Quote from Congressman Wright Patman

[Votto]

With the hyperinflation of currency, we see today, perhaps we need to understand better what is going on with the hyperinflation.

Wright Patman was a democrat Congressman in the 1970's who said the following.


"The dollar represents a one-dollar debt to the Federal Reserve system. The Federal Reserve Banks create money out of thin air to buy government bonds from the US Treasury....and has created out of nothing.....a debt which the American people are obliged to pay with interest."

What does he mean by "create" the money?

 

[The Irish Ram]

The Federal Reserve is a private corporation run by rich bankers. We gave them our Treasury, and they can print worthless dollars when ever they want. They decide what interest we pay when we buy a car or house or need a loan. They run the show...

 

[Catsnmeters]

With the hyperinflation of currency, we see today, perhaps we need to understand better what is going on with the hyperinflation.

Wright Patman was a democrat Congressman in the 1970's who said the following.


"The dollar represents a one-dollar debt to the Federal Reserve system. The Federal Reserve Banks create money out of thin air to buy government bonds from the US Treasury....and has created out of nothing.....a debt which the American people are obliged to pay with interest."

What does he mean by "create" the money?

You don't know what hyperinflation is do you?

I guess you think acting like your hair is on fire is a good way to attract likes?

 

[Dont Taz Me Bro]

With the hyperinflation of currency, we see today, perhaps we need to understand better what is going on with the hyperinflation.

Zimbabwe experienced hyperinflation. What we're dealing with, while problematic, is not even remotely close.

 

[task0778]

Zimbabwe experienced hyperinflation. What we're dealing with, while problematic, is not even remotely close.

Agreed, I don't think the US economy is anywhere close to hyperinflation, which according to some is inflation at a rate exceeding 50 percent per month for at least 30 consecutive days. Has that ever happened? Yeah, it has, Hungary in 1946, Zimbabwe in 2008, Yugoslavia in 1994, and Venezuela twice since 2016.

Which IMHO does not mean we ought to be addressing the problem before it gets really bad. And things can turn to shit a lot faster than most of us would believe.

 

[Toddsterpatriot]

With the hyperinflation of currency, we see today, perhaps we need to understand better what is going on with the hyperinflation.

Wright Patman was a democrat Congressman in the 1970's who said the following.


"The dollar represents a one-dollar debt to the Federal Reserve system. The Federal Reserve Banks create money out of thin air to buy government bonds from the US Treasury....and has created out of nothing.....a debt which the American people are obliged to pay with interest."

What does he mean by "create" the money?

The Fed buys bonds that already exist. Buying those bonds does not "create a debt which the American people are obliged to pay with interest"

 

[Toddsterpatriot]

The Federal Reserve is a private corporation run by rich bankers. We gave them our Treasury, and they can print worthless dollars when ever they want. They decide what interest we pay when we buy a car or house or need a loan. They run the show...

Nah.

 

[Votto]

Zimbabwe experienced hyperinflation. What we're dealing with, while problematic, is not even remotely close.

Right, to use the inflation may seem crushing but this is nothing compared to how other countries have collapsed due to inflation throughout history and was caused by far less debt than what the US has today.

But when it starts, it happens at the blink of an eye, and all your money is worthless.

That is the direction thngs are headed now.

 

[Votto]

The Fed buys bonds that already exist. Buying those bonds does not "create a debt which the American people are obliged to pay with interest"

Understanding How the Federal Reserve Creates Money

Learn how the Federal Reserve targets and creates new money in the economy, and find out how the savings and loans system magnifies this process.

www.investopedia.com

Here is a better explanation

Printing Money​

Printing money is the job of the Federal Reserve, but only figuratively speaking. When the Fed decides to stimulate the economy by pouring more money into the system, it electronically transfers additional credits to the deposits of its member banks.

 

[Votto]

You don't know what hyperinflation is do you?

I guess you think acting like your hair is on fire is a good way to attract likes?

Most people are hurting right now because of inflation, so these types of conversations will become more common.

The worse things get, the more people are going to want to know why and what has been done to them.

 

[Toddsterpatriot]

Understanding How the Federal Reserve Creates Money

Learn how the Federal Reserve targets and creates new money in the economy, and find out how the savings and loans system magnifies this process.

www.investopedia.com

Here is a better explanation

Printing Money​

Printing money is the job of the Federal Reserve, but only figuratively speaking. When the Fed decides to stimulate the economy by pouring more money into the system, it electronically transfers additional credits to the deposits of its member banks.

I agree, Wright Patman was wrong.

 

[Catsnmeters]

Most people are hurting right now because of inflation, so these types of conversations will become more common.

The worse things get, the more people are going to want to know why and what has been done to them.

Agreed. I am still eagerly awaiting for the bill from the house Republicans that addresses inflation.

That said, it isn't hyperinflation.

 

[Votto]

Agreed. I am still eagerly awaiting for the bill from the house Republicans that addresses inflation.

That said, it isn't hyperinflation.

Republicans? It seems a few did not like the Fed either.

Here is what Congressman Lou McFadden said about the Fed. He was chairman of the House Committee on Banking and Currency from 1920 to 1931.

"When the Federal Reserve Act was passed, the people of the United States did not perceive that a world system was being set up here......a superstate controlled by international banker and international industrialists acting together to enslave the world for their own pleasure".

Ouch.

 

[Harpy Eagle]

But when it starts, it happens at the blink of an eye, and all your money is worthless.

That is the direction thngs are headed now.

Wishful thinking on your part, nothing more.

 

[Catsnmeters]

Republicans? It seems a few did not like the Fed either.

Here is what Congressman Lou McFadden said about the Fed. He was chairman of the House Committee on Banking and Currency from 1920 to 1931.

"When the Federal Reserve Act was passed, the people of the United States did not perceive that a world system was being set up here......a superstate controlled by international banker and international industrialists acting together to enslave the world for their own pleasure".

Ouch.

Ok. Again, where is legislation from Republicans to alleviate inflation?

 

[Votto]

Ok. Again, where is legislation from Republicans to alleviate inflation?

An opposition party to the DNC?

Since when has that ever been the GOP?

 

[Catsnmeters]

An opposition party to the DNC?

Since when has that ever been the GOP?

Sorry, you are losing me. Can you elaborate on your point?

 

[Votto]

“And I sincerely believe with you, 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.”
Thomas Jefferson

 

[Votto]

You don't know what hyperinflation is do you?

I guess you think acting like your hair is on fire is a good way to attract likes?

After making the comment about the Fed, Patman was put out to pasture by the democrats.

In 1975, Patman was voted out of his position as Chairman of the Banking committee by younger Congressmen, in a revolt against the 'Seniority system' which also removed Felix Edward Hébert and William R. Poage from their positions as chairmen. Patman was replaced by Henry S. Reuss by a caucus vote of 152–117. The main reason given for the caucus removing Patman was concern about his age and effectiveness.

And the Republican I mentioned, he was sent packing out of Washington as well.

After the expulsion from Washington, D.C., of the veteran petitioners of the Bonus Army, which he called "the greatest crime in modern history", McFadden moved to impeach President Herbert Hoover in 1932,[8] and he also introduced a resolution bringing conspiracy charges against the Board of Governors of the Federal Reserve. The impeachment resolution was defeated by a vote of 361 to 8; it was seen as a big vote of confidence to President Hoover from the House.[9] According to Time magazine McFadden was "denounced and condemned by all Republicans for his 'contemptible gesture'."[4][9] The Central Press Association reported that he was "virtually read out of his party ... [had] his committee posts ... taken away from him…was ostracized by Republicans [and] called crazy ...".[10] Sen. David A. Reed (R-PA) said "We intend to act to all practical purposes as though McFadden had died".[11]

 

[Votto]

JFK even tried to pass an Executive Order to curtail the power of the Fed

Then he went to Dallas...................................

President Kennedy, The Fed And Executive Order 11110 - Prepare For Change

The “EVENT” is the moment of the “Compression Breakthrough” on earth. COBRA guides us to prepare for change, for the Event and disclosure.

prepareforchange.net