No Amnesty for Wall Street!

by Chuck Baldwin

At the time of this writing, the U.S. House and Senate are poised to pass a $700 billion bailout to Wall Street. At the behest of President George W. Bush, the U.S. taxpayers are going to be on the hook for what can only be referred to as the biggest fraud in U.S. history.

Virtually our entire financial system is based on an illusion. We spend more than we earn, we consume more than we produce, we borrow more than we save, and we cling to the fantasy that this can go on forever. The glue that holds this crumbling scheme together is a fiat currency known as the Federal Reserve Note, which was created out of thin air by an international banking cartel called the Federal Reserve.According to Congressman Ron Paul, in the last three years, the Federal Reserve has created over $4 trillion in new money. The result of all this “money-out-of-thin-air” fraud is never-ending inflation. And the more prices rise, the more the dollar collapses. Folks, this is not sustainable.

Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by the bailout of Freddie and Fannie that will cost the taxpayers up to $200 billion. Then the Fed announced the bailout of AIG to the tune of $85 billion. Mind you, AIG is an enormous global entity with assets totaling more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into global money markets. And the Treasury Department promised $50 billion to insure the holdings of money market mutual funds for a year. Now, taxpayers are being asked to provide $700 billion to Wall Street. (I hope readers are aware that, not only will American banks be bailed out, but foreign banks will also be bailed out. Then again, at least half of the Federal Reserve is comprised of foreign banks, anyway.) In other words, the Federal Reserve is preparing to spend upwards of $1 trillion or more. Remember again, this is fiat money, meaning it is money printed out of thin air.

All of this began when the U.S. Congress abrogated its responsibility to maintain sound money principles on behalf of the American people (as required by the Constitution) and created the Federal Reserve. This took place in 1913. The President was Woodrow Wilson. (I strongly encourage readers to buy G. Edward Griffin’s book, The Creature from Jekyll Island.) Since then, the U.S. economy has suffered through one Great Depression and several recessions—all of which have been orchestrated by this international banking cartel. Now, we are facing total economic collapse.

But don’t worry: the international bankers will lose nothing—not even their bonuses. They will maintain their mansions, yachts, private jets, and Swiss bank accounts. No matter how bad it gets on Main Street, the banksters on Wall Street will still have the best of it—President Bush and the Congress will make sure of that. This is one thing Republicans and Democrats can agree on.

America’s founders were rightfully skeptical of granting too much power to bankers. Thomas Jefferson said, “If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

Jefferson also believed that “banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

Daniel Webster warned, “Of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes them with paper money.” Webster also said, “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no, Sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors, and a ruined people.”

Our first and greatest President George Washington said, “Paper money has had the effect in your State [Rhode Island] that it ever will have, to ruin commerce—oppress the honest, and open the door to every species of fraud and injustice.”

If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, “Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

What President Andrew Jackson said to the bankers in 1832 is exactly what an American President should say to these criminal international bankers today. But what George Bush, John McCain, and Barack Obama want to do is provide amnesty for the international bankers, just as they want to provide amnesty for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for illegal aliens, either. Instead of sending these banksters on extended vacations to the Bahamas with millions of taxpayer dollars in their pockets, we should be sending them straight to jail!

The only way to fix this economic mess that the international bankers have created is to return America to sound money principles, as prescribed in the U.S. Constitution. This means dismantling the Federal Reserve and the Internal Revenue Service, overturning the 16th Amendment and the personal income tax, and returning the American monetary system to hard assets: gold and silver. Anything short of this will only delay and worsen the inevitable collapse that has already begun.

10 Responses to “No Amnesty for Wall Street!”

  1. Justin Anthony Knapp Says:

    This post implies that Chuck Baldwin wrote this for Third Party Watch; did he?

    -JAK

  2. Daniel Imperato Says:

    Most everyone in the third party world counted me out of contending for the nominations of the third parties this year. True I could not muster the organization that was needed in time to win. But that does not rule out the fact that I had solid ideas and understood global economics better than any of the nominees we ended up with. So after watching with bewilderment no one able to articulate solid solutions to the financial crises, I have come up with my own 12-point plan. Here it is:

    1.Reduce salary for executives running any operation receiving benefits from the government.
    2.Audit foreign banks that participate in purchasing/refinancing or distributing mortgage-backed securities and/or derivatives to ensure they are in compliance with US regulations before one penny is allocated to them.
    3.Any foreign bank that breaches US security law, hyper-inflates their balance sheets, or used mortgage-backed securities/derivatives to further enhance their balance sheets then sell off at a discount to create cash-flow should not be entitled to any US taxpayer funds for this bailout.
    4.Banks and financial institutions must immediately recognize old usury laws and stop gouging the American people’s pocketbooks with exorbitant interest rates and fees on credit cards.
    5.Allow American families to buy distressed real estate and homes directly from the banks with the federal government using these proposed set aside funds to provide a fixed mortgage rate of 3% per year. Also allow current mortgage holders to refinance to obtain the 3% rate and extend the mortgage term to 50 years. These provisions will reduce monthly payments and directly help families struggling to meet housing payments as the cost of living increases for food and fuel.
    6.Banks participating in the US program will immediately stop ATM charges, overdraft charges and bad check fees that are related to banks holding people’s money and not making it available from an institution floating the funds for additional interest.
    7.The banks should also eliminate charges for minimum balance requirements and charges related to the number of checks written per month.
    8.America needs to start buying American again. 3% fixed rate for all US made automobiles. That’s those made by the big three Chrysler, GM and Ford.
    9.Implement a taxing mechanism that would tax US corporations for each and every job they ship overseas. Corporations would have the opportunity to recover taxes paid once jobs are brought back to our soil. Examples of specific job categories include credit card processing, call centers and airline reservation systems.
    10.Charge $25 for each foreign traveler arriving and departing US. Estimated revenue from the approximately 57 million international visitors traveling to the US in 2007 would reach nearly $3 Billion.
    11.Raise the amount of FDIC insured accounts from $100K to $250,000 since the value of the dollar is so low. This will discourage more people from pulling their funds out of the banks.
    12.Allow a higher tax deductible contribution to 401K accounts. Raise the minimum from $4,000 to between ten and twenty thousand ($20,000) encouraging savings in safer securities.

    Daniel Imperato
    Former Independent Presidential candidate
    http://www.thepeoplespresident2008.com/president/issues.htm

  3. Jonathan Says:

    http://www.nolanchart.com/article5004.html

  4. Cody Quirk Says:

    This post implies that Chuck Baldwin wrote this for Third Party Watch; did he?

    = No he did not, I simply published it here.

  5. Jonathan Says:

    time is short please donate to www.bobbarr2008.com It’s time to place tv and radio ads plus we have the unjust ruling in the Louisiana ballot which we have . appealed

  6. Bill Lussenheide Says:

    Daniel:

    Why should the goverment subsidize loans at a guaranteed 3%?

    Where did you come up with this number? How about 4, 6 , or 8% ??

    As an already existing homeowner, who has never missed a payment, and have an excellent credit record, why shouldnt my rate also be automatically reduced to your so called 3% ? Why should just “NEW” home buyers be rewarded?

    All of your ideas are designed to meddle in the marketplace, and would misallocate capital towards inefficiency, or would create a further shortage of capital, by manipulating free market interest rates to too low of a rate, causing capital to NOT invest in those instruments.

    Banks and Credit Card companies are free market competitive companies. If they want to charge fees, and someone else does not, then again, let the free market determine this. Seriously Daniel, do you believe that ATM machines cost nothing to operate, that banks do not have expenses when processing bad checks or overdrafts?

    Your points 1, 2, 3, and 12 have some validity, although in the case of 12, I believe you meant IRA plans, as 401k plans DO have higher limits than $4000 a year.

    I am the President of a money management firm which has been weathering this storm quite well in the safety of US Money Market Treasuries, and I am a Series 65 licensed Registered Investment Advisor. I am not sure of your boast of “understanding global economics better than any other candidate out there”.

    The current problems were created because of Goverment meddling, and misallocation of capital by the Fed and its surrogates through manipulated interest rates, and poor lending standards throughout the system. MORE goverment meddling will not solve it, it will only hasten the problem.

  7. Rob Says:

    I will admit, even thought I don’t like Chuck Baldwin, and I don’t like the platform of the CP, and even if I do think he would be a terrible president even on this subject….

    This was one of his best articles. I liked it, it had the right mix of historical quotes, certainly hit the banking industry hard, and I agree with the position on the bailout.

    The only thing to improve it, lies in the realm of science fiction, because even though its contradictory, it would be improved if it were somehow shorter…and if it additionally talked more about the real crisis.

    In other words, the freezing credit markets, and how its unfolded, basically the flow of easy money had created a disconnect between those who sold the mortgages and those who eventually had the risk of the mortgage, the buyer of the mortgage back securities.

    You had ‘no documentation loans’, subprime loans…basically anyone that asked was getting a loan. 1 year out of foreclosure? No problem, get another loan, because as long as they could sell the paper, and it wasn’t their own money…they were going to make the loan happen.

  8. Clark Says:

    CHUCK BALDWIN OPINES: “The only way to fix this economic mess that the international bankers have created is to return America to sound money principles, as prescribed in the U.S. Constitution. ...returning the American monetary system to hard assets: gold and silver….(END)

    ...firstly, i agree with some of ‘chuck’s $tuff’..and appreciate that he is not a total ignoramu$..unlike most/all republicrats..

    ...BUT WE HAVE NEVER HAD ANY HONEST ‘GOLD/SILVER MONEY SYSTEMTO WHICH WE CAN “RETURN”..(according to the world’s foremost monetary historian-steve zarlenga—and if you know of a better one please merely name the name or STFU about ‘RETURNING to some fucking theoretical ‘gold standard!’‘)

    ...also, it appears moving towards honest, (‘100% reserve’) ‘gold/silver money’ would cause UNTOLD DAMAGE/POLLUTION TO MOTHER EARTH AS VIRTUALLY THE SAME FUCKING GREED-HEADS WHO CONTROL THE WORLD NOW WILL OWN THE FUCKING GOLD/SILVER MINES, ETC..RIPPING THE EARTH APART, ETC., AT THEIR WILL…WHILE STILL ‘IN CONTROL OF OUR MONEY AND “THE ECONOMY”’!

    ...BEFORE ANYONE WORKS THEIR BRAINWA$HED REPUBLICRAT HOLES TOO MUCH HERE..DO SOME SIMPLE MATH…HOW MANY FED TOKENS EXTANT? HOW MUCH GOLD AVAILABLE WITH WHICH TO REDEEM THE TOKENS? etc.. ad goddamned nauseam..

    ....BILL LUSSENHEIDE BRAGS: “I am the President of a money management firm which has been weathering this storm quite well in the safety of US Money Market Treasuries, and I am a Series 65 licensed Registered Investment Advisor.” (END)

    ...yes, ...and despite that you may ‘manage’ illion$, you appear worse than clueless as to the origin, nature, etc. of even one!..

    ...btw, notice how no stinking politician has the decency or knowledge to declare one HUGE ‘bubble problem’ in the making…’401 k’s,’ ‘403 b’s’ etc. fucking miserable ignorance…which coerces people to stuff more of their ‘money’ into the fucking ‘stock market’ ru$e..(through special ‘tax treatments’ etc. favoring the acquisition of ‘shares of stock,’ mutual fund shares, etceterot.)(the notion that this fucking ‘stock market’ is part and parcel of some ‘free market’ is just plain republicrat ignorance!)

    ...most people have no honest clue as to the origin, nature, etc. of even one fucking ‘share of stock’..yet many are banking on ‘the stock market’—or maybe the upcoming bailout$ thereof!!—for ‘retirement’..

    ...have a good day…maybe google ‘monetary realism’...read and think for yourself…remember, there’s LOTS OF SHIT FLOATING AROUND AS ‘CONVENTIONAL WISDOM’..LOT$ AND LOT$!!

  9. Hey Johnathan! Says:

    This is a Baldwin post and response. Peddle your BobBarr08 crap on the appropriate venue. [And get him a watch that works….]

    Now that I am here, great posting and kudos to Cody Quirk for passing this timely and important LOGICAL message along. None of us can be proud of a nation [fascist imperial global empire@] that has poor folks constantly bailing out rich people, monopolies, banks, corporations and even [Freddie Mac and Fannie Mae] foreign governments.

    We will go out with a whimper, and it will be self imposed.

    AND if you hate lousey government plz take a moment to complain about Ruskin High School’s quarter of a million dollar New EXPENSIVE UNNECESSARY ARTSY FARTSY perimater fence. Instead of sprinkling flower seeds at the base or fitting wooden slats into the chain link of the servicable old barrier, these folks want to tear down the old one.

    Private school[s] any one?

    Government waste activist Debbie Aiman, 9000 Old Santa Fe Road, KCMO 64138 and www.jcadvocate.com and www.kcstar.com

    AND

    « Technical Advice Memorandum 9635003
    General Info

    As you may know, the Commission on Presidential Debates (”CPD”) is a nasty organization that works to keep Republican and Democratic Party presidential candidates in the spotlight, while ensuring that all other candidates stay out of the spotlight.

    CPD has been granted a 501©(3) classification by the IRS. That means it has tax-exemption privileges, and donations to CPD are tax-deductible. I think this is wrong.

    My opinion is that CPD violates the conditions of its privileged tax-exempt status whenever it holds one of these exclusive candidate forums.

    I have already filed a complaint about this issue. View the complaint here.

    Any concerned citizen may file a complaint with the IRS about this. I encourage you to file a complaint too. It’s pretty easy to do. The more complaints the IRS receives about this, the better the chance they will at least perform an investigation.

    This IRS page has information on filing a complaint against a tax-exempt organization. For some reason, the page does not have a direct link to Form 13909. You can get it here.

    In 1996 the IRS released a “technical advice memorandum” on this issue. The text of that is on the next post.

    From this page you can get more information about tax-exempt organizations and political campaigns.

  10. Andy Says:

    Great article!

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