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Patrick says
What would happen if the Reich began to print notes without paying attention to its gold stock?
They used to pretend that all our paper dollars were backed by a vast hoard of gold in Ft Knox.Patrick says
no one any longer even pretends money is backed by anything except force
yup
How was gold not backed by force?
How was gold not backed by force?
This is the ultimate end-game round of Gresham's law. They will force us to accept fiat until they can't, at which time all fiat will be worthless, and we'll have to start using that "barbarous relic" again. By then, we'll probably be living in a world like Kunstler's "The World Made by Hand."
"Sorry, your note for 100 ounces of Gold at Richie Rich's First Federal Bank cannot be honored. Perhaps once the FDIC/Courts have processed it, you might get 1 ounce of Gold. "
Have a nice day."
There have to be laws requiring salaries and wages to be paid in metal directly, no paper.
Otherwise, like in the 19th and before, the wealthy and banks will have all the physical, and give everybody else banknotes. Then they will SBF the Gold.
AmericanKulak says
There have to be laws requiring salaries and wages to be paid in metal directly, no paper.
Already in the Constitution, just not honored.
AmericanKulak says
Otherwise, like in the 19th and before, the wealthy and banks will have all the physical, and give everybody else banknotes. Then they will SBF the Gold.
Just don't bank there. Gold is worthless if you can't secure storage with people you trust.
AmericanKulak says
There have to be laws requiring salaries and wages to be paid in metal directly, no paper.
Already in the Constitution, just not honored.
The Creature from Jekyll Island (1994)
The operation of our monetary system through the Federal Reserve has much in common with professional football. First, there are certain plays that are repeated over and over again with only minor variations to suit the special circumstances. Second, there are definite rules which the players follow with great precision. Third, there is a clear objective to the game which is uppermost in the minds of the players. And fourth, if the spectators are not familiar with that objective and if they do not understand the rules, they will never comprehend what is going on. Which, as far as monetary matters is concerned, is the common state of the vast majority of Americans today.
Let us, therefore, attempt to spell out in plain language what that objective is and how the players expect to achieve it. To demystify the process, we shall present an overview first. After the concepts are clarified, we then shall follow up with actual examples taken from the recent past.
The name of the game is Bailout. As stated previously, the objective of this game is to shift the inevitable losses from the owners of the larger banks to the taxpayers.
Oil! by Upton Sinclair (1926)
Bunny had a talk with Mr. Irving, who told him that it was the Federal Reserve system at work; a device of the big Wall Street banks, a supposed-to-be government board, but really just a committee of bankers, who had the power to create unlimited new paper money in times of crisis. This money was turned over to the big banks, and in turn loaned by them to the big industries whose securities they held and must protect. So, whenever a panic came, the big fellows were saved, while the little fellows went to the wall.
The Fed-shill apology tour has begun:
The Fed repeatedly warned the bank that it had problems, according to a person familiar with the matter.
[Probably anonymous sources with close ties to U.S. intelligence - RH]
I should note that the above article was written by Jeanna Smialek, who - you’re not going to believe this - has a brand new book out, some fan fiction titled: Limitless: The Federal Reserve Takes on a New Age of Crisis.
One of the most absurd aspects of the Silicon Valley bank failure is that its CEO was a director of the same body in charge of regulating it.
- Bernie ‘I Surrender’ Sanders
[Hey Bernie - take a look at the 2008 NY Fed Board]
It’s not just the NY Times.
Here are the top two Wall Street Journal Fed reporters' latest books:
These people are NOT journalists - they're PUBLICISTS! Who is tough on the Fed in the MSM? No one.
They all LOVE the Fed, otherwise they wouldn't be Fed reporters.
I never see reporters more obsequious and deferential than when they're questioning FOMC members.
The Fed has immense power over all of us, and this is a national disgrace. ...
But it’s not just the mostly abysmal MSM. Where's today's Ron Paul? No one in Congress is seriously challenging the Fed.
A few give it a hard time only because they want the infinite fun coupons directed their way [e.g., poser Liz Warren.] And where are you, Senator Sanders?
Congress is so corrupt they've completely abdicated everything to the Fed.
But worst of all is Congress, which created this Frankenstein, and could put it on a leash. Congress is now so corrupt that they have completely abdicated everything to a private bank cartel, even allowing failed bank regulator and gazillionaire motivational speaker Janet “Peter Principle'“ Yellen, in some sort of cosmic joke, to be Treasury Secretary.
Inflation only averaged approximately 2%, even with the Fed Funds rate at 0.25%.
For the first 95 years of the Federal Reserve’s existence, they owned NO mortgage-backed securities.
Then, from January 2009 to June 2010, they purchased1 $1.128 TRILLION, a monstrous amount, ostensibly to save the world, or at least save Wall Street bonuses2.
Despite two very feeble attempts at “QT” in 2011 and 2019, by March 2020, the Federal Reserve had actually increased their MBS holdings to $1.366 trillion.
Then they went insane.
By April 2022, the Federal Reserve had monetized an additional $1.374 TRILLION of MBS, bringing their ownership at the peak to $2.74 trillion. Now, after almost a year of alleged “Quantitative Tightening,” they STILL hold almost $2.6 trillion of MBS, and as bank bond expert Randy Woodward suggests, there was no clear reason for them to buy them at all in 2020.
Incredibly, the $1.374 trillion of MBS purchases by the Federal Reserve between March 2020 and April 2022 continued even as the S&P/Case-Shiller U.S. National Home Price Index annual appreciation rate spiked from 4.5% to 20.7%!
They were putting out a fire with gasoline. ...
And all of a sudden inflation goes parabolic and the Fed has to react, for whatever reason, as violently as they did. Here's what you have. Everything that banks own are at a loss. Every bond portfolio in the world is at a loss. And, if you're forced to sell it, like Silicon Valley Bank was forced to sell it, you got a problem. And that's a massive exposure that all banks are sitting on right now.
By April 2022, the Federal Reserve had monetized an additional $1.374 TRILLION of MBS, bringing their ownership at the peak to $2.74 trillion.
No wonder the other nations want to stop trading in dollars, the other nations are getting screwed being forced to trade in dollars that keep diminishing in value.
Russia, for example, should never have bought US dollars, they should have always bought gold.
In a way its going to feel like when I was a young kid in the late 1970's and getting 1 nice present for Christmas (i.e, Colecovision Mister Quarterback), and having to wait until 1986 for an Atari 2600.
Banks were not able to open branches across state lines until 1997.
The last time you got this kind of inversion (I need to double-check my recollection) the prime rate ended-up at just over 21%, in 1980.”
As friend of the show Matt Stoller wrote in 2020: Every Federal Reserve Board Member Is A Multi-Millionaire ...
But Quarles isn’t a mere millionaire:
“Randal Quarles, 62, is worth between $24.7 million and $125 million” (Love those government ranges).
And this was in 2020, so he’s likely worth $40 billion or something today, after all the bailouts from, well, you know, the place he worked until recently. Weird how that works.
But this is what really bugged me about multi-gazillionare nepotism-beneficiary wunderkind Randal Quarles:
What a slap in the face to 90% of America. Screw you, Randal Quarles.
Quarles is so rich it doesn't matter to him if inflation is 2% or 40% or 4000%.
In his first 21 months on the job, Randal K. Quarles, the Federal Reserve’s vice chairman for supervision and regulation, met at least 22 times with partners at his former law firm, Davis Polk & Wardwell, which represents many of the nation’s largest banks.
Those meetings, disclosed in public schedules and other releases, suggest a closeness between America’s most important bank regulator and the industry he watches over. ...
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It seems that Fed employees know how to get rich betraying the public.