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jaykimf
Joined: 24 Apr 2004
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 Posted: Sun Aug 02, 2009 6:41 pm Post subject: |
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| visitorq wrote: |
This is such a load of crap. As bacasper already pointed out, how do you know they pay their profits when they've never been audited, and moreover refuse to answer even simple questions regarding their book keeping? Your article states that the Fed pays the treasury $25 billion per year, and yet the interest paid to the Fed in last year on debt outstanding was a whopping $450 billion!
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
In other words the American people paid the Fed $450 billion just to service the interest on debt owed by the government. Where did that money go? Probably an offshore tax haven, which is why Bernanke sh-ts his pants every time Ron Paul and others grill him on it. These people are such blatant criminals, the best answer they come up with is that they "don't know".
Please, stop drinking the koolaid... the Fed is a rapacious debt machine that serves only the banks it prints money for and has bankrupted our country. The money is fraudulent and could just as easily be issued debt-free by the treasury itself as a service to the American people. |
The treasury didn't pay $450 billion to the Fed last year. That is the total amount of interest they paid to all debt holders including China etc. http://www.ustreas.gov/tic/mfh.txt . You're the one who has drunk the koolaid. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Sun Aug 02, 2009 11:10 pm Post subject: |
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| Hater Depot wrote: |
| bacasper wrote: |
| Hater Depot wrote: |
| The math behind the $23 trillion number is bogus. That is twice the size of the entire US economy. It is thus impossible for the bailouts to cost anything close to that figure. |
That number, actually $23.7 trillion, is from Neil Barofsky. Are you calling him, the SIGTARP himself, a liar? |
No. Those who are mispresenting his report are.
http://wonkroom.thinkprogress.org/2009/07/21/the-23-trillion-dollar-bailout/
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However, what everyone using this number failed to mention is what it means and how it was calculated.
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To arrive at $23 trillion, Barofsky simply added together every financial rescue program that has been proposed, including those that were discontinued or never even started. In the New York Times, Floyd Norris broke the number down further:
It also assumes that every home mortgage backed by Fannie Mae or Freddie Mac goes into default, and all the homes turn out to be worthless. It assumes that every bank in America fails, with not a single asset worth even a penny. And it assumes that all of the assets held by money market mutual funds, including Treasury bills, turn out to be worthless. It would also require the Treasury itself to default on securities purchased by the Federal Reserve system. |
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OK, thanks for that. Do we have any confirmation of it? And do they hazard a calculation of a more realistic number? |
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visitorq
Joined: 11 Jan 2008
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| Posted: Sun Aug 02, 2009 11:13 pm Post subject: |
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| jaykimf wrote: |
| visitorq wrote: |
This is such a load of crap. As bacasper already pointed out, how do you know they pay their profits when they've never been audited, and moreover refuse to answer even simple questions regarding their book keeping? Your article states that the Fed pays the treasury $25 billion per year, and yet the interest paid to the Fed in last year on debt outstanding was a whopping $450 billion!
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
In other words the American people paid the Fed $450 billion just to service the interest on debt owed by the government. Where did that money go? Probably an offshore tax haven, which is why Bernanke sh-ts his pants every time Ron Paul and others grill him on it. These people are such blatant criminals, the best answer they come up with is that they "don't know".
Please, stop drinking the koolaid... the Fed is a rapacious debt machine that serves only the banks it prints money for and has bankrupted our country. The money is fraudulent and could just as easily be issued debt-free by the treasury itself as a service to the American people. |
The treasury didn't pay $450 billion to the Fed last year. That is the total amount of interest they paid to all debt holders including China etc. http://www.ustreas.gov/tic/mfh.txt . You're the one who has drunk the koolaid. |
With the exception of bond payments to sovereign wealth holders all that interest goes to the bankers one way or another (and actually all US currency held in banks throughout the world generate interest for banks regardless of nationality). The Fed is merely the front for these banks, who literally own the Fed and dictate interest rates and control the money supply. The US government pays interest on US currency, which it forfeited the right to issue in 1913 when the Federal Reserve Act was passed. This is why the US is bankrupt, despite being the biggest economy on earth. Your inability to grasp this notion is the reason your actually trying to defend the most criminal institution perhaps of all time.
But whatever, go on being a slave if it makes you happy. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Sun Aug 02, 2009 11:40 pm Post subject: |
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| mises wrote: |
| I'm on a waiting list for the Book The Creature of Jeckel Island from my local library to better understand. |
I've been wanting to read this for awhile, I've watched some of the author's videos on youtube, he explains everything quite well. Please let us know your thoughts after reading it. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Aug 03, 2009 6:18 am Post subject: |
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| visitorq wrote: |
| mises wrote: |
| I'm on a waiting list for the Book The Creature of Jeckel Island from my local library to better understand. |
I've been wanting to read this for awhile, I've watched some of the author's videos on youtube, he explains everything quite well. Please let us know your thoughts after reading it. |
Yeah, I will. I put myself on the list when I told you that I'd look into it and report back. It is likely a sign of the times that the library online service tells me I'm 11th in line for it. |
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