At the time of this writing, the U.S. House and Senate are poised to pass a
$700 billion bailout to Wall Street. At the behest of President George W.
Bush, the U.S. taxpayers are going to be on the hook for what can only be
referred to as the biggest fraud in U.S. history.
Virtually our entire financial system is based on an illusion. We spend more
than we earn, we consume more than we produce, we borrow more than we save,
and we cling to the fantasy that this can go on forever. The glue that holds
this crumbling scheme together is a fiat currency known as the Federal
Reserve Note, which was created out of thin air by an international banking
cartel called the Federal Reserve.
According to Congressman Ron Paul, in the last three years, the Federal
Reserve has created over $4 trillion in new money. The result of all this
"money-out-of-thin-air" fraud is never-ending inflation. And the more prices
rise, the more the dollar collapses. Folks, this is not sustainable.
Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by
the bailout of Freddie and Fannie that will cost the taxpayers up to $200
billion. Then the Fed announced the bailout of AIG to the tune of $85
billion. Mind you, AIG is an enormous global entity with assets totaling
more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into
global money markets. And the Treasury Department promised $50 billion to
insure the holdings of money market mutual funds for a year. Now, taxpayers
are being asked to provide $700 billion to Wall Street. (I hope readers are
aware that, not only will American banks be bailed out, but foreign banks
will also be bailed out. Then again, at least half of the Federal Reserve is
comprised of foreign banks, anyway.) In other words, the Federal Reserve is
preparing to spend upwards of $1 trillion or more. Remember again, this is
fiat money, meaning it is money printed out of thin air.
All of this began when the U.S. Congress abrogated its responsibility to
maintain sound money principles on behalf of the American people (as
required by the Constitution) and created the Federal Reserve. This took
place in 1913. The President was Woodrow Wilson. (I strongly encourage
readers to buy G. Edward Griffin's book, The Creature from Jekyll Island.)
Since then, the U.S. economy has suffered through one Great Depression and
several recessions--all of which have been orchestrated by this
international banking cartel. Now, we are facing total economic collapse.
But don't worry: the international bankers will lose nothing--not even their
bonuses. They will maintain their mansions, yachts, private jets, and Swiss
bank accounts. No matter how bad it gets on Main Street, the banksters on
Wall Street will still have the best of it--President Bush and the Congress
will make sure of that. This is one thing Republicans and Democrats can
agree on.
America's founders were rightfully skeptical of granting too much power to
bankers. Thomas Jefferson said, "If the American people ever allow private
banks to control the issuance of their currency, first by inflation and then
by deflation, the banks and corporations that will grow up around them will
deprive the people of all their property until their children will wake up
homeless on the continent their fathers conquered."
Jefferson also believed that "banking establishments are more dangerous than
standing armies; and that the principle of spending money to be paid by
posterity, under the name of funding, is but swindling futurity on a large
scale."
Daniel Webster warned, "Of all the contrivances for cheating the laboring
classes of mankind, none has been more effectual than that which deludes
them with paper money."
Webster also said, "We are in danger of being overwhelmed with irredeemable
paper, mere paper, representing not gold nor silver; no, Sir, representing
nothing but broken promises, bad faith, bankrupt corporations, cheated
creditors, and a ruined people."
Our first and greatest President George Washington said, "Paper money has
had the effect in your State [Rhode Island] that it ever will have, to ruin
commerce--oppress the honest, and open the door to every species of fraud
and injustice."
If George W. Bush, John McCain, or Barack Obama had any honesty and
integrity, they would approach the current banking malady in much the same
way that President Andrew Jackson did. In discussing the Bank Renewal bill
with a delegation of bankers in 1832, Jackson said, "Gentlemen, I have had
men watching you for a long time, and I am convinced that you have used the
funds of the bank to speculate in the breadstuffs of the country. When you
won, you divided the profits amongst you, and when you lost, you charged it
to the bank. You tell me that if I take the deposits from the bank and annul
its charter, I shall ruin ten thousand families. That may be true,
gentlemen, but that is your sin! Should I let you go on, you will ruin fifty
thousand families, and that would be my sin! You are a den of vipers and
thieves. I intend to rout you out, and by the eternal God, I will rout you
out."
What President Andrew Jackson said to the bankers in 1832 is exactly what an
American President should say to these criminal international bankers today.
But what George Bush, John McCain, and Barack Obama want to do is provide
amnesty for the international bankers, just as they want to provide amnesty
for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for
illegal aliens, either. Instead of sending these banksters on extended
vacations to the Bahamas with millions of taxpayer dollars in their pockets,
we should be sending them straight to jail!
The only way to fix this economic mess that the international bankers have
created is to return America to sound money principles, as prescribed in the
U.S. Constitution. This means dismantling the Federal Reserve and the
Internal Revenue Service, overturning the 16th Amendment and the personal
income tax, and returning the American monetary system to hard assets: gold
and silver. Anything short of this will only delay and worsen the inevitable
collapse that has already begun.
Chuck Baldwin
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