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About LinkBacksThe fact that you find any of these things surprising really demonstrates where you're at. Why wouldn't the Federal Reserve loan money to Saddam?Originally Posted by Clanrickard
The fact that you find any of these things surprising really demonstrates where you're at. Why wouldn't the Federal Reserve loan money to Saddam?
"The perfect liberty they seek is the liberty of making slaves of other people." -- Abraham Lincoln
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Bull?
Should have given me a chance to prove it first before passing judgement but hey I suppose you are used to a voodoo science of your liking being made a law, sure you walk on water.
U.S. Constitution - Article 1 Section 10 - The U.S. Constitution Online - USConstitution.netNo 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.
The Federal Reserve FraudIn 1913 when the Federal Reserve Act was fraudulently pushed through Congress, Congressman Charles Lindbergh stated: "This Act establishes the most gigantic trust on earth....When the President signs this Act, the invisible government by the money power, proven to exist by the Money Trust Investigation, will be legalized....The new law will create inflation whenever the trust wants inflation....From now on, depression will be scientifically created."
Sorry to burst your "bubble"
"No one rules if no one obeys" - Tao
Here is your hero Donald Rumsfeld shaking hands with Saddam Hussein in Iraq. Do you think there might have been a possibility that as well as this public handshake the United States was loaning money to Iraq? Iraq issues bonds, Federal reserve buys them bonds? Maybe that is wacky conspiracy theory.
"No one rules if no one obeys" - Tao
This is an obscure topic. However a lad can research it if he wishs.
An unusual reporter called Sherman Skolnik will have dealt with it.
Sherman Skolnick's Report
You will find it when he discusses the Vatican Bank
Oh dear,your blind hatred and spittng venom has blinded you to one very small thing, ie,the FACTS.How embarresing for you:
A 1992 article in the Los Angeles Times reports that the Fed had only a minor, indirect role in providing loans to Saddam (it was mainly the Department of Agriculture which made the loans, with backing from the State and Treasury Departments). The Times article also appears to say that most of the government officials involved thought that Saddam would use the loans for humanitarian purposes, and paints the Fed as the most reluctant of the involved agencies.
However, in 2008, the University of Texas published a book by Robert D. Auerbach – an economist with the U.S. House of Representatives Financial Services Committee for eleven years, assisting with oversight of the Federal Reserve, and subsequently Professor of Public Affairs at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin – which seems to support Paul’s questions.
In Deception and Abuse at the Fed, Auerbach claims:
Major instances of Fed mismanagement and abuse of power that were exposed by [House Financial Services Committee Chairman/Ranking Member Henry] Gonzalez, including:
Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring—for 17 years—it had no transcripts of its meetings;
Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation;
Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank—the result of faulty bank examination practices by the Fed;
Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars.
LA times article here:
U.S. Loans Indirectly Financed Iraq Military : Foreign aid: Baker pushed through agriculture credits that helped Hussein free up money for arms. - Los Angeles Times
"A government big enough to give you everything you want, is strong enough to take everything you have."
Thomas Jefferson
The concept of central-banking is on trial, in the context both of the impact of one-size-fits-all interest-rates on the US recession and thart in such peripheral Eurozone economies as Ireland and Greece. A return to the successful 'Free Banking' model practiced for much of the 19th century in the US, must not be ruled out.
Free Banking is the way froward. It was also credited to being used in Scotland. But Murray Rothbard studied it in detail and showed some flaws in the Scottish model, but in doing so shows were we can learn from their "experiment"
http://mises.org/journals/rae/pdf/RAE2_1_15.pdf
"No one rules if no one obeys" - Tao
Kensington, since departed, had some good thinking on banking, as does Cael. I mention those 2 because they are extreme left wing in their views
Ron Paul is one of the only Congressmen leading a campaign against the Federal Reserve, which is actually neither Federal nor a Reserve.
His chief ally and main cosponser is Alan Grayson democrat Florida. Kucinish initially introduced a similar bill but later got on board.
In the Senate it is the independent Socialist Bernie Sanders of Vermont that has introduced the senate version. It has 32 signers but likely will not progress in the senate. It has passed the House
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