Since the FED is a private corporation. Then if the FED is destroyed, then all the Debt is zero. Since the government borrows from the FED. All we have to do is outlaw this scam of a scheme and we're debt free? Lets vote in the government that will. Wooooooo Is that too simple? Am I dreaming?
I dunno, maybe they're above the law. The american consitution already has this in it: "Article. I. Section. 10. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility." American's still have their fiat, apparently money trumps the law. I think Islam has a similar rule in their doctrine forbidding debt-backed currency. Islamic states still have their fiat, apparently money trumps religion. State-owned banks might be a practical solution to debt-slavery. Look into "State Bank of North Dakota" for info on that. Essentially the Gov could borrow from these banks at zero interest. Yes, you're a dreamer, but your not the only one.
Well spets1 I've had that very thought myself. It'd take the congress to grow a giant set of balls but, yeah, why not just stiff 'em. Obviously mayhem would ensue but mayhem's coming anyway. More generally that is the solution to the current problem of too much debt. Debtors default, lenders restructure and we move on. Currently not one lender is going to take a haircut when they can transfer the debt to the public. When our housing bubble pops I predict the RBA will buy up buckets of MBS and, voila, debts transferred to you and me, bankers off to continue doing God's work. Maybe that'll be enough to get people's goat. We are in for an interesting year, that's for sure. Mark.
Interesting lecture by a guy named Imran Hosein on Islamic finance/currency/money etc. Well worth a watch for Stackers. Note: this lecture was given i think almost 5 years ago. The first 3-4 minutes start of slow but then gets interesting http://www.youtube.com/watch?v=D-fPmbPrt7A PART 1 http://www.youtube.com/watch?v=UQyNeaUpukc PART 2 http://www.youtube.com/watch?v=6baHDZ4T2u4 PART 3 http://www.youtube.com/watch?v=kDGJm3bznX8 PART 4 http://www.youtube.com/watch?v=lU_6F6tfHW0 PART 5 http://www.youtube.com/watch?v=PwpIisqR4so PART 6
Rtistik, Imran Hosein is the Number 1 Authority within the Muslim world, regarding fiat money and the return to gold and silver as money. His website below http://imranhosein.org/ I have spent hours watching his lectures...
Thanks Thucydides 79, I know Ive been watching many of his lectures too. He is one of the reasons I am a stacker
