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"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
--Thomas Jefferson
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
--Henry Ford
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The following are five articles related to the economic crisis from Populist Party Daily Commentary.
Corrupt Monetary System and Rebuilding the Republic
by Ron Paul
The beneficiaries of the corrupt monetary system of the last three decades are now desperately looking for victims to stick with the bill after they have reaped decades of profit and privilege.
The difficulties in our economy will continue because the Legislative and the Executive branches have not yet begun to address the real problems. The housing bubble's collapse, as was the Dot Com bubble's collapse, was predictable and is merely a symptom of the monetary system that brought us to this point.
Indeed, we do face a major crisis but it is much bigger than the freezing up of Wall Street and dealing with worthless assets on the books of major banks. The true crisis is the pending collapse of the fiat dollar system that emerged after the breakdown of the Bretton Woods agreement in 1971.
(read more here)
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American Economic Terrorism: Love it or Leave it!
by Ben Tanosborn
Bail out of Wall Street? Are we nuts? Is this Bush's final chapter of "Fear for America"?
The choice for Congress is clear: accede to the wishes of a greed-infested and corrupt Wall Street or let the present system implode and set up a new system in its place. A trillion dollar oxygen tank will only make the clean-up later more difficult, and probably ensure the system's demise; maybe next year, perhaps five years from now.
As dire as the consequences may be in the short term, they are much more preferable to the no-cure cure which is being offered by both a dishonest Fed, which knowingly allowed the bubble to grow without sounding the appropriate alert, and an inept - and definitely unscrupulous - administration, the most "anti-people" government this nation has ever known. Bush, Paulson and Greenspan II (Bernanke) are as trustworthy as the progeny engendered by the village idiot and the Main Street whore .
(read more here)
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Federal Reserve: Jekyll Island Monster
by Stephen Neitzke
With the 1913 Federal Reserve Act, Congress and the President unconstitutionally delegated Congress' specifically assigned duty to coin debt-free money secured by its precious metals. They delegated that duty to a privately owned corporation whose expressed intent was to print debt-based, fiat money secured only by thin air, and whose many other expressed intents were the interests of private financial corporate ownership, not the interests of civil society or its Constitutional governance.
There is nothing in the Constitution that allows the give-away or delegation of any expressed duty/power to any other branch or institution. The Federal Reserve act was unconstitutional, felonious, and treasonous from its first moment of existence -- and remains exactly that today.
(read more here)
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Money as Debt
by Carolyn Baker
"Money As Debt" is not entertainment-far from it. The film offers amazingly elementary facts about the creation of money in the United States, narrated by a soothing voice, which could make for a bland presentation, yet the film's message is anything but vapid. In fact, if it doesn't leave your blood boiling, it behooves you to check your vital signs.
Beginning with the most fundamental question of all, Grignon asks: Where does money come from? The answer to this question will almost never be found in grammar school-or even college. What we aren't told in formal education is that money is created by central banks .
(read more here)
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Understanding the Economic Crisis
by Llewellyn H. Rockwell, Jr., Mises.org
What caused this? It is a simple question, and yet answers are all over the map, as you might expect. Here's mine in two words: fiat money. The word fiat means: out of nothing. Money out of nothing is money that is eventually worth nothing. The possibility of precisely that happening emerged on August 15, 1971. Since Nixon severed the last tie of the dollar to gold, the world's monetary system has not been restrained by anything physical. We've depended on the discretion of central bankers. We can't trust that, and this crisis shows precisely why.
Of course there are subsidiary factors. The lifting of restrictions on Freddie and Fannie. Subsidized lending. The Fed's artificially low interest rates. The Community Reinvestment Act. Financial "deregulation." The war. Bush profligacy. Debt. There is much more besides. But fighting each of these forces individually is like battling down flies at the garbage dump. The core issue is that there is nothing to restrain money creation.
The first time that people hear this, they find their minds rather boggled, and they want to know more. My whole experience in this area is that once people start digging around the area of monetary theory, they find that 1) it is not as difficult a subject as it seems, 2) it is endlessly fascinating, and 3) it explains far more than they realized before.
(read more here)
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Published 5 days a week, Populist Party Commentary and the Populist Party blog both strive to provide an alternative point of view to current events and political theory.
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In the spirit of liberty,
From All of Us on the Populist Party team
Copyright 2008, The Populist Party of America
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