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A promissory note can function as currency as long as the debt is not repaid. This is the logic on which the Bank of England was founded, the first successful modern central bank. In 1694 a consortium of bankers made a loan of 1,200,000 pounds to the king. In return, they received the royal monopoly on the issuance of banknotes. In practice, this meant that they could issue promissory notes for a portion of the money the king owed them to any citizen of the kingdom who wanted to buy them, or deposit their money in the bank: in effect, circulating, or "monetizing" the newly created royal debt. This turned out to be quite a business for the bankers (they charged the king 8% annually on the original loan and charged simultaneous interest on the same money to the clients who borrowed it), but it only worked as long as the original loan was never canceled. To date, the loan has not been repaid. It will never be repaid. If it ever happened, the British monetary system would cease to exist.
David Graeber
'Debt: The First 5,000 Years'
Yes, even if salary inflates along with prices, you do not get richer but you pay more in taxes. Unfortunately, people feel rich when salaries and home prices inflate. One can feel smug now that the $600k home he bought 10 years ago is now valued at $1million, but in reality he still has the same home but now pays taxes like a million dollar homeowner.
Yes, even if salary inflates along with prices, you do not get richer but you pay more in taxes. Unfortunately, people feel rich when salaries and home prices inflate. One can feel smug now that the $600k home he bought 10 years ago is now valued at $1million, but in reality he still has the same home but now pays taxes like a million dollar homeowner.
And in some point your property taxes will surpass your SS retirement

And there it was. Unlike the Times’ useless article, Luna’s July 2025 press release explained: (1) when Powell lied to Congress; (2) exactly what he said that wasn’t true; (3) which documents proved the Fed Chair lied under oath; and (4) which specific laws he allegedly broke, right down to the statute number (to wit: perjury and making false statements to federal officials).
The dustup centers on the Federal Reserve’s hyper-luxury $2.5 billion renovation of its headquarters building. According to Rep. Luna, the project includes swanky features like a VIP dining room, private elevators, a yoga retreat, premium marble, Disneyesque water features, and a rooftop arboretum where stressed fed governors can blow off steam by hunting kidnapped taxpayers.
During his sworn Congressional testimony, Powell denied that any of those features were included in the “final plans.” But Ms. Luna found the final plans and, contrary to Powell’s claims, dang it, the sumptuous features were right there. Thus: five Pinocchios. ...
Powell’s tenure as Fed Chair expires in May, though he could still cling on until 2028 as one of the twelve Fed governors.
But if the DOJ develops evidence that Powell did lie, it would give Trump “cause” to legally fire him. Just saying.
1. Powell is the one who decided to disclose the existence of the grand jury subpoena, not the government. The government is generally prohibited from discussing grand jury proceedings.
2. Contrary to Powell’s statement, service of a subpoena on the Fed is not a threat to indict him. Subpoenas are investigative tools. It’s possible that the government separately advised Powell that he was a “target” of the investigation, but he didn’t say that.
3. Nowhere in the statement does Powell say his testimony to Congress about the Fed construction project was truthful and accurate.
The United States Attorney’s Office contacted the Federal Reserve on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process—which is not a threat.
The word “indictment” has come out of Mr. Powell’s mouth, no one else’s. None of this would have happened if they had just responded to our outreach.
This office makes decisions based on the merits, nothing more and nothing less. We agree with the chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.
The monetary system is a Marxist communist system. You have this politburo, the Federal Reserve board, a bunch of academics, a bunch of PhDs. That’s exactly what Gosplan was in the Soviet Union, a bunch of really smart people sitting in offices doing calculations about how many toothbrushes needed to be manufactured in the Soviet Union. And of course, you couldn’t get a good toothbrush, because central planning doesn’t work.
And so in the U.S., or in the west, we entrust the number one controller of people making decisions, interest rates. We entrust that to a bunch of academics and other people in a centrally planned situation. And so they are politically influenced, whether you like it or not, whether they say they’re they are or not - they are. They don’t let anybody fail…They constantly intervene, because you have this revolving door between Wall Street and academia and the Federal Reserve. So, of course, they’re going to bail themselves out.
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It seems that Fed employees know how to get rich betraying the public.