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End the Federal Reserve


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2022 Jul 5, 1:40pm   30,374 views  276 comments

by Patrick   ➕follow (55)   💰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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229   NuttBoxer   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   UkraineIsTotallyFucked   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.

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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   UkraineIsTotallyFucked   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   NuttBoxer   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   UkraineIsTotallyFucked   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   UkraineIsTotallyFucked   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/

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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   UkraineIsTotallyFucked   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   just_passing_through   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   UkraineIsTotallyFucked   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   UkraineIsTotallyFucked   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   UkraineIsTotallyFucked   2024 Mar 31, 9:29am  

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

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