Posted on 11/23/2008 8:43:25 AM PST by ovrtaxt
Maybe he can run for President of Austria if his fundraising apparatus is intact. The Austrians would be pleased to know they were right.
Ah, a quote fest! I’ll jump in here:
The success of the central banking scheme developed into a far-reaching plan described by President Clinton’s mentor, Georgetown Professor Carroll Quigley, “to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank....sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the levels of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”
~ Carroll Quigley
“the refusal of King George III to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators was probably the prime cause of the revolution” –Benjamin Franklin
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” –Thomas Jefferson
“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve system have never been audited. It operates outside the control of Congress and manipulates the credit of the United States.” –Barry Goldwater, R-AZ
“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 the money and its issuance.” –James Madison
“That is simple. In the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers of the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one.” –Benjamin Franklin
“The Colonists would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War.–Benjamin Franklin from his autobiography
“Whosoever controls the volume of money in any country is absolute master of all industry and commerce… And when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” –James Garfield
“The Federal Reserve definitely caused the Great depression by contracting the amount of currency in circulation by one-third from 1929 to 1933.” - Milton Freidman (Nobel Prize-winning economist)
“These international bankers and Rockefeller-Standard Oil interests control the majority of newspapers and the columns of these papers to club into submission or drive out of public office officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government.” –Theodore Roosevelt
lolz
well said....we have crony capitalism now, with no free market, but the gov’t handing out largesse to those it sees fit. ie wall st and banks.
Quote fest BTTT!
Sure they are. You just don't like the definitions. Austrian econ is simply free markets with government only involved to the extent that contracts are enforced.
Bureaucrats always hate that. Takes away their power. Your objection is simply brain dead stupid. It is like saying liberty itself is bad because some utopian ideal of it has never been tested. How about this "Where it has been tested, it works." How "real world" is that for ya?
You mean like the CDS market, which is causing so many problems now?
Why are you trolling like this? You either know this is false, or you should know, or you are too ignorant to have an intelligent opinion on the matter, which leads to the question again of why you persist in trolling on this stuff.
Again, do you work for the fed?
The Austrians like to keep their beliefs secret. Maybe because their theoretical system has been around for decades, and accomplished absolutely nothing.
SO me Austrians have not learned, look at the one running Kalee-forneeya.
The CDS market is not transparent. There are no requirements that contracts be enforceable. NONE. There are no requirements that they even be reportable.
Now, I am not saying myself that even the nature of transparency is a “have to” issue, as long as there is no ability to shove the losses back on the government as a whole.
Had the gov’t backed off on Bear Stearns and said “nope, you are going down, and we are providing NO money, because you are sitting on a pile of unreported, unreportable assets and debits” as well as suspending the hopelessly idiotic regulation of SOX. The market would have RUSHED to try and figure out how to adequately underwrite these instruments, and no one would get short term loans without posting a clean and clear balance sheet.
It is precisely the f*cked up government regulators who ALLOW this kind of chicanery in the name of “protecting” us.
The areas of regulation you clowns are charged with, you are hopelessly and completely incompetent to enforce anyway, Regsho, for example, is an area of supervision of the SEC, which has been such a joke that IBs brokers, and hedgies have been given free reign to counterfeit electronic stocks and ruin perfectly good companies.
Free and open contracts where people declare the true nature of the contractual obligations is the ONLY way to force integrity. You bunch of clowns who have insisted on “protecting” us have, in fact, busted the system.
If by "secret" you mean hiding them in plain sight on countless open papers, so that even my tagline gives a link to a library of material devoted to answering those kind of bone headed questions, then yes, they are "secret."
There, fixed it for you.
Go ahead and tell me where it’s been tried and been successful.
CDS contracts aren't enforceable? Who told you that?
Define what you mean by "it." The USA for the first 100 or so years was almost exclusively Austrian in its approach to free markets. England pre 1920. Australia pre 1920. Hong Kong.
You mean America with its huge booms and busts and going without a central bank most of the time?
You can’t enforce what you can’t find. I don’t mean that the contracts themselves are not subject to law. What I am saying is that the contracts themselves are hedged with other contracts, which are hedged with others, so that the true market value of credits and debits are hopelessly intertwined so that no one can tell what a true portfolio balance is. For example at least 2 billion dollars of CDS risk from SOMEONE is now gone and unenforceable because of Bear Stearns. CITI has not reported the amount of CDS risk they have (reporting is voluntary, not mandatory), yet it is pretty common knowledge they are sitting on 75 trillion. The problem with this is that with the dismantling of Glass Stegall, the entire bank is standing on those loans. Since the Fed insures them (and we can debate whether that is a good idea later), there should be some requirements at the very least for transparency.
Let me give another example. These contracts are essentially insurance contracts. When you write a policy on, say, a home, there are requirements that a company keep so much money in reserve to write the contract. These numbers are arrived at BY REPRESENTATIVES OF THE INDUSTRY. It is in the interests of the industry to be self policing, and determine the amount of cash reserves required. The policing is enforced by the people with the guns (the state) but the market is self regulating.
It is the same with the options mkt, (equity and commodities). The clearing houses for the exchanges (again, determined by industry reps) decide what margin you have to post to sell options (which are a kind of insurance, as well).
There is no such transparency required on CDS swaps, which means there is the possibility for tremendous fraud. Imagine writing S&P or bond puts with no margin requirement. The premium from those options looks GREAT till you have to cover. That is what these banks have done, and now they are whining that they “need capital.” What they have done is like any newbie speculator, they have over margined themselves and now they are broke. They should be allowed to go bust. These bailout just encourage more irresponsible speculation.
1) The “huge booms and busts” were done and finished in a matter of months.
2) The biggest “boom and bust” we have seen before the present c f was exclusively the product of the federal reserve’s money policies
3) The present boom and then bust is ALSO the result of the idiotic monetary policies of the fed.
this wonderful central bank has also obliterated the value of the dollar, destroying over 96% of its value..., and we are only getting warmed up with the present gaggle of idiots.
That settles it. You are an employee of the fed, aren’t you?
Go ahead and admit it. Confession is good for the soul.
So every CDS you can find you can enforce. Excellent!
I don’t mean that the contracts themselves are not subject to law.
So when you said, "There are no requirements that contracts be enforceable", you were confused?
What I am saying is that the contracts themselves are hedged with other contracts, which are hedged with others, so that the true market value of credits and debits are hopelessly intertwined so that no one can tell what a true portfolio balance is.
You understand the difference between default and unenforceable?
For example at least 2 billion dollars of CDS risk from SOMEONE is now gone and unenforceable because of Bear Stearns.
Please elaborate. Thanks.
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