List China Events Chinese Culture China Watch Chinese Music Land of China Chinese Festival Chinese History Chinese Architecture Chinese Medicine People in China What Chinese Say Martial Arts China Tales World Watch World Beyond Amusing & Musing


Home >> World Watch

A New World Order: From the US Reserve Bank to the World Reserve Bank

26 March 2012
 

A deadly liaison

 

Ron Paul, one of a few American politicians with conscience and dignity in the US Government, (same can probably be said about China's State Council, lol), stood up one day in September in 1998, when Hell broke loose in much of the Asia as a financial crisis created by the American investment banks erupted, speaking against an attempt to build a world reserve bank based on U.S. model to extend 1% capitalists' rule over the entire human race at the expense of the ultimate interest of the States and the humanity.

Below is part of the transcript of Ron Paul's speech in 1998:

Today it was recorded in our newspapers and it was a consequence of a meeting held last night having to do with a company that went bankrupt, Long-Term Capital Management. I believe this has a lot of significance and is something that we in the Congress should not ignore.

This is a hedge fund. Their capitalization is less than $100 billion, but, through the derivatives markets, they were able to buy and speculate in over $1 trillion worth of securities, part of the financial bubble that I have expressed concern about over the past several months.

But last night an emergency meeting was called by the Federal Reserve Bank of New York. It was not called by the banks and the security firms that were standing to lose the money, but the Federal Reserve Bank of New York called an emergency meeting late last night. Some of the members of this meeting, the attendees, came back from Europe just to attend this meeting because it was of such a serious nature. They put together a package of $3.5 billion to bail out this company.

Yesterday also Greenspan announced that he would lower interest rates. I do not think this was an accident or not coincidental. It was coincidental that at this very same time they were meeting this crisis, Greenspan had to announce that, yes indeed, he would inflate our currency, he would expand the money supply, he would increase the credit, he would lower interest rates. At least that is what the markets interpreted his statement to mean. And the stock market responded favorably by going up 257 points.  

On September 18th, the New York Times, and this is the third time that that has come about in the last several weeks, the New York Times editorialized about why we needed a worldwide Federal Reserve system to bail out the countries involved in this financial crisis.  

Yesterday, on the very same day, there was another op-ed piece in the New York Times by Jeffrey Garten, calling again for a worldwide central bank, that is, a worldwide Federal Reserve system to bail out the ailing economies of the world.  

The argument might go, yes, indeed, the financial condition of the world is rather severe and we should do something. But the financial condition of the world is in trouble because we have allowed our Federal Reserve System, in deep secrecy, to create credit out of thin air and contribute to the bubble that exists. Where else could the credit come from for a company like Long-Term Capital Management? Where could they get this credit, other than having it created and encouraged by a monetary system engineered by our own Federal Reserve System?

We will have to do something about what is happening in the world today, but the danger that I see is that the movement is toward this worldwide Federal Reserve System or worldwide central bank. It is more of the same problem. If we have a fiat monetary system, not only in the United States but throughout the world, which has created the financial bubble, what makes anybody think that creating more credit out of thin air will solve these problems? It will make the problems much worse.

We need to have a revamping of the monetary system, but certainly it cannot be saved, it cannot be improved, by more paper money out of thin air, and that is what the Federal Reserve System is doing.

I would like to remind my colleagues that when the Federal Reserve talks about lowering interest rates, like Mr. Greenspan announced yesterday, or alluded to, this means that the Federal Reserve will create new credit. Where do they get new credit and new money? They get it out of thin air. This, of course, will lower interest rates in the short run and this will give a boost to a few people in trouble and it will bail out certain individuals.

When we create credit to bail out other currencies or other economies, yes, this tends to help. But the burden eventually falls on the American taxpayer, and it will fall on the value of the dollar. Already we have seen some signs that the dollar is not quite as strong as it should be if we are the haven of last resort as foreign capital comes into the United States. The dollar in relationship to the Swiss frank has been down 10 percent in the last two months. In a basket of currencies, 15 currencies by J.P. Morgan, it is down 5 percent in one month.

So when we go this next step of saying, yes, we must bail out the system by creating new dollars, it means that we are attacking the value of the money. When we do this, we steal the value of the money from the people who already hold dollars.

If we have an international Federal Reserve System that is permitted to do this without legislation and out of the realms of the legislative bodies around the world, it means that they can steal the value of the strong currencies. So literally an international central bank could undermine the value of the dollar without permission by the U.S. Congress, without an appropriation, but the penalty will fall on the American people by having a devalued dollar.

This is a very dangerous way to go, but the movement is on. As I mentioned, it has already been written up in the New York Times. George Soros not too long ago, last week, came before the Committee on Banking and Financial Services making the same argument. What does he happen to be? A hedge fund operator, the same business as Long-Term Capital Management, coming to us and saying, “Oh, what you better do is protect the system.”

Well, I do not think the American people can afford it. We do have a financial bubble, but financial bubbles are caused by the creation of new credit from central banks. Under a sound monetary system you have a commodity standard of money where politicians lose total control. Politicians do not have control and they do not instill trust into the paper money system.

But we go one step further. The Congress has reneged on its responsibility and has not maintained the responsibility of maintaining value in the dollar. It has turned it over to a very secretive body, the Federal Reserve System, that has no responsibility to the U.S. Congress. So I argue for the case of watching out for the dollar and argue for sound money, and not to allow this to progress any further.  

Multipletext:

Now you can check what China's State Council is busying itself at the moment and find out which side Chinese premier Wen is standing by and working for. What he and his council are doing now not only goes against the interest of Chinese people but the 99% in the US and around the world.

 
 
RELATED:

The United States is basically a police state, and peaceful demonstrations against the government and their financial patrons are constantly cracked down in a brutal manner that you are supposed to see in those countries ruled by "dictators".

Occupiers were led away with their faces covered in blood.

This is a face of a peaceful protest in America.

An occupier reported to the authority that police “officers found a person alone, beat him, and broke his knee.”

Another formal report claims that a officer kneed an occupier in the back “causing his spine to break.”

Witnesses also report that during a raid on Union Square recently police slammed a woman on the ground and caused her serious bodily injury.

More:

A personal account of the eviction of Occupy the Midwest 

Police Brutality Increasing Against Occupy

Woman Badly Injured As NYC Cops Attack OWS Protesters

The Myth Of Freedom In The Land Of The Free

No Charges, No Trial, No Lawyer, No Jury: Straight to Execution

What Americans Say

Readers' comments at adbusters.org:

Anonymous

The USA has the same problem other countries have. When you put Freemason in charge of money, they will find a way to steal it and/or funnel it to fellow craft members. When you kill in protest to try to over throw Masonic rulership, they call it terrorist. The courts are controlled by the same criminal organization. But when our government kills women and children in other countries as the results of trying to kill people who are trying to over throw Masonic rulership, it just called war.

美国面临和其它国家一样的问题。当我们让共济会成员控制我们的钱袋,他们就会监守自盗。你反对他们偷窃,他们就说你是恐怖分子,因为法院也被他们的人控制了。如果其它国家的人反对共济会的统治,我们的政府就派出军队以战争的名义杀死当地人,包括妇女孩子。

Anonymous on March 24 2012

After last Years EvictioN! Let's Do iT AGAIN! SPRING IS HERE! If the BaNksTeRs can evict uS Out of OuR Home..... Might as Well CaMp Out in Public Spaces....... In solidarity of the Occupy Wall Street Movement EST 9/17/11..... Occupy LA might have a Camping Ordinance this May 1st General Strike.... MacArthur Park & Pershing Square..... MacArthur Park: Anti-Foreclosure Activist, Kids Village, Hipsters, Concerts & Many MoRe..... Pershing Square: A front line camping ordinance in middle of LA's Financial District. Beware of your confrontation against the banks & cops on riot gear! Pershing Sq will be our front LiNe! So BEWARE!...

去年年底我们被清场了,现在春天来了,让我们重新占领阵地!


Home List About This Website Contact Us

Copyright © 2008 - 2017