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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Cheeky Kid who wrote (4111)	2/25/1999 11:04:00 PM
From: TD	Respond to of 9818

gold in Y2K or silver or marbles anyone? What is the definition of a dollar? A dollar is a unit of measurement, much like a pound, a foot, and a mile. A dollar is 24.75 grains of pure gold or 371.25 grains of pure silver. See the Coinage Act of 1782 and the Constitution. Why was the dollar sign changed from two vertical strokes through an "S" to one stroke? Fiat debt currency has only one vertical stroke while real money has two strokes. What is fiat currency? Fiat currency has no intrinsic value. It has no backing and is worthless. What is a money note? A money note has a due date, amount of interest and place for redemption. What is the intrinsic value of a given Federal Reserve Note? It has none. It isn't even worth the 3 cents it took to print the thing. Is the Federal Reserve Act Constitutional? Yes, according to Article I, Section 8, Clause 17, IF it is used in Washington, D.C. However, if it is used within the 50 States united, the answer is NO! What is the money of account in your State and does it comply with the State Constitution? There is no official money of account in your State! What is the backing behind the Federal Reserve Note? United States Credit. What makes Federal Reserve Notes valuable? Nothing but your mind, and the misguided faith of the masses in their banking system. Who owns Federal Reserve Notes? The privately owned Federal Reserve Banks. They are printed for a cost around 3 cents per bill, regardless of denomination, and then lent into circulation to be repaid at full face value, plus interest. That is where our national debt comes from. What is fractional banking? Fractional banking is the practice whereby all banks under the Federal Reserve system operate on a fraction of the depositors' assets. This is usually five to 10 percent but lately is closer to zero. In other words, banks create credit by making an electronic entry into an accounting database, and lending it out at interest. But when it comes time to repay those loans, the borrower must somehow come into real cash to make the payments. Small wonder that the failure rate for new startup businesses is in the 90 percent range. Over 90 percent of the "money" loaned out by banks simply does not exist, and cannot be repaid! There is only so much out there to go around! The only way it can be repaid is by bank foreclosure and seizure of real property! Here is a simple analogy. Let's create a fictitious land where lawmakers have decried that marbles are to be used as money. Let's go on to say there are only 100 marbles in this entire land, all owned by one man. So, let's say he loans out ten each to ten farmers, so they can have money to pay for fertilizer, feed, farmhands, and other expenses. But they each had to put up their land as collateral, and each have to pay back 11 marbles each when their harvest comes in. That's only 10% interest, right? But that would mean that there would have to be at least 110 marbles in circulation for everyone to be able repay their loans, and we've already established that there were only 100 in existence! So what happens now? At least one farmer loses his farm. In fact, most likely SEVERAL farmers will lose their farms! By this simplified example, you can see what a crime fractional banking really is. Except in the case of the Federal Reserve system, there is less than one "marble" in existence for every ten that is "lent" out. By allowing this to continue, it is We the People that have "lost our marbles." Nonetheless, this fraud would become readily apparent if there is ever a run on the banks. If all depositors were to withdraw just 10% of their deposits, the banks would have to close their doors! In fact, if only 3% of the public withdrew all of their deposits, we might have a situation on our hands to dwarf the Great Depression. Should we the people own money? Yes, we should have money that we have title to. That is what the founding fathers of this country believed and wrote in no uncertain terms. Thomas Jefferson once said: "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.": Who controls the economy of our Country? The Federal Reserve Banks. When was the Federal Reserve Act enacted by Congress? In 1913. When was the graduated Income Tax enacted? In 1913. Not a coincidence that is the same year that the Federal Reserve Act was passed. Are income taxes related to the monetary system? Yes, income taxes are needed to pay the interest on the money that is owed to the Federal Reserve Bank. How are they related? The current monetary system could not survive without the tax money. Can debts be paid with Federal Reserve Notes? No, debts cannot be paid in fiat currency. They can only be discharged; that is, passed on to someone else. Should the Federal Reserve Act be abolished? Perhaps, it should be abolished. The system is not forever sustainable. In fact, if things continue in the direction they are going, the GAO's current estimates predict that this generation will face a tax rate of over 85% within their lifetime. Simply to pay the interest on the ever ballooning national debt.