This was originally written in August, 2007.
http://hosted.ap.org/dynamic/stories/C/CREDIT_CRISIS?SITE=NYWNE&SECTION=HOME&TEMPLATE=DEFAULTWASHINGTON (AP) — President Bush sought to calm nervous investors Tuesday as the Federal Reserve plowed $3.75 billion into the financial system, the latest efforts to stanch a spreading credit crisis that has unhinged Wall Street.Wrapping up a summit in Montebello, Quebec, with the Prime Minister of Canada and the Mexican president, Bush took the opportunity to point out that the U.S. economy remains in good shape and should be able to weather the financial storm.
Trying to further stabilize wobbly markets, the Federal Reserve on Tuesday pumped another $3.75 billion into the financial system. It was the latest in a series of cash transfusions that have topped more than $100 billion in recent weeks. That’s aimed at helping banks and other institutions get over the hump and carry out their business more smoothly.
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”Let me issue and control a nation’s money supply, and I care not who makes its laws.” –Mayer Amschel Rothschild, founder of Rothschild banking dynasty
We are so used to hearing the federal government throwing around numbers in the billions and trillions, yet we do not really understand HOW MUCH money, or lack thereof, we are talking about. To quote a talk radio personality, get yourself some duct tape and wrap it reeeeally tight around your head, because your head will EXPLODE after you read this.
http://usgovinfo.about.com/b/a/175099.htm
Every 8 hours and 20 minutes, the U.S. Government spends another billion dollars.
A billion seconds ago, it was 1959.
A billion minutes ago, Jesus was alive.
A billion hours ago, our ancestors were living in the Stone Age.
If we all decided to all pitch in and pay off just the first $5 trillion of the federal debt at the rate of $1.00 (one dollar) per second, it would take us around 160,000 years. One hundred sixty thousand years.
A tightly-packed stack of crisp new $1000 bills, totaling $5 billion, would be 315 miles tall. The Space Shuttle, which orbits at about 240 miles above the earth, would have to go around our “debt stack.”
Now, what do you think about printing 100 BILLION new dollars and pumping them into the economy to artificially prop it up? We artificially inflate the economy and throw more money at the beast in the hopes it will be satisfied. Which never works. Eventually, the bubble breaks, most likely to the tune of another depression. But Hey, The economy looks ok right now, doesn’t it? Just a little slump, move along….nothing to see here.
We do not need more cash in the system, or any of the other band-aid economic solutions. Ever wonder why you pay income tax? Because the United States is mortgaged away to the Federal Reserve, a private bank no more “federal” than FedEx. Congress granted them power to coin money and regulate the value thereof, a power originally granted them by the Constitution, and sold America’s soul to a bank. They are the reason why the US dollar is only REALLY worth four cents. Your income tax goes directly to pay the interest owed on money borrowed from the reserve.
We do not need a bailout. We need to trim some fat off the hog. We need to cut some of the tentacles off the octopus bureaucracy that the country is going BANKRUPT trying to satisfy. Or maybe get rid of insanely out of control pork barrel spending such asthese examples from www.cagw.org : $1,650,000 added by Senate appropriator Patty Murray (D-Wash.) to improve the shelf life of vegetables.$1,000,000 added in the House for the Allen Telescope Array in Mountain View, Calif. This “alien” project is part of SETI (Search for Extraterrestrial Intelligence). SETI describes the telescope as “dedicated to astronomical and simultaneous search for extra-terrestrial intelligence observations.” No word on how it will help defend the world against an alien invasion.
*sigh* Yet more reasons I am supporting Ron Paul in ‘08
QuietRiot
