Dr. Ron Paul: Cancel $1.6 Trillion Fake "Debt" Owed to Federal Reserve

Discussion in 'Politics' started by Contumacious, Aug 3, 2011.

  1. Contumacious
    Offline

    Contumacious Radical Freedom

    Joined:
    Aug 16, 2009
    Messages:
    17,072
    Thanks Received:
    1,469
    Trophy Points:
    205
    Location:
    Adjuntas, PR , USA
    Ratings:
    +3,851
    Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

    Rep. Ron Paul on Monday introduced legislation that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.

    Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.

    http://thehill.com/blogs/floor-actio...eld-by-the-fed
     
  2. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Great idea.
     
  3. Contumacious
    Offline

    Contumacious Radical Freedom

    Joined:
    Aug 16, 2009
    Messages:
    17,072
    Thanks Received:
    1,469
    Trophy Points:
    205
    Location:
    Adjuntas, PR , USA
    Ratings:
    +3,851

    "In simple terms, Congressman Paul is recommending that the United States dismiss the $1.6 trillion payment owed by the Treasury to the Federal Reserve. The American government (and citizens) incurred this “debt” through a crafty bit of sleight of hand on the part of the Federal Reserve, a cabal of men determined to make our freedom disappear. Paul justifies this seemingly radical response by reminding Americans that the debt owed to the Federal Reserve isn’t real and that it was created by that organization “out of thin air.”


    Ron Paul: Cancel $1.6 Trillion Fake "Debt" Owed to Federal Reserve
     
  4. eflatminor
    Offline

    eflatminor Classical Liberal

    Joined:
    May 24, 2011
    Messages:
    9,261
    Thanks Received:
    1,401
    Trophy Points:
    245
    Ratings:
    +2,073
    But even Dr Paul would agree that if such a bill were to pass, we're still a hell of a long way from being out of the woods. Some think we're doomed to bankruptcy and out of control inflation. Hope is good thing I say. The New Deal/Great Society is over. Policing the planet, done. The unholy collusion of government and big biz (Fascist-like really), no more. That mindset either comes before or after a collapse. I'm fighting for before.

    Oh, and End the Fed.
     
  5. RodISHI
    Offline

    RodISHI Gold Member

    Joined:
    Nov 29, 2008
    Messages:
    10,392
    Thanks Received:
    1,858
    Trophy Points:
    280
    Ratings:
    +5,047
    They could dismiss many of those erroneous guarantees filings banks have made, collect back any irregular filings and sovle much of the bullshit debt created too! I would bet that the Treasury could even have some extra left over.
     
  6. Sundial
    Offline

    Sundial Class Warrior

    Joined:
    Aug 1, 2011
    Messages:
    1,231
    Thanks Received:
    106
    Trophy Points:
    48
    Ratings:
    +106
    Ron Paul demonstrates a staggering degree of economic ignorance.

    It's a good thing he's the laughingstock of Congress, or he'd be dangerous.
     
  7. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    I thought Dr. Paul was against abortions?
     
  8. Full-Auto
    Offline

    Full-Auto Gold Member

    Joined:
    Jun 13, 2009
    Messages:
    13,555
    Thanks Received:
    1,614
    Trophy Points:
    153
    Ratings:
    +1,615
    Did you even read the article?
     
    • Thank You! Thank You! x 1
  9. SwingVoter
    Offline

    SwingVoter VIP Member

    Joined:
    Aug 30, 2008
    Messages:
    1,246
    Thanks Received:
    123
    Trophy Points:
    83
    Location:
    Richmond, Virginia
    Ratings:
    +129
    So I imagine the banks who buy and sell treasuries with the Fed everyday would get to have their assets canceled too. Also depositors in those banks? Would Apple still want its $70 billion cash hoard in an asset class than can get "canceled" by Ron Paul?
     
  10. Sundial
    Offline

    Sundial Class Warrior

    Joined:
    Aug 1, 2011
    Messages:
    1,231
    Thanks Received:
    106
    Trophy Points:
    48
    Ratings:
    +106
    I don't need to read the article to know that Ron Paul is flakey ignoramus. And I don't need to read it to know that anyone who advocates"canceling" 1.6 trillion dollars of the Fed's assets is economically illiterate.
     

Share This Page