Glenn Beck: Land backed currency - Chinese Troops

[Brian4Liberty]

Wow, Beck's intro today on his tv show was something. A lot of money/debt stuff we are all very familiar with, but then he went further: a new Property/land backed currency, and Chinese troops being brought to America to defend the resources/currency our government will give them!

Aye Carumba!

YouTube - Glenn Beck Clips 10-28-09 Seg2A of 6 This portion the finish of Seg. 2 that was omitted today!

 

[LittleLightShining]

If I'm not mistaken, Griffin goes into this a little in Creature from Jekyll Island. Not so much a land backed currency, but the Chinese taking over our property as collateral on debt.

 

[Brian4Liberty]

Beck based this on extrapolating the Wiemar Republic hyper-inflation. Their new currency was based on German real estate. Then if you look at how China holds our debt, and how they have a hunger for resources (like they have in Africa), and how the US had foreign troops on our soil during the Revolutionary and Civil wars, he wonders if Chinese troops may have to come to the US to "help" out.

 

[Dieseler]

That will work for Zombies.
Close enough.

 

[MRoCkEd]

Did you notice he cited Mises.org for his money chart?

 

[Brian4Liberty]

Did you notice he cited Mises.org for his money chart?

Missed that.

 

[Che]

yea, i was watching it. it was good, enough with acorn shit and he got into real stuff that matters.

 

[ravedown]

Becks best show probably ever- every segment was on point and didnt fall into the right vs left trap, he even made a comment on how both parties are hosed. loved the galveston/social security bit, one of the most eye opening things on tv i've seen in a while. its sooo much more effective to stick to concepts and policy ideas and stay outta the administration bashing rut. kudos.

 

[sofia]

It is a common misconception that "China owns our debt."

At most, they hold about 15% of it or 1-1.5 trillion. (I'm too lazy to check right now)

There are other big creditors too (Taiwan, Saudis, Japan, Europe, US instituitions, and mom and pops.

But the largest holder BY FAR is the FED. If Chinese troops come here to enforce a debt, it's on the Central Bankers behalf, not Beijing.

What we owe the chinese is doable...what we owe the FED will soon be unpayable

 

[Pericles]

That will work for Zombies.
Close enough.

Need more ammo (not that it is possible to have too much)

 

[jkr]

yep...why do you think we havent drilled for oil?

its collateral.


btw- im an alternative energy guy ( instead of buying a subscription service, you own the means of production)

 

[kahless]

I have to catch the repeat. I always like to use China as an example when discussing with Neocons our engagements overseas. I ask how would they feel if Chinese troops were on our soil to help us if our economy collapses and enforce the rule of law. They get all outraged and then I ask how do you think the people whose land we occupy feel. It really is a wake up call for Neocons.

 

[Old Ducker]

Beck needs to bone up on economics some more. His statement that the US went off the gold standard because there wasn't enough gold was moronic.

 

[Sandman33]

Yes lets ship all our soldiers and weapons into the middle east...(to hunt Osama of course) And let the Chineese militarily occupy us..

 

[Brian4Liberty]

Beck needs to bone up on economics some more. His statement that the US went off the gold standard because there wasn't enough gold was moronic.

Yeah, I always wonder when I hear that. It's not that there isn't enough gold, it's that the price doesn't go high enough...and that little problem with the Rothschild's hoarding it all...

 

[Zippyjuan]

It is a common misconception that "China owns our debt."

At most, they hold about 15% of it or 1-1.5 trillion. (I'm too lazy to check right now)

There are other big creditors too (Taiwan, Saudis, Japan, Europe, US instituitions, and mom and pops.

But the largest holder BY FAR is the FED. If Chinese troops come here to enforce a debt, it's on the Central Bankers behalf, not Beijing.

What we owe the chinese is doable...what we owe the FED will soon be unpayable

The Chinese recently passed Japan as the largest FOREIGN holder of the US debt In terms of Treasury Securities, China holds $797 billion worth as of August 2009 http://www.treas.gov/tic/mfh.txt out of a total debt of $12 trillion meaning they have about seven percent (6.66666..%) of it. $3.4 trillion is in foreign hands or 28%.

http://www.cnbc.com/id/29880401 (slide show of holders)

Biggest Holders of US Gov't Debt
As the US government spends an unprecedented amount of money to fix the nation's economy, there is an equally great need to raise the cash to pay for it. This is accomplished through borrowing, whereby Uncle Sam sells Treasury securities of varying maturity.

For investors, the government bills, notes and bonds are considered a safe financial product because they have a guaranteed rate of return, based on faith in future US tax revenues. The government has been partially funding operations via Treasury securities for decades. This borrowing adds to the national debt, which has climbed above $11 trillion and is rising every day. Much of that debt is held by private sector, but about 40 percent is held by public entities, including parts of the government. Here's who owns the most.

By Paul Toscano
Updated 27 Aug 2009

The slideshow reveals the rest.

 

[Zippyjuan]

Yeah, I always wonder when I hear that. It's not that there isn't enough gold, it's that the price doesn't go high enough...and that little problem with the Rothschild's hoarding it all...

As I understand it, Nixon closed the US Gold window because the exchange rate was lower than the international price of gold so countries were trading for it and reselling it- which supports the "we were running out of it" comment.

To quote Ron Paul:
http://www.house.gov/paul/congrec/congrec2006/cr021506.htm

The U.S. did exactly what many predicted she would do. She printed more dollars for which there was no gold backing. But the world was content to accept those dollars for more than 25 years with little question-- until the French and others in the late 1960s demanded we fulfill our promise to pay one ounce of gold for each $35 they delivered to the U.S. Treasury. This resulted in a huge gold drain that brought an end to a very poorly devised pseudo-gold standard.

It all ended on August 15, 1971, when Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold. In essence, we declared our insolvency and everyone recognized some other monetary system had to be devised in order to bring stability to the markets.

 

[jmdrake]

Beck based this on extrapolating the Wiemar Republic hyper-inflation. Their new currency was based on German real estate. Then if you look at how China holds our debt, and how they have a hunger for resources (like they have in Africa), and how the US had foreign troops on our soil during the Revolutionary and Civil wars, he wonders if Chinese troops may have to come to the US to "help" out.

Ok. There were British troops on U.S. soil during the revolutionary war (obviously), and Russian ships helped the North during the civil war, but what foreign troops were on U.S. soil during the civil war?

 

[jmdrake]

Beck needs to bone up on economics some more. His statement that the US went off the gold standard because there wasn't enough gold was moronic.

Maybe he meant there's not enough gold to fund the ever expanding big government agenda. (Wars, unbridled military spending, entitlements, NASA, etc).

 

[awake]

So if Chinese troops set foot on U.S. soil, do we call it protecting and advancing democracy? Can it be called a foreign policy to protect their national interest?

The Irony.