Here are excerpts from what he [Congressman Wright Patman] said on September 29, 1941, as reported in the Congressional Record of the House of Representatives (pages 7582-7583):
Q.: If the Government can issue bonds, why can't it issue money, and save the interest?
A.: A few clear-headed and firm individuals, such as Abraham Lincoln, have insisted that the Government should.
The late Thomas A. Edison stated the matter this way: If our Nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good also. It is absurd to say that our country can issue $30 million in bonds, and not $30 million in currency. Both are promises to pay: but one promise fattens the usurer, and the other helps the people.
However, it has long been one of the political facts of life that private banks must be allowed to create the lion's share of the money, even if not all of the money. Thus there is little opposition to the Government's printing bonds, and then permitting the banks to create the money with which to buy those bonds; but proposals that the Government itself create the money instead of the bonds have always set off tremendous political upheavals. For example, Abraham Lincoln set off a political furor when he insisted upon having the Government issue $346 million in money (the so-called “greenbacks”) instead of issuing interest-bearing bonds, and paying interest on the money.
Q.: If the Government issued more money instead of Government bonds, isn't there a danger that the Government would issue too much money, and cause inflation?
A.: No. It is no more or no less inflationary for the private banks to create $1 billion of new money than it is for the Government to create $1 billion of new money. Furthermore, as an agency of the Government, the Federal Reserve System decides in any case the total amount of money to be created.
The Federal Reserve was originally set up in 1913 by a powerful Wall Street group to serve the private banking system, and it agreed to return its profits to the government only under duress. This happened after Congressman Wright Patman, head of the House Banking and Currency Committee in the 1960s, peered closely at its operations and pressed for its nationalization. The developments were chronicled by Congressman Jerry Voorhis, who wrote in 1973:
“As a direct result of logical and relentless agitation by members of Congress, led by Congressman Wright Patman as well as by other competent monetary experts, the Federal Reserve began to pay to the U.S. Treasury a considerable part of its earnings from interest on government securities. This was done without public notice and few people, even today, know that it is being done. It was done, quite obviously, as acknowledgment that the Federal Reserve Banks were acting on the one hand as a national bank of issue, creating the nation’s money, but on the other hand charging the nation interest on its own credit – which no true national bank of issue could conceivably, or with any show of justice, dare to do.”2
Thomas Edison: "If the Nation can issue a dollar bond it can issue a dollar bill."
David Cameron today hinted that the Government may delay the sale of the taxpayers' majority stake in Royal Bank of Scotland to give them more of a say in how the bank operates.
The Prime Minister suggested that, rather than simply attempt to sell the taxpayers' 83% stake in the lending giant quickly and at as great a profit as possible, the shareholding could be used as a strategic lever to force it to influence its lending policies.
One in three small businesses cannot get money from their bank and are being forced to resort to expensive alternatives, a report warns today.
When asked about one of the biggest problems facing their firm, 60 per cent said they ‘blame the banks’ for their ‘inability to borrow and invest'.
The research was conducted by Ebay among some of the 160,000 businesses which trade on the website giant.
...
Britain’s big four banks - Royal Bank of Scotland, owner of NatWest, HSBC, Lloyds Banking Group, Barclays and Santander - are named and shamed in the report.
Grumpy the clown won election in a laugher, getting more votes than any other candidate for Brazil's Congress. Now he has to prove that he can read and write. The Sao Paulo Electoral Court held a closed-door exam for the clown turned congressman-elect on Thursday to determine if he meets a constitutional mandate that federal lawmakers be literate.
Self-sacrifice is a good testimony of truthfulness. - Roy Tov, The Cross of Bethlehem
A prominent whistleblower who has paid a huge price for his efforts for world peace is the Israeli Mordechai Vanunu, who converted to Christianity in the process. In 1986 Vanunu revealed evidence of Israel's secret nuclear weapons arsenal, an illegal program which was developed largely through the efforts of Shimon Peres. Guess which one received the Nobel Peace Prize?
Charles Ortel, managing director of Newport Value Partners, tells Accuracy in Media in an exclusive interview that the Federal Reserve plan to buy $600 billion of U.S. Government securities “borders on the criminal” because the impact will be the devaluation of the dollar by 20 percent and the destruction of $10 trillion of household net worth.
“Any potential benefit to GDP and incomes [from the Fed’s action] pales in comparison to the wealth loss (in real terms) and to the damage done to foreign investor confidence,” Ortel says.
Webmaster's Commentary:
The Fed just declared war on America, and in this war there is little difference between red ink and blood.
"The California suit alone could cost MERS $60 billion to $120 billion in damages and penalties from unpaid recording fees."
Now it appears that Congress may attempt to prevent any MERS meltdown from occurring. MERS is owned by all the biggest banks, and they certainly do not want it to be sunk by huge fines. Investors in mortgage-backed securities also do not want to see the value of their bonds sink because of doubts about the ownership of the underlying mortgages.
All the details on the possible NEW legislation from Congress, PLUS here's some background for this story from last week on the class-action suits:
The Southern Poverty Law Center has a long history of demonizing legitimate patriots. They have shown their utter hatred for the Constitution time and time again.
In their latest hit piece they have taken their propaganda to the new levels. Remember, the SPLC is actively working within the Department of Homeland Security, an agency created to take on the American people.
This nonsense is coming from the same group that declared eugenics a discredited psduo science while at the same time defending depopulation advocate Bill Gates! SPLC talking heads routinely appear on CNN to push the official line and declare citizens who speak out against the New World Order as terrorists.
Basically, the Art of Deception is nothing new, especially in financial markets. Deception is fundamentally at the very heart of the American Financial System given that the Federal Reserve is not a federal institution but rather a syndicate of Global Banks – also known as the World Central Banks. Some would argue – the New World Order.
THE WORLDWIDE REVOLUTION IN ON
The following Videos are representative of the Worldwide Effort Underway NOW to Crash JPMorgan by taking PHYSICAL DELIVERY of ALL METALS. Silver which is traded via ETF (electronic traded funds), where reportedly, JPMorgan and others have been MASSIVELY Overselling Silver at a rate of 100 to 1. By demanding delivery, people are legally demanding their Silver to be delivered into their possession.
Breast cancer surgeon Kathryn Wagner has posted a warning in her waiting room about a different sort of risk to patients' health: She'll stop taking new Medicare cases if Congress allows looming cuts in doctors' pay to go through.
The scheduled cuts — the result of a failed system set up years ago to control costs — have raised alarms that real damage to Medicare could result if the lame-duck Congress winds up in a partisan standoff and fails to act by Dec. 1. That's when an initial 23 percent reduction would hit...
S 510, the Food Safety Modernization Act*, may be the most dangerous bill in the history of the US. It is to our food what the bailout was to our economy, only we can live without money.
1. It puts all US food and all US farms under Homeland Security and the Department of Defense.
2. It would end US sovereignty over its own food supply by insisting on compliance with the WTO, thus threatening national security.
3. It would allow the government, under Maritime Law, to define the introduction of any food into commerce (even direct sales between individuals) as smuggling into “the United States.”
4. It imposes Codex Alimentarius on the US, a global system of control over food.
5. It would remove the right to clean, store and thus own seed in the US, putting control of seeds in the hands of Monsanto and other multinationals, threatening US security.
6. It includes NAIS, an animal traceability program that threatens all small farmers and ranchers raising animals.
7. It extends a failed and destructive HACCP to all food, thus threatening to do to all local food production and farming what HACCP did to meat production - put it in corporate hands and worsen food safety.
8. It deconstructs what is left of the American economy.
9. It would allow the government to mandate antibiotics, hormones, slaughterhouse waste, pesticides and GMOs.
10. It uses food crimes as the entry into police state power and control.
A constitutional attorney preparing to legally challenge the Transportation Security Administration's enhanced screening procedures – which reveal a virtually nude image of passengers – says airline passengers have Barack Obama to thank for the process.
These young folks are just great! There is no other way to describe them. Thankfully they are not alone…. There is yet another group of young people doing basically the same…. Students for Justice in Palestine.
There was a bank run in Ireland on Wednesday. LCH Clearnet, a London based clearinghouse, surprised the markets by announcing it would increase margin requirements on Irish debt by 15 percent. That's all it took to send investors fleeing for the exits.
If we look beneath the surface of our public affairs, we can discern one fundamental fact, namely: a great redistribution of power between society and the State. This is the fact that interests the student of civilization. He has only a secondary or derived interest in matters like price-fixing, wage-fixing, inflation, political banking, "agricultural adjustment," and similar items of State policy that fill the pages of newspapers and the mouths of publicists and politicians.
All these can be run up under one head. They have an immediate and temporary importance, and for this reason they monopolize public attention, but they all come to the same thing; which is, an increase of State power and a corresponding decrease of social power.
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