|DIAMOND SKULL, 55 Million Pounds English 'Money" http://www.iainclaridge.co.uk/blog/70|
Bipartisan Proposal Would Take Pressure Off the Budget Crisis
Congressman Alan Grayson and former congressman Ron Paul are two of the fiercest warriors against an out-of-control Federal Reserve.
Paul has campaigned to dissolve the Fed for 35 years, and wrote an entire book called “End the Fed“. Grayson has repeatedly slammed the Fed, and absolutely demolished it … to its face. Paul and Grayson also co-sponsored a bill to audit the Federal Reserve. (Their desire to rein in the Fed is supported by numerous top economists.)
So when the two of them support a Fed-related solution to the “government shutdown” crisis, I listen.
Congressman Grayson writes today:
A simple solution to the impasse is as follows: Federal Reserve Chairman Ben Bernanke should simply cancel the Treasury debt that it owns. The government can just forgive the government’s debt.
This wouldn’t solve the debt problem entirely. The Federal Reserve doesn’t own all U.S. government debt; it owns only roughly $2 trillion of it. (Well $2,076,927,000,000.00, as of last Wednesday, but who’s counting?)NPR has a helpful graphic showing the various holders of U.S. government debt, including the Fed:
Source: NPRCongressman Grayson continues:
Yet canceling this debt would give the government substantial room under the debt ceiling to manage its finances. It would end the debt ceiling standoff in Congress, and it would prevent a default.
The debt held on the balance sheet of the Federal Reserve can be canceled without any significant consequence, because it is a bookkeeping artifact corresponding to the money supply. In essence, the government owes this money to itself. If I owe money to myself, I can cancel that debt at will and without consequence, essentially taking it out of my left pocket and putting it in my right pocket.
Last year, the Federal Reserve declared a “profit” of roughly $91 billion, much of which came from interest payments from the U.S. Treasury. The Federal Reserve then quickly remitted nearly all of this profit right back to the U.S. Treasury.
The Federal Reserve does this every year. Reducing or eliminating this unearned “profit” actually will provide a more realistic view of federal finances.Grayson gives credit to Paul for coming up with the idea:
- Ron Paul has been advocating the GOLD STANDARD and this is a criminally bat nut case in the modern time to sell as though a sovereign idea
- IDEOLOGIES aren't great ideas and great ideas are pure genius
- Digital 'mony' can feed the planet and
- NEVER to think again about
- GENOCIDE GLOBAL the Rots-Child's Financial Paedophilia
- ITS' Metzitzah b'peh carry on as though 'business as usual' ...
- Fed take all the criminally insane behavior since ITS' dirty no good treasonous
- Louis Brandeis Et Al human filth, AND
flush the toilet.
We must just say NO, Ron Paul, to the toxic 'money' sold as digital and calculated at the wealth we see of the worst criminally insane our species has EVER been in the darkness of, to-date.
DIGITAL DERIVATIVE ASSET CALCULATIONS?
We Americans' got warned. Don't WITH THEM in practicing Fed dark art of killing our own species' as a ritual forever and ever, then AMEN!
POLICE STATE teaches us the new world order law of the jungle.
TO THE DUNGEON OF CORRECTION CORPORATION OF AMERICA CCA.
Or, far, far, far worse, torture to steal the mind-soul, and then the flesh is insured at the UN for $10MIL so onward those that call themselves modern civilized human being Homo sapiens.
BOOO Halloween never ends in 'Merica.]