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LookieNoNookie -> RE: US is printing money...really now. (11/13/2013 5:35:28 PM)
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ORIGINAL: MrRodgers
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ORIGINAL: LookieNoNookie
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ORIGINAL: MrRodgers
One wonders how it is that we seem to be as advanced a society as most commentators suggest. History refutes the assumption of mans' inevitable ascendancy at least sociologically. Here's one reason.....
One of the most telling of those refutations is the idea it seems still prevalent on forums, general discussions and even in some really ignorant members of the financial class and congress...that the US is printing money. We cannot escape the meaning of words. To siggest that the US is 'printing' money, that means actually printing up currency. Ok, we all set now ?
Yet, I suggest people please take hold...another way of saying get a fucking grip. The US is NOT PRINTING MONEY.
I wonder if anybody grasps this concept ? I wonder how it is that this idea has sunk in. Does anyone grasp that if that were true what the actual physical limitations are for actually doing that ?
Please explain people how it is I still hear and read and here too of course and inspired this OP...that the US is printing money.
NOTE: Let's assume for arguments sake that the printing presses are going like mad...printing money. Understand the requirements. Now do you still think the US is printing money ?
Well, considering that the U.S. Government doesn't have the legal authority to print money, I'm at a loss to grasp what it is that you feel some may be missing.
The Federal Reserve (a consortium of banks, who own same) does (have the right to print money).
The Treasury (federal) has not only the authority to borrow said funds but, is the borrower (and lender) of last resort. Ergo, all debt issued by the Federal Reserve, MUST be purchased (by edict) by the Treasury, if it is not purchased by the general public (which would include international governmental agencies).
Which, by the way, when they do so (buy the debt of the U.S. Federal Reserve), its distribution (via banks and other holding institutions) "becomes" money and the interest (profit) derived from same is payable (by the Federal Reserve) as essentially a tax on the allowable free reign of the providence of being allowed (by the federal government) to....out of thin air...."produce/create" money.
It's a bit circular but....the above is the short version.
No power is constitutionally empowered to print currency only the treasury to mint coin money. The states were not empowered to issue currency but such paper was printed as private credit notes. Every bank did issue its own 'currency' upon which in the great capitalist tradition...became corrupt and precipitated Lincoln's bank wars when he directed the federal govt. to issue a single gold backed currency and he got a tax on that private paper in the hopes of removing it.
On the basis of silver backing, Kennedy issued exec. order 11110 for the treasury to print such paper called silver certificates and replace all federal reserve notes lent to the govt. at interest. Some argued that act was the proverbial straw that broke the feds back and bought him a bullet.
The fed has since re-corrupted our economy, taken it over and now directs the treasury on currency needs even though 11110 has never been changed in any way.
The Treasury is authorized by the Federal Reserve to print money.
Without that authority (given to them by the Federal Reserve), they have none.
(Authority).
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