Dennis Kucinich: Delete The Fed
http://market-ticker.org/akcs-www?post=175557
by Karl Denninger <http://market-ticker.org/akcs-www?email-send=genesis>
I'm stunned.
Really.
Dennis Kucinich, which [sic] many people have (properly) labeled as one
step removed from a communist in the past, and who has a reputation as
having a */hard-core/* left slant in his politics, has just written up
and introduced a bill that will fundamentally restore the free market -
for real - to banking and credit.
It will also **** a lot of people off.
His bill would end the process of money issuance by The US Federal
Government as a debt instrument. It would thus restore */actual/*
"lawful money" as Ron Paul claims to want, but in a form he has */never,
ever/* elucidated. It does, however, exactly match up with the base
position I have propounded upon, along with Bill Still and a few others.
Instead, Treasury would issue and spend into circulation /United States
Notes/. The existing "FOMC" would be replicated in Treasury with a
mandate identical to The Fed's, with */one important addition - a
requirement that their operations be //_neither inflationary or
deflationary_/*.
That is, the precise mandate that is required - that United States Money
*/maintain its purchasing power./*
It would bring into effective existence my /One Dollar of Capital
<http://market-ticker.org/akcs-www?singlepost=2138677>/ standard for
bank lending, by requiring that all lending be funded by either a loan
granted by Treasury (where interest would inure to the Government, not a
private bank) */or/* be funded by the issuance of */private debt/* with
no government backstop.
It would */absolutely bar/* the use of depositor reserves */for any
lending purpose whatsoever/* - that is, if you deposited funds into a
transaction account (any sort of "demand" account) */the bank would have
to hold the funds as an actual custodian with fiduciary requirements for
performance./* Other than by direct and punishable fraud, */depositor
losses would instantly become impossible./*
Note that this bill */would not/* bar lending at interest.
However, it would immediately end the */abuse and extortion/* of The
United States Federal Government by banks and other institutions who
argue that they "cannot be allowed to fail", then using that power of
extortion to extract monstrous amounts of money from the economy for
their personal benefit - by some estimates, */as much as 20% of GDP/*.
It would force the government to */actually borrow by specific
Congressional authorization/* in order to spend beyond its means. Such
borrowing would have to be funded in the open market */as the "Primary
Dealer" nonsense would instantly end, /*so if the Government overspent
it could be immediately reined in and stopped by the open market simply
by refusing to buy (or demanding a very high interest rate.)
Many people say that Democrats are the party of "overspending." Well,
not any more. When one of the standard-bearers of The Left produces a
work like this, and actually propounds that it be passed into law,
*/immediately ending all of the abusive practices of the financial
industry/*, the usual claims of the folks on the "right" side of the
aisle are turned on their ear.
We're about to find out if people like Ron and Rand Paul */really stand
for what they claim/*, or if they're empty suits. If they do, then I
expect to see them on the Tee Vee */within hours/* demanding passage of
this bill, and joining with Mr. Kucinich in making sure that it is
immediately reintroduced in the new Congress - and passed.
*If that does not happen then these two claimants of a demand for "sound
money" have been immediately and permanently exposed as FRAUDS, as will
any so-called "Tea Party" members of Congress.*
*/This is a bill that must become law./*
[A copy of the bill is posted at
http://market-ticker.org/akcs-www?post=175557]
--
*I reserve the right to do as I please.*
*"There is no crueler tyranny than that which is exercised under cover
of law, and with the colors of justice ..."
- U.S. v. Jannotti, 673 F.2d 578, 614 (3d Cir. 1982)
"If Americans wish to be free of judicial tyranny, they must at least
develop basic knowledge of the judicial role in our republican
government. The present state of affairs is a direct result of our
collective ignorance."
- Ron Paul*
*Our courts will never be fair and just again until we force the courts
to follow their own rules. Do not allow yourself to be ruled by tyrants.
Learn how to control corrupt judges and crooked lawyers
<http://www.jurisdictionary.com?refercode=CG0004> so you can get
Justice! Learn to litigate: Buy and Study JURISDICTIONARY
<http://www.jurisdictionary.com?refercode=CG0004>. The best course
available for Pro Se and Pro Per litigants.*
*I Refuse To Comply With The Unconstitutional Demands Of The Federal
Government*
*Read the US Constitution
<http://amgona.com/index.php?option=com_content&view=article&id=7&Itemid=7#Amends>*
*Government is only as strong as those who allow themselves to be
governed are weak.*
*"We have plenty of rights in this country, provided you don't get
caught exercising them."
- Terry Mitchell
"If a nation expects to be ignorant and free it expects something that
cannot be."
- Thomas Jefferson***
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