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End the Federal Reserve


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2022 Jul 5, 1:40pm   45,367 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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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
264   fdhfoiehfeoi   2024 Apr 2, 10:50am  

Patrick says

For the government is the only institution in society with the power to counterfeit — to create new money.


The "creation" referenced in the Constitution refers specifically to specie, the only real money. Governments role is more in the realm of standardizing weights and measures, and even that is really still set by the market.
What I'm saying is there is not Constitutional provision that allows for mass printing, and only central bankers would want you to think there is.
265   stereotomy   2024 Apr 2, 12:12pm  

Gold is killing it. It's fucked up, but if you've structured your investments for globohomo catastrophe, things are really playing out well.
266   fdhfoiehfeoi   2024 Apr 2, 3:19pm  

Yeah, thing with that line of investment, if you aren't ready for the practical meaning of your profits, it's all for shit...
267   AD   2024 Apr 2, 5:36pm  

NuttBoxer says

The "creation" referenced in the Constitution refers specifically to specie, the only real money. Governments role is more in the realm of standardizing weights and measures, and even that is really still set by the market.
What I'm saying is there is not Constitutional provision that allows for mass printing, and only central bankers would want you to think there is.


Exactly, the Constitution is about the federal government overseeing the coining of money and to protect the public from counterfeit fraud. It was to establish standard currency to ensure free and legal interstate commerce.

.
268   richwicks   2024 Apr 2, 9:00pm  

AD says

Exactly, the Constitution is about the federal government overseeing the coining of money and to protect the public from counterfeit fraud. It was to establish standard currency to ensure free and legal interstate commerce.


You realize what happened don't you?

The Federal Reserve created more currency than they had specie for, this caused the "roaring 20's" but at the end of it with a credit contraction, they were shown to be acting in fraud - and they should have been disbanded (and executed, you can execute people for counterfeiting which is what they did), and gold was made illegal for Americans to own, and the dollar remained convertible to gold still but only outside of the nation. This was at a fixed rate from $35 an ounce (down from $20 an ounce about pre 1933).

The Federal Reserve keeps doing this, but good luck getting the average Joe Six Pack to understand that. The Federal Reserve really is as federal as Federal Express. It should be all rights be abolished, but if it was, it would really F up our system. In time, we WILL come kicking and screaming back to a specie standard, and you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.
270   AD   2024 Apr 12, 10:41pm  

richwicks says

you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.


I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.

Maybe when the system recovers, then gold could be used for currency.
.
271   richwicks   2024 Apr 13, 5:23am  

AD says

richwicks says


you'll be able to buy a house for 10 ounces of gold, but you'll think twice about doing it, because you'll be buying a house in a war zone.


I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.

Maybe when the system recovers, then gold could be used for currency.
.

It's maddening to see a slow train wreck and having no ability to prevent it.
275   DOGEWontAmountToShit   2024 Apr 16, 8:37am  

Patrick says






While they fuck you in the ass, they fuck you in the face is why.
276   AmericanKulak   2024 Apr 16, 11:05pm  

AD says


I agree if the system collapses and the dollar goes to shit then we'll need lead more than silver and gold , and lots of lead in the form of 9 mm and 223 Remington. It will be based on bartering and also vital skills and supplies like food and potable water will be only valued.


Yep! Just want to pimp this excellent book on the TEOTWAKI 0subject again:

https://www.amazon.com/SHTF-Survival-Stories-Memories-Balkan/dp/B084DGF9QD

So many interesting observations and experiences, the best being that the Grey Market will be run by the Milita/Mafia, so if you're seen doling out silver rounds, they're going to follow you home, kill you and your family, and take your stash. Ditto if you whip out a plastic roll of silver rounds to bribe your way past a checkpoint. In fact, just possessing a single mini bar or coin will cause interest. And the guy you're buying from, whose ass does he need to kiss and who does he know?

Those guys will beat and snuff out any "Har, har, I prepped with coins and nobody else did, nyah nyah" of a pompous prepper pretty powerfully.

The better thing to do is wear some cheaper silver/gold jewelry like a thin chain and say "Oh, my grandma gave this to me for my communion, it's all I have", which satisifes the Greed AND the Thug Ego of the bad guys. "Ha, ha, little shit had to give me his communion necklace. We bad mothers!"

Grey Man and inconspicuous is the lifesaver.

Another glimmer of hope was that "Hey, but under socialism you guys had to give up all your guns, so how did you have weapons?"

And Selco was like "Well, that was the law, but... we still had a few old rifles laying around here and there."

I might be repeating myself, but I hope for your forebearance. Somethings just trigger the connections and I gotta share.
280   GNL   2024 Apr 25, 8:44pm  

richwicks says

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.

A good reason to trade in silver with each other as, I believe, Patrick has been saying.
281   HeadSet   2024 Apr 26, 6:25am  

GNL says

f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.
282   GNL   2024 Apr 26, 6:31am  

HeadSet says

GNL says


f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.

But how many people are we talking about? Here, we're/Patrick is talking about over 300 million Americans.
283   DOGEWontAmountToShit   2024 Apr 26, 9:12am  

GNL says

But how many people are we talking about? Here, we're/Patrick is talking about over 300 million Americans.


The silver in that process was mostly recycled.
285   richwicks   2024 May 1, 12:04am  

NuttBoxer says






I'm doubtful of this. Why would a bunch of American oligarchs be on a ship from England to the United States?

That's not explained. They had to be meeting up. I think this is misdirection.
286   richwicks   2024 May 1, 12:10am  

HeadSet says


GNL says


f every American just bought 2 ounces of silver per year, that would consume every available ounce mined in a year.

Back in the days of film cameras, people could easily use 2 oz of silver per year.



There are about 700 million ounces of silver produced per year, our population is 350 million now. If every human being buys just 2 ounces in the US (and they won't but some will buy much more) it brankrupts the system.

The coins we had were melted down and refined in the 60's and 70's and probably 80's.

I can't trust statistics, but IF I were to, we can trivially bankrupt our government. I've bought precious metals, it's a fucking hassle, they don't want you to do it - therefore you should do it. There's a lot of hurdles and you have to expose information, you can't just give a gold/silver dealer a few 1000 dollars and walk out.

Try it, see how regulated it is. Buy 2 grand of silver, although - I think you should wait, the price will go down - but if you have money to burn go ahead, see the headache you have to go through to purchase.

I bought decades ago, I'm clear. But now, I have the problem of how to sell. I have a bunch of contraband wealth, and I don't trust my evil government. We don't need some human being to observe us anymore, just an algorithm, and I've already had assholes from the FIB try to intimidate me, but I think that is from my posts on social media. I shook that cunt up, she had no idea what a criminal syndicate she worked for, and I do. Maybe she thought I was crazy, but I could reference everything. Once I was done, she was definitely shaking, almost crying - these stupid fucking animals have no idea what they are doing - but I still have compassion and sympathy for them. They're just brainwashed. You honestly have no idea what you support or what you are doing. I've told you, you ignore it. It's immensely frustrating, it's really like being a cow trying to explain that the slaughterhouse is death to the other cows.

"Well the farmer has always been nice". Yeah except for one day. I just see cattle around me. They aren't trying to kill you directly, not if you're in the system and helping them, but they kill your children and so on. I am in the frog in the boiling pot of water, you're not. I know it is heating up, you can't feel it.

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