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

[Contumacious]

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.

Hummmmmmmmmmm

I believe I recognize the writing style.

Are you by any chance Ben Shalom Bernanke?

So tell me Ben, who pays for the ink and the paper that you use to "create money"?

BTW, Ben, since the US government forces Americans to accept your "money" as legal tender, why the fucketh do we need to know about "economics"?

As always, Heil Hitler.

.

 

[Contumacious]

Great idea.

"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

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.

Absolutely.

.

 

[Dr.Drock]

Yeah the Fed owns government.

What happens if we were to pay it all back? Then the Fed would loan out money at a lower interest than banks can loan it out and the racking up debt would begin all over again.

They own our government, our economy, the strength of the dollar and the general financial well-being of probably 99% of americans.

 

[eflatminor]

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.

By all means, thrill us with your economic acumen.

 

[Leweman]

Someone who supports the Fed, please explain your position and one positive purpose the Fed serves as a seperate, private entity from our Federal government. No one can do it.

 

[Paulie]

The problem with this is that our debt to the Fed is not what is causing the potential for default, it's our foreign debt that is. The Fed can sit on that debt forever and never call it, but it's countries like China and Japan we're worried about. What if they call our debt? What if they just stopped buying treasuries?

The Fed won't call our debt, and will in fact continue buying treasuries if that's what is needed to fund the government.

This would make more sense if the Fed bought up all our foreign debt and cleared us of that, but then we'd be looking at hyperinflation for sure.

 

[Contumacious]

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.

Did you even read the article?

Nope. He can't read.

.

 

[Sundial]

Even if he doesnt I do and here is my evidence to feel this way...

http://www.usmessageboard.com/polit...n-conservatives-another-possible-shooter.html

Here's another:

http://www.usmessageboard.com/politics/177699-is-the-government-to-lenient-on-muslims-another-possible-shooter.html

That is not my thread and I AM A CONSERVATIVE. nor have I participated in that display of stupid partisanship.

Now, your contention was to paint everyone with the same brush. I kinda broke your profile of how to catagorize a political group, so where do we go now?

My intention was to see how conservatives would react to having their own rhetoric applied to them.

All I did was copy and paste messages from the anti-Muslim thread, messages written by conservatives. Then I changed words like "Muslim" to words like "conservative".

So, no, i don't believe all conservatives are violent terrorists.

I do believe conservatives who attack Muslims because of the acts of a few are narrow-minded hypocrites, which was the point of the thread.

 

[Remodeling Maidiac]

Here's another:

http://www.usmessageboard.com/politics/177699-is-the-government-to-lenient-on-muslims-another-possible-shooter.html

That is not my thread and I AM A CONSERVATIVE. nor have I participated in that display of stupid partisanship.

Now, your contention was to paint everyone with the same brush. I kinda broke your profile of how to catagorize a political group, so where do we go now?

My intention was to see how conservatives would react to having their own rhetoric applied to them.

All I did was copy and paste messages from the anti-Muslim thread, messages written by conservatives. Then I changed words like "Muslim" to words like "conservative".

So, no, i don't believe all conservatives are violent terrorists.

I do believe conservatives who attack Muslims because of the acts of a few are narrow-minded hypocrites, which was the point of the thread.

Maybe your efforts would have been worth while had you posted a thought out thread. All you accomplished in my mind was to marginalize yourself as an extremist. The very thing you claim to despise.

 

[Sundial]

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.

Hummmmmmmmmmm

I believe I recognize the writing style.

Are you by any chance Ben Shalom Bernanke?

So tell me Ben, who pays for the ink and the paper that you use to "create money"?

BTW, Ben, since the US government forces Americans to accept your "money" as legal tender, why the fucketh do we need to know about "economics"?

As always, Heil Hitler.

.

One thing you need to know about the Fed is that the Fed is a bank. Like all banks, it has assets and liabilities. If you "cancelled" $1.6 trillion of its assets, you'd be instantly bankrupting the Fed.

Another thing you need to know is that the cash assets of all commercial banks - Citibank, Wells Fargo, etc. - are liabilities of the Fed. If you bankrupt the Fed, you're bankrupting every bank that's part of the Federal Reserve system.

It would be sort of like the 1930's, when a lot of banks closed their doors. Except this time it would be all banks, not just some of them.

 

[Contumacious]

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.

Hummmmmmmmmmm

I believe I recognize the writing style.

Are you by any chance Ben Shalom Bernanke?

So tell me Ben, who pays for the ink and the paper that you use to "create money"?

BTW, Ben, since the US government forces Americans to accept your "money" as legal tender, why the fucketh do we need to know about "economics"?

As always, Heil Hitler.

.

One thing you need to know about the Fed is that the Fed is a bank. Like all banks, it has assets and liabilities. If you "cancelled" $1.6 trillion of its assets, you'd be instantly bankrupting the Fed.

Reeeeeeeeeeeeeeeeeeeeeeeeeeeally?


So tell me Vernon, when was the last time that the FRB was audited?!?!?!?!?!?!!?!?!?!!?

.

 

[Stashman]

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.

Hummmmmmmmmmm

I believe I recognize the writing style.

Are you by any chance Ben Shalom Bernanke?

So tell me Ben, who pays for the ink and the paper that you use to "create money"?

BTW, Ben, since the US government forces Americans to accept your "money" as legal tender, why the fucketh do we need to know about "economics"?

As always, Heil Hitler.

.

One thing you need to know about the Fed is that the Fed is a bank. Like all banks, it has assets and liabilities. If you "cancelled" $1.6 trillion of its assets, you'd be instantly bankrupting the Fed.

Another thing you need to know is that the cash assets of all commercial banks - Citibank, Wells Fargo, etc. - are liabilities of the Fed. If you bankrupt the Fed, you're bankrupting every bank that's part of the Federal Reserve system.

It would be sort of like the 1930's, when a lot of banks closed their doors. Except this time it would be all banks, not just some of them.

Let them fall

 

[Sundial]

What I wish is that wing nuts could get the world they say they want, so they could see how terrible it is. Unfortunately they insist on staying here, consuming the benefits of our economy, while actively trying to destroy it.

 

[Contumacious]

What I wish is that wing nuts could get the world they say they want, so they could see how terrible it is. Unfortunately they insist on staying here, consuming the benefits of our economy, while actively trying to destroy it.

Bwahahahaaahahahahahahahah

Yo be a stand up comedian?

Your ilk, the socialists, the fascists and other parasites have been trying to destroy our economy since the 1860's when the 1st "income" tax was adopted. It took you bastards over 100 years but finally suceeded.

.

 

[ShackledNation]

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.

Hummmmmmmmmmm

I believe I recognize the writing style.

Are you by any chance Ben Shalom Bernanke?

So tell me Ben, who pays for the ink and the paper that you use to "create money"?

BTW, Ben, since the US government forces Americans to accept your "money" as legal tender, why the fucketh do we need to know about "economics"?

As always, Heil Hitler.

.

One thing you need to know about the Fed is that the Fed is a bank. Like all banks, it has assets and liabilities. If you "cancelled" $1.6 trillion of its assets, you'd be instantly bankrupting the Fed.

Another thing you need to know is that the cash assets of all commercial banks - Citibank, Wells Fargo, etc. - are liabilities of the Fed. If you bankrupt the Fed, you're bankrupting every bank that's part of the Federal Reserve system.

It would be sort of like the 1930's, when a lot of banks closed their doors. Except this time it would be all banks, not just some of them.

The Federal Reserve creates money out of thin air. It creates its own assets.

 

[ShackledNation]

The ignorance in responses to this thread is quite frankly...no surprise.

The Federal Reserve buys US debt. The money it buys this debt with is created out of thin air. That is what the Fed does. It gives the government a check from a checking account that does not exist of any amount it wants. The Federal Reserve could do this to all government debt, but it would cause hyperinflation.

Take away the smoke and mirrors, and the Fed simply paid off part of the actual US debt by creating money. Governments often pay off debts by creating money. This is essentially a default on holders of that money because the money becomes worth less, and prices rise. By creating money to pay for 1.6 trillion in US debt, the US government basically defaulted on 1.6 trillion dollars worth of its obligations. The costs of default, however, do not fall upon the government or the creditor, but on all holders of US dollars. It is simply another way to spread the costs of something around a large group of people so it is harder to notice.

The default already happened through inflation and devaluation of the currency. The 1.6 trillion is in no way an actual obligation.