February 2009

Demanding Accountability

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“Financial Slavery”

“It's not two parts of it (freedom), economic freedom and personal freedom. There's only one freedom.”
--Ron Paul with Bill Moyers

By Eric Coltrane

Eric Coltrane

This is the very core of the United States Constitution. Does the U.S. Government make you feel free these days? Or Safe? Is the US military fighting for the freedom of U.S. citizens in Iraq and Afghanistan, or are they fighting a corporate war for the “Big Oil” companies (Bush?) and other U.S. corporations? Billions of U.S. tax dollars are being poured into large corporations such as Halliburton (Dick Cheney?) to rebuild Iraq, when the Iraqi people, who have a huge unemployment rate, could do it for a fraction of the cost. They want to rebuild their own country. They begged to have a hand in rebuilding and protecting their country, and they were told no. So, American citizens paid the price of rebuilding and protecting Iraq with their tax dollars, (and future generations' tax dollars) which by the way was borrowed from China, Japan, and others. Now we owe them. U.S. soldiers and innocent Iraqi citizens have also paid the price with their lives and limbs! Prolonged wars are never good for the State. General Westmoreland knew this when he quoted Master Sun Tzu’s “Art of War” in his argument for withdrawal from Vietnam. He said “No nation has ever benefitted from a protracted war”. This is as true today as it was 2500 years ago.

How does this affect the freedom of U.S. citizens? In my last commentary I outlined basically the way Fractional Reserve Banking worked. All countries use this system, and all countries hold US dollars in reserve. There is a very important reason for this. Oil is very much tied to the USdollar. All countries have to pay for oil in USdollars, and all countries use their reserve USdollars to purchase needed oil. all very convenient for whom, the U.S. government, the citizens of the United States, the “Big Oil” companies, or the Federal Reserve Bank?

The U.S. economy is in a state of collapse. In reality the “world” economy is collapsing. Every currency of the world bases their value against the USdollar. (Incredible, I know.) President Nixon set it up that way. Actually FDR set it up that way with the Bretton/Woods Act. Nixon just removed gold from the equation. Now all money is created from debt without having an asset to back it up. The USdollar is collapsing in a major way. That results in key world economic significance. U.S. citizens can change that dynamic. Jörg Guido Hülsmann put it this way; “In the present crisis, the citizens of the United States have to make an important choice. They can support a policy designed to perpetuate our current fiat-money system and the sorry state of banking and of financial markets that it logically entails. Or they can support a policy designed to reintroduce a free market in money and finance. This latter policy requires the government to keep its hands off. It should not produce money, nor should it appoint a special agency to produce money. It should not force the citizens to use fiat money by imposing legal-tender laws. It should not regulate banking and should not regulate the financial markets. It should not try to fix the interest rate, the prices of financial titles, or commodity prices” (italics added). In other words the United States should lead the way in financial reform. The freedom of U.S. citizens depends on it.

It may however be too late. The financial institutions, Mega-corporations, the IRS, and the Federal Reserve Bank have control over the U.S. government's monetary policies. Not congress, who's responsibility it is. The Founding Fathers knew that those entities should not control the monetary policy (as a matter of fact there was not and was never intended to be an IRS). That is why they handed the responsibility to Congress. Congress is supposed to create a budget and stick to it. Congress has the sole responsibility of maintaining the “Constitutional” monetary policies of the U.S. government. Not the Federal Reserve Bank, not Corporate lobbyist, and certainly not the IRS. Jörg Guido Hülsmann, in his Essay “Deflation and Liberty” writes, “At the beginning of the 20th century, most firms and industrial corporations were financed out of their revenues, and banks and other financial intermediaries played only a subordinate role. Today, the picture has been reversed, and the most fundamental reason for this reversal is paper money. Paper money has caused an unprecedented increase of debt on all levels: government, corporate, and individual. It has financed the growth of the state on all levels, federal, state, and local”.

Congress dropped the ball in 1913 when they allowed the Federal Reserve Bank to take over the monetary policies of the U.S. government. The U.S. dollar has lost 96% of its purchasing power since 1913. The Fractional Reserve Banking system in conjunction with the U.S. government has created massive debt, recessions, depressions, inflation, and destructive economic bubbles. The U.S. government is anticipating a deficit of 1.2 trillion dollars for the 2009 fiscal year. 1,200,000,000,000 one trillion is a million millions. This is a phenomenal debt that can never be repaid. The interest alone is in the billions. Normally the money to fund the deficit is created by selling USTreasury Bonds to other countries, but with the USdollar on the verge of collapse will other countries be willing to buy these potentially toxic bonds? That would be like buying a hand grenade without the pin. You'd want to toss it the first chance you got.

With the unconstitutional income tax in place U.S. citizens will ultimately be responsible for repaying this debt. “Economic Slavery” is what is in store for U.S. citizens. Freedom could most certainly be out of the question.

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