U.S. Treasury Scam Exposed

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U.S. Treasury Scam Exposed

The Treasury Bond scam is hidden right in front of us but we never stop to look. Fortunately Byron Dale has taken the time to expose the scam and he explains the mechanics in a way that is easy to understand. The following explanation is reprinted with permission and courtesy of Byron Dale; "Modern Money Secrets & The Way Out of Catastrophic Debt."

  Byron Dale      Note: Graphics changed slightly from book version

At first glance, the above chart looks like both the U.S. Treasury and the Primary Bond Dealer (e.g. Citigroup) made a straight-up exchange of promises to pay; the Treasury's bond (a promise to pay) for the Bond Dealers credit (a promise to pay) placed in a checking account. Each one gained a new liability and a new asset.

However we know from experience that quick glances do not always tell the whole story. Let's take a closer look as what really happened. The Treasury issued a bond for $100 with interest (for this writing we will compute all interest at 10%). With this promise to pay $100 plus 10% in interest, Treasury's debt is a debt upon the people. However, when the Primary Bond Dealer issues its promise to pay to the Treasury (in the form of checkbook credit), that is considered new money. That new money will increase the money supply by $100. The liability of the bank does not need to be paid, because through deception upon the mind, it is accepted as payment.

The whole process and concept of the creation of money by the banking system is based on mystical magic, deception and out-right bold-faced lies that force us all into interest bearing debts; debt that can be passed from person to person and on down to the next generation but can't be paid with debt money!

When the Federal Reserve System decides it needs more collateral in order to have more Federal Reserve Notes printed or when it wants to increase the money supply. The Federal Reserve System through its trading desk at the Federal Reserve Bank of New York goes into the open market and buys a bond from a Primary Bond Dealer. The Federal Reserve Bank pays for the bond with a check issued on itself. - Source: Modern Money Mechanics The Fed [Federal Reserve] can also do this to buy any asset it wants. This is a nice way of saying that the Fed pays for the bond by writing a check upon an account that does not have any funds in it. Of course, we all know that in reality it is impossible to draw water out of a dry well.

This action creates a new liability on the books of a Federal Reserve Bank, (a promise to pay) that goes on the books of the Primary Bond Dealer as an asset.

The Federal Reserve Bank has gained a new asset by creating a new liability. The Primary Bond Dealer loses one asset, the bond, and gains another asset (the promise to pay) from the Federal Reserve Bank.

The Primary Bond Dealer, having a bank account at a Federal Reserve Bank, receives an increase in that amount. Therefore, a member bank's reserve account and the seller of the checking account both increase by the amount of the check written by the Federal Reserve Bank - Source: Federal Reserve System Purposes and Functions, Third Edition pages 100 and 101

Two very magical and deceptive things have happened. First, a promise to pay has become the actual payment. Second, one hundred dollars has become two hundred dollars. One hundred dollars in the checking account of the bond dealer and one hundred dollars into the reserve account of a bank. Those of us that live in reality know these things are impossible and can only seem possible by deceiving the mind.

The Bond Dealer now has the funds to buy another bond from the U.S. Treasury, or to spend it in other ways. A commercial bank has new reserves. “This deposit is likely to be transferred in parts to other banks and quickly loses its identity amid the huge interbank flow of deposits” - Source: Modern Money Mechanics

Thomas Edison explained the philosophical fallacy of creating debt based bonds instead of money:

Thomas Edison

“If our nation can issue a dollar bond, it can issue a dollar bill.  The element that makes the bond good, makes the bill good also...Both are promises to pay, but one fattens the usurers and the other helps the people.  If the currency issued by the Government was no good, then the bonds would be no good either. It is a terrible situation when the Government, to increase the national wealth, must go into debt and submit to ruinous interest charges...”  - link to complete speech

Larry

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Re: U.S. Treasury Scam Exposed

Larry,

Is there any limit to the number of sovereign money threads that you can create?  Every time an old one starts to die, an new one appears like a weed.

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Re: U.S. Treasury Scam Exposed
goes211 wrote:

Larry,

Is there any limit to the number of sovereign money threads that you can create?  Every time an old one starts to die, an new one appears like a weed.

Someone has to stay on top of it.

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Re: U.S. Treasury Scam Exposed
Johnny Oxygen wrote:
goes211 wrote:

Larry,

Is there any limit to the number of sovereign money threads that you can create?  Every time an old one starts to die, an new one appears like a weed.

Someone has to stay on top of it.

So is that the criteria for thread creation?  Create a new one if your old ones are not getting enough traffic.  Seems like spam to me but it is up to others to decide.

Johnny, you might not mind this because you are in favor of this topic.  Would you feel the same if this tactic was used for a topic you were not a fan of?  Just wondering.

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Re: U.S. Treasury Scam Exposed
goes211 wrote:

Larry,

Is there any limit to the number of sovereign money threads that you can create?  Every time an old one starts to die, an new one appears like a weed.

LOL, I hope there isn't.  I admire his knowledge and persistence on the subject.  Repetition with variation is an essential component of education (especially when thickness of cranial bone presents easy penetration of information into semi-clueless gray matter) so hopefully he'll keep at it until a critical mass of citizens "get it" and decide to do something about it. 

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Re: U.S. Treasury Scam Exposed

 

It is the  politicians themselves who are responsible for installing and perpetuating the scam.    It's like being in a  card game and you can't figure out who the patsy is,  it's because it's you.    

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Re: U.S. Treasury Scam Exposed

I am ok with Larry's post.  I want to understand how the whole money, bond, Fed -thing works better. Sure, I have a general idea of how it works (and I probably should do a refresher on the CC).  But the non-inuitiveness of it (to me) makes it hard for me to get my head around it.  So I am grateful for the repetition, and for people breaking it down into baby-sized bites, so I have a chance to get a better handle on it. 

I am a firm believer that one needs to understand the shape of a problem (or predicament)  before one can determine the shape of the solution (or in the case of a predicament, how one chooses to deal with the situation).  So IMHO, understanding -and helping others understand- the nature of our fiat currency and of our banking system, are key.

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Re: U.S. Treasury Scam Exposed

I appreciate Larry's posts. Yes, we may clearly understand the scam, but there are new people coming to CM every day that could use the education. 

As you obviously can't stand Larry's posts, perhaps you might consider not reading them versus continually haranguing him. That would certainly open up more space on these threads for discussion of the original post.

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Re: U.S. Treasury Scam Exposed

Thanks for the great posting Larry.

 

It's great to see that there is people who want to learn the mechanics of the scam and really understand it in simple understandable language.  This is the most important subject that intelligent people can investigate and refect upon.  It's just amazing when you break it all down.  All the banks do is add numbers to a checking account and create purchasing power in the form of a promise to pay.

 

Pinecarr,

Have you ever considered reading Modern Money Secrets?  I think you would really enjoy reading it.

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Re: U.S. Treasury Scam Exposed

Uh oh, the thread gestapo are out again!  Too many members on here are becoming a pain in the ass in regards to the attitude of "my way or NO WAY".  

goes211 wrote:
Johnny Oxygen wrote:
goes211 wrote:

Larry,

Is there any limit to the number of sovereign money threads that you can create?  Every time an old one starts to die, an new one appears like a weed.

Someone has to stay on top of it.

So is that the criteria for thread creation?  Create a new one if your old ones are not getting enough traffic.  Seems like spam to me but it is up to others to decide.

Johnny, you might not mind this because you are in favor of this topic.  Would you feel the same if this tactic was used for a topic you were not a fan of?  Just wondering.

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Re: U.S. Treasury Scam Exposed

 pre-duplicate post...

 

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Re: U.S. Treasury Scam Exposed

From tickerforum..

 Trolling,"flaming" and "spamming" (the repetitive posting of the same material) along with posting patterns that suggest your intent is to "drown out" other speech is expressly prohibited. Such acts may result in the no-notice restriction or cancellation of your access privileges.

 

 Drowned out.. dead men.. straw men.. welcome to cactus land.... (TSE)

 

 Victory to the most persistent.

 

  Every filter selects for a constituency..

 

 Sovereign money it is.. ad infinitum, ad absurdum..

 

Ben Bernanke: Monetize this thread.... extinguish the debt... in return for nonsense.

 

 Buy up DRkrbyluvs' posts  (non interest bearing... totally uninteresting ) 300 Billion per thread..

 with beautiful debt-nullifying dollars. valid for ALL debts..

 Shalom..

 

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Re: U.S. Treasury Scam Exposed
LogansRun wrote:

Uh oh, the thread gestapo are out again!  Too many members on here are becoming a pain in the ass in regards to the attitude of "my way or NO WAY".  

goes211 wrote:

So is that the criteria for thread creation?  Create a new one if your old ones are not getting enough traffic.  Seems like spam to me but it is up to others to decide.

Johnny, you might not mind this because you are in favor of this topic.  Would you feel the same if this tactic was used for a topic you were not a fan of?  Just wondering.

In what way am I being a gestapo?  So far eveyone on this thread that supports these endless posts on the same topic, with the exception of pinecar, are all publicly in support of sovereign money.  I ask will you all be as supportive of repeatative posts on other subjects?

Also I am not completely against sovereign money.  I think it very well may be PART of the solution but I don't think it should be sold as a solution to everything and I don't understand why it merits a new thread every week.  If these new threads where about new things like a stabes videos, at least there would be something new to talk about.  How many times do we need to see things that old Edison quote?

I also find it ironic that Byron and Thomas are on record not believing in resource scarcity (oil, water, or hardly anything) and yet they spend so much time on CM.com looking for support for their ideas.

In the end this is Chris's site and I consider myself very much in agreement with him on this subject.  To see a sample of Chris's thinking on this subject check out his responses on Gubernatorial candidate's revolutionary money plan thread.  If he does not have a problem with duplicate, triplicate, quaduplicate,.... posts, I certainly have no right to demand something different.

I hope that this response is not too gestapo like for anyone.

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Re: U.S. Treasury Scam Exposed
Tycer wrote:

As you obviously can't stand Larry's posts, perhaps you might consider not reading them versus continually haranguing him. That would certainly open up more space on these threads for discussion of the original post.

I think I actually agree far more with Larry than I disagree with him.  It is only on this one subject where I have a major disagreement.  I have not regularly started threads that were antagonistic to Larry's ideas. For an example of Larry's trolling on these subjects check out Did J.R.R. Tolkien base the Gollum character on Ron Paul?  I have only responded to his posts because I don't believe that I should have to remain silent when I disagree.

Also it would be far easier avoiding reading these threads if they were limited in their number.  If you advocate that, then we are in agreement.

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Re: U.S. Treasury Scam Exposed
Thomas Hedin wrote:

Pinecarr,

Have you ever considered reading Modern Money Secrets?  I think you would really enjoy reading it.

Hi Thomas-

   Yes, I am going to check it out.  I was hoping it was on Amazon.com, so i could access it through Chris's link to Amazon.com on his "Learn => Essential Books" link.  He makes a little bit off the purchase that way.  But it wasn't on Amazon.  So I did go to Larry's link to order it.

   Thanks for bringing the book to our attention, Larry!

   -Carrie

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Re: U.S. Treasury Scam Exposed

Goes, I don't care WHAT anyone posts!  You can post naked pictures of yourself over and over again and I'm not going to go after you about multiple threads on the same subject!  Again, because you don't like the idea of Sovereign Money, you have an issue with this thread!  That's it!  You continue to get emotionally amped about threads that YOU DON'T AGREE WITH!  Go back into your posting history and check it out!  Do you see any of us (Sovereign Money lovers) going after your threads or posts, even if it's the same subject over and over again?  Nope.

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Re: U.S. Treasury Scam Exposed

For the record, my original post is an exclusive revelation about the U.S. Treasury Bond scam.  I have not seen this important explanation anywhere else.  Byron Dale was kind enough to share this information from his book "Modern Money Secrets."

If you are not interested please be polite enough to simply move on rather than flaming what is an important topic to many of us.  If you have to throw a hissy-fit, please start your own thread.  Treasury Bonds are a key part of our monetary system and they are largely misunderstood.

strabes does an excellent job explaining the role of bonds in the following video:

"All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation."  - John Adams

Larry 

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Re: U.S. Treasury Scam Exposed

To goes211

Why are you so dead set against debt free Money?  The only reason that I can think of is that you must be a banker who is getting great personal benefit from this system.

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Re: U.S. Treasury Scam Exposed

This thread can stay here for now, provided that it does not turn into a discussion of the Minnesota Transportation Act, or the monetary theory underlying it. 

In the past we have requested that discussion of that topic be confined to dedicated threads, due to a history of creating many unnecessary duplicate threads on the same subject.

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Re: U.S. Treasury Scam Exposed

A couple of self anointed censors stop by and throw a hissy-fit and now the thread may be sent to the basement?  Had they bothered to read my original post they would have recognized that this thread is about the U.S. Treasury Bond scam and how banks accumulate reserves.  It has nothing to do with sovereign money or anything else that was implied.  And even if it had, so what?

Treasury Bonds are a very relevant to understanding our system and economy.  Some people are interested and should be able to carry on polite and issue based discussions.  If anyone should be chided here, it is the two flamers who launched a personal attack.

Larry

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Re: U.S. Treasury Scam Exposed
Quote:

this thread is about the U.S. Treasury Bond scam and how banks accumulate reserves.  It has nothing to do with sovereign money or anything else that was implied.

Excellent.

Quote:

And even if it had, so what?

Vide supra.  For clarity I will repeat: "In the past we have requested that discussion of that topic be confined to dedicated threads, due to a history of creating many unnecessary duplicate threads on the same subject."

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Re: U.S. Treasury Scam Exposed

Back to the discussion of issues and information...

One of the interesting points that Byron Dale brings up is the fact that banks essentially get free money via reserves. 

Reserves are a liability to the non-Federal Reserve Bank and essentially an asset to the participating banks.  When the Fed is buying U.S. Treasuries to grow the money supply, they are giving money to the Primary Bond Dealer Banks for free to invest or cover expenses like campaign contributions and buying more bonds.

The key point Mr. Dale makes is that from a $100 Treasury Bond sale, $200 is created.  The bond represents a $100 asset (plus interest) and there is a $100 growth in the bank's reserve account with the Fed.  No wonder our currency is going down in buying power.

You can see this happening in our economy:

As we can see, Primary Bond Dealer Bank reserves have been skyrocketing as U.S. Treasury Bonds are being bought by the Fed.  They are multiplying money without incurring additional debt but the benefit is soley to the Federal Reserve system at the expense of the people who support the real economy.

If reserves truly determine tha amount of money that may be loaned; why have the money multipliers shrunk below 1 as seen below?

Based on the above graph, there is no need to increase reserves but inexplicably, bank reserves are growing like a bad hemorrhoid.  It is free money supplied to the banks to maybe stimulate the real economy.  And for this scam; we are now paying interest on reserves created for free.

"Congress granted us authority last fall to pay interest on balances held by banks at the Fed. Currently, we pay banks an interest rate of 0.25%. When the time comes to tighten policy, we can raise the rate paid on reserve balances as we increase our target for the federal funds rate."

The question that has to be asked: are reserve requirements relevant or are they just a way for Federal Reserve Banks to get free money?

Larry

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Re: U.S. Treasury Scam Exposed
LogansRun wrote:

Goes, I don't care WHAT anyone posts!  

Good for you.  Also irrelevant unless you set the rules or are a moderator.

LogansRun wrote:

Do you see any of us (Sovereign Money lovers) going after your threads or posts, even if it's the same subject over and over again?  Nope.

Going after?  Seriously?  I am merely disagreeing with a topic that has already been put on notice for bad behavior in the forum.

Saying that you are not going after any of my threads, even when they are duplicates is pretty easy seeing that I start very few threads and never duplicates.  Please show me one thread THAT I STARTED on a duplicate subject.

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Re: U.S. Treasury Scam Exposed
DrKrbyLuv wrote:

A couple of self anointed censors stop by and throw a hissy-fit and now the thread may be sent to the basement?  Had they bothered to read my original post they would have recognized that this thread is about the U.S. Treasury Bond scam and how banks accumulate reserves.  It has nothing to do with sovereign money or anything else that was implied.  And even if it had, so what?

Treasury Bonds are a very relevant to understanding our system and economy.  Some people are interested and should be able to carry on polite and issue based discussions.  If anyone should be chided here, it is the two flamers who launched a personal attack.

Larry

Looking back at the genesis of this thread, I admit that the main portion of it was a legitimate NEW TOPIC for discussion.  Between the pitch for "Modern Money Secrets" and the Edison quote it seemed like it was going to quickly become another sovereign money thread.  If you say that is not the subject of this thread, I will take your word for it.

Byron Dale wrote:

To goes211

Why are you so dead set against debt free Money?  The only reason that I can think of is that you must be a banker who is getting great personal benefit from this system.

Byron,

Read through my many comments on the subject.  Otherwise I consider this comment to be the forum equivalent of "How long have you been beating your wife?"

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Re: U.S. Treasury Scam Exposed

Larry,

The question that has to be asked: are reserve requirements relevant or are they just a way for Federal Reserve Banks to get free money?

I really like this question, and before I try to answer it let me state I'm not an expert in this whole reserves thing but the very first question that comes to my mind is what do the reserves consist of?

All the reserves consist of is a promise to pay, so how can a promise to pay (reserves) ever back up the money supply (promises to pay)?

I think it would be safe to say that the banking system does not have any reserves, only book entries that serve as a legal basis for reserves.  Now why would reserves be important to the banking system?

Control and Confusion?

1.  Control over the banking system as a whole to stabilize their theft from the American people into the hands of the few select bankers.

2.  Confuse the masses into believing that the banks actually have something in reserves and use that confusion to maintain confidence in the banking system...........Has anyone ever heard the term "trust" associated with financial institutions?  As long as the people trust them (even though fractional banking is by far the biggest fraud ever played on the American people) they can continue this scam.

 

I know I need to do more study and thinking about this but that is what these threads are for.  Sharing ideas and trying to learn.

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Re: U.S. Treasury Scam Exposed

goes211 please stop stalking my posts and leave me alone.   

Larry 

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Re: U.S. Treasury Scam Exposed

Thomas,

I agree the whole premise of "reserves" is to confuse the issue while giving the impression that somehow they strengthen the banks and our money.  For example, many think that reserves are required for banks to create money via a money multiplier.

In my Post #21, I showed a chart that indicates that the reserves are now around $1.1 trillion.  At .25%, this means we the taxpayers will be giving the Fed around $2.75 billion dollars a year for money they created for free.  What benefit do we get from the reserves to justify this huge expense? 

It appears that the Primary Bond Dealers enjoy a special relationship with the New York Branch of the non-Federal Reserve that allows them to buy bonds and create twice as much money as the bond value under the guise of expanding the money supply.  From my perspective this looks like legal stealing.  Surely, if the money supply needs expanded, there must be more equitable ways to accomplish the job.

List of the Primary Government Securities Dealers Reporting to the Government Securities Dealers Statistics Unit of the Federal Reserve Bank of New York:

BNP Paribas Securities Corp., Banc of America Securities LLC, Barclays Capital Inc., Cantor Fitzgerald & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Daiwa Capital Markets America Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., HSBC Securities (USA) Inc., Jefferies & Company, Inc., J. P. Morgan Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. Incorporated, Nomura Securities International, Inc., RBC Capital Markets Corporation, RBS Securities Inc., UBS Securities LLC.

Coincidentally, some of the Primary Dealers listed above are also owners of the New York Federal Reserve Branch which I think is a major conflict of interest that invites theft and fraud.  And some of these banks that are receiving free money are not even American banks.

"Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."  – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

Larry

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Re: U.S. Treasury Scam Exposed
DrKrbyLuv wrote:

goes211 please stop stalking my posts and leave me alone.   

I am on vacation this week and I was waiting to hear back from the moderators before I responded to this.  As it has been determined to be within forum guild lines, I will respond publicly.

---------------------------------------------------

Larry,

I have not sent you any private emails so I don't know how I am to leave you alone.  If it appears that I am following you around it is only because new threads continue to be created on this topic.  I assume you are not claiming that you have the right to decide who responds to your threads or that people are only allowed to agree with you.

If you wanted our interactions to be more positive, maybe you should consider being less incendiary in some of your threads were you attack various others like Austrians, Ron Paul, Mises, Hayak,....   Some examples of these threads are:

http://www.peakprosperity.com/forum/drinking-von-mises-kool-aid/37712
http://www.peakprosperity.com/forum/did-jrr-tolkien-base-gollum-character-ron-paul/39435
http://www.peakprosperity.com/forum/austrian-keynesian-theories-vs-mathematical-facts/31077

I am certainly not saying that you don't have the right to post whatever you want as long as it is within the forum guild lines.  I am just saying you may reap what you sow.

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Re: U.S. Treasury Scam Exposed

goes211    Get a life...........please

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Re: U.S. Treasury Scam Exposed

Goes enough already.

Krby,

 

This is an interesting topic. There is no doubt in my mind that the corporations (banks) are working very hard to funnel (our) money into their pockets. I belive that the people in America will wake up one day and find that the fruits of their labor have gone up in smoke. Just like the stock market fell in '08. And they are going to be mad as h*ll. Thats is when it will dawn on most what has been going on. Then a lot of people will be very interested in these topics. Most people in this country have no idea that the fed is owned and operated by bankers. It's amazing the look on people face when they hear that when we say FED it does not mean our government. Keep up with your flow charts. There are many who do not like to read and a flow chart might just get their attention.

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Re: U.S. Treasury Scam Exposed

goes211 wrote:

If it appears that I am following you around it is only because new threads continue to be created on this topic.

What "continuing" topic are you referring to?  This thread is about the mechanics of treasury bonds being sold to primary bond dealer / banks.  What does it have to do with old threads and why are trying to link it to other threads about "Austrians, Ron Paul, Mises, Hayak."  If you want to comment on other threads it would be appropriate to post in those areas rather than to bring them up over and over in unrelated threads.  

I suggest we bury the hatchet and stick with the issues that are relevant to specific threads.  Let's end the non-issue quibbling about old threads. 

Larry

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