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End the Federal Reserve


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2022 Jul 5, 1:40pm   45,456 views  377 comments

by Patrick   ➕follow (61)   💰tip   ignore  

https://rudy.substack.com/p/qt-stands-for-they-lie



It seems that Fed employees know how to get rich betraying the public.

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223   DOGEWontAmountToShit   2024 Mar 14, 9:49am  

Patrick says

US dollar denominated assets


Dollar denominated assets are not dollars and more than construction plans measured in metric are actual centimeters and grams.
224   DOGEWontAmountToShit   2024 Mar 14, 9:51am  

NuttBoxer says

Are you guys really assuming that figure was physical paper?


No. Only you are assuming what we are assuming.NuttBoxer says

And 1.5 in circulation for 27 trillion claimed is 5%, that's WAY higher than what banks are required to have on hand.


So?

Still doesn't prove there are 27 trillion of them in circulation.
226   Patrick   2024 Mar 14, 12:13pm  




All valid, but real physical silver as currency would be better.
227   DOGEWontAmountToShit   2024 Mar 14, 8:53pm  

Patrick says





All valid, but real physical silver as currency would be better.


As long as transactions can be traced via the blockchain ledger, all that is bullshit.

https://crypto.news/learn/blockchain-forensics-how-authorities-track-crypto-transactions/

True crypto would provide untraceable transactions. Would that mean kiddie porn scum, human traffickers and drug smugglers get away with their shit?

YES

Freedom isn't fucking free kiddies. Sorry to break it to you. I don't like it either. But anything worth having has a price.
228   fdhfoiehfeoi   2024 Mar 15, 9:48am  

UkraineIsTotallyFucked says

NuttBoxer says

Are you guys really assuming that figure was physical paper?

No. Only you are assuming what we are assuming

UkraineIsTotallyFucked says

Still doesn't prove there are 27 trillion of them in circulation.


What the fuck!? "them". After you say I'm assuming, you refuse to assign a value to very obvious const variable you've declared. Why? Just admit you fucked up. We all do. But it seems like some sort of disease lately, that people want to try and appear infallible. Go ahead and search, you will find plenty of examples on here where I'm wrong about something, and I ADMIT IT.

I don't mind being wrong, I do mind being blind...
229   fdhfoiehfeoi   2024 Mar 15, 9:52am  

UkraineIsTotallyFucked says


Would that mean kiddie porn scum, human traffickers and drug smugglers get away with their shit?

YES


NO. You not stopping those people allows them to get away with it. Their customers allow them to get away with it. The transaction medium is irrelevant to the morality of the intent.
230   DOGEWontAmountToShit   2024 Mar 15, 9:54am  

NuttBoxer says


After you say I'm assuming


Uhm. Because you were:


NuttBoxer says


Are you guys really assuming that figure was physical paper?


No. Only you are assuming what we are assuming.


NuttBoxer says


you refuse to assign a value to very obvious const variable you've declared


What value?

$27 trillion in financial instruments does not equate to 27 trillion dollars in existence.

I didn't fuck up. I am not sure what you are doing, tho.
231   richwicks   2024 Mar 15, 9:57am  

NuttBoxer says

NO. You not stopping those people allows them to get away with it.


The US government allowed Jeffrey Epstein to run a child rape ring for years.

They're not even trying to stop it, they're trying to monopolize it. They're criminals.

There are people right now that make honey traps for child sexual predators, arrange a meetup, and the police do nothing once the person is located and found. Recently, some groups have taken more serious action, like beating the perpetrator to a pulp instead of just recording them.
232   AD   2024 Mar 15, 3:58pm  

richwicks says

NuttBoxer says

NO. You not stopping those people allows them to get away with it.

The US government allowed Jeffrey Epstein to run a child rape ring for years.

They're not even trying to stop it, they're trying to monopolize it. They're criminals.

There are people right now that make honey traps for child sexual predators, arrange a meetup, and the police do nothing once the person is located and found. Recently, some groups have taken more serious action, like beating the perpetrator to a pulp instead of just recording them.


I wish they could do these type of stings for the Mexican cartel types who are pushing fentanyl. It would be just more medieval.

.
233   Onvacation   2024 Mar 15, 4:33pm  

Patrick says

All valid, but real physical silver as currency would be better.

yep.

If you don't hold it, you don't own it.
235   AD   2024 Mar 16, 12:20pm  

Onvacation says

Patrick says

All valid, but real physical silver as currency would be better.

yep.

If you don't hold it, you don't own it.


whats are the implications for those who own Silver Trust (ticker: SLV) ?

.
236   DOGEWontAmountToShit   2024 Mar 19, 2:57pm  

HeadSet says

The easiest and time proven way to get a Reset on unpayable government debt is hyperinflation. Hyperinflation will destroy a person's mortgage debt but make up for it with unpayable high taxes.



237   richwicks   2024 Mar 19, 3:55pm  

AD says

whats are the implications for those who own Silver Trust (ticker: SLV) ?


SLV is used to buy options to suppress the price if the material.

If every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year. It would break everything.
238   fdhfoiehfeoi   2024 Mar 20, 8:32am  

AD says

whats are the implications for those who own Silver Trust (ticker: SLV) ?


Onvacation says

If you don't hold it, you don't own it.
239   DOGEWontAmountToShit   2024 Mar 20, 5:36pm  

UkraineIsTotallyFucked says

Rate cut? (I don't think so unless maybe jobless numbers radically rise but others here think Powell is Biden's butt boy...)



240   Misc   2024 Mar 20, 10:24pm  

For those that have been paying attention to my ramblings, the Fed is gonna reduce then eliminate QT over the next 5 months or so. They are running up against a hard limit as to how far they can reduce their balance sheet.

The market will perceive this as a rate cut. Then the Fed will start to cut the rate itself.

The Fed/Federal government has to prop up capital gains so that taxes flow freely into the Blue State coffers. If they don't some state/city checks are gonna start bouncing.
241   DOGEWontAmountToShit   2024 Mar 20, 10:46pm  

Misc says

The market will perceive this as a rate cut


Copium thinking.
242   AD   2024 Mar 20, 11:09pm  

Misc says

For those that have been paying attention to my ramblings, the Fed is gonna reduce then eliminate QT over the next 5 months or so. They are running up against a hard limit as to how far they can reduce their balance sheet.

The market will perceive this as a rate cut. Then the Fed will start to cut the rate itself.

The Fed/Federal government has to prop up capital gains so that taxes flow freely into the Blue State coffers. If they don't some state/city checks are gonna start bouncing.


Yeah, California's 2024 budget is $292 billion with a $73 billion deficit.

So the S&P 500 will have another great year in 2024 just it went up about 26% in 2023 ? The problem will this is that the capital gains tax likely will be paid in early 2025 after California's deficit year of 2024.

And that means California having to borrow (if allowed by state law) at a rate of at least 5% even for short duration like 1 or 3 years ?

https://calmatters.org/politics/capitol/2024/02/california-budget-deficit-balloons/

.
243   Misc   2024 Mar 20, 11:17pm  

The folks who get the big gains are going to file their Quarterlies, just like they always do.
244   AD   2024 Mar 20, 11:21pm  

.

That is why I was trying to explain to Eman when he was overly promoting California, or at least his zip code or county.

California likely will see another round of tax increases to help cover for that $73 billion deficit (for a budget of $292 billion), which may ultimately depress real estate values.

.
245   AD   2024 Mar 20, 11:23pm  

Misc says


The folks who get the big gains are going to file their Quarterlies, just like they always do.


Okay, I understand as they pay their income taxes "in advance" throughout the year instead of a couple of months after the tax year is over. I suspect this is the +$20 million net worth households.

I wonder if there will be a major exodus if California raises taxes this year or next year, as far as those folks who file their quarterlies, such as they go to Nevada.
.
246   Misc   2024 Mar 20, 11:24pm  

I'm still betting they will stuff California pensions with State IOUs, while selling off anything they can for cash today.
247   AD   2024 Mar 20, 11:28pm  

Misc says


I'm still betting they will stuff California pensions with State IOUs, while selling off anything they can for cash today.


What can they sell off ? what state owned property ? I'm not sure how much they can borrow or finance through bonds.

yeah, I can see they "borrow" from CALPERS using that scheme

I was hoping Mish of MishTalk would have mentioned this on Coast to Coast AM tonight, because of the significance of this for the size of California's economy.

George Noory the host of the show lives in California.

.
248   DOGEWontAmountToShit   2024 Mar 21, 8:50am  

AD says


What can they sell off ? what state owned property ? I'm not sure how much they can borrow or finance through bonds.


They do what they have done before: issue IOUs. Banks buy them up. It should be unconstitutional because states aren't allowed to issue money.
252   Onvacation   2024 Mar 26, 4:40pm  

AD says


yeah, I can see they "borrow" from CALPERS using that scheme

My grandpa retired from the shipyard in the early 1970's. His pension was $1500 month.

That was a "comfortable" amount of money until inflation hit hard. Inflation seems to be the plan to get out of sovereign debt.
253   Maga_Chaos_Monkey   2024 Mar 26, 5:13pm  

Onvacation says

Inflation seems to be the plan to get out of sovereign debt.


I used to think that but these days I think planned financial collapse and forced onto CBDC instead. The inflation is just the icing on the cake.

You-Will-Own-Nothing-And-Be-Happy!
254   DOGEWontAmountToShit   2024 Mar 26, 5:40pm  

just_passing_through says

I think planned financial collapse and forced onto CBDC instead. The inflation is just the icing on the cake.


Yeah. I got into the weeds about that earlier this month here https://patrick.net/comment?comment_id=2042719 and here https://patrick.net/comment?comment_id=2042745
255   B.A.C.A.H.   2024 Mar 26, 6:41pm  

If you say so, Patrick.


256   DOGEWontAmountToShit   2024 Mar 26, 6:48pm  

B.A.C.A.H. says

If you say so, Patrick.





How does Google define a central bank?
257   Onvacation   2024 Mar 26, 8:29pm  

B.A.C.A.H. says

If you say so, Patrick.




I don't know about the rest of those countries but the Marshall Island Money is tied to the US dollar
I have a 1989 Marshall Island Moon landing commemorative $5 coin in my collection.




It's worth about 5 bucks.
258   AD   2024 Mar 26, 10:47pm  

Onvacation says

My grandpa retired from the shipyard in the early 1970's. His pension was $1500 month.


A government shipyard like Mare Island ?

$1500 a month in 1972 is equivalent to about $9000 a month today based on 3.5% annual inflation since then.

Did they increase his pension by 3.5% a year on average ?

.
259   Onvacation   2024 Mar 27, 5:49am  

AD says

Did they increase his pension by 3.5% a year on average ?

Don't know. It just seemed like an incredible amount of money back when a can of soda was 5 cents.
260   Patrick   2024 Mar 29, 3:17pm  

https://www.activistpost.com/2024/03/federal-reserve-refuses-to-provide-records-of-foreign-gold-holdings.html


Federal Reserve Refuses to Provide Records of Foreign Gold Holdings

Weeks after Federal Reserve Chairman Jerome Powell evaded a sitting congressman’s questions about the central bank’s foreign gold holdings, the Fed has also declined to comply with a Freedom of Information Act request for records about such holdings.

The Federal Reserve’s lack of transparency comes amidst reports that countries are removing their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine. According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Rep. Alex Mooney, R-W.Va., asked Powell about the matter in a December letter, only to have the Fed chair respond last month with evasive non-answers, telling him that the Federal Reserve does not own gold but holds it as a custodian for other entities—a fact that the congressman presumably already knew.
261   Patrick   2024 Mar 29, 3:49pm  

https://mises.org/mises-wire/price-inflation-comes-government-not-excuseflation-or-greedflation


Price Inflation Comes from Government, not from “Excuseflation” or “Greedflation” ...

The fault of inflation is not in business “monopoly,” or in union agitation, or in the hunches of speculators, or in the “greediness” of consumers; the fault is in the legalized counterfeiting operations of the government itself. For the government is the only institution in society with the power to counterfeit — to create new money. So long as it continues to use that power, we will continue to suffer from inflation, even unto a runaway inflation that will utterly destroy the currency.

Inflation, or whatever you want to call it, is nothing more than government taxation in stealth form. Only the government can conjure up new money from nothing, using it to bid away resources from private individuals.
262   DOGEWontAmountToShit   2024 Mar 31, 9:29am  

“Control the coinage and the courts. Let the rabble have the rest.” Quote from Frank Herbert, Dune

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