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In a one-sided debate between Congressman Ron Paul and Fed
Chairman Ben Bernanke the "debate" sounded more like the
"where's the beef" commercial from two decades ago, only the
mantra repeatedly voiced by Congressman Paul was: "Where's
the money coming from?" The vaults at Fort Knox have been
empty since 1934 and the Treasury of the United States, the reposi-
tory of America's fiat currency, has been empty of anything except
IOUs since Lyndon Johnson's Great Society, 1964-68. And, the only
sacrosanct part of the Treasury, the Social Security Trust Fund
(which had also been reduced to promissory notes that were due
the recipients of the Fund whose "contributions" were, by law, sup-
posed to be held in a high yield trust account) was transferred to the
general revenue account by Bill Clinton and Robert Rubin amidst
cheers from the Democrats in 1997 that Clinton and Rubin had balan-
ced the budget and created a revenue surplus when all they did was
steal what was left of the Social Security Trust Fund. In a fiat society,
debt is money. The debt, needless to say, is owed by the taxpayer
who has become a serf of the State. The wealth is possessed by the
government, which has assumed the regal role of master of the masses.

When Fed Chairman Ben Bernanke address the Joint Economic Committee on April 14, Congressman Paul raised a question about the answer Bernanke gave to Congressman Kevin Brady [R-TX] about monetizing debt. The Fed is proposing training a thousand bank examiners whose job it will be to make sure the banks are toeing the line (as the Obama White House attempts new legislation to further strangle the economy) and not profiting at the expense of the taxpayers. Paul argued that whether they train one thousand or ten thousand examiners is pointless because the problem isn't the lack of examination if you don't deal with the problems that exist in the banking system. The problem, Paul said, comes from a monetary policy that doesn't make sense and gives bad information to the investor. All of the bank examiners in the world, he noted, can't compensate for this. The systemic problem, Paul noted repeatedly is the practice of creating money out of nothing by monetizing debt as if debt was an asset when every working class stiff who, due to rapidly increasing prices and increased taxes, now pays out more than he earns, understands debt is a liability. Paul said he was still trying to understand how an economy can thrive on that because it rejects every notion of free market capitalism. The core of Paul's trust was asking Bernanke how the government can promise to loan the International Monetary Fund $560 billion when the Treasury is empty and the nation is broke. In point of fact, the world is broke. The world, that is, except the IMF, which is receiving loans and grants from every nation on Earth. Why? Because as the money barons collapse the nation states, the IMF will become the central bank of the world.

 

Just Say No
Copyright 2009 Jon Christian Ryter.
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