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Paul Joseph Watson
Friday, February 26, 2010
Leaked policy documents reveal that the United Nations plans to create a “green world order” by 2012 which will be enforced by a structure of global governance and funded by a gargantuan $45 trillion transfer of wealth from richer countries, as the globalists’ insidious plan to centralize power, crush sovereignty while devastating the economy is exposed once again.
As we warned at the time, the failure of Copenhagen in December did not spell the end of the global warming heist, but merely a roadblock in the UN’s agenda to create a world government funded by taxes paid by you on the very substance you exhale – carbon dioxide.
Using the justification of the vehemently debunked hoax that carbon dioxide is a deadly threat to the planet, the UN is already working to resurrect the failed Copenhagen agreement, with a series of new Copenhagen process negotiations set to take place in April, May and June.
Leaked planning documents (PDF) obtained by Fox News lift the lid on the UN’s plan to impose global governance by the time of their 2012 World Summit on Sustainable Development in Rio, which will mark the 20th anniversary since the notorious “Earth Summit” held in the same city.
“The new Rio summit will end, according to U.N. documents obtained by Fox News, with a “focused political document” presumably laying out the framework and international commitments to a new Green World Order,” reports Fox News’ George Russell.
“Just exactly what that environmental order will look like, and the extent of the immense financial commitments needed to produce it, are under discussion this week at a special session in Bali, Indonesia, of the United Nations Environment Program’s 58-nation “Governing Council/Global Ministerial Environmental Forum,” which oversees UNEP’s operations.”
The document outlines the globalist’s mission to enact a “radical transformation of the world economic and social order” by putting “a new treaty in place as the capstone of the Green World Order”.
This system will be managed by “an additional governing structure composed of exactly those insiders,” writes Russell.
“Moving towards a green economy would also provide an opportunity to re-examine national and global governance structures and consider whether such structures allow the international community to respond to current and future environmental and development challenges and to capitalize on emerging opportunities,” states the white paper (emphasis mine).
The imposition of such “global governance structures” will be achieved with the help of “vast wealth transfers” from richer countries (in the form of carbon taxes levied on citizens) to poorer nations, amounting to no less than $45 trillion dollars. The paper also outlines the need to change the “consumption patterns” of people living in richer countries, which undoubtedly is a euphemism for lowering living standards.
The policy proposes that the old economic model be discarded in pursuit of a new global green economy focused around “green jobs”.
As we have previously highlighted, the promise that the creation of “green jobs” will offset the inevitable damage to the economy that a 50 per cent reduction in carbon dioxide emissions will cause is a complete fallacy.
The implementation of so-called “green jobs” in other countries has devastated economies and cost millions of jobs. As the Seattle Times reported back in June, Spain’s staggering unemployment rate of over 18 per cent was partly down to massive job losses as a result of attempts to replace existing industry with wind farms and other forms of alternative energy.
In a so-called “green economy,” “Each new job entails the loss of 2.2 other jobs that are either lost or not created in other industries because of the political allocation — sub-optimum in terms of economic efficiency — of capital,” states the report.
As we have documented, a reduction in carbon dioxide emissions of 50-80 per cent would inflict a new great depression in the United States, reducing GDP by 6.9 percent – a figure comparable with the economic meltdown of 1929 and 1930.
The UN’s mission to create a legally binding treaty on the reduction of CO2 emissions is running parallel with measures already being enforced at state level in the U.S. which bypass stuttering federal efforts to impose the cap and trade fraud.
The very foundation of the global warming argument has been completely eviscerated by the Climategate scandal, which proved that United Nations IPCC scientists forged and exaggerated data to “hide the decline” in global temperatures while engaging in witch hunts to cull dissenting opinions from appearing in IPPC reports.
Despite this, control freaks intent on taxing the life-giving gas carbon dioxide have signaled that they no longer care about the truth behind man-made climate change and have resolved to slam through their totalitarian agenda anyway. EPA head Lisa Jackson told reporters this week that “The science regarding climate change is settled, and human activity is responsible for global warming,” even though she failed to refute the fact that there had been no global warming since 1995, as was admitted by CRU scientist Professor Phil Jones.
Leaked UN Documents: http://www.foxnews.com/projects/pdf/022510_greeneconomy.pdf
Obama set to bypass Congress and approve massive transfer of wealth to world government
Paul Joseph Watson
Friday, December 18, 2009
The final Copenhagen draft agreement which was hammered out in the early hours of Friday morning includes provisions for a global tax on financial transactions that will be paid directly to the World Bank, as President Obama prepares to bypass Congress by approving a massive transfer of wealth from America into globalist hands.
As Lord Monckton, Alex Jones and others warned, the notion that the globalists would achieve nothing at Copenhagen has likely been a ruse all along. The elite look set to ram through the lion’s share of their agenda, which would include a massive global government tax at a cost of at least $3,000 a year for American families already laboring under a devastating recession, double digit unemployment and a reduction in living standards.
Hillary Clinton arrived yesterday to rally global leaders around a resolution and Barack Obama is set to be portrayed as the savior of the world by rescuing what was pitched all along as a conference doomed to fail.
“The summit “hangs in the balance,” said Obama this morning. “We are running out of time. The time for talk is over. It is better for us to act than to talk. The question is whether we move forward together or split apart.”
The final agreement may not force countries to meet CO2 emission targets, but it will grease the skids for the biggest tax hike in human history, a fact that establishment media outlets have completely failed to emphasize.
Monckton told the Alex Jones Show last week that the initial secretive draft version of the Copenhagen agreement represented a global government power grab on an “unimaginable scale,” and mandated the creation of 700 new bureaucracies as well as a colossal raft of new taxes including 2 percent levies on both GDP and every international financial transaction.
Monckton said that the new world government outlined in the treaty would be handed powers to, “Tax the American economy to the extent of 2 percent GDP, to impose a further tax of 2 percent on every financial transaction….and to close down effectively the economies of the west, transfer your jobs to third world countries.”
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As the leak of the Danish text outlined, such taxes, earmarked as “climate financing,” will go straight into the coffers of the IMF and the World Bank. These funds will be used to bankroll the imposition of global governance that UN Secretary General Ban Ki-moon promised would be achieved at Copenhagen.
According to the latest news out of Copenhagen, the taxes that were included in the initial text are still in the final agreement which is set to be passed later today or in the early hours of Saturday morning.
The Sydney Morning Herald reports that the final text, “Proposes a range of innovative mechanisms for raising the money, ranging from a tax on air and sea transports fuels to a tax on financial transfers.”
This would form part of an initial commitment of $US10 billion a year from 2010 to 2012, climbing to $US50 billion annually by 2015 and $US100 billion by 2020, although these figures will inevitably increase if the UN ramps up its climate fearmongering as it has done at each successive climate conference since the Rio Earth Summit in 1992.
The treaty outlines, “Penalties or fines for non-compliance,” in developed countries and the creation of an international police force to “enforce its will by imposing unlimited financial penalties on any countries whose performance under this treaty they don’t like,” Monckton told the Alex Jones Show, saying that it amounted to a total global government takeover on an “unimaginable scale”.
“We’re looking at a grab for absolute power and absolute financial control worldwide by the UN and its associated bureaucracies and 700 new bureaucratic bodies,” said Monckton, adding that if the agreement was signed by Obama, the U.S. would be losing its freedom to a “sinister dictatorship” being formed under the contrived pretext of global warming.
Watch Monckton’s latest interview with the Alex Jones Show below.
December 9, 2009
The Environmental Protection Agency’s recent declaration that the life-sustaining gas carbon dioxide is a dangerous pollutant is part of an effort to establish “command-and-control” role for government. EPA boss Lisa Jackson declared carbon dioxide dangerous prior to her scheduled appearance at the Copenhagen climate summit in Denmark.
Command-and-control is a military term defined as the exercise of authority and direction by a designated commanding officer over assigned and attached forces in the accomplishment of the mission. In the case of the EPA, the mission is to impose the globalist climate change agenda on the United States.
EPA boss Jackson announces carbon dioxide is a pollutant.
More specifically, the EPA threat to impose a military-style command-and-control over the economy is an effort to force congressional action on the climate change agenda.
EPA states that it will not wait for an agreement in Copenhagen and action on climate change legislation in Congress. Proposed legislation that passed the House is currently on hold in the Senate.
The agency, established by Richard Nixon and Congress in 1970 with 18,000 full-time employees, will intervene directly in the economy, according to an official.
“If you don’t pass this legislation, then … the EPA is going to have to regulate in this area,” the official announced. “And it is not going to be able to regulate on a market-based way, so it’s going to have to regulate in a command-and-control way, which will probably generate even more uncertainty.” The EPA official warned that the EPA’s intervention will be a huge “deterrent to investment” and will inflict injury on an already damaged economy.
Critics of the Obama administration and the EPA say such directives from on-high represent a move toward socialism. In fact, the EPA’s dictatorial edict is more evidence that the government is colluding with the “powers of financial capitalism,” as Carroll Quigley of Georgetown University described the global elite, who are working to dominate the political system of each country and the economy of the world as a whole. “This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences,” explained Quigley.
The leak earlier this week of the “Danish text” demonstrates that secret agreements are being hatched behind the scenes at Copenhagen.
Republicans have urged Jackson and the EPA to withdraw the finding on carbon dioxide in light of leaked emails from the Climate Research Unit that reveals how scientists manipulated climate data and threatened skeptics.
Rep. James Sensenbrenner, R-Wis., the ranking Republican on the House Select Committee for Energy Independence and Global Warming, said yesterday he is will attend the Copenhagen conference and inform world leaders and climate change commissars that despite any promises made by Obama no new laws will be passed in the United States until the “scientific fascism” ends. “The U.N. should throw a red flag” on scientists who support the climate change fraud and are attempting to stifle dissent.
Climate change guru and carbon trading opportunist Al Gore told CNN yesterday that the leaked emails do not change the world government and carbon taxation scheme. Gore said the emails were taken “out of context.”
Al Gore attempts to dismiss the CRU emails on CNN.
Appearing on the Alex Jones Show yesterday, Lord Monckton said text of the Copenhagen agreement mandates a globalist power grab on an “unimaginable scale” by a “sinister dictatorship.” Monckton described how a new world government outlined in the treaty would impose a 2% taxation on the GDP of the United States and “close down effectively the economies of the west” and “transfer your jobs to third world countries.”
The International Forecaster
November 29, 2009
The following information may be the most important we have ever published. One of our Intel sources, highly placed in banking circles, tells us that on 1/1/10 all banks that have received TARP funds have been informed by the Federal Reserve that they must further restrict any commercial lending. Loans have to be 75% collateralized, 50% of which has to be in cash, which is a compensating balance.
The Fed has to do one of two things: They either have to pull $1.5 trillion out of the system by June, which would collapse the economy, or face hyperinflation. This is why the Fed has instructed banks to inform them when and how much of the TARP funds they can return. At best they can expect $300 to $400 billion plus the $200 billion the Fed already has in hand.
We believe the Fed will opt for letting the system run into hyperinflation. All signs tell us they cannot risk allowing the undertow of deflation to take over the economy. The system cannot stand such a withdrawal of funds. They also must depend on assistance from Congress in supplying a second stimulus plan. That would probably be $400 to $800 billion. A lack of such funding would send the economy and the stock market into a tailspin. Even with such funding the economy cannot expect any growth to speak of and at best a sideways movement for perhaps a year.
We have been told that the FDIC not only is $8.2 billion in the hole, but they have secretly borrowed an additional $80 billion from the Treasury. We have also been told that the FDIC is lying about the banks in trouble. The number in eminent danger are not 552, but a massive 2,035. The cost of bailing these banks out would be $800 billion to $1 trillion. That means 2,500 could be closed in 2010. Now get this, the FDIC is going to be collapsed before the end of 2010, which means no more deposit insurance. This follows the 9/18/09 end of government guarantees on money market funds. Both will force deposits into US government bonds and agency bonds in an attempt to save the system.
This will strip small and medium-sized banks and force them into shutting down or being absorbed. This means you have to get your money out of banks, especially CDs. We repeat get your cash values out of life insurance policies and annuities. They are invested 80% in stocks and 20% in bonds. Keep only enough money in banks for three months of operating expenses, six months for businesses.
Major and semi-major banks are being told to obtain secure storage for new currency-dollars. They expect official devaluation by the end of the year.
We do not know what the exchange rate will be, but as we have stated previously we expect three old dollars to be traded for one new dollar. The alternative is gold and silver coins and shares. For those with substantial sums that do not want to be in gold and silver related assets completely you can use Canadian and Swiss Treasuries. If you need brokers for these investments we can supply them.
The Fed also expects a meltdown in the bond market, especially in municipals. Public services will be cut drastically leading to increased crime and social problems, not to mention the psychological trauma that our country will experience. Already 50% of homes in hard hit urban areas are under water, nationwide more than 25%. That means you have to be out of bonds as well, especially municipals.
As you can see, the Illuminist program is going to come quicker than we anticipated. That in part is because they have had to expedite their program, due to exposure in the IF, other publications and especially via talk ratio and the Internet. There is no doubt we have the elitists on the run.
We are reaching the masses. On TalkStreamLive.com we were on the Rumor Mill this past week and out of 50 talk radio programs we were 5th behind, Rush, Hannity, Dr. Laura and we were tied with Beck. On the Sovereign Economist on Wednesday night we were 5th behind Beck and Savage and ahead of Hannity. Both these programs are not well known and the Sovereign Economist is only about a month old. It shows you what you can do if you work hard enough at it.
The latest favorable events we are told are the seeds of recovery. The green-shoots of spring are to be harvested before winter sets in. We are skeptical of the strength and duration of such a recovery.
The underlying problems are still not being addressed. The US government and the Fed cannot bail out banking, Wall Street, insurance and government indefinitely via monetization. Impaired corporations, no matter what their size, have to be allowed to fail. Stimulus cannot be used indefinitely. Both have to be reigned in, because the longer this charade continues the worse the final outcome is going to be. As we predicted six year’s ago, Fannie Mae, Freddie Mac, Ginnie Mae and FHA are the wards of American taxpayers, as is AIG. All their financial conditions worsen every day. They have again been insuring subprime mortgages by the thousands and when they begin to reset next year, we will be back to 60% failure rates. Even government admits already they’ll see 20% failure rates. This, so that housing inventory can be cut from 11-1/2-months inventory to 7-months, again in order to bail out the lenders at the expense of taxpayers. Government and the Fed have no exit plans for these sinking ships, particularly Fannie, Freddie, Ginnie and FHA, never mind their meddling in the economy guaranteeing everything is sight. Benito Mussolini would be very proud of what they have done.
Then we have those on Wall Street, banking and corporate America who believe they are doing God’s work by looting the American public making outrageous profits by in part using taxpayer funds, and allotting themselves disgraceful bonuses as unemployment hovers at 22.2%. Haven’t these people heard of the French Revolution? Their arrogance has no bounds. The credit crisis hasn’t ended; the Fed has extended it by throwing money at problems. We have a mortgage market that is worse than it was a year ago, only kept from sinking by a tax credit 3% down. As a result now we have more than $1 trillion of new mortgage failures on the way.
Our monetary base has more than doubled. Interest rates will probably stay where they are for 18 months or more and we even have a dollar carry trade. The 2009 fiscal budget deficit was $1.5 trillion and 2010 will be worse. Government is not cutting expenses. They are increasing expenses.
In addition making matters worse corruption is flourishing via the incestuous revolving door between Wall Street, the Treasury, in a multiplicity of other appointments and with the Fed. Is it any wonder 75% of Americans want the Fed audited and investigated. That said, the present set of circumstances cannot be allowed to go on indefinitely. We cannot keep insurance, Wall Street and banking on life support forever. Not when we finance two occupations and an ongoing war, never mind our unfunded liabilities of Medicare, Social Security, etc. most all of these problems are being financed by debt to be paid by our great, great grandchildren. We just created $12.7 trillion for bailouts and the Inspector General tells us we are presently on the hook for $23.7 trillion. What happens if all the recipients need another $20 trillion?
The situation is still dire and the solution is temporary and unworkable and Washington and New York are well aware of this. The game will play out over the next few years. In the meantime the dollar will move lower and inflation, gold and silver higher.
Economics is not complex; it is very simple. Professors and economists would like to have you believe it is complicated when in fact they make it opaque, so you cannot understand it. The same is true with banking. In normal times through the century’s bankers using the fractional banking system usually lent 8 times their assets, or deposits. It was only until recently that the privately owned Federal Reserve told banks within the system to lend 40 times assets or more in order to accommodate the system.
All this is to cover to confuse and hide the truth of fractional banking. Bankers’ indebt borrowers with money they made up out of thin air. Debt is enslavement by the bankers upon the people by buying almost everyone off. In the final analysis banking is a fraud unless money is interest free. The Fed, and all the other banks are a fraud.
The game as we know it today began in 1694 when the Rothschild’s formed the privately owned Bank of England and the production of bank notes began and circulated along with sterling silver coins. The end result has been that the bankers own the world. The system today is based on confidence and trust, something that has been worn thin. A reflection of the loss of trust and confidence is that 75% to 80% of Americans want HR1207 and S604 passed by Congress, so that the Fed can be audited and investigated. The public no longer trusts the Fed and the banks. As a result the con game may well be coming to an end. Fifty years ago we and a handful of other conservative warriors set out to inform the public of the giant scam that the Fed really was. It has been a long hard road. Gary Allen and Alan Stang are gone and of the originals all that are left are G. Edward Griffin, Stan Monteith, Anthony Hilder and us. During our lifetimes we now probably will see the end of the Fed. Because the people have finally been awakened. It was a long hard battle that may soon come to fruition.
The final step will be the termination of the Federal Reserve and its monopoly on financial theft. Unfortunately it will mean the demise of the only financial system we have known for 315 years. We do not know as yet what the new system will be like, but the con game is over and most of the world’s inhabitants are broke. The debt that is owed simply cannot be repaid. Japan, the US, the UK and Europe will be the first to go followed by most of the rest of the world.
You ask who will be the big winners? Gold and silver of course. Just as we have been telling you they would for 9-1/2 years, since gold was $252.00 and silver $3.80. Look at the gains for those who listened. And, we still have a long, long way to go to preserve our wealth. Over all those years the gold suppression cartel fought to hold down gold prices by selling gold, using derivatives and futures and in collaboration with good producers such as Barrick Gold and others. Hopefully HR3996 (HR-1207) will now pass unchanged and we can take a look at what the Fed and the Treasury were doing and who aided them.
What we are witnessing in the US and world economy is the result of the greed of central banks to make as much money as possible before they have to collapse the system to bring about World Government.
Manufacturing activity in the Federal Reserve Bank of Kansas City’s district improved in November.
November 28, 2009
Ben Bernanke, Federal Reserve mob boss, is running scared. He is deathly afraid an audit of his criminal organization.
“These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States,” Bernanke wrote in the CIA’s favorite newspaper, The Washington Post.
Bernanke penned his tribute to central banking and globalism prior to his scheduled testimony before a Senate panel on his renomination to serve a second four-year term as Fed mob boss.
Bankster tool Barney Frank, chairman of the House Financial Services Committee, tried to derail an effort to audit the Fed but failed. A proposal to audit the Fed’s monetary policy deliberations won a committee vote recently over Frank’s objections.
In his Mockingbird media editorial, Bernanke “conceded the Fed had missed some of the riskiest behavior in the lead up to the crisis. But he said the Fed had helped avoid an even more damaging economic meltdown and has stepped up its policing of the financial system.”
In fact, the Fed was specifically designed to create financial crises. It was all plotted in 1910 when minions of J.P. Morgan, John D. Rockefeller, the Rothschilds and Warburgs met on Jekyll Island off the coast of Georgia. In 1913, the U.S. Federal Reserve Bank was created as a direct result of that secret meeting. Said Congressman Charles Lindbergh on the midnight passage of the Federal Reserve Act: “From now on, depressions will be scientifically created.”
In order to scientifically create an economic depression, the Fed prompted irresponsible speculation by expanding the money supply sixty-two percent between 1923 and 1929. The so-called Great Depression followed. This depression “was not accidental. It was a carefully contrived occurrence,” declared Congressman Louis McFadden, Chairman of the House Banking Committee. “The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
In March of 1929, Paul Warburg issued a tip that the scientifically created crash was coming. Before it did, John D. Rockefeller, Bernard Baruch, Joseph P. Kennedy, and other banksters got out of the market.
A few years later, the banksters and their minions met in Bretton Woods, New Hampshire, and plotted the creation of the International Monetary Fund and the World Bank. The purpose of these two criminal organizations was to set-up a global Federal Reserve system and wage economic warfare on billions of people. The weapon they used was debt and the loss of sovereignty that follows.
In 1971, then president Nixon fit one of the last pieces into the puzzle — he signed an executive order declaring that the United States no longer had to redeem its paper dollars for gold. It was a great day for the banksters and the global elite. The gold standard ensured predictability and regularity in the economy and the banksters wanted to put an end to that. For the bankers, order and control is realized out of chaos and misery.
Fast-forward to the present day. Bernanke’s Fed has meticulously sabotaged the economy in order to create a crisis in classic Hegelian fashion. The corporate media tells us the crisis is the result of ineptitude and mismanagement at the Federal Reserve. Au contraire. Like the Great Depression, the even Greater Depression now on the horizon was scientifically created.
The Fed is the primary instrument the bankers are now using to destroy the middle class, hand over all public assets and resources to them, implement a crushing austerity, usher in a new era of global corporatist feudalism and build a sprawling planet-wide slave plantation based on China’s totalitarian model.
It is the ultimate dream of the banking cartel. It will be used as the foundation to build world government. Destroying the dollar as the world’s reserve currency is only the beginning.
Bernanke knows Ron Paul and the audit the Fed movement are extremely dangerous. That’s why he is pushing this facile “oops” theory. In order to fix things, the Fed will use its “knowledge of complex financial institutions” in order to supervise them, he writes in his Mockingbird editorial. Allowing audits of Federal Reserve monetary policy would increase the perceived influence of Congress on interest rate decisions, he says.
No, it would lay bare the criminality of the Federal Reserve. Maybe Bernanke is worried he will be obliged to wear an orange jumpsuit in the wake of an audit.
As for Congress, Bernanke needs to read Article 1, Section 8 of the U.S. Constitution. Congress shall have exclusive power to “coin Money, regulate the Value thereof,” not a criminal cartel of monopoly men who dream of a prison planet.
Radio Free Europe
September 27, 2009
PITTSBURGH — A new world order is emerging at the G-20 Summit in Pittsburgh with a decision by the group to become the premier coordinating body on economic issues.
A joint communique was expected to show that emerging countries like China and India will be given more of a voice in how the global economy is run.
G-20 leaders were also pledging to leave in place for now emergency measures taken last spring that have brought signs of global economic recovery, and to act as one to prevent a repeat of the financial meltdown.
A copy of the draft document, which was obtained by Reuters, said in part: “We pledge to avoid destabilizing booms and busts in asset and credit prices and adopt macro-economic policies, consistent with price stability that will promote adequate and balanced global demand.”
September 18, 2009
Granted, you wouldn’t know it if you followed the stock market melt up as the wild rush to eek out any and all P&L before tax loss selling season hits (assuming there even is one this year), but read on. If nothing else, SocGen’s Albert Edwards, unlike many others, has stuck to his convictions.
The reasoning behind the acceleration of the credit crunch is simple and needs to be reemphasised. The unwinding of the grotesque debt excesses of the last decade have only just begun (see chart below)! Rapid expansion of government debt and QE will not and cannot prevent the revulsion that is now underway (the Fed publishes the Q2 update of the debt data today, Thursday.
In addition, banks are retrenching their loan books as policy makers force higher capital requirements. In all probability this process would occur irrespective of government involvement as banks inevitably act pro-cyclically, exacerbating both boom and bust. But as we repeatedly highlight, one of the lessons from Japan is not to mistakenly believe that banks are the problem. Similarly a healthy, recapitalised banking sector is not the solution. As Japan experienced before, it is de-leveraging that is the problem and retrenchment takes many years, rendering the economy extremely vulnerable to rapid relapses back into recession when any reverse or pause in extreme stimulus occurs. The Great Moderation relied on the debt super-cycle which is dead and buried.
September 18, 2009
Congress has raised the debt ceiling four times in the past two years and will probably have to do it again in the next month.
With the government borrowing record amounts of money, the nation’s current debt ceiling of $12.1 trillion will be pierced soon.
That ceiling is the cap on how much the country allows itself to have in debt. In credit card parlance, the ceiling is the U.S. credit limit. At the end of August, U.S. debt totaled $11.8 trillion. That’s roughly $349 billion shy of the statutory limit.
The ceiling is meant to serve as a brake on spending because lawmakers would have to think very seriously before they breach the limit and take a very difficult political vote to do so. In reality, lawmakers really don’t have a choice but to raise the ceiling and they know it.
September 17, 2009
“Nothing good can come from the Federal Reserve,” writes Texas Congressman Ron Paul in his latest book hitting shelves this week, titled “End the Fed.”
“It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class.”
Paul makes the case that the Fed is the main culprit responsible for the current economic mess the country faces through the destructive policies of cheap credit and excessive money printing.
“Prosperity can never be achieved by cheap credit,” says Paul. “If that were so, no one would have to work for a living. Inflated prices only deceive one into believing that real wealth has been created.”
The Federal Reserve, created in 1913, has been acting as the main central bank of the United States for nearly one hundred years. Many Americans are either not sure or not interested in what role the Fed plays in managing the economy. “The economic crisis has changed everything,” writes Congressman Paul.