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QUOTE FROM Scott Baker, ” Netflix’s “House of Cards” may be more truthful than the real life Administration.”

August 25, 2015

QUOTE FROM ” Netflix’s “House of Cards” may be more truthful than the real life Administration. What we can learn from both.” byScott Baker

Who buys our debt and are they just shells for the Fed? Truth is stranger than fiction, but Netflix’s “House of Cards” may be more truthful than the real life Administration. What we can learn from both.

So, if President Underwood really wanted to stimulate the economy, he’d get Congress to issue new debt-free U.S. Notes to fund Social Security AND use that same kind of sovereign money to create his 10 million new jobs.

I wrote to the “president” — aka Kevin Spacey — and to the real-life writer and series creator, Beau Willimon last March, suggesting a plot twist to counter the debt ceiling in both real life and as a plot element in future episodes. I haven’t binge-watched all the episodes yet, but it looks like this will not be an element of this season’s adventures. I am past episode five, and it’s not leaning that way yet.

Also, my letter bounced back address unknown, and when I sent it via the website, the site said unsolicited scripts were not accepted. So, it seems Netflix TV is as locked into the dominant, and wrong, paradigm as any regular network TV program.

Here is my letter. It’s a bit over the top, but so is the show.

Beau Willimon C/O Creative Artists Agency CA
9830 Wilshire Boulevard, Beverly Hills, California, 90212-1815
Re: House of Cards — Plot proposal: Sovereign Money March 2, 2015
CC: Kevin Spacey

Dear Mr. Willimon:

I am a big fan of “House of Cards” and of Kevin Spacey’s character, Frank Underwood.

When then Vice President Underwood faced off with Tea Party Senator Haas, who threatened to shut down the government over the debt ceiling, he could only compromise, manipulate, strong-arm, and cajole.

As president, he has a new option, one that will effectively give President Underwood the one power over Congress that a president normally lacks — the power of the purse.

Perhaps best of all, president Underwood could do all this while seemingly opposing the big banks, wrapping himself in the constitution, and even invoking our country’s greatest president — Lincoln.

Although little remembered today, during the Civil War, President Lincoln and Treasury Secretary Salmon P. Chase used the constitution’s coinage clause (Article 1, Section 8, Clause 5) to “coin Money” (case structure in the original Constitution), specifically, the country’s first Legal Tender: United States Notes. These were not dollars issued from a Central Bank (which did not exist then), but money directly issued by the U.S. Treasury — debt-free, sovereign money. The New York City banks wanted 24-36 percent interest during the Civil War, when the North’s treasury was nearly depleted. Instead of bankrupting the country, this issuance, in three installments, (1862-1863) of $450 million, was used to pay the Northern troops, and constituted 40 percent of the national budget at its peak. Its legality was later successfully upheld in a series of legal tender cases, culminating in the 8-1(!) Supreme Court decision Juilliard v. Greenman (1882) in which SCOTUS ruled that the federal government had the right to issue paper money, not just coins as it had done since 1792. This decision still stands and has never been challenged. United States notes were produced until 1971, and a few remain in circulation today. Of course, most money is in electronic form now, and United States notes could be too.

Now, here is where a president with guts comes in.

The next time Senator Haas threatens to shut down the government over the debt ceiling, the conversation might go something like this (a scene in the Oval Office):

Haas: Perhaps the American people need to see what it’s like to have the government shut down for a while.

Underwood: I have something different in mind.

Haas: We’ve put several options on the table.

Underwood: All of which would re-label the Democratic Party the Tea Party and cost us the next election. No, we will spend the money necessary to pay for the programs Congress has already authorized.

Haas: But that would increase the debt past the ceiling…

Underwood: No, because we will not be borrowing the money. We will pay for previous authorizations with these (President Underwood holds up a $5 United States note). I see you are unfamiliar with our nation’s money. This is a United States note and it is issued by the Treasury Department. As you know, Treasury Secretary Kern works for me.

Haas: (incredulous) You can’t just have Treasury produce money on its own! Treasury has to issue bonds to the Federal Reserve, which then buys them with new dollars and–”

Underwood: These are extraordinary circumstances, thanks to your party. And I will not besmirch this office by violating my constitutional duty to pay all debts and obligations of the United States government. Perhaps you need to re-read the 14th Amendment, or even Article 6, of the Constitution? This country was founded on the principle that we pay our debts, and that was reinforced after the Civil War in the 14th amendment.

Haas: Yes, of course I agree with you that we have to pay off our debts, but you have to make some cuts first…

Underwood: (getting angry now) It is not my job to decide what bills Congress has already authorized to pay or not pay, and it is certainly not Treasury Secretary Kern’s job either! We will pay our obligations! It’s a requirement of the constitution.

Haas’ assistant (a policy wonk): In 1862, president Lincoln still had to get Congress to authorize the production of United States notes, sir.

Underwood: And Congress never threatened to retroactively refuse to pay its bills due.

Haas: We’ll challenge you on this! We’ll take it to the Supreme Court!

Underwood: (smirks) Go ahead. See how far you get when I save the country from a devastating credit-destroying debt default, keep tens of thousands of government workers on their jobs, and introduce debt-free money without the use of the loathed Federal Reserve — your Tea Party supporters ought to like that! Why don’t you go ask them?

Haas: This violates the enumerated powers! It would mean… it would mean the president would have the ultimate say over spending limits.

Underwood: I’m just playing the cards I was dealt, Senator.

More details here.


Scott Baker

President of Common Ground-NYC / NY Coordinator for the Public Banking Institute

Meanwhile, the real life Fed buys up debt clandestinely at remote locales, and the plot thickens…


Why would you not want $6.6trillion a year to spend..”for the betterment of mankind”?

When a bank charges interest, it may be usury.
When the government  charges interest it is taxation. “Render unto Caesar,what is Caesars”
When  a government has a mandate .. “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,…”
What better way is there than:
LOAN OUR own MONEY and CHARGE (interest) A TAX ON IT.
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 THE FRBA WITH ABSOLUTE TRANSPARENCY, (“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)
Form a more perfect “capitalistic “monetary circle: $100 trillion issued as loans to come back as $200 trillion as payment while at the same time as it returns creates $100 trillion in new loans while spending $100 trillion as Congressional appropriations for the benefit of the people.
No inflation or deflation for there is zero change in the capital value of the sovereignty.
There is zero change on the balance sheet of the Central Bank; a true zero net change.
Comments by Justaluckyfool ( )
( “You are always welcome to share, copy, plagiarize, improve, etc..any comments.)
Read and challenge:
Frederick Soddy writings, namely “The Role Of Money”
(Entire book as a free download…)
When will the people of Italy ( Read, Greece, Spain, any Sovereignty ) realize  they have a Central Bank that does not work for their people, in fact it works to make profits for the top 1% of the people in the world.
Italy (Read…Greece, Spain, any Sovereignty), you can take back your right to prosperity. Create the Central Bank Of Italy, (Greece, Spain, any Sovereignty) and your Central Bank with an account showing 2 trillion “NEW LIRA”, that being todays wealth of the Italian peoples goods and services as of this date.  All monetary transactions shall be recorded in “NEW LIRA”. All balances shall be equal in number and converted to “NEW LIRA”. All receipts in an equal denomination of “NEW LIRA” for each Euro. The balance of all debt will be fixed on this date , set with a specific redemption plan.(E.g., 72 or 96 equal monthly payments) The debt will no longer accrue interest.
Who would not accept this nation as not having a wealth of all that is Italian as not being at least 2 trillion,”NEW LIRA”?  As for those who would be that stupid, not to accept that capitalization, please allow them to accept default. It is not the cost of government but the cost of money itself that has bankrupted the nations.If any country wishes to free itself from the shackles of debt and restore the prosperity it once had, it will need to take back its monetary sovereignty and issue its own money, either directly or through its own nationalized central bank.(This is the solution for any sovereignty).
For any nation to be a Monetary Sovereignty….
.. it must be the sole creator of its sovereign currency.
…it must have the ways and means to control its sovereign currency for quality and quantity.
…it must under modern money systems be fiat since its money is transferable “thru thin air”.
…it must understand that it is the guardian of the value of the currency , if it wishes to be capitalistic; otherwise that nation will be totalitarian. As a guardian (recording and exchanging) it does not own the value of the currency it creates.
…it must use that currency knowing that it must also return it back to the community (the rightful owners).
…all transactions using sovereign currency must be “REAL”, meaning backed by 100% of issued sovereign currency.In order to prevent “systemic failure” it must make available the currency as loans at a fixed rate and duration in amounts deemed necessary to allow the private banking system to be solvent.
Based upon an opinion by “Justaluckyfool” of the concepts of Noble Laureate  Frederick Soddy, “The Role Of Money” (1926,1933)
*****The Switch Game;USA
*WHAT IF THE …The Fed Reserve were to become the CENTRAL BANK WORKING FOR THE PEOPLE (CBWFTP) instead of working for the Private For Profit Banks (PFPB) .
The government can not win against ‘compound interest’ on debt for that can be infinite in amount. IF ‘compound interest were eliminated then there would be no “systemic failure”. Or better yet; take that most powerful weapon, use it for the people .
Let’s try this game: Substitute the words “Central Bank Working For The People” (CBWFTP) where ever” Private For Profit Banks” (PFPB) appears.

****PFPB (read CBWFTP) have $100 trillion in assets as mortgages on residential and commercial real property (RE) loans. The average compound interest rate is 4% for a term of 36 years. The PFPB (read CBWFTP) would have created that $100 trillion ‘out of thin air’  which would have an attachment that would require $400 trillion to be paid to the PFPB (read CBWFTP). YES, take away the smoke and mirrors, this is a fact-the Rule of 72. Now we must replace (reduce to zero ) the Horizontal Money by subtracting $100 trillion leaving a profit,income,taxation from ‘somewhere else’ of $300 trillion. This amount goes as profits to the PFPB.(read CBWFTP) Revenue they may use for their own selfish purposes. That’s not the bad news-what the bad news is :That $300 trillion is real money, real currency, sucked up by the PFPB, (CBWFTP).
Why would you not want prosperity for yourselves and your children?
Why would you not want $300 trillion


Elizabet Warren For President–“QE 4 Student Loans”

Elizabeth Warren’s QE for Students: Populist Demagoguery or Economic Breakthrough?

by Ellen Brown. “…  Warren and Tierney assert, “For one year, the Federal Reserve would make funds available to the Department of Education to make these loans to our students.” For the Fed, completely different banking rules apply. As “lender of last resort,” it can expand its balance sheet by buying all the assets it likes. The Fed bought over $1 trillion in “toxic” mortgage-backed securities in QE 1, and reportedly turned a profit on them.  It could just as easily buy $1 trillion in student debt and refinance it at 0.75%.

Read more… Comments by Justaluckyfool (  )
( “You are always welcome to share, copy, plagiarize, improve, etc..any comments.)
‘ ***** “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’‘”)READ HOW IT IS PROVEN THE FED CAN PURCHASE ASSETS.SO, WHY NOT $50 billion State Bonds TO REPAIR INFRASTRUCTURE @ 25 for 36 years.

This is as MMT-consistent as it gets. Minsky
Embedded image permalink

“QE 4 Disaster Relief $1 Trillion” State Bonds $1 trillion at .25% /36 years..

Why not $1 trillion of NON-Deficit spending. A QE purchase of assets.
“QE4 Disaster Relief- QE4 the people”
Gov Christie, Gov Cuomo, Mayor Bloomberg, Mayor Booker,
and all Governors and Mayors of all States that need Disaster Relief now.
Join forces. Have your four most vocal representatives contact the President, the Sec. of the US Treasury, and Chairman of the Federal Reserve Use the power of social and mass media to help your people NOW.
Have the American financial system rush to the rescue with a generous and flexible legal funding that no other country could match.
Not a bailout.
Not a cost to all the taxpayers.
Not an increase in deficit spending.
Rather a magic economic proven silver bullet, (Bernanke should get Noble for this).
QE! A simple change in direction of doing something for the common bettering of all the people. Especially those in need now.
The present 10 states that are in need are to partake in Quantitative Easing (QE) the economic silver bullet.
“QE- Emergency Relief Bonds of 2013″. State Bonds in the amount of
$1,000,000,000,000 (Trillion) paying .25% interest for 36 years!
Total amount to be issued to be $1 trillion, with a rate of 0.25% for 36 years.
1. The Federal Reserve is to STOP purchasing under QE3 (sometimes called QE Infinity) and PURCHASE this entire issue. It would be a purchase “for the people, for the common bettering of all citizens, rather than for the “private for profit banks” and it would gain revenue, yes increase revenue of $800 billion for the US Treas. instead of private for profit banks (PFPB).
We must rebuild and replace so that it is not in vain. Rather that it be protective. An investment for the future. As one victim stated,”Under todays conditions, it just may be crazy to rebuild a third time for surely there may be a fourth.”
The Fed has already proven that it can do this at a profit to the US Treasury (“we the people”) and with no increase in the debt (it is an asset purchase). The individual states shall divide these funds among themselves depending upon their individual needs.
The states will be able to not only rebuild but also do it smart, so that it will be a protection against a similar future event.
Rebuild homes and factories, giving the people mortgages that are assumable with a rate of 2.5% for a term of 36 years-$500 billion to be made available. That is one-half of the issue. The money would make it possible to not just replace but really to rebuild to a new code and it would be affordable with guaranteed financing.
Since $500 billion becomes an asset worth $1.8 trillion over the next 36 years, it pays back the entire loan. The other $500 billion needs no payments except for where the state would seek them. That other $500 billion may be used to improve the land for the future, roads and transportation, safety against an even greater storm, yes, without an increase in taxation. The loans resulting from the first half ($500 billion) pay back $1.8 trillion, the total loan amount with interest.
Interest on our own money has replaced the need for increase income taxes.
This is possible because “We will be taking the profits from the PFPB and giving those profits back to the “people”.
Why would you not want prosperity and happiness for yourselves and your children?
May God continue to bless America.
Carmen Basilovecchio a/k/a “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),
“Yes, You Can Lower Taxes, Pay Off The Debt, And At The Same Time Increase Revenue.”(Justaluckyfool)
And yes, both have stated that, why not then as Einstein said, “Make it simple”?
Reduce federal income taxes to zero while at the same time raise TWICE as much revenue using a fair system of taxation that is ; collecting interest on our own money instead of income taxes!

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