Blogs by Larry M. Lounsbury
From Failout To Bailout: How To Shut Down The Fed
10/1/2008 7:17:46 PM
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This is a article written from a website at http://depression2.tv/d2/node/211
So, by now fellow taxpayer, you are asking yourself how to solve the credit crisis without bankrupting yourself and your fellow taxpayers. The Grin Reaper is here to help, first let's start with some facts shall we?
1) In 1913 the Federal Reserve was created by a coterie of private international bankers as described by G. Edward Griffen in his book The Creature from Jekyll Island: A Second Look at the Federal Reserve.
Over the last 95 years the Federal Reserve, which is neither Federal nor does it have any reserves has taken out the US national debt as profit for it's "services" of printing money from thin air and charging you the taxpayer to "borrow" it. The establishment of the Federal Reserve has no basis in the United States Constitution.
2) The current credit crisis was initially caused by the inability of debtors, in the face of increasing payments and decreasing property values, to service the mortgages that they have taken on. It has been greatly exacerbated by the development of $1 Quadrillion in financial derivatives built on these mortgages, as well as car and student loans.
3) The Federal Reserve, together with the US Treasury and the International Banksters that control the world's central banks have dumped $1.8 Trillion of liquidity into the credit markets over the last 1 1/2 years to little or no avail in terms of easing the credit crisis.
Observing these facts, it is apparent that:
1) No solution to the credit crisis will succeed without stabilizing the real estate market. Throwing more "liquidity" at the troubled banks will do no more than prop us up until the inevitable day of reckoning. Thus the credit crisis is not a result of liquidity, rather it is one of SOLVENCY.
2) The taxpayer has no constitutional responsibility to bailout the Federal Reserve and it's banks from their self-imposed insolvency.
3) The Failout represents nothing more than a recapitalization of insolvent banks because they loaned money to individuals who are unable to pay it back.
The BIG question is, how do we do it? The Grin Reaper's answer?
The Federal Reserve Banks should be seized by Congress under Article 1 Section 8 of the Constitution. The FED banks could survive as clearinghouse banks, but the Federal Reserve, that has robbed the American people for 95 years, would cease to exist. The debt owed by the American people to the FED banks would be discharged in bankruptcy. Congress would take monetary policy from the FED and would simply stand in place of the FED through a monetary board. The FED credit computers would be transferred to Congress who would issue new credit (money), because under our present system 97% of all money originates as credit. This new credit would keep the system going and prevent collapse. It could all be done without interest and without debt. The backs of the international banking cartel would be broken forever (or at least until they could regroup in a generation or two and re-engineer the 4th Central Bank of the United States), and the American people through their elected representatives would control monetary policy (i.e. money in circulation, interest rates, and credit availability.)
As a side benefit to elimination of the Federal Reserve, we the people can demand the repeal of the 16th Amendment to the US Constitution, and eliminate the Federal income tax, which was established to service the national debt "owed" to the private cartel of international banksters. Elimination of the Federal income tax will put more money in the pockets of individual taxpayers and free them from the debtors prison without bars that the current US administration, and the private international banking cartel, has constructed for them.
It's a plan you can take to the Banksters!
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