Hi Lee! nice to see ya. The FED is busy buying assets of all types; why do they need to issue currency? The New York Times itself stated that the Federal Reserve Bank is privately owned.
that's why it was the US Treasury that was the beneficiary of the trust that was initially set up for AIG where 79.9% of the money sunk into AIG, would be repaid when and if AIG generates some positive cash flow and recovers.
Talk about New World Order stuff. President Andrew Jackson, actually abolished the Second Bank of the US, but then again due to the cyclical nature of the economy and the cyclicality of the financial markets. We saw a huge depression in 1837.
Two random associations come to mind..... the first is the classic Bill Murray quote from the movie "Stripes" as Murray signs his army induction forms he deadpans...... "Dear Sammy, get well soon".
The other musing is that this entire financial situation is taking on such epic and Biblical proportions, it makes one wonder if we're going to actually see Jesus coming back to chase the Money Lenders out of the temple.
anyway thanks for the heads up Lee.... and I've got a little bit of the Wiki article on Andy Jackson and his forrays into CB issues.
John
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part of a wiki article below.
Main article: Second Bank of the United States
Democratic cartoon shows Jackson fighting the monster Bank. "The Bank," Jackson told Martin Van Buren, "is trying to kill me, but I will kill it!"The Second Bank of the United States was authorized for a twenty year period during James Madison's tenure in 1816. As President, Jackson worked to rescind the bank's federal charter. In Jackson's veto message (written by George Bancroft), the bank needed to be abolished because:
It concentrated the nation's financial strength in a single institution.
It exposed the government to control by foreign interests.
It served mainly to make the rich richer.
It exercised too much control over members of Congress.
It favored northeastern states over southern and western states.
Following Jefferson, Jackson supported an "agricultural republic" and felt the Bank improved the fortunes of an "elite circle" of commercial and industrial entrepreneurs at the expense of farmers and laborers. After a titanic struggle, Jackson succeeded in destroying the Bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. funds in 1833.
1833 Democratic cartoon shows Jackson destroying the devil's Bank The bank's money-lending functions were taken over by the legions of local and state banks that sprang up. This fed an expansion of credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[24] However, due to the practice of banks issuing paper banknotes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting state debts.[25] Then, in 1836, Jackson issued the Specie Circular, which required buyers of government lands to pay in "specie" (gold or silver coins). The result was a great demand for specie, which many banks did not have enough of to exchange for their notes. These banks collapsed.[24] This was a direct cause of the Panic of 1837, which threw the national economy into a deep depression. It took years for the economy to recover from the damage.
The U.S. Senate censured Jackson on March 28, 1834, for his action in removing U.S. funds from the Bank of the United States. When the Jacksonians had a majority in the Senate, the censure was expunged
en.wikipedia.org
this link has the actual cartoon of Democratic cartoon from 1833 showing Jackson destroying the bank, to the approval of the Uncle Sam like figure to the right, and annoyance of the bank's President, shown as the Devil himself.
en.wikipedia.org
history is intereting in the it repeats in so form or fashion
many say it rhymes.
en.wikipedia.org |
