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Is the United States Bankrupt?
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW ^ | July 1, 2006 | Laurence J. Kotlikoff

Posted on 07/10/2006 10:59:12 AM PDT by Paul Ross

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To: OB1kNOb

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. -Thomas Jefferson


History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James Madison


If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. -Andrew Jackson


The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln



Despite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -Woodrow Wilson

http://www.themoneymasters.com/presiden.htm


21 posted on 07/10/2006 11:18:42 AM PDT by cope85
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To: Toddsterpatriot

The Federal Reserve - What Is It? Who Is It?
http://www.freerepublic.com/forum/a3b13c8401f8f.htm


22 posted on 07/10/2006 11:20:05 AM PDT by cope85
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To: Paul Ross
Is the United States bankrupt?

Yes. Fiscally, culturally, morally, and every other kind of way.

Brief examples of each:

Fiscally - The Social Security System is near bankrupt, yet illegal aliens are drawing benefits from it. We're also now giving illegal aliens benefits from Medicare.

Culturally - Hip-hoppers hold their crotches while they "sing". Hollywood is unable to make a movie without loading it up with F-bombs.

Morally - Same-sexers are now getting "married". "Booty calls".

23 posted on 07/10/2006 11:21:07 AM PDT by my_pointy_head_is_sharp (Evil never sleeps...)
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To: Restorer
I've been reading articles reaching very similar conclusions for about 40 years.

The economy hasn't collapsed yet. (Which doesn't necessarily mean it won't tomorrow.)

I have a book written about 1930 or so that predicts the longterm failure of socialist systems.

It took 70 years for the Soviet Union to collapse.

When the prediction is made isn't as important as when it comes true.

24 posted on 07/10/2006 11:21:17 AM PDT by mc6809e
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To: mc6809e
...and Republicans will never cut spending.

It can happen, no matter how "unrealistic."

25 posted on 07/10/2006 11:22:18 AM PDT by Paul Ross (We cannot be for lawful ordinances and for an alien conspiracy at one and the same moment.-Cicero)
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To: cope85
You got anything else getting 13 to 14 percent?

Let me guess. It's owned by foreign bankers? How much money do the evil owners of the Fed suck out in profits every year? Must be billions? Trillions? What kinda dividend do they pay?

http://www.freerepublic.com/forum/a3b13c8401f8f.htm

This article has been deleted.

26 posted on 07/10/2006 11:24:12 AM PDT by Toddsterpatriot (Why are protectionists so bad at math?)
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To: mc6809e

I bet the book didn't think it would take 60 years from 1930.

While the accuracy of past predictions does not necessarily indicate the accuracy of those for tomorrow, the record should also not be ignored.


27 posted on 07/10/2006 11:26:42 AM PDT by Restorer
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To: Paul Ross
Or to paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bear, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors?

Does PETA know about this?

Maybe they should have read that dictionary instead of paraphrasing it.


28 posted on 07/10/2006 11:27:22 AM PDT by nathanbedford ("I like to legislate. I feel I've done a lot of good." Sen. Robert Byrd)
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To: Paul Ross
The paper offers three policies to eliminate the nation’s enormous fiscal gap and avert bankruptcy: a retail sales tax, personalized Social Security, and a globally budgeted universal healthcare system.

Their solution: More taxes, personalize the unfunded SS funds (personalize the debt, maybe?), and more BS spending.

BWAAAAAAAAAAAAAAAAAAAAAAAAAAHAHAHAHAHA!

How about we just CUT GOVERNMENT SPENDING!

29 posted on 07/10/2006 11:29:06 AM PDT by balrog666 (Ignorance is never better than knowledge. - Enrico Fermi)
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To: nathanbedford

Economists, with spell-checkers. Obviously the editor missed it.


30 posted on 07/10/2006 11:29:31 AM PDT by Paul Ross (We cannot be for lawful ordinances and for an alien conspiracy at one and the same moment.-Cicero)
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To: Paul Ross

globally budgeted universal healthcare system....


He lost me right there.....


31 posted on 07/10/2006 11:29:50 AM PDT by mo
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To: my_pointy_head_is_sharp
Your fiscal example of USA being bankrupt is wrong since SS is currently running a surplus and depending on what is done with it, it may or may not go broke.
32 posted on 07/10/2006 11:32:30 AM PDT by Eagles Talon IV
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To: Paul Ross
stripped bear

??????? Is this paper actually from the Fed? You would think someone with the skill to write a paper like this would know the difference between bear and bare

33 posted on 07/10/2006 11:33:03 AM PDT by 6ppc
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To: Paul Ross

I know the answer to this one.

No. No it isn't.


34 posted on 07/10/2006 11:34:09 AM PDT by bobdsmith
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To: Paul Ross

Businesses don't go bankrupt until the creditors cut off the cash flow........................


35 posted on 07/10/2006 11:35:34 AM PDT by PeterPrinciple (Seeking the truth here folks.)
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To: expatpat; Taxman; pigdog; Principled; EternalVigilance; rwrcpa1; phil_will1; kevkrom; n-tres-ted; ..

A picture is worth a thousand words.

http://mwhodges.home.att.net/fed_budget.htm

 

 


36 posted on 07/10/2006 11:41:12 AM PDT by ancient_geezer (Don't reform it, Replace it.)
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To: mo
He lost me right there.....

Me too!

37 posted on 07/10/2006 11:43:25 AM PDT by Paul Ross (We cannot be for lawful ordinances and for an alien conspiracy at one and the same moment.-Cicero)
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To: ancient_geezer

Why is it so hard for the government to come to grasp with the notion that the solution to budget problems IS TO SPEND LESS. Just about every family and individual has had to do this at some point, it's not that difficult.

What boggles the mind is the thought that government programs need real growth, because most don't. The average program should be budgeted this way: take the population of the country and divide it into the program's budget, the following year take the rate of inflation, add it to the per capita dollar amount and multiply by the population.


38 posted on 07/10/2006 11:49:50 AM PDT by wagglebee ("We are ready for the greatest achievements in the history of freedom." -- President Bush, 1/20/05)
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To: Toddsterpatriot

I think we're on the same wavelength. The budget should be balanced, responsibly (i.e. with spending cuts), and entitlement spending (Medicaid, Social Security) must be brought under control.

Bush needs to veto some spending. Hell, he needs to veto SOMETHING!


39 posted on 07/10/2006 11:50:09 AM PDT by dashing doofus
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To: wagglebee

Why is it so hard for the government to come to grasp with the notion that the solution to budget problems IS TO SPEND LESS

Spending less doesn't buy votes. Especially votes from the ones not participating in paying the bills.

 

The Honorable James DeMint (R-SC)
United States House of Representatives
APRIL 5, 2001

Bush touts relief as tax day looms

Another 3.9 million Americans will have their income tax liability completely eliminated, officials said.

That's 3.9 million Americans more added to the spending constituency of 70% of the public clamoring for more from government, figuring someone else foots the bill.

It's like me in the restaurant: What do I care about extravagance if you're footing the bill?
--- Walter Williams.


40 posted on 07/10/2006 11:54:34 AM PDT by ancient_geezer (Don't reform it, Replace it.)
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