ (  http://michael-hudson.com/2001/04/the-mathematical-economics-of-compound-rates-of-interest-a-four-thousand-year-overview-part-ii/

 “…. The Mathematics of Compound Interest
A syndicate of less than one hundred American capitalists, if allowed to collect interest on their capital at a low rate and re-invest for 150 years or less, would at the end of that time own the earth and all real and personal property thereon. This is a simple mathematical proposition, capable of exact demonstration, and any one who doubts the truth of this statement may set all doubts at rest by computing compound interest on one and one-half billions of dollars for one hundred and fifty years, at five per cent per annum.
…Flürscheim elaborated that “All exertions, all improvements in the methods and tools of labor, the strictest economy, the severest self-denial, are powerless to compete with the rapidity of self-increase possessed by capital placed at compound interest, and they cannot keep up with its demands.” To illustrate the dynamic at work, he composed an allegory (pp. 327ff.). Many ages after man was driven from Paradise and told “to earn his bread by the sweat of his brow, mercy began to prevail. A loving angel was sent down by the Great Master, charged with the task of lightening the burden. The angel’s name was Spirit of Invention. He began his work by teaching man to make useful tools” and tame animals, and in time to mobilize water power, air and wind power, fire and steam power to drive machinery.
“It seemed that at last the golden era had come of which men had dreamed for ages past,” but “that envious spirit, that fallen angel, Satan,” was jealous that his own empire would soon be over for ever. Among the follies of man, one little imp, called Interest, managed to attract his attention. “‘What is the matter with you, Interest?’ he asked the saucy imp. ‘You don’t seem to be so dejected as your comrades are?’”
“‘Why should I be dejected, master?’ replied the spirit, ‘Am I not one of your favorite soldiers? Haven’t I always been victorious under your august guidance?’”
But Satan answered sadly, “Alas, You are no match for the Spirit of Invention.” The Interest imp, however, volunteered to demonstrate his prowess in a dual, helped by his son, Compound Interest.
At this point, Flürscheim introduced an image that Napier had suggested at the outset of his second book on logarithms in 1617, the Robdologia, likening the principle of geometric increase to that of a chess-board on which each square doubled the number assigned to the preceding one. An old Persian proverb told of a Shah who wished to reward the inventor of chess, a subject, and asked what he would like. To the Shah’s surprise, the man asked “as his only reward that the Shah would give him a single grain of corn, which was to be put on the first square of the chess-board, and to be doubled on each successive square; which, to the surprise of the king, produced an amount larger than the treasures of his whole kingdom could buy. It is this kind of chess-game which capital is continually playing with labor.” The remarkable growth of compound interest soon swallowed “products, capital, the earth and even the workers.”
This was in essence the ploy that Flürscheim’s Compound Interest demon used. “Look at this chess-board,” he told the angel against whom Satan had pitted him. “It seems just like any other chess-board, with sixty-four squares,” but it “had the peculiar quality of extending the dimensions of the squares, so as always to be large enough” to hold whatever was placed on them. Instead of asking for grains of wheat to be placed on them, the Interest Imp asked for soldiers. “Now, listen well to what I propose,” he said to the angel, pointing to the latter’s huge army.
I enter the first square with my son, and you match one of your warriors against us. We enter the second square doubled in number; you send two more warriors – and so on every succeeding square. . . . When we arrive at the last square, and you have a single soldier left after occupying the same, we shall declare ourselves vanquished, and Satan with all his troops will leave this world for ever. If I win, you and your army are to be at the commands of my master. Are you agreed?
The angel agreed, expecting his horde of soldiers to easily exceed the number that the Interest Imp and his son, Compound Interest, seemed likely to accrue.
In the beginning the angel laughed, for, though twenty squares were passed, no noticeable diminution of his forces was perceptible. Demon Interest said nothing, but attended to business, quietly doubling his army on every succeeding square. At the thirtieth square the angel ceased to laugh, and soon saw he was lost.
‘I despised you, little fellow,’ he signed despairingly, ‘and I am punished for my vanity. I see there is no use fighting against you. Demon Interest is more powerful than the Spirit of Invention. I am your slave. Command your servant!’”
 
THIS IS THE TIPPING POINT !(Justaluckyfool’s  comment)
‘I am the only servant of my great master,’ dryly replied the demon.
 
 “Here I see him coming. He will give you his orders.’
And Satan gave his orders. He commanded that the angel was to continue in his work with all his troops, which were to be increased with all possible exertion, so that humanity – which did not know the nature of the antagonist it had to fight against – would always keep in fresh hope of final success when the new troops were forthcoming. But as fast as they appeared, Demon Interest was to send forth a larger army to capture the new forces, to enslave them, and – instead of their benefiting man – make them increase the slave-chains which weigh him down.
WHAT IF DEMON INTEREST  WERE TO ANSWER? (Justaluckyfool’s comment),
I will now be the servant of a new master,one that will pursue happiness for all mankind.”.
 
THIS IS AN EXCERPT FROM THE INTERNET, WRITTEN BY SOMEONE ELSE:
” Wealth and the Occupy Wall Street Movement”
I wish the Occupy Wall Street movement would be a little clearer about what they’re protesting.
Even as it continues to grow and gain followers outside of New York, with satellite protests in more than 60 American cities as it threatens to go global, the demonstrators still haven’t directly identified their enemy.
 
And before I can make up my mind whether or not I support them, I think they need to tell us whether this is more about money or morality.
What troubles me is that much of the anger of the protesters seems to be fueled by a sentiment about wealth … There have always been people who believed that spirituality demands that we forsake materialism. Rich people are wicked by definition. Accumulating a great deal of money is a sin.
….Wealth is not ignoble; it presents us with precious opportunities. …The philosopher Philo had it right when he summed ..(the) sentiment in these words: “Money is the cause of good things to a good man, of evil things to a bad man.”
 Wealth may destroy those who possess it but it can also be the source of the greatest blessing. Precisely because it has this quality, it becomes doubly holy. When we choose to use a potentially destructive object in a positive and productive manner, we have learned the secret of true (wealth).
“Show me your checkbook stubs,” said the noted psychologist, Erich Fromm, “and I’ll tell you everything about yourself.” Self-indulgence or selflessness? Wine, women, and song or charitable works? Hedonism or helping others? …
For those whose crusade against Wall Street is synonymous with a vendetta against all those with wealth, there needs to be recognition of the great good accomplished by many of those who’ve been blessed with prosperity. Just because someone has “made it” doesn’t make him a villain. To add the adjective “filthy” to the word rich in signs hoisted by Occupy Wall Street protesters is to unfairly castigate those who … may have rewarded because they’re wise enough to work on … creating a better world.
We could all learn much from Michael Bloomberg, the self-made billionaire founder of the Bloomberg financial information firm and New York Mayor, who for two years in a row was the leading individual living donor in the United States, according to The Chronicle of Philanthropy. He recently said he intends to give away most of his fortune, because “the best measure of a philanthropist is that the check he leaves to the undertaker bounces.” And that will insure that he dies a very happy man.
Capitalism isn’t only about accumulating more and more money. Just a few years ago TIME named Bill and Melinda Gates as its “Persons of the Year.” Gates, a Wall Street superstar, was acknowledged as one of the most influential people in the country – not because of how much money he has but because of how much of it he is willing to give away. He came to the conclusion that greed isn’t meant to be our goal in life.
Having made more money than he will ever need, he has one more vision that drives him. He would love to convince world business leaders that being socially responsible isn’t just altruism but sound business practice. Gates says he has learned that greed is self-defeating. It destroys the very people who make it their god.
Today Gates is spearheading a drive to get the super wealthy to publicly commit themselves to giving away most of their fortunes for charitable purposes – and Warren Buffett, chairman of Berkshire Hathaway Inc. and one of the world’s wealthiest men, among others has signed on to this noble endeavor.
When the Occupy Wall Street crowd talks about cleaning up corruption, when it points a finger at all those whose financial recklessness plunged the country into the Great Recession, when it gives voice to the anger we all feel at the perpetrators of highly immoral business practices that hurt millions of innocent victims – for all of these righteous causes they deserve our unqualified thanks.
It’s only when they confuse anyone who is wealthy with the enemy that I think we need to remind them that just as much as the poor don’t deserve to be despised for their poverty, the rich don’t deserve to be hated simply because they have money.
This article originally appeared on aish.com
 
HOW TO FIX IT!  
 
Don’t END THE FED,AMEND THE FED!ADDED BONUS,ZERO INCOME TAXES.
 
“THE ALL INCLUSIVE SOLUTION. THE FEDERAL RESERVE BANK OF AMERICA” (http://www.justaluckyfool.wordpress.com/)
 
HOW DO YOU EAT A 80 TRILLION CALORIE (read dollar $)  SANDWICH?
ANSWER:ONE BITE AT A TIME.
**Please this is a little lengthy,but worth one bite at a time**
 
THE FIRST TWO BITES TO THE SOLUTION:
1. AMEND THE FEDERAL RESERVE CHARTER; TURN THE FED RESERVE INTO THE FEDERAL RESERVE  BANK OF AMERICA (FRBA),RESTORE MONETARY POWER BACK TO THE PEOPLE ,OPERATE  WITH  ABSOLUTE TRANSPARENCY,ESTABLISH THE FRBA AS THE ONLY MEANS FOR MONETARY SUPPLY,ALL OTHER INSTITUTIONS MUST MAINTAIN 100% MARGIN ON ALL INVESTMENTS.
2.ESTABLISH  A ONE PAGE INCOME TAX FORM,AN INCOME TAX  THAT STARTS WITH 0%  AND FICA 0%.INTEREST INCOME WILL REPLACE PERSONAL AND CORPORATE INCOME TAXES.
FORM is needed only to help control the quality and quantity of the monetary system.
 
The Federal RESERVE Bank of America,the melting pot for Federal Reserve.,FDIC,FHFA,and the GSE’s.
AMEND THE FEDERAL RESERVE CHARTER making it a people’s owned bank.
Adam Smith’s “Invisible Hand” guided by Martin Gruenberg (Chairman FDIC) with  a nod from Sheila Blair (former FDIC head,and Edward DeMarco (FHFA) with a nod from Brooksley Born (former head of  CFTC) can restore the American financial system,and put America on the road to prosperity.As a settlement to the legal actions brought against banks, both the FDIC and FHFA can agreed to the banks insolvency ,they would place these banks into  receivership! (11-01-11. This could read JPM Chase,or both BAC and JPMC.,but I am hopeing that BAC gets “thrown under the bus” ,OR ANY AND ALL BANKS ,as all banks should be placed in receivership that are insolvent. ) THE BANKS IN RECEIVERSHIP are  to be placed along with Freddie,Frannie, Ginnie and Sallie,along with the FDIC, and FHFA, and the Federal Reserve into one new agency; “The Federal RESERVE Bank of America”(FRBA).
1a*All loans by any financial institution must be backed with 100% reserves.No more fractional reserve banking.No more production by private banks of this Monetary Sovereignty’s currency. 
1b*The Federal Reserve will no longer be needed as its mandate (control inflation,deflation and stagnation,as well as unemployment) will be passed on to THE FEDERAL RESERVE  BANK OF AMERICA. Also the FDIC and FHFA as their mandates will no longer be required. Private banks will have to get their own insurance ,risk there own investors money 100% risk for 100% reward.
1c*THE FEDERAL RESERVE BANK OF AMERICA (FRBA) will be a fully taxpayer owned bank and by law must be FULLY TRANSPARENT. (“GLINDA,the Good Witch,  owns a Great Book of Records that allows her to track everything that goes on in the world from the instant it happens.”_The Road to Oz)
 1d*It will be operated by the people,of the people and for the people”.THE FEDERAL RESERVE  BANK OF AMERICA will be the source for the American borrower to acquire funds and the interest paid shall be revenue income for the funding of their government.The first order of business will be securing of all deposits as allowed by the FDIC and the selling of these deposits to private banks along with all assets with the exception of any and all loans. All loans are to be retained by FRBA , as well as all offices and buildings as they will provide the brick and mortar for the new agency.
The shortfall,the amount of money needed to restore the loans to Fair Market Value could exceed $10 trillion. This includes the most recent transactions in derivatives and other market ventures,which an audit may show that are in an amount of over $80 trillion (That’s only Bank of America’s portion).Worldwide it is said to be more than $800 trillion,imagine a 10% loss;$80 trillion!.
THE FEDERAL  RESERVE BANK OF AMERICAThe Federal Reserve Bank of America will be the maker of all loans,not guarantee them for others, they will be the maker of these loans and will retain all profits. Profits which by law will be turned over to the US Treasury,as funds for Congress for government expensive’s.
The Federal Reserve Bank of America:
-Will no longer allow the paying of interest for the use of its own money.
-Will not take deposits from anyone other than the US Treasury.
-Will not be involved in any financial investment services.
The Federal Reserve Bank of America will be the sole lender of legal tender. Any financial institution that wishes to loan American Dollars must acquire(read borrow) any legal tender that it may need from the Federal Reserve Bank of America,as all loans must be backed with a 100% reserve from either dollars on hand or borrowed from the FRBA.
The Federal Reserve Bank of America may raise or lower rates of interest to insure the quality and quantity of the American Dollar.
The Federal Reserve  Bank of America shall be funded by the US Treasury which shall as mandated by Congress request the US Mint to produce a platinum “coin” with a DOLLAR VALUE of $100 TRILLION.This value will be electronically deposited to the account of the American people into the Federal  Reserve Bank of America. The actual “coin” will be placed on display next to the US CONSTITUTION as it really has no practical value ,it is symbolic..
The board of directors shall be selected by a non-partisan vote. ONE SHARE,ONE VOTE,ONE CITIZEN.
THE SOLUTION:THE FEDERAL  RESERVE  BANK OF AMERICA .
FRBA will purchase ALL residential and commercial loans outstanding at Fair Market Value.
Any private lender may retain any loan it has by simply showing 100% reserve.Since most banks are leveraged at over thirty times (30X) full margin,the FRBA loan window would be open 24/7 for a special period of time untill the private institutions reach full margin requirements.  The American people will be the lenders and no longer will they be the victims of private greed.No longer will they allow the banks that they have entrusted with their money to use that money to make profits for themselves .Profits will be made by the people,of the people, for the people. Taxpayers bailout for Taxpayers by Taxpayers paying compounded interest to Taxpayers . These loans would provide trillions of dollars as TAXPAYER PROFIT (REVENUE)!
Compound interest will cause any amount to double over a certain period of time.(Rule of 72). A 4% compound yearly interest rate will double the base amount in 18 years. The taxpayers will be the direct lender and make the profit (interest).This doubling alone will provide an enormous income stream. If loans are made for $100 trillion,the incoming payments would exceed $5 trillion a year. What a magnificent way to fund a government. Pay off all old debt and never need to go in debt again because we the people would demand that there be a reserve, as the income (payments )will be greater than the redistribution.(Not really needed as The USA is a Monetary Sorvereignty)(http://www.rodgermmitchell.wordpress.com/.
 As Einstein said,“Make it simple.”
TERMINATE THE STUPID PRACTICE OF PAYING INTEREST ON OUR OWN MONEY TO PRIVATE BANKS .A PRACTICE THAT CAN ONLY END WITH A FINANCIAL BUST,OR SERVITUDE !
The Federal Reserve Charter  as it stands now is a bank that is owned (shareholders) by other banks. This is the greatest banker fraud of all,and we know how Freddie and Fannie turned out.No more GSE’s. And because the present  Federal Reserve Charter is the bankers bank,they are using taxpayers dollars to HELP THEIR BANKS more than to help people. When the banks made federal guaranteed loans,the FEDS guaranteed the loans with taxpayer dollars. Now they are supplying the banks with almost free money. This is exactly what we the people should do-become the owners of our money,the owners of the fruits of our labors.
Even now there is a plan (QE3) to purchase “toxic MBS’s”,$545 billion worth as starters. A good thing for the people and the economy,helping to save our homes and the housing industry.BUT BEING DONE IN A MANOR THAT IS  AGAINST OUR RIGHTS FOR THE “PURSUIT OF HAPPINESS. THE FEDERAL RESERVE AS IT IS CHARTERED NOW ,WILL GIVE THE MONEY TO THE BANKS(OUR MONEY) AND ALLOW THEM TO CHARGE US INTEREST TO USE IT !!!This should be done by the new Federal Reserve Bank of America buying these Mortgage backed securities ,modify them,make them affordable with reasonable interest terms and conditions,allowing the borrowers to pay interest instead of taxes.
(Read:  http://michael-hudson.com/2001/04/the-mathematical-economics-of-compound-rates-of-interest-a-four-thousand-year-overview-part-ii/
The next wave of stuff that will hit the fan may be the “CRISIS in the derivatives market” if you think stuff was “too big to fail” before,join me in sleepless nights knowing the derivatives market is more than $800 trillion ! ! That’s $800,000,000,000,000 !
If $1 quadrillion is needed,better yet,that would produce(3% for 24 years) an income for “We the People” of over $35 trillion a year .WITH NO INFLATION because that is the amount that would be vacuumed out of the economy each year with only needing to use a portion for funding for the general welfare and the remainder for quality and quantity control as well as making new loans.No inflation,no bubbles with 100% margin.
Lord Acton ,UK,”If I am correct, there are even bigger scandals to come when the tide goes out again, although there will be great efforts made to cover them up and excuse them ‘for the sake of public confidence in the system.’    The derivatives market is a scandal-in-process, and is likely to rock the US banking system and the Dollar to their foundations when it topples. ”
Lord Acton, Banking quotes:
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”
John Adams, Banking quotes:
“Banks have done more injury to the religion, morality, tranquilit­y, prosperity­, and even wealth of the nation than they can have done or ever will do good.”
John Adams, Banking quotes:
“All the perplexiti­es, confusion and distress in America arise not from defects in their Constituti­on or Confederat­ion, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulatio­n.”
“There may be even larger losses and anxiety for the unsuspecting who have misplaced their trust in false ideologies, slogans and theories promoted by a self-serving oligarchy.”
BUT WE CANNOT SAY “We were not warned” read Brooksley Born,
“WARNING”
Read: “Web of Debt” written by Ellen Brown ( Ellen Brown ,she turns her skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back).
Could you imagine the profit (read income revenue) The Federal Reserve Bank of America would make? Taxpayers paying interest as revenue income for the taxpayers government.
Put the insolvent banks in receivership.
The next set of banks that are to go into receivership by the FDIC are to have all assets that are not loans sold off.(read just in case Bank of America is “too big to fail” or read just in case JPMC and CITI refuse to sell them out.).FDIC will sell all assets ( minus loans) and keep the offices and all its branches.The renamed bank will be called “THE FEDERAL RESERVE  BANK OF AMERICA . It will be funded by the US TREASURY ,a treasury of a Monetary Sovereign Nation.(http://www.rodgermmitchell.wordpress.com/)
The Federal Reserve  Bank of AMERICA will replace the Federal Reserve and will be mandated to preserve the quantity and quality of the US Dollar and to provide Congress with funding for the general welfare,life,liberty and the pursuit of happiness
Just like that ,we the people may just have solved our
… financial crisis  (read loan the financial institutions the money to unwind their derivatives to 100% asset based with a rate of 3% for 6 years.) ,
…  housing crisis (read modify loans at fair market value with a rate of 4% for 72 years.Very low and affordable payments.)
….,monetary crisis (read pay off our debt at a rate of 10% or 10 equal payments per year,by using the income generated by The Federal Reserve Bank of America’s interest (revenue) bearing loans.This would be a symbolic jesture since really we could pay off the debt with a click of a computer,or better yet BUY their MBS,subtacting what we owe from the purchase price,giving the homeowners the new loans with modified terms and rates..
WE NEED TO CHANGE THE PRESENT SYSTEM AND START  ON THE PATH OF A GREATER PROSPERITY.
SOLUTION TO FINANCIAL,HOUSING, MONETARY CRISIS AND CREATION OF MILLIONS OF JOBS (READ BUSINESS LOANS MADE AT 2% FOR 6 YEARS with no payment due till 1 year anniversary date.) IMMEDIATELY AT NO COST TO THE TAXPAYERS;RATHER AT A PROFIT (READ INCOME) TO THE TAXPAYERS.
THE FEDERAL RESERVE  BANK OF AMERICA would be the only legal tender provider for all residential and commercial real estate loans,private personal and business loans.It would have branches in every state and territory.The FRBA shall control the money supply by setting terms and conditions for the loans,thereby fulfilling their mandate to control inflation,deflation,and stagnation. .Affordable loans at low rates and longer terms ( 2011 Private loans would be at 4% for 72 years as rates will be changed depending upon economic conditions .2011 Business loans would be at 2% for 6 (six) years with no payments for the first year.)This would create at least 4 million jobs immediately and may even reduce the unemployment to under 4% within that year by creating the jobs and homes and products needed for this new prosperity that would be a result of this new monetary policy.
The Federal Reserve Bank of AMERICA will replace the Federal Reserve and will be mandated to preserve the quantity and quality of the US Dollar and to provide Congress with funding for the general welfare,life,liberty and the pursuit of happiness
AMERICAN GOLD.
The American Dollar will be based upon THE AMERICAN TREASURE (“ITS GOLD”) !
That is the full faith and credit of the American people backed up by the US Constitution and all assets physical and intellectual.
Americans shall and will pay all debts,foreign and domestic.
 The American people have tremendously more assets then the worlds gold. Why would we limit our future to only a single metal ?We have all the elements as assets that are greater and in more abundance than gold and intellectual assets that are limitless,why trade them for such a finite amount of gold,gold that is already owned by others?
We the people will create millions of jobs with commercial loans that will insure positive growth and employment.
We the people will have special terms and conditions for student loans that will insure the educational growth of all Americans .Extremely low rates, only used to cover losses. (read Ellen Brown”QE4- Jubelee”’ ).
Ben Franklin,Thomas Jefferson,and many more used this method ,the lending of taxpayers money , to start the colonies on the road to financial success. Then the lender banks took it away from the people by having legislators replace the practice allowing them to make the loans (make our money) and keep the interest for themselves,and at the same time guarantee that they the lenders get paid. We the people will no longer pay interest for the use of our own money,or guarantee lenders that they will be paid interest on our money for making loans.
 
PART OF THE SOLUTION:
 
To insure the funding of this great society and insure prosperity there would be only one stream of income.
THE ONLY INCOME STREAM:
1. REVENUE (INTEREST) FROM DOLLAR LOANS.
Lets use a start figure of $51 trillion in loans,that which is already in circulation.(guesstimate,hope it is more)It will go on the balance sheet as $51 trillion loan assets. This asset will double every 18 years….1 X 18 = 102 trillion,2 X 18 =204 trillion. Private Banks will be the only source for deposits and savings. Private Banks will no longer be allowed to do fractional banking . All loans will require 100% deposit backing. PRIVATE BANKS WILL BE ENTITED TO TO PROFITS SINCE THEY WILL BE RISKING THEIR OWN MONEY AND MONEY THEY ARE INSURING THEMSELVES. Banks may borrow from The Federal Reserve Bank of the United States of America (HOPE THEY NEED ANOTHER $51 TRILLION) and use that borrowed money for their own account for their own investing;at the prevailing rate and terms. NO MORE FREE RIDE !( Some say they may need over $200 trillion to unwind their derivatives.)
Good-bye income taxes as they are known today.
The Return on Investment could be $3 to $5 trillion a year. US TREASURY INCOME to be used to pay off debt,promote the general welfare .
Good-bye income taxes as they are known today.
THIS INCOME STREAM  WOULD AVERAGE OVER $5 TRILLION DOLLARS A YEAR.
We the people would demand the debt be paid off ,end the possible servitude of our heirs.
We the people would demand a balanced budget.
We the people would demand a real monetary reserve be left in THE FRBA.
We the people would demand the general welfare,life,liberty,pursuit of happiness,for all the people
.
CAUTION: They will try FEAR tactics to keep US away from our rights. Remember ,”We have nothing to fear but fear itself”
They will use the fear producing words,”inflation, hyperinflation, stagnation”.
You can answer with the words,”I will not be enslaved by the most powerful force in the universe because we the people can use that most powerful force for the betterment of mankind and prosperity.”
We the people can use that “most powerful force in the universe to control inflation,hyperinflation and stagnation “! !
We the people will deal with the present possible economic tsunami,one tidal wave at a time .
We the people could help our European neighbors by lending them $1 trillion @3% for 24 years and reap the reward of over $750 billion Income (Revenue) per month to be used for the general welfare.
We will eat this crisis -ONE BITE AT A TIME”
 
PERHAPS,WE NEED A MILLION CITIZEN MARCH ON WASHINGTON ORGANIZED FOR JUNE 2012 .
-WE NEED:
TO CHANGE OUR ELECTED CHOICES!
TO GET THOSE ELECTED TO OFFICE TO AGREE TO THE ONE MOST IMPORTANT ITEM OF CHANGE;THEY WILL ENDORSE THE “AMEND THE FEDERAL RESERVE CHARTER,THE NEW  INCOME TAX OF 2012 ,ZERO PERCENT, ( 0% )
 
On 60 minutes (12/11/11) ,President Obama said,”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.”
AMERICA SHOW HIM THE WAY!
 
“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
 
CHALLENGE IT-VERIFY, -MAKE IT BETTER-THEN CLING TO IT!_ 
 
 
May God  continue to bless America,
justaluckyfool@aol “Anyone who attempts to predict the future is a fool;if correct justaluckyfool.”
 
 N.B.,This article contains no original material and has no copywrite.It is a compilation of thoughts and ideas that are on the internet.Please post
Please edit,change,challenge,then endorse and post.
 
 

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