Posts Tagged ‘Economic Stimulus Package

22
Apr
09

A Lot of Talk Finally Some Action

Call Centers - India

Call Centers - India

icon_digg11 During the Presidential campaign we heard numerous politicians expounding on their concepts on ways to retrain our veterans returning from Iraq and Afghanistan and fellow Americans workers who saw their jobs outsourced overseas.

Finally we have one brave Democratic Senator Bob Casey of Pennsylvania with a workable plan to introduce a new law that aims to pay community colleges nationwide $1,000 per student to retrain laid-off workers, which Casey says would come from existing funds already allocated to job retraining in the department’s budget.

In an article authored by Anne Fisher of TIME, entitled: “Tuition Help for the Unemployed Gains Traction” the following excerpts regarding Senator Casey’s pending bill:

His inspiration for the bill: Pennsylvania’s community colleges, 10 of which have enrolled 1,062 unemployed workers in free training programs this semester, at a total cost to the schools of $741,788. “They shouldn’t have to foot the bill alone,” Casey says. “My bill will encourage other community colleges across the U.S. to do the same thing.” Senate Democrats are working to build bipartisan support for the bill and expect to move it forward in the coming months. (See TIME’s special report on paying for college.)

A few states already have a head start. California, whose 11.2% March unemployment rate is the state’s highest since 1941, is rushing to funnel $415 million in federal stimulus money to 49 job-retraining centers. Most of the training will be designed to qualify people for jobs in infrastructure construction, health care and green industries like waste recycling and wind-farm technology. In Texas, legislators will vote next month on a final version of a 2010-11 budget, already passed by the state senate, that boosts spending on higher education by $1.5 billion. That figure includes $500 million in federal stimulus funding for workforce retraining and a $134 million state-funded increase in financial aid for students.

Michigan, whose 12.6% jobless rate is the highest in the U.S., with still more auto-plant closings coming soon, launched its “No Worker Left Behind” program in August 2007. So far the state has footed the bill — up to $10,000 per displaced worker — for 61,434 unemployed Michiganders to learn the math, technology and science skills they need to embark on new careers at companies like Hemlock Semiconductor, Dow Chemical and Dow Corning, which are investing and hiring there. Also in demand: the program’s newly trained nursing assistants, physical therapists and health-care technicians.

Hopefully Senator Casey’s proposed legislation will quickly be approved, in congress, since it won’t be long before our long awaited veterans will finally be returning home and will be in direr need of employment.

The following video concerning outsourcing is a revolutionary twist on outsourcing.  American workers have themselves gotten into the act of sending their jobs overseas.  For example; there are tasks, such as proof reading that could be accomplished overseas as well as it could be done in the office back in the states, thus allowing more time, useful energy and increased productivity to be devoted to other, more important tasks.  Give the video a watch it’s interesting.

More American Workers Outsourcing Own Jobs Overseas

The following video concerning outsourcing is a revolutionary twist on outsourcing.  American workers have themselves gotten into the act of sending their jobs overseas.  For example; there are tasks, such as proof reading that could be accomplished overseas as well as it could be done in the office back in the states, thus allowing more time, useful energy and increased productivity to be devoted to other, more important tasks.  Give the video a watch it’s interesting.

Update 05 May 09:

Gary Shapiro: American Brain Drain: Why We Need H1B Visa Immigration Reform
from HuffingtonPost.com by Gary Shapiro

America’s immigration system is broken. While most focus on illegal immigration or changing ethnicities of legal immigration, what concerns me is that we are losing our historic ability to attract and retain the word’s brightest and most entrepreneurial workers.

Silicon Valley exemplifies an American success story threatened by a shift in how we treat the type of bright foreign-born technologists and entrepreneurs who help make us great. These engineers, scientists and entrepreneurs build companies that create jobs and wealth in the United States. Of the 163,000 applications for H1B visas received last year, the law allows for just 65,000 approvals picked through a lottery system. H1B visas allow foreign workers in specialty occupations to work in the United States.

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14
Apr
09

The Democratic Party is Finally Back

2009-04-13-alanaprilchart2

icon_digg7 In a Huffington Post article by Thomas B. Edsall, entitled “Permanent Democratic Majority: New Study Says Yes”, Mr. Edsall points out two areas of growth in the Democratic Party:

  • The increasing numbers of black and Hispanic voters
  • A decisive shift away from the Republican Party by the suburban and well-educated constituencies that once formed the backbone of the GOP

As quoted from the article:

In a March, 2009 51-page paper [PDF] “New Progressive America: Twenty Years of Demographic, Geographic, and Attitudinal Changes Across the Country Herald a New Progressive Majority,” Ruy Teixeira makes a strong case that “progressive arguments are in the ascendancy,” that demographic and geographic “trends should take America down a very different road than has been traveled in the last eight years. A new progressive America is on the rise.”

To further buttress his case, Teixeira has put together “a very cool interactive map that includes 7 levels of exit poll demographics and county-level vote shifts going back to 1988.”

The only slightly negative point in the report was stated: “The only circumstances that could bring back the Republicans is Obama’s failure to stem the recession.”

“Obama does have to succeed, and so far, he’s pretty much on the right track, and the Republicans are definitely not. That suggests to me that he and the Democrats will be able to solidify their majority in 2010 and 2012,” Judis said. “But again, I don’t fully understand what is going on in the world, and events could defy demography.”

Again a quote from the report:

Perhaps the strongest evidence in support of the Teixeira-Judis-Abramowitz thesis is, however, the current inability of the Republican Party to respond to market pressures. Defeat has, ironically, diminished the GOP’s capacity to respond to loss. As the elected leadership gets smaller, the strength of the most dogmatically rigid and least elastic faction has grown. On issues running the gamut from immigration to the economy, this dominant faction has yet to demonstrate “a wonderful corrective” in reaction to losing. Instead, they have retreated further inside an ideological shell that began to show cracks — Bush I in ’92, Dole in ’96, and Bush v. Gore — well over a decade ago.

The full report is available here progressive_america (pdf).

Update 15 Apr 09:

The Floundering Republicans Look for a Turnaround
from TIME.com: Top Stories

Essentially leaderless, lacking a cohesive message and fighting among themselves, Republicans appear to be in disarray, which begs the question — can things only get better from here?

Americans Most Confident in Obama on Economy
Gallup Pools

Americans are not overwhelmingly positive about either the Democratic or the Republican leaders in Congress. Still, the Democrats fare better on a comparative basis. Fifty-one percent of Americans have a great deal or a fair amount of confidence in the Democratic leaders, compared to 38% in the Republican leaders.

02
Apr
09

The GOP Plan to Recovery

magical_unicorn

icon_digg1 Lets see how long as it been since last September when Americans first learned of our worst economic crisis in almost eighty years?

It’s intuitively obviously to the most casual observer – not long enough for the GOP boys and girls to come up with a fail-safe plan to rescue us from the Democrats Economic Stimulus Package that’s creating a variety of green jobs, improving just about all facets of our digital and concrete infrastructure, resurrect the doomed “middle class”, render lower income tax payers a break in taxes and restore confidence in our country’s future as a world leader.

Now lets consider the benefits of the GOP’s concept of an economic stimulus package (as presented on the first of April (April Fools Day)):

  • Freeze discretionary spending for five years
  • Regressive tax cut for the super rich

That’s about it, no more, but the ramifications are great!  Please carefully read an article publishing on Huffington Post, authored by Bob Cesca and entitled “Insane Republicans Reveal An Insane Budget Plan

It only makes sense that a party currently being wagged by fringe crazy people like Glenn Beck, Rush Limbaugh and Michele Bachmann would release its alternative budget on April Fools’ Day.

Not only does the Republican plan freeze discretionary spending for five years in the midst of a recession which, by most accounts and proved by history, will countermand any sort of economic recovery, but it also cuts taxes by 10 percent for the same Wall Street executives whose actions largely got us into this economic mess in the first place. In other words: Congratulations, Republicans, you just released a budget that rewards wealthy corporate executives while blocking any attempt to dig us out of the economic catastrophe they created.

Smart!

The only bit of Republican legislation that’d be more ridiculous would be if Michele Bachmann were to introduce a constitutional amendment thwarting a fake plot to eliminate the dollar as the form of currency in the United States.

Oh wait. She’s already done that. And 30 Republican congressmembers so far have co-sponsored the amendment. 30 Republicans have irrevocably tethered their wagons to the Bachmann crazy train. Excellent. Next on the agenda: a bill creating the Office of Robot Insurance, protecting us from robot attackers who use old people’s medicine for fuel. Speaking of which, the Republican plan also phases out Medicare.

The marquee item, however, in the Republican plan is their inexplicably regressive tax cut for the super rich. Wealthy Americans in the top three tax brackets would see their tax burden cut to a flat 25 percent from previous rates of 35, 33 and 28. According to the Center for American Progress, CEOs from any of the top 800 corporations would receive a tax break of around $1.5 million a year. Meanwhile, if you earn $15,000 a year, your tax break will be around $0 a year.

But get this. Under the Republican plan, Americans are given the option of paying the old tax rates instead of the new, expensive and regressive Republican rates. So, for example, if your household income is $100,000, you could pay the same tax rate as someone earning $15,000. Or you could be a swell egg and go back to your old rate. Aside from the utter lack of fairness in the notion of a $100,000 household paying the same rate as a $15,000 household, who in their right mind would voluntarily pay higher taxes?

Now you might be asking, given that the Republicans are all about fiscal responsibility, how much does this Republican tax cut for the wealthiest three brackets actually cost? Some estimates, according to Steve Benen, project upwards of a $4 trillion price tag. At the very least, according to their own projections, the Republican plan would run up a $500 billion annual budget deficit through at least 2080. Again, the Republican grasp of fiscal responsibility is about as firm as their grasp of reality and sanity. The subtext here being: The trillion dollar Bush tax cuts weren’t irresponsible enough. Let’s go crazy! WOOO!

And by the way, those are annual deficits that factor into the mix a completely insane five year freeze on discretionary spending — a freeze that would surely plunge the American economy into a deep depression. To that point, the Republican plan doesn’t account for such an economic catastrophe, and therefore doesn’t factor such an inevitable consequence into their revenue and deficit projects.

All told, imagine if you will the Monopoly man running up and shoving you into a deep precipice. The Republican plan not only gives that Monopoly man a $1.5 million check for his trouble, but it also cuts the rope you were using to climb out of the hole — provided you actually survived the fall in the first place.

Speaking of holes, did you see the graph Paul Ryan clearly yanked out of his?

2009-04-01-gop_budgets_graph1

Check out that steep blue line illustrating the alleged Democratic budget deficits extending to upwards of 50 percent of GDP by 2060. Put another way, suggesting a deficit that’s 50 percent of GDP is like presupposing a living human being that’s 50 percent marshmallow man. It’s insane. Furthermore, the Congressional Budget Office (CBO) projections only extend out to 2019. Yet the Republican chart somehow extends out to 2080. The steep upwards slope of the Democratic budget begins at around 2030 — 11 years after the furthest CBO projections stop.

What does this mean? For starters the claim on the chart: “Out-years based on CBO’s Long-Term Alternative Fiscal Scenario” is a lie. And the text: “Source: House Budget Committee Republican Staff” might as well say: “Source: Paul Ryan’s Ass.” In other words, that steep upwards slope is entirely made up.

The graph might as well look like this:

2009-04-01-gop_budgets_graph2_bobcesca

Yes, the Democratic budgets will be so out of control they’ll eventually make little curly-cues and travel backwards in time — adding to past deficits — while also looping around the word “government” — you know, because the Democrats love government.

At this point, the laughable street vendor pamphlet that John Boehner rolled out was probably less ridiculous than this actual budget plan and its accompanying Wall Street Journal graph. But it stands to reason that given their track record the Republicans would churn out a budget proposal that’s fully in line with their backwards, zero cred reputation.

I’ve always said I’m not an economist, but when it’s presented this simply, as Mr. Cesca as accomplished to do; only a fool would understand this is more of a curse than it really is a plan.

23
Mar
09

Europe is Invading Our Stimulus Package

city_of_la_made_in_india

icon_digg22 In a post last week I sited excerpts from an article regarding how China is shopping for American businesses at bargain prices within a time piece entitled “Things go Better with Coke”.  Well it seems I was a bit far sighted, since I see in the Washington Post today the European countries are coming to the States too.

Not necessarily for business “buy outs”, but instead to start lobbying activities for our $787 billion dollar Economic Stimulus Recovery package. Foreign nations and companies are stepping up their lobbying efforts in Washington and in state capitals, hoping to gain vital business in hard times. Hundreds of foreign-owned companies, many of them with significant operations in the United States, are selling their expertise in clean energy, high-speed transit and other technologies that undergird key aspects of President Obama’s stimulus efforts.

The following is an excerpt from the Post article, entitled: “Foreign Firms May Cash In on Stimulus Act With Expertise U.S. Companies Lack”, authored by Dan Eggen.

Telecoms such as Alcatel-Lucent of France, for example, and its New Jersey-based research arm, Bell Labs, are eligible to seek part of $7.2 billion in stimulus money set aside for upgrading broadband networks. Most global companies specializing in the transit and high-speed rail projects envisioned under the stimulus act are based in other countries — Canada’s Bombardier and France’s Alstom, for example. Transurban Group of Australia, which is helping develop high-speed toll lanes along the Capital Beltway, is a world leader in developing toll roads.

Sanyo North America, an arm of the Japanese technology giant, has already broken ground on a new solar-panel plant in Oregon and is readying strategies to tap into stimulus-related business, according to company officials. The firm recently registered as a lobbying organization in Washington for the first time since 2001, Senate records show.

I’m not for our government to establish policies of “protectionism”, but as we all know when there’s money to be had and lobbyists are involved, congressional votes are many times purchased at the tax payer’s expense, in this case “jobs”.

Earnestly it’s our civil duty to become politically involved, perhaps more so than we ever have before, to insure our politicians subscribe to a stick code of ethics and we vote our choice by moral character instead of political party in the election two years from now.

Here could be the type of jobs other countries are perhaps attempting to take from us:

Made In America

Hear the story of Troy Galloway, an American whose job and neighborhood have been revitalized by wind turbine manufacturing.

17
Mar
09

America for Sale

Thomas Jefferson Monument

Thomas Jefferson Monument

This is troubling to me that we owe, as I understand it, over one trillion dollars to China, which could work against us someday in the future.

No, I don’t believe we’ll have to place the Lincoln or Jefferson Monuments up for sale, but there could be other ramifications should we be in debt so heavily and trusting that Economical Recovery Package “not” fail.

However, my father once told me “if you have to borrow money, watch you borrow from” (of course we all know that’s very true), meaning in essence “don’t let them use your indebtedness against you”.

This was the case in the Truman Administration when Great Britain owed us a sum of money after World War II and we used the threat of increased interest payments against them in order expedite a problem in the Middle East.

I would hate to see the Chinese use the same kind of threat(s) against us to forsake a friendly nation we currently support or perhaps share some our technology, which someday could be used to harm Americans or our businesses.

Currently it appears, according to a TIME Online article entitled: “Will the U.S. Sell Assets As the British Government Did?” that According to The Times of London, “The government is pressing ahead with plans to sell a string of state-owned organizations as part of a privatization drive to add £35 billion to the dwindling public purse.” Among the treasures being sold are the Royal Mint and the national mapping agency.

Please don’t take this posting as doubting President Obama’s Stimulus Package and his plans for revving our troubled economy, but my major concerns are the “nay” sayers we have in existing in our legislative branch of government; who are quick to condemn, slow to react and most importantly fail to provide workable solutions to our country’s burdens.

Here’s another video example we have to also contend with, and that’s our small and middle sized businesses being forced into being put up “for sale”, such as what happened last July when oil prices were high and the Middle East went shopping in America.

US firms up for sale to foreign investors – 29 July 08

The falling dollar means foreign investors are buying thousands of American firms, but at the same time American companies are going to countries such as Mexico in search of cheap labour and lower prices. Al Jazeera’s Sherine

Update 17 March 09:

China seeks technical assets abroad
from UPI Asia Online by By Cong Cao

This columnist predicted that China may take advantage of the global financial crisis to acquire valuable but deeply discounted assets globally. Indeed, China has acquired overseas natural resources, and now is ready to shop overseas for small- and medium-sized enterprises, especially high-tech ones.

Update 18 March 09:

Since the time I’ve blogged this posting a release from the White House came out 12 hours later, which relates to my concerns:

Message to the Congress from the President concerning exports to China
from White House.gov Press Office Feed

In accordance with the provisions of section 1512 of the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999 (Public Law 105-261), I hereby certify to the Congress that the export of fine grain graphite to be used for solar cell applications and for the fabrication of components used in electronic and semiconductor fabrication, and two dual-motor, dual-shaft mixers to be used to produce carbon fiber and epoxy prepregs for the commercial airline industry is not detrimental to the U.S. space launch industry, and that the material and equipment, including any indirect technical benefit that could be derived from these exports, will not measurably improve the missile or space launch capabilities of the People’s Republic of China.

Update 24 March 09:

China Takes Aim at Dollar
Wall Street Journal By ANDREW BATSON

BEIJING — China called for the creation of a new currency to eventually replace the dollar as the world’s standard, proposing a sweeping overhaul of global finance that reflects developing nations’ growing unhappiness with the U.S. role in the world economy.

Update 05 April 09:

How China Is Capitalizing on the Economic Crisis
from TIME.com: Top Stories

How Beijing is using the global economic crisis to assert itself on the world stage.

16
Mar
09

A Winner Never Quits and a Quiter Never Wins

Solar Energy Opportunities

Solar Energy Opportunities

Throughout the world the economy has been the focus of attention, but all is not bad as it seems the way I view it!  This of course as had some very unfortunate burdens on Americans and the international community, but perhaps we should consider it a wakeup call when you consider the following:

  • A new call to Global Warming as taken place via Green Industries
  • The War in Iraq I believe as influenced our government to end this conflict
  • A rebirth to our highway infrastructure in badly need of repairs
  • An increased interest passing a comprehensive Health Care package
  • Awareness of revised regulation of our banking industry

The aforementioned I feel are just a few of many, which we have known about or even cared about, but never acted upon to address their importance in our daily lives.  Perhaps most importantly its brought us back to the realization that we were all living somewhat beyond our means.  An article appeared on AP Online News that best illustrates what some individuals are taking to return to appreciating what we have and how we can live cheaper and better.  The article is entitled: “Dollars from dirt: Economy spurs home garden boom”.

For others this is a time of opportunity even in the beat-up banking industry; I’m not talking about the big banks or the bonuses received, but again collective individual who have formed “New Banks”, which are just starting up in business.  Again, another article, which needs reviewing, is presented by TIME Online, entitled: “While the Giants Reel, Many Small Banks Are Thriving”.

An additional article, also by TIME, which complements both previous mentioned articles entitled: “1. Jobs Are The New Assets” also outlines our changing values and society of how we perceive ourselves “changing” in this newly developing economic environment.  The uniqueness of this article reminds us of what we have as mental and physical tools we have developed within ourselves and around us that we sometimes overlook or forget.

OK, so perhaps by now I’ve convinced you we’re in the process of changing or at least the “need for change”.  So, based from the list above of the “good things” that are taking place now; what’s my prediction of the best or possible opportunity to go into, if you’re looking for a job or career change?  I’d say the Green industry looks the biggest and fastest potentially growing industry and I base this assumption on an article by Gallop, entitled: “Americans on Energy: Promote Both New Sources and Old” and present this chart below:

As you can see I’m also basing my opinion on our government responding with the promises they have committed to during the past election cycle.

Our newly elected President said it was time for “Change”, but I earnestly don’t believe he felt the financial disasters he inherited would lead to the type of change we are experiencing today.  So, we make the best of the situation and attempt to seek opportunities, which we know are out there and only need to be developed into new Microsoft’s, Dell’s and Blackberries.

Complementing this posting a video, recommended to me regarding “Green Opportunities”, entitled: “Toxic Chemicals in Products: Financial Risks & Opportunities”, which I feel is capable of expanding in an unlimited number of employment possibilities for the future, perhaps give it a look.

Toxic Chemicals in Products: Financial Risks & Opportunities

Investor Environmental Health Network presents this educational video on chemicals in products and green chemistry opportunities.

Update 08 May 09:Some Auto Manufacturers Bailed Themselves Out By Switching To Wind
from The Huffington Post News Editors

Pete Ostrander and the manufacturer he works for took a hard look at the auto industry four years ago, and neither liked what they saw.

Automakers were pushing vendors like Merrill Technologies Group, where Ostrander works, to cut costs and, with the economic environment in Detroit worsening by the day, the company retooled itself as a supplier to what it believed was an industry with better prospects.

12
Mar
09

Could our Country Go Belly-Up

icon_digg4

A thought that had never really crossed my mind was: Could the United Sates go broke!

Yes, I guess it could in the international community’s eyes, which is an alarming possibility.  I know this is a negative thought to contemplate when President Obama’s Stimulus Package is just beginning to work (see here and here) and we have two straight days of gains on Wall Street, but really who would have ever thought we would be in the economic troubles we are experiencing today.

In an article by TIME online the author presents this possibility, but this same article doesn’t really explore the events that could lead-up and cause our “kiss of death” of financial bankruptcy.  Think about it for a moment!

Should we suffer through another conflict, such as what is happening in Iraq and Afghanistan, or even worse a full on war with a supper power this could really drain the money reserves our country has nest-egged away.  Also, what about an issue we seem to avoid talking about and only rendering token understanding, which is, Global Warming.  Suppose the world starts going into a free-fall mode of heating up?  Again, our cash reserves would have to come to the rescue.

OK, enough gloom and doom, but I think we had better start watching and voicing our opinions to our politicians, letting them know the days gone by of spend, spend, spend or coming to an end and want to starting seeing where our money is going and for what!

Here’s the article I was referring to in TIME, entitled: “Betting the U.S. Government Won’t Pay Its Debts

America Going Belly-Up

America Going Belly-Up

Betting the U.S. Government Won’t Pay Its Debts
Douglas A. McIntyre
By 24/7 Wall St. Wednesday, Mar. 11, 2009

It is one thing when someone can’t make a mortgage payment or a company cannot cover the interest on capital it borrowed to build a new factory. In a recession, those kinds of events are commonplace. It probably never crosses the mind of the average citizen that the ability of the U.S. government to borrow money for deficits, bailouts, mortgage-assistance programs, and refurbishing the monuments in Washington is not limitless. The term infinite may apply to the cosmos but it does not apply to the debt carried by the U.S. Treasury.

MarketWatch pointed out that the spreads on credit-default swaps for U.S. government debt jumped to 97 basis points Tuesday, nearly seven times higher than a year ago and 60% higher than at the end of last year, to a level roughly in line with those of France, according to data supplied by Markit. Those swaps are gambles that America will renege on its financial obligations. Being on par with France is even more humiliating than if we were compared to Cameroon which had a GDP of only $44 billion last year, less than Bernie Madoff took from his clients.

While it may be hard to imagine, what the market’s response means is that the economic crisis is so serious now that it is believed that the United States Treasury may not have the capacity to keep a net under all of the faltering bits and pieces of the financial and credit systems. Traders are sending a message and have decided not to be subtle about it. America is spreading itself too thin. It has taken on obligations to assist many of its largest financial institutions, aid hundreds of thousands of homeowners, create jobs through an economic stimulus package, and give a large portion of the working population tax cuts. Wealthy citizens and corporations will be required to pay more to offset these obligations. This income will only make a difference if these sources have more to pay. A deep recession can be a great leveler.

As economic data for the first quarter begins to come out in April and then second quarter information is released in July, it will become clear whether the idea that the Treasury can borrow enough money to right our national economic ship is plausible. There is absolutely no reason to believe that if GDP contraction hits 10% for a quarter or two and then unemployment increases to double digits that the government will be able to solve what the free market system cannot.

The most alarming information that the federal government should give up before it gets deeper into debt comes from experts who join business TV news show hosts. Simply stated, they argue that the economy got itself into this mess and it will have to get itself out. This idea destroys the belief that the government has the power to protect the financial interests of its own people and companies. It is a philosophy that will create despair in almost all quarters because it is based on the idea that we are on our own in this economic fight for survival. Our government cannot intercede for us.

If the U.S. government starts to have even a modest amount of trouble raising money, the concept of its citizens becoming self-sufficient will take on an entirely new meaning.

Complementing the TIME article is a YouTube video, which is more or less a tough-in-cheek comical view of how one Newscaster feels about our Federal Reserve (worth a careful watch).

Fat Glenn Shows Us Why America is Going BROKE!

Glenn puts on a great show as he shows us why our money is going in the dumper.

I have the small amount of precious metals and food storage I can afford and I hope you do too.

Here is a little info on the Federal Reserve Bank

The Federal Reserve Bank is NOT actually part of the Federal government. It is no more Federal than Federal Express, or Federated Department Stores. It is a private corporation with a legislated monopoly on currency and credit that is allowed to BUY its paper currency for nothing more than the cost of the paper, the ink and the labor from the Bureau of Printing & Engraving (U.S. Treasury). Originally this added up to about 2.3 cents per note, or $230 of cost to buy one million dollars (10,000 100 dollar bills). Today the cost is apparently still about the same.

The Federal Reserve Bank has never paid a dime in income tax and has never been audited, and a percentage of this private bank is owned (or controlled) by foreigners (or their corporate shells)!!

Can you buy your money for $230 per million ?

What happened to equal opportunity ?

“The Federal Reserve Banks are privately owned, locally controlled corporations”
[Lewis vs. U.S., 680 F.2d 1239, 1241](1982)

“As we have advised, the Federal Reserve is currently paying the Bureau approximately $23 for each 1,000 notes printed. This does include the cost of printing, paper, ink, labor, etc. Therefore, 10,000 notes of any denomination, including the $100 note would cost the Federal Reserve $230. In addition, the Federal Reserve must secure a pledge of collateral equal to the face value of the notes.”
– William H. Ferkler (Manager Public Affairs, Dept. of Treasury, Bureau of Engraving & Printing, Wash. D.C.

“It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
– Henry Ford, Founder of the Ford Motor Co.

Why are private unelected individuals controlling the American currency system ? Vrtually running the country, the stock market, the banks, the lending rates, nearly everything ? Where is any of this in the Constitution?

Do you really believe they are representing We the People with their policies?

If you do, you aren’t thinking clearly!

Why are private unelected individuals controlling the American currency system ? Vrtually running the country, the stock market, the banks, the lending rates, nearly everything ? Where is any of this in the Constitution?

Do you really believe they are representing We the People with their policies?

If you do, you aren’t thinking clearly!

“AS GOES THE FATE OF THE CURRENCY, SO GOES THE FATE OF THE NATION !”

As this posting eludes to: Our nation is in serious economical trouble, but it’s good hear President Obama is pulling the plug on reckless spending by attempting to put a stop on needless earmarks, as can be seen in his remarks, which I have partially posted.

Remarks by the President on Earmark Reform
from White House.gov Press Office Feed

THE PRESIDENT: Good morning. I ran for President pledging to change the way business is done in Washington and build a government that works for the people by opening it up to the people. And that means restoring responsibility and transparency and accountability to actions that the government takes. And working with the Congress over my first 50 days in office, we’ve made important progress toward that end.

Working together, we passed an American Recovery and Reinvestment Act that’s already putting people back to work doing the work that America needs done. We did it without the customary Congressional earmarks — the practice by which individual legislators insert projects of their choosing. We’re implementing the Recovery Act with an unprecedented level of aggressive oversight and transparency, including a website — recovery.gov — that allows every American to see how their tax dollars are spent and report on cases where the system is breaking down.




The Month in Review

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