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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: CYBERKEN who wrote (274304)	7/12/2002 5:36:29 PM
From: SeachRE	Respond to of 769670

Your Internet stocks are in a Depression, but they'll come right back up, Cyber.

To: CYBERKEN who wrote (274304)	7/12/2002 7:11:07 PM
From: Mana	Read Replies (2) \| Respond to of 769670

Ken, I am puzzled why you think the FED is good for mankind. They create fiat money and it is unconstitutional!! They create monies that don't have any type of backing of gold or silver. Just plain old paper. This is what causes inflation. The banks themselves caused the panics with fractional reserves. They lent out 9 dollars for every dollar worth of gold that they had. When people wanted their money, the bank did not have the resources to pay up, hence the panics and run on the banks. History has shown time and time again that this destroys society. America has dealt with this problem since the late 1600's. Each time astronomical inflation has brought people back to gold and silver. Even President Andrew Jackson censure was directly related to his hate for fiat money and his fight with banker Nicholas Biddle. George Washington wrote "We may one day become a great commercial and flourishing nation. But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy." The Fed system has been a smashing success since the 30's Yeah, for their shareholders. They have screwed the U.S. tax payers out of trillions since it creation. The Federal Reserve is not part of the government. It is a corporation made up of 12 banks. Article 1 section 8 states Congress shall have power...To coin money, regulate the value thereof and of foreign coin, and fix the standard of weights and measures; 16th Corpus Juris Secundum(141) states Congress cannot delegate or sign over its authority to any indivdual,corporation or foreign nation. The Federal Reserve contradicts these two. -Mana