Life Is Hard, But Its Even Harder If You’re Stupid.
“I can calculate the movement of the stars, but not the madness of men.” – Sir Isaac Newton, after losing a fortune in the South Sea bubble
Something extraordinary is going on with these government bailouts. In March 2008, the Federal Reserve extended a $55 billion loan to JPMorgan to “rescue” investment bank Bear Stearns from bankruptcy, a highly controversial move that tested the limits of the Federal Reserve Act. On September 7, 2008, the U.S. government seized private mortgage giants Fannie Mae and Freddie Mac and imposed a conservatorship, a form of bankruptcy; but rather than let the bankruptcy court sort out the assets among the claimants, the Treasury extended an unlimited credit line to the insolvent corporations and said it would exercise its authority to buy their stock, effectively nationalizing them. Now the Federal Reserve has announced that it is giving an $85 billion loan to American International Group (AIG), the world’s largest insurance company, in exchange for a nearly 80% stake in the insurer . . . . The Fed is buying an insurance company? Where exactly is that covered in the Federal Reserve Act? The Associated Press calls it a “government takeover,” but this is not your ordinary “nationalization” like the purchase of Fannie/Freddie stock by the U.S. Treasury. The Federal Reserve has the power to print the national money supply, but it is not actually a part of the U.S. government. It is a private banking corporation owned by a consortium of private banks. The banking industry just bought the world’s largest insurance company, and they used federal money to do it. Yahoo Finance reported on September 17: “The Treasury is setting up a temporary financing program at the Fed’s request. The program will auction Treasury bills to raise cash for the Fed’s use. The initiative aims to help the Fed manage its balance sheet following its efforts to enhance its liquidity facilities over the previous few quarters.” Treasury bills are the I.O.U.s of the federal government. We the taxpayers are on the hook for the Fed’s “enhanced liquidity facilities,” meaning the loans it has been making to everyone in sight, bank or non-bank, exercising obscure provisions in the Federal Reserve Act that may or may not say they can do it. What’s going on here? Why not let the free market work? Bankruptcy courts know how to sort out assets and reorganize companies so they can operate again. Why the extraordinary measures for Fannie, Freddie and AIG? The answer may have less to do with saving the insurance business, the housing market, or the Chinese investors clamoring for a bailout than with the greatest Ponzi scheme in history, one that is holding up the entire private global banking system. What had to be saved at all costs was not housing or the dollar but the financial derivatives industry; and the precipice from which it had to be saved was an “event of default” that could have collapsed a quadrillion dollar derivatives bubble, a collapse that could take the entire global banking system down with it.
The Anatomy of a Bubble
Until recently, most people had never even heard of derivatives; but in terms of money traded, these investments represent the biggest financial market in the world. Derivatives are financial instruments that have no intrinsic value but derive their value from something else. Basically, they are just bets. You can “hedge your bet” that something you own will go up by placing a side bet that it will go down. “Hedge funds” hedge bets in the derivatives market. Bets can be placed on anything, from the price of tea in China to the movements of specific markets. “The point everyone misses,” wrote economist Robert Chapman a decade ago, “is that buying derivatives is not investing. It is gambling, insurance and high stakes bookmaking. Derivatives create nothing.”1 They not only create nothing, but they serve to enrich non-producers at the expense of the people who do create real goods and services. In congressional hearings in the early 1990s, derivatives trading was challenged as being an illegal form of gambling. But the practice was legitimized by Fed Chairman Alan Greenspan, who not only lent legal and regulatory support to the trade but actively promoted derivatives as a way to improve “risk management.” Partly, this was to boost the flagging profits of the banks; and at the larger banks and dealers, it worked. But the cost was an increase in risk to the financial system as a whole.2
Kucinich: International Banking Cartel Lose Derivative Foreclosure Ruling By Massachusetts Supreme Court ~ If Congress is serious about lowering the debt ceiling, there is no better place to start than with the Glass Steagall Act.
Since then, derivative trades have grown exponentially, until now they are larger than the entire global economy. The Bank for International Settlements recently reported that total derivatives trades exceeded one quadrillion dollars – that’s 1,000 trillion dollars.3 How is that figure even possible? The gross domestic product of all the countries in the world is only about 60 trillion dollars. The answer is that gamblers can bet as much as they want. They can bet money they don’t have, and that is where the huge increase in risk comes in. Credit default swaps (CDS) are the most widely traded form of credit derivative. CDS are bets between two parties on whether or not a company will default on its bonds. In a typical default swap, the “protection buyer” gets a large payoff from the “protection seller” if the company defaults within a certain period of time, while the “protection seller” collects periodic payments from the “protection buyer” for assuming the risk of default. CDS thus resemble insurance policies, but there is no requirement to actually hold any asset or suffer any loss, so CDS are widely used just to increase profits by gambling on market changes. In one blogger’s example, a hedge fund could sit back and collect $320,000 a year in premiums just for selling “protection” on a risky BBB junk bond. The premiums are “free” money – free until the bond actually goes into default, when the hedge fund could be on the hook for $100 million in claims. And there’s the catch: what if the hedge fund doesn’t have the $100 million? The fund’s corporate shell or limited partnership is put into bankruptcy; but both parties are claiming the derivative as an asset on their books, which they now have to write down. Players who have “hedged their bets” by betting both ways cannot collect on their winning bets; and that means they cannot afford to pay their losing bets, causing other players to also default on their bets. The dominos go down in a cascade of cross-defaults that infects the whole banking industry and jeopardizes the global pyramid scheme. The potential for this sort of nuclear reaction was what prompted billionaire investor Warren Buffett to call derivatives “weapons of financial mass destruction.” It is also why the banking system cannot let a major derivatives player go down, and it is the banking system that calls the shots. The Federal Reserve is literally owned by a conglomerate of banks; and Hank Paulson, who heads the U.S. Treasury, entered that position through the revolving door of investment bank Goldman Sachs, where he was formerly CEO.
The Best Game in Town
In an article on FinancialSense.com on September 9, Daniel Amerman maintains that the government’s takeover of Fannie Mae and Freddie Mac was not actually a bailout of the mortgage giants. It was a bailout of the financial derivatives industry, which was faced with a $1.4 trillion “event of default” that could have bankrupted Wall Street and much of the rest of the financial world. To explain the enormous risk involved, Amerman posits a scenario in which the mortgage giants are not bailed out by the government. When they default on the $5 trillion in bonds and mortgage-backed securities they own or guarantee, settlements are immediately triggered on $1.4 trillion in credit default swaps entered into by major financial firms, which have promised to make good on Fannie/Freddie defaulted bonds in return for very lucrative fee income and multi-million dollar bonuses. The value of the vulnerable bonds plummets by 70%, causing $1 trillion (70% of $1.4 trillion) to be due to the “protection buyers.” This is more money, however, than the already-strapped financial institutions have to spare. The CDS sellers are highly leveraged themselves, which means they depend on huge day-to-day lines of credit just to stay afloat. When their creditors see the trillion dollar hit coming, they pull their financing, leaving the strapped institutions with massive portfolios of illiquid assets. The dreaded cascade of cross-defaults begins, until nearly every major investment bank and commercial bank is unable to meet its obligations. This triggers another massive round of CDS events, going to $10 trillion, then $20 trillion. The financial centers become insolvent, the markets have to be shut down, and when they open months later, the stock market has been crushed. The federal government and the financiers pulling its strings naturally feel compelled to step in to prevent such a disaster, even though this rewards the profligate speculators at the expense of the Fannie/Freddie shareholders who will get wiped out. Amerman concludes: “[I]t’s the best game in town. Take a huge amount of risk, be paid exceedingly well for it and if you screw up — you have absolute proof that the government will come in and bail you out at the expense of the rest of the population (who did not share in your profits in the first place).”4
Desperate Measures for Desperate Times
It was the best game in town until September 14, when Treasury Secretary Paulson, Fed Chairman Ben Bernanke, and New York Fed Head Tim Geithner closed the bailout window to Lehman Brothers, a 158-year-old Wall Street investment firm and major derivatives player. Why? “There is no political will for a federal bailout,” said Geithner. Bailing out Fannie and Freddie had created a furor of protest, and the taxpayers could not afford to underwrite the whole quadrillion dollar derivatives bubble. The line had to be drawn somewhere, and this was apparently it. Or was the Fed just saving its ammunition for AIG? Recent downgrades in AIG’s ratings meant that the counterparties to its massive derivatives contracts could force it to come up with $10.5 billion in additional capital reserves immediately or file for bankruptcy. Treasury Secretary Paulson resisted advancing taxpayer money; but on Monday, September 15, stock trading was ugly, with the S & P 500 registering the largest one-day percent drop since September 11, 2001. Alan Kohler wrote in the Australian Business Spectator: “[I]t’s unlikely to be a slow-motion train wreck this time. With Lehman in liquidation, and Washington Mutual and AIG on the brink, the credit market would likely shut down entirely and interbank lending would cease.”5 Kohler quoted the September 14 newsletter of Professor Nouriel Roubini, who has a popular website calledGlobal EconoMonitor. Roubini warned: “What we are facing now is the beginning of the unravelling and collapse of the entire shadow financial system, a system of institutions (broker dealers, hedge funds, private equity funds, SIVs, conduits, etc.) that look like banks (as they borrow short, are highly leveraged and lend and invest long and in illiquid ways) and thus are highly vulnerable to bank-like runs; but unlike banks they are not properly regulated and supervised, they don’t have access to deposit insurance and don’t have access to the lender of last resort support of the central bank.” The risk posed to the system was evidently too great. On September 16, while Barclay’s Bank was offering to buy the banking divisions of Lehman Brothers, the Federal Reserve agreed to bail out AIG in return for 80% of its stock. Why the Federal Reserve instead of the U.S. Treasury? Perhaps because the Treasury would take too much heat for putting yet more taxpayer money on the line. The Federal Reserve could do it quietly through its “Open Market Operations,” the ruse by which it “monetizes” government debt, turning Treasury bills (government I.O.U.s) into dollars. The taxpayers would still have to pick up the tab, but the Federal Reserve would not have to get approval from Congress first.
Time for a 21st Century New Deal?
Another hole has been plugged in a very leaky boat, keeping it afloat another day; but how long can these stopgap measures be sustained? Professor Roubini maintains: “The step by step, ad hoc and non-holistic approach of Fed and Treasury to crisis management has been a failure. . . . [P]lugging and filling one hole at [a] time is useless when the entire system of levies is collapsing in the perfect financial storm of the century. A much more radical, holistic and systemic approach to crisis management is now necessary.”6 We may soon hear that “the credit market is frozen” – that there is no money to keep homeowners in their homes, workers gainfully employed, or infrastructure maintained. But this is not true. The underlying source of all money is government credit – our own public credit. We don’t need to borrow it from the Chinese or the Saudis or private banks. The government can issue its own credit – the “full faith and credit of the United States.” That was the model followed by the Pennsylvania colonists in the eighteenth century, and it worked brilliantly well. Before the provincial government came up with this plan, the Pennsylvania economy was languishing. There was little gold to conduct trade, and the British bankers were charging 8% interest to borrow what was available. The government solved the credit problem by issuing and lending its own paper scrip. A publicly-owned bank lent the money to farmers at 5% interest. The money was returned to the government, preventing inflation; and the interest paid the government’s expenses, replacing taxes. During the period the system was in place, the economy flourished, prices remained stable, and the Pennsylvania colonists paid no taxes at all. (For more on this, see E. Brown, “Sustainable Energy Development: How Costs Can Be Cut in Half,” webofdebt.com/articles, November 5, 2007.) Today’s credit crisis is very similar to that facing Herbert Hoover and Franklin Roosevelt in the 1930s. In 1932, President Hoover set up the Reconstruction Finance Corporation (RFC) as a federally-owned bank that would bail out commercial banks by extending loans to them, much as the privately-owned Federal Reserve is doing today. But like today, Hoover’s ploy failed. The banks did not need more loans; they were already drowning in debt. They needed customers with money to spend and invest. President Roosevelt used Hoover’s new government-owned lending facility to extend loans where they were needed most – for housing, agriculture and industry. Many new federal agencies were set up and funded by the RFC, including the HOLC (Home Owners Loan Corporation) and Fannie Mae (the Federal National Mortgage Association, which was then a government-owned agency). In the 1940s, the RFC went into overdrive funding the infrastructure necessary for the U.S. to participate in World War II, setting the country up with the infrastructure it needed to become the world’s industrial leader after the war. The RFC was a government-owned bank that sidestepped the privately-owned Federal Reserve; but unlike the Pennsylvania provincial government, which originated the money it lent, the RFC had to borrow the money first. The RFC was funded by issuing government bonds and relending the proceeds. Then as now, new money entered the money supply chiefly in the form of private bank loans. In a “fractional reserve” banking system, banks are allowed to lend their “reserves” many times over, effectively multiplying the amount of money in circulation. Today a system of public banks might be set up on the model of the RFC to fund productive endeavors – industry, agriculture, housing, energy — but we could go a step further than the RFC and give the new public banks the power to create credit themselves, just as the Pennsylvania government did and as private banks do now. At the rate banks are going into FDIC receivership, the federal government will soon own a string of banks, which it might as well put to productive use. Establishing a new RFC might be an easier move politically than trying to nationalize the Federal Reserve, but that is what should properly, logically be done. If we the taxpayers are putting up the money for the Fed to own the world’s largest insurance company, we should own the Fed. Proposals for reforming the banking system are not even on the radar screen of Prime Time politics today; but the current system is collapsing at train-wreck speed, and the “change” called for in Washington may soon be taking a direction undreamt of a few years ago. We need to stop funding the culprits who brought us this debacle at our expense. We need a public banking system that makes a cost-effective credit mechanism available for homeowners, manufacturing, renewable energy, and infrastructure; and the first step to making it cost-effective is to strip out the swarms of gamblers, fraudsters and profiteers now gaming the system. Ellen Brown, J.D., developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest book, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her eleven books include the bestselling Nature’s Pharmacy, co-authored with Dr. Lynne Walker, and Forbidden Medicine.
1 Quoted in James Wesley, “Derivatives – The Mystery Man Who’ll Break the Global Bank at Monte Carlo,” SurvivalBlog.com (September 2006).2 “Killer Derivatives, Zombie CDOs and Basel Too?”, Institutional Risk Analytics(August 14, 2007).3 Kevin DeMeritt, “$1.14 Quadrillion in Derivatives – What Goes Up . . . ,” Gold-Eagle.com (June 16, 2008).4 Daniel Amerman, “The Hidden Bailout of $1.4 Trillion in Fannie/Freddie Credit-Default Swaps,”FinancialSense.com (September 10, 2008).5 Alan Kohler, “Lehman End-game,” Business Spectator (Australia) (September 15, 2008).6 Ibid.
Ellen Brown, www.webofdebt.com/articles/its_the_derivatives.php
“Bailout Barney” is Personally Sitting On, And Blocking, Glass-Steagall Revival
Vodpod videos no longer available.
Each link provides a video stream. However, video downloads are available in iPod and 720p HD format on each streaming video page. • Webcast Keynote Address • Question 1: How Should Ireland Proceed • Question 2: What’s Really Happening in Tunisia • Question 3: On Economic Recovery in a Climate of Fear • Question 4: Will Glass-Steagall Really Shut Down Wall Street? • Question 5: What is the Motive behind the Attack on Social Security? • Question 6: Why Economists are Always Wrong? • Question 7: On the States & Bankruptcy? • Question 8: How Can We Save the States? • Question 9: What is the Role of the Individual in this Crisis?
THE STATE OF THE UNION: A.D. 2011
I prepared this pre-written statement for the scheduled presentation of my “State of the Union” report. As follows.
At this present moment, we are now at the breaking-point at which civilization throughout our planet is wobbling at the brink of what could probably soon be, the greatest crisis of humanity since Europe’s Fourteenth-century plunge into an new dark age. At this moment, the cause of today’s crisis of civilization, is centered within the British Isles. But, the crisis itself reaches throughout Europe: from Portugal to, and throughout Russia. It is a crisis which has been steered, by the British empire’s often controlling political interference into the functions of our government. Fortunately, there are still moments of opportunity for changing all this during the very short time ahead; but we can not wait longer than that. The brief opportunities to rescue our republic exist only if we find leaders who show both the needed wisdom and courage to act immediately. The needed current strategic reality is as follows. Right now. Since the beginning of 2011, the world as a whole has been now gripped by accelerating rates of price-inflation, in a pattern which is already, comparable, as a pattern, to the Weimar Germany hyper-inflationary blow-out of 1923. A world-wide spread of a breakdown-crisis, is now accelerating. Nothing but our United States, if it comes to its senses, could stop this crash’s leading into a threatened, planet-wide “new dark age.” Simply said: Either the 1933 Glass-Steagall law is put into operation again now, without any change from the original, or our United States is doomed. In fact, the entirety of this planet would be taken down, chain-reaction-style, in the same process. No action but the immediate restoration of the 1933 Glass-Steagall law, and nothing different than that, will enable our republic to defeat the crisis of the immediate period ahead. There had been remedies for this crisis at some time earlier, but those options have been wasted by the President and the Congress so far. Either that pattern of obstruction of urgently needed measures, will be reversed now, or there will soon be no United States, nor much of the rest of the planet, either. This breakdown-crisis is rapidly accelerating, now. I have never erred in any forecast which I have issued since my Summer 1956 forecast of a major recession to strike somewhere in a short interval between late February and early March, 1957. That 1957 crisis came like an earthquake when it happened. That crisis came exactly on time, as I had forewarned. I had not made a “market forecast;” I had made a carefully crafted reading of inside technical information on the inner workings of the automobile marketing industry; statistical forecasting is for failures. That said, turn our attention to the present world crisis. To the extent that certain circles inside the United States had acted, since the Autumn of 2007, in opposing my Homeowners and Bank Protection Act of 2007, as that opposition to my action from inside the Congress itself, was led by such as Representative Barney Frank, all of whom were acting under the guidance provided to Presidents George W. Bush, Jr. and Barack Obama, it has been those two Presidents who have been chiefly responsible, however, together with their unconstitutional “signing statements,” for the actual launching of what is now rapidly becoming the greatest, and most worthless financial bubble in the known history of mankind. Our United States, too, would be destroyed, inevitably, were we to permit a continued support for the so-called “bail-out” policies which were wrongfully unleashed by the combination of those two failed choices of Presidents, as also by the role of the most recent two heads of the Federal Reserve System, Morgan stooge Alan Greenspan, and Ben Bernanke, and, now, the shameless Timothy Geithner. As a result of the bail-out, a world-wide, hyper-inflationary time-bomb is about to blow, now. If that “bail-out” policy is permitted to continue, it will blow out the nations of the world, probably the trans-Atlantic region first, and, barring exceptional new developments, Asia second, with the imminent disintegration of that hopelessly bankrupt British monetarist system, which is known variously, either as the “Inter Alpha Group” or its doomed subsidiary, the “BRIC.” That British Inter Alpha Group has been the chief causal factor, since 1971, in the presently onrushing hyper-inflationary disintegration of the trans-Atlantic region, and, therefore, the principal source of the current threat to global civilization generally. Unfortunately, although the leading Asian nations, such as China and India, have been relatively competent in the conduct of their own affairs, especially as compared to the trans-Atlantic sector, even the great Asian nations could not withstand the ricocheting effects of a presently careening, general hyper-inflationary blow-out of the trans-Atlantic group of nations. That ultimate breakdown associated with the creation of the Inter Alpha Group is in progress now; so, it must be stopped now. Go back one crucial step earlier, to the crisis developments which led directly into the 1971 crisis.
The present condition of world-wide financial crisis, which has dominated this planet in the present form since the August 1971 cancellation of the Bretton Woods system, was, in large part, made possible by the effect of the earlier assassination of President John F. Kennedy. That assassination had enabled the launching of a worthless and ruinous war in Indo-China. That war had been a war even more ruinous in its ugly effects on the citizenry and youth of the United States, than on the Southeast Asian field of battle. This war was not the fruit of an honest error. What had been done was according to a war-plan denounced by President Kennedy and General Douglas MacArthur, a war which ruined us, not only economically, but also morally. It was a war which could not have occurred without both the assassination of that President and the ensuing, frantic effort, in some leading circles, to prevent any serious public investigation of an assassination which coincided, in several respects, with what had been, already, the repeated efforts from Spain-based fascist operations against France’s great President Charles de Gaulle. The Warren Commission was, thus, the actual turning-point, since which our United States has gone down, down, and down, even despite that great space achievement which had been set into motion by that murdered President. Despite all that, still today, our U.S. Federal Constitution still equips us with a still lingering remedy for this present world economic crisis-situation; but, unless the original 1933 Glass-Steagall law is now immediately restored by our United States, very soon, as the highest priority of our government’s actions now, there is no chance that our republic would now survive under its present Constitution; these United States could not outlive the presently accelerating hyper-inflationary bubble being orchestrated against us by London and London’s Wall Street appendages. In that case, no part of the planet will escape the full force of the greatest, British-led process of “creative destruction”-orchestrated, hyper-inflationary collapse of civilization, in known modern history since the 1648 Peace of Westphalia.
What is inevitable is, in one way or another, the collapse of a presumed trillions of what are, essentially, financially fictitious U.S. dollars of debt attributed to “bail out” operations, which will never be paid, simply because “play money” debts could never could be actually paid,however willing, or powerful the fool who attempted to carry out such an intrinsically hyper-inflationary bail-out. The reason for that paradox is elementary. Those kinds of debts created by these so-called “bail-outs” could never be repaid since they are, intrinsically, fraudulent debts, intrinsically unsecured debts which are represented by the proposed bail-outs of what are, at the end of the day, purely fictitious gambling debts; they are debts which represent no corresponding, intrinsically physical form of either present or future, actually physically efficient form of economic value. In this paradoxical situation, Glass-Steagall would have two most notable effects. It will wipe out those fictitious debts, which are merely “gamblers’ debts;” the gambler has lost the nominal value of a debt for which no present or future wealth would, or could be actually created. Glass-Steagall would solve this paradox, as President Franklin Roosevelt had overcome the lunacies of Presidents Coolidge and Hoover in 1933, which he did, by a single stroke of our Federal Constitution’s already existing, intrinsic law. Glass-Steagall now, as then, would thus clear the way for refinancing the states and their principal communities which had been looted under the policies of Presidents Bush and Obama, and would serve as the basis for the launching of the greatest physical-economic recovery program ever conceived by man, NAWAPA. The hard fact remains, that either those mere gambling debts are to be written off for the purely fictitious “gambling debts” they are, or there will be no United States, but a lot of very, very dead Americans. The means to stop this are available; they are called “Glass Steagall, or also named “NAWAPA.”
It is necessary to emphasize here, that I acknowledge that any survival of the U.S. economy, would mean the general bankruptcy of that already hopelessly bankrupt, so-called “Inter Alpha Group,” aka “BRIC,” a grouping which forms the present financial-monetarist basis for the British monetarist empire-in-fact. This is a monetarist system which has ruled over Europe, during most of the periods since the formation of the Roman Empire, the empire which was launched by the concert of Octavian and the priests of the cult of Mithra, in their negotiations on the Isle of Capri.1The British empire of today still exists as of yore, as the present incarnation of that legacy of the maritime system of financial empire established by Rome at Capri, as continued through the reigns of the monetarist systems of Byzantium, of the old Venice system, and of the New Venetian system of those followers of what is properly known as the “New Venetian Liberalism” of Paolo Sarpi, a scheme which secured the turn of the English throne into what was turned a British empire with the invasion of England by the “New Venetian Party’s” William of Orange. It has been, chiefly, the threatening British objection to a U.S. re-enactment of Glass-Steagall, which has threatened to block the Obama White House’s willingness to give lackey-like elements in the U.S. Congress permission to vote up the otherwise popular demand for a restitution of the 1933 Glass-Steagall law. Therefore, it is necessary to state clearly the conditions under which not only the United States, but even the United Kingdom’s own economic survival will depend upon the great reform which depends on restoring Glass-Steagall conditions.
If all the banks of Britain and its like were to be caused to vanish in a grand flop on the morning, Britain would be better advised to learn its lesson, than to block a Glass-Steagall revival. We must suggest, most strongly, that the United Kingdom should now come to its senses in this matter. What if all the banks of the United Kingdom, and also the “BRIC” are wiped from the scene, would the United Kingdom itself need to die, too? Could it not survive, albeit in the more modest and much more appropriate role as a sovereign nation-state minding its own nation’s business, rather than its long-standing, but deplorable present habit, of meddling in the troubles of others (troubles which it did much to cause, as contributed by the case of the unfortunate British lackey George Soros)? A salvaged set of U.S.A.-style commercial banks could be created, by international agreement, to protect and promote the general welfare of citizens of a republican United Kingdom just as Glass-Steagall protects our own United States. If not the United Kingdom, or, if so desired, a pair of neighboring sovereigns such as Scotland and England. The British influence on a problematic President such as Barack Obama, is not to be tolerated any longer as a legitimate expression of the functions of a President or a U.S. Congress of the United States. So, what if the leading financial speculators of the world go belly-up financially; the human species will have lost less than nothing, and might find consolation in a form of security provided by the honest employment which we will encourage be afforded as decent opportunities, instead of the international drug-trafficking and usury which the United Kingdom has maintained over now more than two centuries, as the British monarchy has shown such stubborn affinities up to present-day role in Afghanistan.
To understand our Federal Constitution’s economic provisions for a crisis of the present type, there are two most crucial points in our history which demand the leading attention of all among our actual patriots at this moment. The first is, that the precedent for our U.S. Federal Constitution, is to be located within the implementation of that originally uttered Royal Charter which launched the Massachusetts Bay Colony as a sovereign entity under the authority of the English Kingdom at that time. This charter was employed by the leaders of the Colony, such as the Winthrops and Mathers, as the authority for the creation of a credit system for the Massachusetts colony, rather than a monetarist system of the European type then, as now, still today.
That constitutional principle is not a matter of merely ordinary law; it is the expression of a universal physical principle, a truly constitutional quality of principle on whose observance the continued existence of our republic now absolutely depends. To oppose that principle, is to attempt to destroy our republic by means which would be tantamount to treason; in this case, it would be submission to the will of a foreign power, the international drug-trafficking British Empire since the 1790s, which is precisely the intention behind President Nixon’s cancellation of the Bretton Woods agreement at the urging of such as Arthur Burns, George Shultz, et al., acting under the failed President Richard Nixon, at that time. The historical evidence is, that the cancellation of the Massachusetts colony’s sovereign powers, essentially as by the New Venetian Party’s tyrant William of Orange, left the London-betrayed tradition of the economic policy of Massachusetts, one to be continued by successors such as the former Boston man, Benjamin Franklin, who presented the utterance of a paper currency as the proposed instrument of a credit system, and the man who became the virtual author of our republic. The second principal consideration, is that the immediate authority for the credit policy of our U.S. Federal Constitution, as opposed to a monetary policy, came into being through Hamilton’s initiative on this account, an initiative which served as the cornerstone for crafting the entirety of the design of our original Federal Constitution. Today, Hamilton’s role in the crafting of that Constitution has become a rarely known story; yet, as a matter of practice, it is of cardinal importance for any U.S. citizen today, or, therefore, for any person intellectually competent to hold Federal office still today. Unfortunately, few elected officials of our republic have competent knowledge of this central feature of principle in the design of our constitutional republic. Therefore, the essence of this crucial matter must be spelled out here, as follows. Our nation’s life, and perhaps your own, depends upon the citizen’s adopting the fact of this knowledge.It must be emphasized here and now, that there is a difference between a mere ordinary law, and a law premised upon a demonstrably truthful expression of a principle of nature, a demonstrable principal of what is properly conceived to be constitutional law, rather than a merely customary principle of law, as the latter inferior, regrettable notion of law is typical of the parliamentary traditions of Europe thus far. The notion of the German constitutional court is a notable case of an implied attempt to maintain that distinction respecting ordinary law-making and a fundamental principle of law implicitly embedded in our own Federal Constitution. The argument presented by Alexander Hamilton, shows the meaning of that distinction of true principle from merely a more or less arbitrary caprice in legislating in law, a distinction from that which, quite clearly, corresponds to the proven virtues of actual historical experience of mankind’s best nature, such as that which inspired the original colonists of Massachusetts, prior to the invasion of the British Isles by the so-called “Liberalism” of the imperial New Venetian Party’s William of Orange. Hamilton’s argument for the existence of a Federal Constitution is fairly summarized in effect as follows.
The victory of the United States over the British imperial tyrant, was accomplished with the aid of the leading nations of continental Europe at that time. France was the leader in providing this assistance. The kingdom of Spain then joined France in the role as an ally of our United States. In addition, powerful forces, headed by the role of Russia’s Catherine the Great in the League of Armed Neutrality, together with the conscience of many in the British Isles, all joined in aid of the cause of our struggle for liberty, which was seen by them as their cause for freedom from the rapine inherent in the outcome of that Seven Years War which had been unleashed through the schemes which that New Venetian Party of England, and the Netherlands, had already ensconced in England during the reign of William of Orange. However, from the time of the role of the British East India Company’s Lord Shelburne in the launching of the British Foreign Office, from 1782 onwards, Britain was enabled to replay the kind of role in Europe which history witnessed in the run-up to the French Revolution and those Napoleonic wars which were orchestrated as an echo of the model of the British East India Company’s orchestration of the so-called “Seven Years War” of 1756-1763. Once Napoleon had been chastised with the defeat of his attempted invasion of Egypt and the Levant, Napoleon changed wives, dumping the Josephine associated with the pro-Ottoman alliance against the Habsburgs, and was given a Habsburg princess as a wife instead. Napoleon, thus married to a new fate, then led the wars throughout Europe, which wrecked France and continental Europe, all done to the not exactly kindly intentions of that British monarchy and Prince Metternich who created the infamous peace which imperial London and Metternich imposed at Vienna upon a defeated set of the nations of Europe. As former Chancellor Bismarck had foreseen on the verge of World War I, that war, would be, as Napoleon’s rape of continental Europe had been, “a new Seven Years’ War.” Do not ridicule the French on account of King Louis XVI’s, and the Emperor Joseph II’s foolish reactions to the British Foreign Office-orchestrated affair of “the Queen’s Necklace.” We of the United States, sometimes repeated exactly the same mistake which most of Europe had made in the so-called “Seven Years War” of 1756-63, and France in the Napoleonic wars. We did so in the regrettable Polk’s own Mexican war, and in our own lunatic plunge into a virtual decade of useless, bleeding war in Indo-China, following that assassination of President John F. Kennedy which prepared the way for the U.S. entry into the prolonged Indo-China war against which both President Kennedy and General Douglas MacArthur had warned. The Soviet Union made the same mistake in its sucker’s move into Afghanistan, which became the downfall of the Soviet system, and we have made the same mistake, again and again, as under the corrupt influence of Britain’s perennially lying Prime Minister Tony Blair in the 2003 launching of an Iraq War which has not really ended yet, but is merely on the road to a new war of British concoction, the war through which the United States would follow the former Soviet Union’s precedent, by defending the British opium traffickers in Afghanistan, with the prospect of a new regional war yet to be set off, with British instigation, and the Obama administration’s convoluted consent, against Iran. So, the British empire uses such puppets as former Prime Minister Tony Blair’s nasty, current favorite, the narcissistic and vicious President Barack Obama! From the time of the fall of France into the Revolution and the Napoleonic Wars, our United States’ very continued existence remained in peril until the surrogate victory over the British enemy led by President Lincoln and both the Lincoln Administration’s end of the British system of slavery and the launching of our United States to its greatest accomplishments on a world scale. Under President Lincoln and his legacy, our United States emerged as the greatest, virtually continental nation which the world had seen since the qualified precedent of the work of Charlemagne in the development of the continent of Europe for as long as he had lived.
It was British health-care policies, then, in September October 1939, which are known today as both the genocide policies of the Hitler regime, and the policies, uttered from the London of former British Prime Minister and infamous liar Tony Blair, which are expressed as the pro-genocidal intention of the policies currently proposed by President Barack Obama (those who deny that fact, are either stupid, or lying).The policies underlying the Hitler- and Blair-like policies of the Obama administration presently, are entirely creations of the British Empire under the current British Royal family’s role as an empire of a British monetarist system, a system currently http://wp.me/psXSG-6De on the root supplied by…
So, there we were, when the decline of France over the interval 1782-1789, brought us from a state of cautious triumph as a republic, into the time of the peril which the French Revolution expressed. Our former hero, Thomas Jefferson, went essentially mad, during this time, as did other leaders who, like Jefferson, returned to their senses during the times of President Monroe’s and John Quincy Adams’ leadership of our republic. It was in this process of that interval, 1782-1789, that the genius of our great republic had showed itself, a genius expressed by the creative insight of Alexander Hamilton in his own time, an insight which led into the principle used for the creation of our Federal Constitution.
The once-victorious states of the United States, once the victory over the British had been secured, had found themselves buried in a war-debt incurred by the respective former colonies. Hamilton’s genius saved the United States, as the same principle, expressed by the re-enacted Glass-Steagall law of 1933, would save our United States, again, today—if we acted to force through that reform, whatever that requires, immediately, now. By creating a Federal Constitution, one designed under the great guiding, inviolable principle of the present Federal Constitution’s general welfare clause, all of those elected officials who oppose that constitutional principle affirmed as the Preamble of that Constitution, are morally obliged either to change their opinion, or leave office out of a desire not to pollute our government with their unwholesome, misguided opinions. Hamilton’s turning our United States to national banking under a credit system, rather than a European type of monetarist system, provided the solution, a unique solution which sometimes influenced both European and some American states, in particular, but which rose to a more outstanding degree of durable quality than other leading nations to the present date. On that account, since 1776, the British empire has sought to subvert and destroy us, from that time to the present day of the anglophile corruption expressed by such putative proteges of the most regrettable, lying, former Prime Minister Tony Blair as President Barack Obama. That principle of a credit-system, emphasized by Hamilton, rather than a typically European monetarist system, is the credit principle, a principle directly counterposed to the monetarist principle which was established as that principle of usury of the Roman Empire which is continued by the present British empire, and tolerated, still, among most of the nations of Europe and elsewhere, still today. That principle is also a moral principle, enshrined against that principle of monetarist usury which has been employed to wreck our republic, as has been especially notable since President Nixon’s implicitly treasonous, great criminality of August 1971. The principle is elementary. It is the principle of the Pine Tree Shilling of the original Massachusetts Bay Colony.Honest debt to the future can be paid only through honest creation of future physical and equivalent wealth, including the development of the relevant creative powers of the individual citizen and also the children and adolescents of those families. Such debts of a credit-system must be paid by the fruitfulness of future production, as this principle was already understood by the Winthrops and Mathers of the original Massachusetts colony. Such debts require that the government delimits such accumulations of debt to the efficient commitment to promote that production. Such debt can be lawfully incurred only by a decision premised on a reasonable expectation of the relevant creation of the increased physical wealth, and of the increased physical productivity of the nation. Debts incurred on the account of financial speculation are not legitimate debts of a government. This describes, in rather plain language, Alexander Hamilton’s great principle as embedded in the subsuming intent of the Preamble of our Federal Constitution. Debts are good, when they are designed to be made good, as by a credit system based on a commitment to increase the creation of net wealth per capita, and per square kilometer of the territory of a nation. The famous Saugus Iron Works typifies the genius of successes which horrified the more backward, and often useless souls reigning jealously over England at that time. In practice, the success of the United States’ economy has always lain, chiefly, in the production of those public works through which the increase of the physical productivity of the nation is effected, as it is measurable per capita and per square kilometer of territory. No true republic was ever a mere collection of parts; but is the summoning of diversity to the effect of an intended greater and better unity. Principal incidences of violations of that principle are notable for the case of the corrupt “environmentalist” policies of the Confederacy-inspired President Theodore Roosevelt, the trained nephew of a Confederate spy, James Bulloch, who had worked for Britain from London. There is the kindred corruption of flagrant Ku Klux Klan backer and U.S. President Woodrow Wilson. There are kindred evidences against the similarly perverse views of Presidents Calvin Coolidge, Herbert Hoover, Harry S Truman, Richard M. Nixon, and Presidents George H. W. Bush, Vice-President Al Gore, and Presidents George W. Bush, Jr., and the virtually would-be “Emperor Nero” of his time, Barack Obama. The entirety of the Federal Constitution rested upon that single conception which echoed the precedents set by such as the Winthrops and Mathers of the Seventeenth-century Massachusetts Bay Colony, under the Pine Tree Shilling, as revived to be part of our Federal Constitution through the influence of Cotton Mather’s young protégé Benjamin Franklin and Franklin protégé Alexander Hamilton. Call it the legacy of President Franklin Roosevelt, who was the fully witting descendant of Alexander Hamilton’s ally, Isaac Roosevelt, who had been the founder of the Bank of New York established in opposition to the Manhattan Bank of the traitor and British agent of Lord Shelburne’s Foreign Office lackey Jeremy Bentham, the de facto traitor, assassin, and former U.S. Vice-President Aaron Burr.
If we simply cancel the mistakenly presumed obligation to pay the worthless debt represented by the operations led by former J.P. Morgan agent and later Chairman of the Federal Reserve System, Alan Greenspan, and Greenspan’s muddled follower, Ben Bernanke, at the Fed today, we will be doing nothing different respecting principle of practice than President Franklin Roosevelt did in the 1933 promotion of that original Glass-Steagall law which saved the United States from Hell at that time, and which also served as the beacon of our national financial and related economic stability until the swindle of the Alan Greenspan-steered repeal of Glass-Steagall in 1999. That simple action of a Glass-Steagall revival now, will save the United States; any failure to resume that 1933 legislation will doom the United States to a very early general destruction. Those who choose one or the other option, earn the praise or hatred of the present citizens and their families of the United States accordingly. The debts known by such names as Alan Greenspan’s concoction of “financial derivatives” are nothing different than “gambling debts.” They are to be treated as such. The assumption of such forms of debt is contrary, pure and simple, to the clear intention of the Preamble of the Federal Constitution. Freeing the United States’ government of the grip of those essentially fictitious financial obligations to Wall Street, London, et al., immediately frees our Republic of that burden. The urgently needed recovery of the U.S. economy can, then, begin an initially slow and cautious, but accelerating rate of physical economic recovery to health and wealth, and to the halting of presently accelerating, global entry into hyperinflation, all done from the moment the implementation of the original, 1933 Glass-Steagall law is put into operation. That return to the 1933 Glass-Steagall law, is the single decision on which even the mere continued existence of these United States now depends, on which your own personal existence now depends, in fact. Any member of the legislature who has any different immediate intention, is being worse than a useless waste of time, and should, perhaps, either reform, or turn himself, or herself in, for a more appropriate opportunity in employment.
The virtually instantaneous effect of the re-enactment of the original 1933 Glass-Steagall Act, is to rescue the Federal states of the United States from a presently accelerating slide down the chutes into otherwise virtually inevitable social-economic Hell. The “bail out” of Wall Street and London ends, thus, with the restoration of the essential functions of the governments of the Federal states. We shall not sacrifice the citizens of our states on the altar of a Wall Street, or London’s Baal, as President Barack Obama has done even far worse, thus far, than the wretched President George W. Bush. Jr. before him. The ability to sustain the needed full measure of a recovery of each among the states, depends, in large part, on the “multiplier” effect of increasing the amount of Federally promoted employment-incomes within the economy of each of the states. Every person so employed, spends the income so promoted in expanding the market within the state’s economy, and in the freeing of our nation of the direct and other, actually enormous costs of the breakdown of state and local society under the wrongful, post-August 2007 policies of Presidents George W. Bush, Jr., and Barack Obama, thus far. While all that is necessary must be done, it not sufficient to repair the ability to sustain the benefits which must returned to the Federal states. The productivity of each of the states now depends desperately upon a combination of Federal assistance and the general increase of the productivity within each and all of the states. The ruin of the states by the Presidencies of George W. Bush, Jr., and Barack Obama represents a degree of incompetence by those Presidents which is tantamount to treason in its effects. For the broader purpose, we require large-scale, long-term, science-driven and related investments in major public works of long-term development, works which raise the level of capital intensity and higher energy-flux-densities of applied sources of power across all of the states of the Union. You need cuts? Cut the “bail out”! How? Simple! Restore the original Glass-Steagall of President Franklin Roosevelt. Otherwise, our President is behaving as a traitor, a mentally ill person, or, a lunatic, in effect. The remedies for our distress exist in relevant changes in policy which begin with scrapping virtually everything done by both the Bush and Obama administrations since the end of August 2007. Whereas, the brilliantly successful launching of the Tennessee Valley Authority (TVA) serves as a model of reference for the needed increase of the well-being within and among the Federal States, we had, prior to and during the 1964-1975 U.S. warfare in Southeast Asia, the avowed 1964 intention, under President Lyndon Johnson then, to follow the intended conclusion of that war with the launching of what was known as NAWAPA, which would have solved all of the major, long-term power and water problems of not only the western states of the U.S.A., Mexico, and Canada, but which would also have saved those territories from the awful depletion and destruction of those and associated regions of North America as a whole. President Johnson is not to be blamed over-much for his conceding to the pressures for the folly of Indo-China warfare against former U.S. ally Ho Chi Minh. Those policies which misled the United States into its Indo-China war, had been launched by the British empire, in a moment of opportunity, following the death of President Franklin Roosevelt. The British Foreign Office released the Japan soldiers then being held as prisoners of war, to resume their arms and to occupy Indo-China until the time the British empire would bring French occupation forces back to take over the former colony. At the bottom of this business in Southeast Asia, the responsibility of the atrocity of sending our forces to die in the 1960s and early 1970s Indo-China war, lies with the role of those who composed, or merely supported the notorious “Warren Commission” which celebrated its British triumph over the assassination of President Kennedy. This deed was done in a way which must be marked down in history as the treasonous development which brought our republic into a state of ruin through a war which only the assassination of President Kennedy had made possible. President Johnson was plainly terrified by the implications of the Warren Commission “cover up.”
This entirely feasible NAWAPA project will, among its numerous excellent effects, not only restore the presently endangered and increasingly wasted, western states of the United States, but it will become the precedent for the remedying of the desertification and kindred waste-land effects of entire regions of the continents of Eurasia, Africa, and South and Central America. NAWAPA, for example, is fully designed in all its general features, to serve as a model for other great projects in Africa such as the Transaqua restoration of the region of Lake Chad, and for the realization of certain developments of Siberia which are of strategically crucial importance for the future of large and other nations to the south of Russia, including China and India. Essentially, this prospect means that we are becoming the real United States, once more, as Franklin Roosevelt had intended for a planetary group of respectively sovereign nations sharing a great common interest, once the so-called “Second World War” had been brought to its necessary close. Of this, there is much more to be said on this occasion. To realize the implementation of a great project such as NAWAPA, beginning now, compels us to put the Northeast region of our United States, also, back into full production, as much as the directly relevant western part of the North American continent. The former automobile-industrial and related regions of the Northeast and central states of the United States must build the systems needed to supply the great NAWAPA program with a great part of its own efforts. The skilled, but now unemployed machine-tool operatives, and others, who have been lately cast into the ruins of once great, productive states of the United States, must return to duty, to build the modern forms of rail, magnetic-levitation and other systems, needed in the eastern states of our region, to fulfil the great hunger of the NAWAPA and associated projects. That will be sufficient not merely to restore our national economy; we must launch leaps in progress of a type not seen since the death of President John F. Kennedy’s inspiration. NAWAPA provides us the largest chunk of the policy needed to do just that. It is fairly estimated, based on the original Parsons estimate for the mid-1960s, that four millions jobs will be created in rapid pace for NAWAPA itself. However, the need to supply support for the installation of NAWAPA will demand an additional two millions or more new employment among such states as those from New England to St. Louis, in such forms as new railway systems, magnetic levitation systems (especially for carrying heavy loads up to as much as five thousand feet), and the proliferation of productive employment in industries generally, all as stimulated by the markets created by NAWAPA. This will also reverse the drying out, presently in an advanced degree, of the watersheds of the Plains states and other grievous such shortfalls, through the increase of rainfall patterns across the continent, and will lead, in other respects, to the conquest of desert regions generally, thus creating a more moderated climate, and an increase of the territory available for habitation and employment. A short term perspective for six millions new industrial and related jobs is a fair minimal prospect for the perspective based on NAWAPA. If we add return to an earlier nuclear power policy, the increased number of productive jobs caused by these measures, alone, would be seven millions. The urgently needed reform of our national economy, away from Wall Street and kindred, purely wasteful speculation, into forms of occupations less suited to the higher apes, and more to the stimulated, creative mental-powers of our productive citizens, is the only presently available alternative to what would be, immediately, a plunge of the planet in its entirety into a global dark age worse than that which Europe experienced, as a result of Wall Street-like, Venetian speculation, back during the latter part of Europe’s Fourteenth Century. III. TVA & NAWAPA: An American TraditionIn certain crucial respects, the launching of the Tennessee Valley Authority (TVA) under President Franklin Roosevelt, typifies a principle which was reflected in the Parsons firm’s perfected design for NAWAPA. It reverses the policy of economic waste and rot which that nephew-of-a-British-spy, President Theodore Roosevelt, imposed upon the United States, a dirty duty done by that Roosevelt’s dirty British trick of forbidding any rational progress in the development of the U.S.A.’s western lands beyond the twenty-inch rainfall line. The most notable fact about this, is that Theodore Roosevelt was expressing the same treasonous intention for the United States which is currently the official policy of Britain’s frankly pro-genocidal World Wildlife Fund. At that point, competent economic science intervenes in protest against such mass-homicidal nonsense as that. The fact of the matter is, that human existence on this planet has depended upon drawing down a finite resource of mineral and other deposits left behind by, chiefly, forms of life from very long ago. As we deplete such relics of former types of life, the relative physical cost of employing that resource rises. This challenge, which is inherent in the role of life generally, has a particular significance for the case of human life. This means, in general, that the effective energy-flux density of human action, per capita and per square kilometer, must be increased, to more than offset the relative depletion of resources left behind by forms of life earlier. This means that the concentration of power, per capita and per square centimeter cross-sectional flow, must be increased constantly through scientific and related progress. This requirement can be satisfied, in a general way, only through increasing the relative energy-flux density of the sources of heat-power being utilized. So, mankind had now reached the point in this process that national economies can not continue to be maintained without increasing emphasis on nuclear-fission as a standard resource for power of nations per-capita and per square kilometer of territory. Indeed, we are presently entering the phase at which increasing reliance on thermonuclear fusion must tend to predominate, as we see such trends in China now, and, also in India. In the meanwhile, we are now approaching the still-higher stage of cultures at which we must acquire and employ still higher forms of the equivalent of “heat-power.” Reducing the size of the population is not a solution; indeed, since the complexity of higher forms of power requires an increased number of the educated human population, there is no sane policy for mankind but that of rising to successively higher levels of the equivalent of energy-flux densities. Indeed, mankind is now nearing the stage at which the role of mankind in nearby Solar space will necessarily increase for scientific and other technological reasons. I mention this here, because the implications of the NAWAPA program include emphasis on mankind’s dependency, here, down on Earth itself, upon processes which we presently know to be associated with functions which are located essentially within not only our Solar System, but in effects on life on Earth which are governed directly by long-term processes of our galaxy. NAWAPA’s development brings us into many experimental matters which are of great significance, but which are also located essentially beyond the range of life on Earth as such. We have entered a time, now, when, for science today, human life is located functionally in such larger terms of reference. The processes which confront us in our achievements in the design of the NAWAPA project, will become the principal process of transition toward mankind’s adaptation to relevant actions of management of our planet’s nearby space. For example, the development of NAWAPA brings such nations sharing the polar region, as the United States, Canada, and Russia into sharing a common destiny in the need to explore the implications of the Arctic region to great advantage for the planet as a whole, that in a way which has been barely scratched so far. Similarly, the exploration of this region brings us to place a new degree of emphasis on the implications of cosmic radiation as a crucial aspect of life on Earth, including our own nation’s. In short, with the advent of NAWAPA, we are going far beyond the implications of the TVA into dealing at close range with cosmic challenges to science and economy beyond anything customarily considered in the world up to this present time. The discovery of a North America beyond Eurasia, has effects which share the experience of the John Quincy Adams, one-time Secretary of State, President, and senior member of Congress, who played a leading role in defining our republic, from Atlantic to Pacific as a single continental power reaching across the Pacific toward our naturally destined partnership with Asia as also “Old Europe.” Today, the promotion of the development of those resources of Siberia needed for the development of such populous nations as China and India, when taken together with the natural partnership among sovereign nation-states, across the Pacific among Russian Siberia and the United States and Canada, defines the future destiny of our United States to an increasingly large degree. The tunnel through the Bering Straits into Russia, from Alaska, becomes inevitable, and, on this account the relations within Asia are changed in a related way. Together, we, China, Russia, and India, will be leaders among the nations rising from the Pacific partnership for such common missions as those of the development of the Moon. We must define our national destiny as a commitment to breed and educate the generations among these nations which will find our cooperation in nearby space-ventures, as not merely cooperative, but inevitable. NAWAPA unleashed, will represent a development of such sheer power for development, that it will be the fulcrum that takes us, by inspiration, to the skies above. We must adopt this as nothing less than our natural destiny to be shared with our partners across the Pacific, and also among all of us here, and the future on the Moon. Once NAWAPA were developed so, no American child would ever dream of less than such achievements as those of mankind’s more notable entry upon the stage of nearby Solar space. Therefore, we share a great destiny so placed before us; let us resolve that from this advance in our human condition, we of the United States shall never again retreat from a standard of progress and improvement of the general welfare, as our nation had tended to do since the death of President Franklin Roosevelt. The first chapter of Genesis teaches that man and woman are made equally in the likeness of the Creator. Let it be so for all of us now. Let us never retreat from that devotion, from that image of the nature and sanctity of the purpose of the life of each human individual. Let it be now. We, as a nation, have a special dispensation to make it so for all throughout this world as a whole. Let us do the wonderful things we have been designed, as a species, to do. Let the presently descending nightmare upon our republic, and also the world, be taken away from us now, taken away by the power of willful choice awarded to us, especially that which was intended, since the time of the Massachusetts’ Winthrops and Mathers, as our destined special contribution to the future cause of that community of sovereign nation-states known as humanity.
- Financial Insiders: Wall Street’s Been Manipulating Libor for Decades; Scandal Going Global (the2012scenario.com)
- CLASS ACTION LAWSUIT AGAINST THE FEDERAL RESERVE BANK, 4/26/ 2011 – (and duly ignored) – thanks to P. (jhaines6.wordpress.com)