H. E. Panqui
Member
- Joined
- Nov 1, 2014
- Messages
- 1,125
nm? No Mas! Don't give up so easy.
(i was taken aback by his quick tap-out...usually they bet and play their lo$ing hand$ longer than that..good for him though...smart enough to fold quickly when panqui's holding a royal flu$h...)
Here's some good reading for Republicrat cheerleaders/apologists from a RARE old fellow Republicrat who truly under$tood:
Voorhis' analysis of the Federal Reserve System and of banking in general never descended from the plane of a pure systems-analysis to the Jew-baiting and racial slurs of the crypto-fascists, who then as now also made an issue of the Fed. A genuine progressive, he knew that usury is a matter of class privilege and class oppression and can not be termed a function of a "Jewish bankers' conspiracy."
THE CONSTITUTION OF THE UNITED STATES SAYS:
"Congress shall have power to Coin money and regulate the value thereof. "Congress does no such thing, which is the heart of our trouble. Private banks coin our money and regulate its value. In doing so they take from the government and people of the United States a large chunk of their sovereignty, a large chunk of the taxing power, and the key to a prosperous economy without inflation. For example, in testimony before the Banking and Currency Committee of the House of Representatives in 1935, Marriner Eccles, then Chairman of the Federal Reserve Board itself, said:
What ought to be done?
Banks should lend existing money. But, as the Constitution clearly requires, the money (or credit) of the nation should never be created by any private agency, but by an agency of the nation itself. It is the duty of Congress to provide for this by a carefully drawn statute.The stock in Federal Reserve Banks should be purchased by the government from their present private bank owners. The Federal Reserve should then become our national bank of issue. It should create reserve Bank Credit as it does now. But that credit should be credited to the United States Treasury, not charged against it and the people as debt. As much such new credit should be created each year as is needed to keep our economy running at or near capacity - and no more than that. A stable price level could result.Then and only then can we expect to overcome recessions, to put our people to work, and do this without the artifice of inflation and the ever-increasing debt which are incapable under the present monetary system of ever being paid off. -Jerry Voorhis, The Strange Case of Richard Milhous Nixon, 1973http://www.paleoprogressives.org/jerry-voorhis.html
(i was taken aback by his quick tap-out...usually they bet and play their lo$ing hand$ longer than that..good for him though...smart enough to fold quickly when panqui's holding a royal flu$h...)
Here's some good reading for Republicrat cheerleaders/apologists from a RARE old fellow Republicrat who truly under$tood:
Voorhis' analysis of the Federal Reserve System and of banking in general never descended from the plane of a pure systems-analysis to the Jew-baiting and racial slurs of the crypto-fascists, who then as now also made an issue of the Fed. A genuine progressive, he knew that usury is a matter of class privilege and class oppression and can not be termed a function of a "Jewish bankers' conspiracy."
"It is ethically wrong for any private person or agency to enjoy the privilege of creating money, and for the same reason that it would be wrong to give one citizen the right to levy a tax upon another one. The power to create money, either in the form of currency or credit, pocketbook money or checkbook money, is the precise equivalent of the power to tax. Anyone exercising the power to createa new dollar can use it to require a dollar's worth of the labor or the property of a fellow citizen without giving anything of value in exchange. "
(Beyond Victory, 1944)Jerry Voorhis was driven from office in 1946 by the red baiting techniques of a young veteran, recently returned from the Pacific Theater - naval lieutenant Richard Nixon. Nixon, detailed to go after Voorhis, was the recipient of big monies from eastern financial elements. According to William Costello,"...the representative of a large New York financial house made a trip toCalifornia in October 1945, about the time the Committee of One Hundred was picking Nixon, and called upon a number of influential people in Southern California. The emissary "bawled them out" for permitting Voorhis, whom he described as "one of the most dangerous men in Washington" to "continue to represent a part of California in the House..."
Jerry Voorhis On The Federal Reserve:THE CONSTITUTION OF THE UNITED STATES SAYS:
"Congress shall have power to Coin money and regulate the value thereof. "Congress does no such thing, which is the heart of our trouble. Private banks coin our money and regulate its value. In doing so they take from the government and people of the United States a large chunk of their sovereignty, a large chunk of the taxing power, and the key to a prosperous economy without inflation. For example, in testimony before the Banking and Currency Committee of the House of Representatives in 1935, Marriner Eccles, then Chairman of the Federal Reserve Board itself, said:
"In purchasing offerings of Government bonds, the banking system as a whole creates new money, or bank deposits. When the banks buy a billion dollars of Government bonds as they are offered - and you have to consider the banking system as a whole as a unit - the banks credit the deposit account of the Treasury with a billion dollars. They debit their Government bond account a billion dollars; or they actually create, by a bookkeeping entry, a billion dollars."
...This is, of course, the "fractional reserve system" of banking. It is more or less controlled by the Federal Reserve System, whose only stock is held by the private banks of the Federal Reserve System. Not a single share of such stock is held by the government or people of the United States, although if "national sovereignty" means anything at all, these banks of issue should be the property of the nation. But what actually happens when our government engages in deficit financing? The obvious way the government can get more buying power into the people's hands is by itself putting more money into the stream of commerce than it takes out in taxes. The tragedy of the situation is that, up to date, the only way our government has enabled itself to spend more money than it takes in has been by forcing this sovereign nation to borrow its own credit from private sources....the sovereign government of the United States goes hat in hand to the private banking system and asks it to create the new money that the economy needs. The government gives - the word isused advisedly - it gives to the banking system, including the Federal Reserve banks, government bonds, the debt of all the people. Interest-bearing bonds,that is, bonds bearing as high an interest rate under today's regime as the banks decide to demand. Else they won't buy the bonds.The banks "buy" the bonds with newly created demand deposit entries on their books - nothing more. It is fountain-pen money and considerably more inflationary than would be the same amount of dollar bills created by the government. The deposits the banks create with which to own the people's debt are backed by nothing except the bonds themselves! In other words, they are backed by the credit of the American people. What the government has "borrowed" from the banks, what the people must for years pay interest on, is nothing more nor less than the credit of the nation, which obviously the nation possessed in the first place or the bonds themselves would be no good!..But this is only part of the story. And the less discouraging part, at that. For where the commercial banks are concerned, there is no such repayment of the people's money. When the commercial banks create money, as they do when they acquire government bonds, they levy a tax on every person in the United States. This is so because every new dollar that is created makes every dollar previously in existence worth somewhat less than it was worth before. This is the very heart of inflation. It is also taxation without representation with a vengeance. Until this system is changed, our debt will continue to skyrocket without limit and the fixing of debt limits by the Congress will continue to be an exercise in utter futility.What ought to be done?
Banks should lend existing money. But, as the Constitution clearly requires, the money (or credit) of the nation should never be created by any private agency, but by an agency of the nation itself. It is the duty of Congress to provide for this by a carefully drawn statute.The stock in Federal Reserve Banks should be purchased by the government from their present private bank owners. The Federal Reserve should then become our national bank of issue. It should create reserve Bank Credit as it does now. But that credit should be credited to the United States Treasury, not charged against it and the people as debt. As much such new credit should be created each year as is needed to keep our economy running at or near capacity - and no more than that. A stable price level could result.Then and only then can we expect to overcome recessions, to put our people to work, and do this without the artifice of inflation and the ever-increasing debt which are incapable under the present monetary system of ever being paid off. -Jerry Voorhis, The Strange Case of Richard Milhous Nixon, 1973http://www.paleoprogressives.org/jerry-voorhis.html
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