WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

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presidentbyamendment's picture
presidentbyamendment
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WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

Meltzer:

"""

The United States is headed for a new financial crisis. History gives many examples of

countries with high actual and expected money growth, unsustainable budget deficits,

and a currency expected to depreciate. Unless these countries made massive policy

changes, they ended in crisis. We will escape only if we act forcefully and soon.

""""

 

And he goes on like that.

Meanwhile, my tax proposal now completely eliminates thousands of pages of

federal tax law.

Rick Hohensee

presidentbyamendment.com/issues/taxes.html

Thomas Hedin's picture
Thomas Hedin
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

but where did all this "money" come from and how did it get put into circulation?

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SagerXX
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder
presidentbyamendment wrote:

Meanwhile, my tax proposal now completely eliminates thousands of pages of federal tax law.

Rick Hohensee

presidentbyamendment.com/issues/taxes.html

Thomas Hedin wrote:

but where did all this "money" come from and how did it get put into circulation?

Meanwhile, my proposal to lower the deficit by selling the kidneys of every bankster on Wall Street on eBay languishes unloved.  (This proposal also smells lemony-fresh, and smooths the wrinkles in your skin!)

What I really want to know is where all these "banksters" came from and how they got put into circulation?  Somebody needs to fess up, dagnabbit.

Viva -- Sager

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Thomas Hedin
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

What I really want to know is where all these "banksters" came from and how they got put into circulation?

From every street corner and every town in the USA.  The problem is that the banking system has had every university teach that this debt money system is a really good thing, and the only way it can be done, instead of teaching the truth that this debt money system is designed at it's very core to transfer all the wealth of the producers to the non-producers.

Meanwhile, my tax proposal now completely eliminates thousands of pages of federal tax law.

Cutting taxes cannot and will not do anything to address our 57 trillion dollar interest bearing debt, nore our 64 trillion of unfunded obligations.  Especially considering that the government has no need to tax at all in the first place.  None what so ever.

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Doug
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

sager

Quote:

Meanwhile, my proposal to lower the deficit by selling the kidneys of every bankster on Wall Street on eBay languishes unloved.  (This proposal also smells lemony-fresh, and smooths the wrinkles in your skin!)

I hope you mean both kidneys.Laughing

doug

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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder
SagerXX wrote:

Meanwhile, my proposal to lower the deficit by selling the kidneys of every bankster on Wall Street on eBay languishes unloved.  (This proposal also smells lemony-fresh, and smooths the wrinkles in your skin!)

ROTFLMAO.  I know I'll get moderated by laughing at this but this is one of the funniest things I've read all week ... on par with Cloudfire's "platonic" equations.  Thanks for the laugh Sager.

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SagerXX
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder
ao wrote:
SagerXX wrote:

Meanwhile, my proposal to lower the deficit by selling the kidneys of every bankster on Wall Street on eBay languishes unloved.  (This proposal also smells lemony-fresh, and smooths the wrinkles in your skin!)

ROTFLMAO.  I know I'll get moderated by laughing at this but this is one of the funniest things I've read all week ... on par with Cloudfire's "platonic" equations.  Thanks for the laugh Sager.

(deep bow, smile)...

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presidentbyamendment
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

Somebody at a Federal Reserve Bank enters it into the books. From a computer keyboard,

no doubt. Fiat. By declaration.

(Somebody jump in if I mis-pontificate) 

The Fed calls their balance the "monetary base". It is the capital at the root of all liquidity

in the banking system. It's not backed up by anything other than the fact that normally they

don't just arbitrarily increase it. Lately, they have. A lot. And according to CM, and I agree,

more than they will properly report. That's what CM's post about the "custody account" is about.

They've arbitrarily increased the money supply, the capital funds of the banking system,

by about $400B more than the over $1T of funny-money they admit to have created recently.

This is a cri$i$. This is an insolvent national banking system, and what Meltzer, Faber,

Celente, and even Alan Blankity-Blank Greenspan are freaked out about.

This is also what the 2 paragraph bill I posted in here makes illegal.

RH

 

 

 

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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

The United States is headed for a new financial crisis. History gives many examples of

countries with high actual and expected money growth, unsustainable budget deficits,

and a currency expected to depreciate. Unless these countries made massive policy

changes, they ended in crisis. We will escape only if we act forcefully and soon.

 

"act forcefully"...what drivel.  What forceful action?  Any such action will result in huge economic dislocation...severe short term pain.  What politician has such will.  Forget about it.

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Thomas Hedin
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

Somebody at a Federal Reserve Bank enters it into the books. From a computer keyboard,

no doubt. Fiat. By declaration.

But the FED doesn't put any money into circulation, that only happens at the private banks on your local street corner.

There is no law declaring book keeping bank entry liabilities to be money (fiat).  It's only considered money by pure mental deception.

 

The Fed calls their balance the "monetary base".

And that is what we call the reserves, but we don't use the reserves for money.

It is the capital at the root of all liquidity in the banking system.

Bascially true, but outside the banking system liquidity only increases when banks make more loans to customers faster than loans are being paid off.

It's not backed up by anything other than the fact that normally they

don't just arbitrarily increase it.

With the exception of Credit Card debt, all the debt in America is 100% backed.  It's all backed by all the property in the USA.

Lately, they have. A lot. And according to CM, and I agree,

more than they will properly report. That's what CM's post about the "custody account" is about.

They've arbitrarily increased the money supply, the capital funds of the banking system,

by about $400B more than the over $1T of funny-money they admit to have created recently.

This is a cri$i$. This is an insolvent national banking system, and what Meltzer, Faber,

Celente, and even Alan Blankity-Blank Greenspan are freaked out about.

But any increase in money supply only occurs as an interest bearing debt owned to the banking system.  All they loan you is a promise to pay which they never have to make good on.  How can a bank who can create all the money it wants to ever go insolvent?

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presidentbyamendment
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

FOrtunately, I'm not a politician. ANd I sure would cut off the Fed from free money.

RH

 

 

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presidentbyamendment
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

>>How can a bank who can create all the money it wants to ever go insolvent?

They can't. The country is destroyed by hyperinflation, except for the beneficiaries of

the hyperinflation. Hence my bill.

RH

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presidentbyamendment
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Re: WSJ op-ed, Allan H. Meltzer of CMU screams bloody murder

>(Hedin) How can a bank who can create all the money it wants to ever go insolvent?

It can't. They become the beneficiaries of the flood of new money that nobody else

benefits from, and everybody but the banks are therefor destroyed by said hyperinflation.

And the banks say "Let them eat cake."

Hence my bill.

Also, let's say you increase the money supply, in the capital of the banks, by 500%.

They  lend it all out at interest. Where is the other money to produce the income to pay

the interest? It doesn't exist. I wonder if that's why the banks aren't lending much right now.

They have more money than the economy can pay interest on, maybe.

RH

 

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