Taxes and the Economy

Information about Taxes, Government Spending and the Economy 

 

Article Index

MYTH: Easter is derived from false pagan goddess

What Is A Christian Nation

Biblical References in Give Me Liberty Speech by Patrick Henry

HISTORICAL RECORD: Winter Months Grazing for Sheep in Bethlehem area

Fox News December 24, 2013: Too cold for shepherds in December

The Real Lincoln - Despot

Is the Constitution Really Inimical To States Rights? - Part Fourteen

MYTH: Too cold for shepherds to Tend Flocks in December - Part 2

Gun Control Coming to the Senate Floor on Monday

74th Anniversary of 'Gone with the Wind' premiere

The First Thanksgiving Day - flyer

The Death of Jefferson Davis - December 6 1889

Marietta Daily Journal - on The First Thanksgiving

Demonstration against Lindsey Graham & Southern demographic displacement

MYTH: Too Cold For Shepherds in December

December 4 was First Thanksgiving, in Virginia, not Plymouth

Next League Demonstrations Against Southern Demographic Displacement

Federal Government Propaganda Machine

What is wrong with Thumping the Bible?

Drones for our protection. For those who will believe anything!

Tax payers guarantee JP Morgan buyout of Bear Stearns

Our elected officials, both Republican and Democrat, consistently tell us how strong our economy is. What they do not tell you is that our economy is fueled by the largest accumulation of debt in the history of mankind.

But as anyone who has run a family budget knows, eventually debt comes home to roost.

For the last few years our "financial institutions" have been on a rampage issuing mortgages under unsound financial terms. Specifically large number of mortgages for over valued homes to people that had little or no chance to meet the required payments. This was considered "good policy."

Well, with increasing numbers of families now going into default - this has been labeled the "sub-prime" crisis.

Thus the federal reserve has taken steps to shift the burden to all citizens to be sure that these greedy and irresponsible financial institutions do not suffer too much. Coupled with the continuing excessive trade deficits the influx of billions of federal reserve notes and lower interest rates have brought the "dollar" to an all time low.

Thus to bail out the financial institutions your money is now worth less.

Now the federal reserve has started issuing federal reserve notes to financial institutions while accepting packages of mortgages that are in default as collateral. You and I have to work for our meager federal reserve notes, not make massive amounts of bad loans and sit back waiting for the government to come bail us out.

The following article by the League of The South seems to be close to the mark. For more information on the League of The South visit their website at: http://Dixienet.org

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STATEMENT FROM THE LEAGUE OF THE SOUTH ECONOMIC COMMITTEE
THE UNFOLDING FINANCIAL CRISIS
18 MARCH 2008

Bear Stearns: The big shark ate the little shark, and the Federal Reserve picked up the tab, fronting $30 billion to JP Morgan (big shark) to eat the little shark, AND guaranteeing the big shark it would not lose any money. It�s not plain yet how this will be shucked off onto taxpayers' backs, but it will.

Last Tuesday (11 March) the Fed announced a new "swap" facility, TALF, whereby it would take MBOs (Mortgage Backed Obligations) and other trash paper from the banks (worth maybe 15 - 20 cents on the dollar) and swap them US Treasury paper (worth 100 cents on the dollar) at even or maybe 80 cents. This bails out the banks, period, as it gives them a way to move their rotten subprime & other paper off their balance sheets and -- somehow or other -- onto the taxpayers' backs.

These Grand Larcenies are then announced as gracious, matchless benefactions to the public welfare by the felons concerned, while the same felons bask in self-congratulating applause.

The entire subprime crisis probably is a vast "pump & dump" scheme: pump up worthless paper, dump it, then profit by the short and at the bottom go long again, after a way is figured out to shift all the losses to the taxpayers' backs.

Goldman Sachs & others floated billions of dollars worth of subprime mortgage securities, with the Bush administration aiding & abetting, well-knowing these mortgages had been written to people who could NEVER fulfill them. Goldman Sachs made billions and was left with none of the worthless paper, having hawked it to suckers all over the world -- investors, pension funds, insurance companies. Perhaps they and their ilk even shorted said rotten paper as the subprime crisis exploded last June. Then they watched the crisis unfold, as the subprime paper they have shorted goes lower and lower making them more and more money. When it falls to, say 20 cents on the dollar, they reverse their position and go long, using their shills in government (remember where present Treasury Secretary Paulson and so many other recent Treasury Secretaries came from? That�s right, Goldman Sachs) to engineer a taxpayer bailout of subprime paper, which rises back to 80 cents on the dollar on strength of that bailout, and PRESTO! The crooks have made brand new fortunes, to go with their other fortunes previously extorted from investors and the market. Fed Chairman Ben Bernanke and G. W. Bush are not in charge -- they take their orders from the folks who are in charge.

The problem is that any crisis can get out of hand and take the entire earth over the edge to financial oblivion. Inertia, however, is strong.

Somehow wrapped up in all this is the obvious fact that the Powers That Be have decided to let the US Dollar drop drastically. The US Dollar Index at 70 is the first target, and then probably bleeding it as low as 40 over the coming years, letting it down slowly so the sheep won't stampede out of the dollar.

Meanwhile, gold now tops $1,000 on its way to $10,000 and silver knocks on $20 on the way to $625 -- or wherever it stops. This is why we have urged people to buy silver and gold for the last 10 years.

The crises will come faster and faster, and become worse and worse. The only way to protect yourself is to get out of debt--ALL debt; make sure you have a depression-proof way to earn a living; get some silver and gold (that is, get OUT of yankee dollars); and start rebuilding your local economies. Most of all, stay OUT of the yankee system. It is designed so that they always win and you always lose. As long as you depend on their assets -- stocks, bonds, pensions, IRAs, 401(k)s, real estate bubbles -- they own you.

 

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