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Thread: A piece of paper we call the Dollar

  1. #1
    Elite Member JamieElizabeth's Avatar
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    Default A piece of paper we call the Dollar

    November 15, 2007


    This interesting piece from the wise Richard Russell. . .

    My old friend, Aaron Russo (he died a few months ago) made a
    widely-distributed film about the Internal Revenue Service (IRS). I
    think you can see the film free on Google. Aaron claimed that there is
    nothing in the Constitution or anywhere else that mandates that we, you
    and I, have to pay a Federal income tax. Aaron may have been right, but to my mind he was fighting the wrong fight. The federal income tax is just a symptom of the disease. The disease is the Federal Reserve.

    Why should Congress delegate to a private banking cartel the power to
    create the money that we call the dollar? Of course, it's not a
    Constitutional dollar, it's really a Federal Reserve Note. The original
    dollar was defined in terms of a specific weight of silver.

    The Federal Reserve represents a departure from the Constitutions
    dictates on the production of money. The creation of the Federal
    Reserve should have required a Constitutional amendment. There was never any amendment. There was never any Supreme Court decision on the Constitutionality of the Federal Reserve. Why? It's the question that
    no one wants to deal with.

    What about this piece of paper that we call the "dollar?" There is NO
    definition for the so-called dollar. The dollar is only "measured" in
    terms of other fiat money. A dollar is worth so much of a euro, the
    dollar is worth so much of a renminbi, the dollar is worth so much of a
    rupee. It's utterly ridiculous. The fact is that there is today
    absolutely NO definition for a dollar. A dollar is a figment of the
    Federal Reserve's dream factory.

    The Federal Reserve under the political Alan Greenspan flooded the US
    and the world with junk Federal Reserve Notes. The result of
    "Greenspan's Folly" is inflation across the face of the globe,and now
    we have the cancer of competitive currencies. Not only is fiat money
    intrinsically worthless, it's being ground-out day after day in
    prodigious quantities. Greenspan claimed that the Fed was treating
    Federal Reserve Notes just "as if" they were backed by gold. I have to
    wonder how this egotistical little pipsqueak lives with himself. His
    mentor, Ayn Rand, must be turning in her grave.

    Money should be issued by the US government and backed by gold. The US government should pay for what it needs with gold-backed dollars that it alone issues. If that were the process, there would be almost no need for an income tax. The US Treasury would issue all the money we need.

    Theoretically, the Federal income tax pays for a large part of the US
    government's expenses (the rest is borrowed). Why shouldn't the
    government pay for its own expenses by issuing the money it needs? That money would be backed not only by gold but by the full faith and credit of the US government. Why give the power of money creation to a private bank euphemistically called the Federal Reserve? The fact is that it's neither a reserve for anything nor is it Federal. It's a private bank and a cartel with a fancy and deceptive name.

    Systematically and methodically, US citizens are now being robbed by
    the system. Because the Fed has issued trillions in fiat paper, we're
    suffering from inflation. And because the US government doesn't issue
    its own money, we're being systematically bled by the Federal income
    tax. Thus inflation and taxes rob us of the fruits of our labor. And
    the US public grudgingly accepts this disgusting process because it doesn't know any better. Our poor duped citizens have never even questioned where our money comes from.

    As far as the IRS is concerned, their function is to be the policemen,
    they simply see to it that we pay the taxes. Thus, the IRS is just a
    symptom of the disease -- the disease is the Federal Reserve and the
    method by which money is created under this banking cartel.

    Ultimately, the system will fail because it's an evil system and an
    immoral system. And the only power evil has is the power to destroy
    itself over time.

    Why is the system evil? It's evil to pay people for their labor in
    paper that costs nothing to create. A person should receive something real, something tangible, something substantial, for their work. Anything
    else is, in actuality, a subtle form of financial slavery -- or working for
    nothing.

    Biograhphy: Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business.

    http://wanchena.com/7.html
    Last edited by JamieElizabeth; November 21st, 2007 at 02:24 PM.

  2. #2
    Elite Member Grimmlok's Avatar
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    Default

    You know, if you wanted to continue along this stupid thoughtline we can say gold, silver and whatever else also has no intrinsic value. They're just chemically combined metal ores buried in dirt. It doesn't have any value until we assign it value.

    Same for paper dollars.

    Idiot.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  3. #3
    Elite Member twitchy's Avatar
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    The use of a "gold standard" implies fixed exchange rates. This is one of the biggest drawbacks of the system. With a currency tied to gold, changing circumstances do not in turn create a responsive change in the exchange rate. This can lead to severe economic shocks, and in turn highly unstable prices, higher rates of unemployment etc. The government lacks the ability to ability to offset extreme fluctuations.

    Pretty chunks of shiny metal do not a stable economy make.

    "The howling backwoods that is IMDB is where film criticism goes to die (and then have its corpse gang-raped, called a racist, and accused of supporting Al-Qaeda)" ----Sean O'Neal, The Onion AV Club

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    Elite Member Grimmlok's Avatar
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    This guy is probably a wackjob neocon or 'Libertarian'.. they don't need society, as long as they can dig up some gold and barter it for weapons and a homestead.

    I laugh at these people because in their world they would be reduced to living how it was in the old west.. there would be princes and tyrants controlling this or that commodity.. it would be feudal!

    These people are idiots.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  5. #5
    Elite Member Just Kill Me's Avatar
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    Oooh I read this crazy book The Creature from Jekyll Island or something... stuff like this is interesting. Money and value is really all just an idea. You really can't say gold, and other precious metals are worthless because they are actually quite necessary for life in our modern times... not used to fuel our spaceships but metals are used for a great deal more than shiny jewelry.
    And interesting thing about how gold came to be so valuable is some insane crap I hear on Coast to Coast regarding the ancient Sumerians and their winged gods or someshit. Gold was used to fuel their spaceships or some shit... I love this stuff.

  6. #6
    Elite Member twitchy's Avatar
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    Gold became valuable because it doesn't easily undergo chemical reactions like oxidation. Iron rusts, silver and copper etc develop patinas and gold stays just as it was.

    "The howling backwoods that is IMDB is where film criticism goes to die (and then have its corpse gang-raped, called a racist, and accused of supporting Al-Qaeda)" ----Sean O'Neal, The Onion AV Club

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