Deflation can come into play because general economic chaos and the ever widening knowledge that the Fed is simply printing trillions in unbacked/non-asset supported money causes USD holders to dramatically alter their spending behavior. Over the two-month period of March and April, the US government increased its debt by $1.56 trillion (most of it in April); and over the same two-month period, the Fed bought $1.56 trillion in Treasury securities (most of it in March) and thereby monetized 100% of the additional pile of debt during the two-month period. MMT’ers are big on saying governments can never go bankrupt…. Before the crisis Fed was opening up REPO for hedge funds, and dollar swap lines. They're thieves. The compromise meant the Fed has both. But when Parris lost, the AMA sent a $5,000 check to the new incumbent, James Moran. We have it - down South we're asking candidates to sign pledges to say that they will not take X amount of money, that they will relate and be accountable to the constituents. I mean, at least until you understand what you've done to the S&L's." BILL MOYERS: But why do you think the scandals so far, that we've just seen bare surfaces of, have gone down - been swallowed so lamely by most of us? Capital flight and financial liquidation are older than the hills under a fractional reserve banking system, but that is what capitalism is created for. I'll just be quiet and let things get worse and worse." One more footnote. To accumulate genuine wealth, have to “save” in an “unprintable” form. The remaining 2 percent of forests is in tribal ownership. China is the Fed to the US government now-a-days. The government finances the operation of the different federal agencies by issuing treasuries. Office occupancy plunged by the most in Dallas. Mr Gregory said his company was incredibly proud of … Producer Martin Koughan reports how this colossal rip-off was in fact an inside job. The British limit their campaigns to just three weeks. By Wolf Richter for WOLF STREET. NARRATOR: Charles Keating may turn out to be the biggest bank robber in American history. NARRATOR: Few members of Congress have paid a political price for their role in the S&L scandal. Investors, including banks, foreign governments and individuals, can cash in on these bonds when they reach maturity. That's why Congress closed that tax loophole in 1986. And finally one of the Cong- staffers looked at me and she said, "Steve, do you have any idea why the Senators sit on this committee?" is owned by our government. House committee chairman, Fernand St. Germain, was an industry favorite. It would seem then that panic is somewhere along our path. All we are seeing is U.S. asset stripping (let’s see, who is the secretary of the treasury?) Often called “debt held internally,” these are assets that belong to the beneficiaries of those funds.”, I really am hoping someone will give me an answer to the above–thx in advance. They're robbers," you know, "They're extorting money from us," people understand that. It is said that Department of War was renamed Department of Army. The general public owns most of Oregon‘s forests, which are held by the federal government or the state of Oregon. Kimberly puts down that she works for Joseph Zappala and Associates. I appreciate it immensely. It is even more befuddling trying to understand how deflation can come into play during these activities in any way shape or form. Now these newly created dollars are out there and need to go somewhere (other assets), and the Fed holds Treasuries. Housing Bubble 2 At a time when there is a glut of office space, many experts question the need for a special tax break for developers. And redistribution of wealth. STEPHEN P. PIZZO: Let me tell you something about civics. It would be a painful transition, but it might actually be a good idea. The point is, running a gvt on the basis of systemic debasement (ie, fraud) does not work over the long haul – that is why LatAm nations are habitual basket cases of capital flight – their citizens know what their gvts are. Change is possible. The absence of this claim on the Federal Reserve Note means that at the end of the day the holders of Federal Reserve Note does not have a claim on the Treasure of the US. And I had a contractor tell me exactly this. Shenanigans And we really thought that the vote would be the true equalizer. Why do oppose using it to benefit us? NARRATOR: In the last decade, members of the Ways and Means Committee have received, on average, more than $160,000 in campaign contributions from the health care industry. Yes , it really is that simple. None of this can end up well. We must move forward. Charles Keating, S&L kingpin, Donald Trump, real estate kingpin, Henry Kravis, corporate raider kingpin - all on the list. That isn’t mmt. Government spending is supported in two ways: through tax revenue and through the sale of United States Treasury securities (or Treasurys, for short). And their share of the incredibly ballooning US Treasury debt ($24.97 trillion at the end of April) dropped to 27.1%, the lowest since March 2008. Now, any citizen can be a member of this ruling class. Well, it doesn't have to be this way. Dr. GWENDOLYN M. PATTON, Working Group on Electoral Democracy: Well, as a youngster I was very much a part of the voting rights struggle with my family and my relatives and grass roots people all over the South. All countries can (and do) manipulate the supply of their own currency for many reasons (manipulate intl trade, manipulate domestic economy, etc). And when Japan becomes a forced seller of US debt, one guess as to what happens to UST yields and the Fed’s balance sheet to monetize all of it? How do you think it will end? BILL MOYERS: Dr. Gwendolyn Patton, a former university professor, is now the head of a grass roots organization in Montgomery, Alabama, the Working Group on Electoral Democracy. Period. DON PEASE: It's not as much fun to be in Congress, to spend all the money that you have to spend, to spend the time raising the money and then to have the frustrations of trying to get accomplished things that you really feel strongly about. PRIVATE DEBT IS THE ISSUE – and has ALWAYS BEEN THE ISSUE. Claim the Yen is stable if you want but I believe Japan is adding UST’s because they see hyperinflation coming and will need a whole lot of Dollars to round up and ‘sell’ in order to buy back a sea of Yen as it devalues. They do, Fred, but the fact of the matter is, money is already intertwined in the two alternatives that the people will have. The American Health Care Association gave both candidates the same amount on the same day. The Center for Responsive Politics has spent years identifying the donors and building this data base. I don’t see how. DAN ROSTENKOWSKI: In the fourth year of his presidency, President Bush has finally come up with a plan to reform our health care system. There are all sorts of unpredictable consequences to ZIRP but the bottom line is, the more irresponsible the G is, the more careful individuals feel they have to be. Dr. Patton, what brought you to a concern for money and politics? There will be an accounting on how each member voted when the time comes to ask for campaign contributions. The candidates aren't telling us. Shouldn’t holding UST’s move in the direction of sales to the US of your products or services? What does all this mean to the poor schmucks trying to make a decent living???? How is Treasury “managing” these contributions, and what is the net effect? George Washington was elected simply by a handful of wealthy, rich white men with property. San Francisco rents plunged by stunning 27% in 18 months. For example, check what the F.E.C. And my co-authors and I flew to. You don’t even know who the founding fathers were. This legal name was created shortly after you were born and was recorded on a bond. But…but…but…I’ve read here sssssssssssssssssoooooooooooooooo many times in comments that SS is the biggesty mostesty deficit contributor? The White House didn't tell the press or anyone else about the party. So here we go…. It was about the size of what Philip Morris and Procter & Gamble spent on their advertising.". NARRATOR: When Banking Committee reformers tried to increase the authority of regulators to shut down bankrupt S&L's, they found themselves locked in a battle with industry lobbyists and some of their own members. Thank you for listening to America with us. STEPHEN P. PIZZO: Sure, because during that period of time, Keating was trying very hard - the regulators had been a problem for him. When she arrived in the office, a notice on the door terrified and angered her. It may be the buy-sell spread rather than a percentage commission. not only not in it, but the schmoe now holding the bag. There's no way Washington cannot hear the clamor to change a system whose costs are out of control and out of reach of vast numbers of people, yet nothing happens. What I think is happening is that the public, and we see this in poll after poll in this election year, is becoming much more aware of the specific influence of vested interest money in campaigns. Mr. LEWIS: And so, what is suddenly a $100 million debacle becomes a $200 billion debacle becomes a $400 billion, becomes a $500 billion debacle. The Democrats never criticized the role Republican bankers, including George Bush's son, played in the taxpayer rip-off. So a system that's sup-posed to be fully publicly financed now gets broken down by a scam which is illegal and which can be stopped. Jobs STEPHEN P. PIZZO: Absolutely. “Yet, buying Treasury securities is an unpalatable undertaking today … But who are the entities buying them?“. CHARLES KEATING: This deal would be probably $175 million. The process that allows the government to legally claim you as a corporation involves the creation of a fictional you, which is the name written in all CAPITAL LETTERS, and then tricking you to agree to be that artificial person or legal name. CHARLES KEATING: OK. You're going to be the first girl that started off as a secretary to make $100,000. Find out more about BillMoyers.com's privacy policy and terms of service. It is not an overstatement to say that the essence of our democracy is on the line here and we have got to take it back as citizens. It spiked by $1 trillion in 5 weeks to now over $26 trillion. The F.E.C. Excess demand (from central banks printing money out of nothing) is probably the main factor that makes rates go negative. Poor people who don't have health insurance, their positions may tend to get overlooked, not deliberately but because they're not in that lobbying game. This realization process has driven many into precious metals and self sufficiency options. Yes the government owns private property. A truly functioning really ought go down but Powell only intervenes when it does that and never when it goes up no matter how dysfunctional that is. Team 100 is a secretive bunch. Central Banks And this is how governments fail. To me it simply means we can never ever run out of currency to fund the government. I am confused as to what the below result means to the “assets” held by beneficiaries of US govt funds: “US government funds – including the Social Security Trust Fund and pension funds for federal civilian employees and the military – dumped $91 billion in Treasuries in April, whittling down their total holdings to $5.9 trillion. Re “If the Foreign entity making our stuff don’t want our debt or Reserve Fiat Note they could force a Gold Trade Note”. “rather than show any amount of spending restraint.”. BTW…”This Note Is Legal Tender For All Debts, Public And Private” emphasizes that this is only for existing debt…it does not specify that you can demand to use it for any new purchasing nor force anyone to take it…it is an Achilles Heel for the public holding them and an escape clause for the bankers who seek ways around the Constitutional provision of one money system. And then you collect those checks. Put the money where you're going to get most for your buck. Some 70% of the national debt is owned by domestic government, institutions investors and the Federal Reserve. US commercial banks dumped $51 billion in Treasuries in April, compared to March, which brought their total holdings down to $919 billion, according to the Federal Reserve’s data release on bank balance sheets. FRED WERTHEIMER: The answer to that is clean money, public financing, free TV. The F.E.C. Without a blush of shame they come back now in 1992 and say, "Give us power again, so we can do it again." The debt ceiling is the cap that is set … They are lackeys of a corrupt political class. 2. They should be in there attacking the fat-cat rich Republicans who are picking your pockets for their elitist friends, right? Canada But Congress wanted the Fed to have 12 regional banks to represent America's diverse regions. This fact blows by so many people. The anger is not. Oh, it's more than $100 million." Any how many years has honest GDP (vs. G bootstrapped) been greater than the deficit, over the last 50? People wait two hours or more just to make sure they get a good seat for the most important show in town, today's hearing in the House Ways and Means Committee. This transcript was entered on April 2, 2015. And they both are a cat’s whisker away from a major shooting conflict. NARRATOR: It all began in this room in the spring of 1980. Like 1929 showed under the good standard, when the reserve currency collapses, it’s brutal. Is there a report that is meaningful? If fed can purchase corporate debt, they can also buy government debt. And so it was the public's money being used to influence the public's representatives, all to be paid on a deferred basis. INTERVIEWER: But the answer is "No," sir? In other words, they hold about 3.7% of the total US debt. A bond is one of a group of identical, readily tradeable loans, owed by one entity to a group of bondholders. NARRATOR: Get-togethers like this are now a daily occurrence on Capitol Hill, as many as a dozen a day. When the Fed “buys”, commercial banks have a tendency to cut back, mainly because they are the fed. And members say, ''Well, why should I do that? These lobbyists are here to listen to the administration's health care reform package, to make sure their client comes out a winner. Copyright © 2011 - 2020 Wolf Street Corp. All Rights Reserved. Europe’s Dilemmas She didn't let me finish the sentence. and fed do not forgive debt. The editorial staff reserves the right to take down comments it deems inappropriate. Steve Pizzo, we know what's on the record. I'll just vote the way they want me to, even though in my mind and heart, I have an idea that the other way may be the right way to vote.". When the Fed buys Treasuries, it first creates electronic dollars. They only create “schemes” like the UK that eventually end up in staggered bankruptcies over time. They will just give it to the party or give it to the state party or give it to some entity which will then wash that money through the whole system. Like water finding its own level, money oozes through the system, searching for a loophole. I bet you those 60 bills, "reform" is used hundreds of times in all those bills that are introduced. ELLEN MILLER: I think you have to look at this in terms of what the real goal is and we have to challenge in this country the assumption that public elections should be privately financed because that's the inherent problem that we have in terms of the special interests, the vested interests' control and sway over the electoral process. It was only three weeks after George Bush won election as president of the United States that Danny Wall went to Congress and said, "Gentlemen, we've got a problem. Wrong wrong a 1000% just plain false. Isn't there a way to have small contributions from millions of citizens so that they feel that they have a stake in this, other than just checking off this list and having the money taken-. We can get change, but this is the bottom line. Those selling USTs are trying to meet the USD pent up demand if not met will impact their Money Market Interest Rates and Exchange Rates adversely. The Government automatically acquires “unlimited rights” in certain categories of technical data including: (1) data pertaining to an item, component, or process (ICP) developed exclusively with Government funds; (2) form, fit, and function data; and (3) corrections or changes to technical data furnished to the Contractor by the Government. To find out why, you have to watch those millions of dollars in campaign contributions making their way from the health care industry into the coffers of Democrats and Republicans alike. What is government, e.g. See our Privacy Policy. The Federal Reserve Note does not certify on it that there is on deposit in the US Treasury the face value of the Note nor does the Note certify its value to gold or silver. This is a serious, if not catastrophic, error condition. Somebody has to buy the debt we keep creating, at an interest rate we can afford, and that somebody is the fed. Can we measure the effect of soft money on president campaigns, the indirect money that goes in this nefarious and circuitous way and finally winds up helping the candidate?
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