Thursday, 3 October 2013

Public Banks Are Essential to Capitalism - Room for Debate

Karen Hudes Will NY Times, owned by the folks who own the Federal Reserve System, publish this comment on "Before dollars collapse, twenty eight states should rapidly join the other twenty two states that are looking into establishing state banks. While they are at it, state legislatures should also declare gold and silver as legal tender. The unconstitutional Federal Reserve system was foisted upon the US in an act of stealth: The flood of run-away fractional fiat dollars issued in the euphemism referred to as "quantitative easing" has just about ended the dollar's status as international reserve currency. Brazil, Russia, India, China, and South Africa announced that they will not finance their trade in dollars. The BRICS nations account for more than 25% of world trade. On July 7 GOFO (gold forward offered rate) went negative. In effect it means the end of gold leasing. Firms that offer gold for lease ask too high a price for their service. Governments are scraping the bottom of their gold barrels. When GOFO went negative in 1971, the US. government defaulted on all of its international gold obligations. In January the US Treasury gave a paper audit to Germany that was also not worth the paper it was written on. Then the Federal Reserve refused to return 300 tons of gold to Germany for seven years in an act of war." #karenhudes

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