By J. Rick Normand
Upon the ratification of the U.S. Constitution, Benjamin Franklin was asked, “Well, Doctor, what have we got…a Republic or a Monarchy?” and he answered, “A Republic…if you can keep it.” How prophetic!
The U.S. Constitution was created and designed by our nation’s 56 founding fathers to promote just six goals, as follows: (1) form a more perfect union, (2) establish justice, (3) insure domestic tranquility, (4) provide for the common defense, (5) promote the general welfare, and (6) secure the blessings of liberty to ourselves and our posterity.
At this moment in our history, to argue that the United States of America is a deluded and failed state is plausible. A nation that has the highest documented prison population in the world can hardly be described as domestically tranquil. A nation whose top one percent of the people control 46 percent of the wealth cannot by any stretch of the imagination be said to be enjoying general welfare. A nation that spends as much on defense as the rest of the world combined and cannot control its borders, could not avert the attack on the World Trade Center, and cannot win its recent major wars after six long years cannot be described as providing for its common defense.
A nation that cannot fulfill its Constitution’s stated goals surely is a failed one. How else could failure be defined? By allowing private interests (the United States Federal Reserve System and its bank shareholders) to have complete control of our economy with no demonstrable patriotic loyalty to the nation or its people, whose elected representatives should have retained control this financial Medusa, and by allowing them to disregard entirely the Constitution’s preamble, the nation could not avoid this failure. Our prevailing economic system always should have required Congressional oversight.
Woody Guthrie once sang, “This Land Is My Land, This Land Is Your Land,” but it isn’t. It was stolen a long time ago. Although it may have been “made for you and me,” people with absolutely no loyalty to this land now own it…I’m talking about the FED, the bankers, lobbyists for the multinational corporations supported by the FED System and the media…all special interest profiteers at the expense of our good people. Remember, the FED is NOT part of our government and it is NOT a Federal System…it’s a private monopolistic bank with indirect foreign ownership. Our country needs to be re-taken, not bought, back! America needs a new birth of freedom, it needs a government for the people, it needs a government that puts its people first, but it won’t get one unless Americans come to realize just how immoral and vicious our current economic system is.
The economist and popular monetary lecturer of the 1970s and ’80s, Dr. Stuart Crane, left nothing to the imagination in his vivid description of the inner workings leading up to the Great Crash of ’29 fomented by…you guessed it…the FED…the same one who has looted most of our national treasury in the past two years. His intriguing narrative is worth repeating (emphasis in parentheses, provided):
“In 1925, ’26, ’27 the Federal Reserve started its first real money game. Up until this time they were still cautious and hadn’t really gotten the feel of things. They decided it was time to play round one of the milk game. What they did was they bid up stocks and up they were going (meteoric). You start bidding up stocks a little, up limit, up limit, up limit, and the little guys were watching this take off and saying, ‘Hey, let’s go buy some.’ And they go and buy a little. And they start making easy money, then pretty soon they’re doubling up with 10 percent down, margin for the 90 (gambling). But they’re making millions (they think). Every time stocks move up with a 10% rise they double their money (even riskier gambling). The only problem is that the opposite is true when stocks come down. It’s great on the upswing and it’s disaster on the way down. But for four years this game of pushing up stocks is played with the pundits declaring, ‘There’s no end, there’s no horizon, it’s going to last forever!’ ”
“In March 1929 there was a little meeting in New York. After that meeting, Bernard Baruch sells out [of (his) stocks], the Rockefeller’s sell out, the Kennedy’s sell out, all the big bankers sell out and the big people were out by August (the crash was in late October). Then the Federal Reserve cut the money supply four times in a month with four drastic reductions of the money supply. Then one day in October the banks called all their loans on all their margins in a minute (loans made to speculators using their purchased stocks as collateral…, in other words, a legal pyramiding scheme). Every bank on the money desk – and these were call loans, callable on demand – all these people had their stock on margin borrowing 90% and they had to pay off now.”
“Well they went to the banks and the banks and they were calling (calling in their loans). They run to the market and everyone’s trying to sell, who can buy? The banks (controlled by the same FED as today) had shut their loans off, the call (loan) desks were closed, the windows were slammed down. They shut all the money off and all these people were running around trying to sell; they had to sell 10% down and they were wiped out. All the people who weren’t on the inside were gone.” (and, today, non-insiders are virtually gone) [Dr. Stuart Crane, New Brighton, Pa., lecture, 1981]
Today, as proposed by the Obama Administration, the very same unelected, unaccountable, non-recallable, highly secretive, non-government, privately-owned and Constitutionally unmentioned U.S. Federal Reserve System is to be granted more financial dictatorial power than ever which is the antithesis of what America needs. In essence, America is being handed over to a financial dictatorship…the same oligarchy who got us into this current mess. This will make the Fed even more unaccountable than it already is. We Americans will be faced with across-the-board problems and more secrecy from this privately owned bank.
It is now proposed by President Obama that the Fed will be the “systemic risk regulator and supervisor” of the too-big-to-fail institutions, although those same institutions own the FED. I call that incestuous. The FED will continue to supply liquidity to save its own shareholders, not the taxpaying citizens and workers of our country. Under the Obama plan a council of regulators will be created to replace the President’s Working Group on Financial markets. That group will be chaired by the Treasury, but with advisory powers only. That means the power to manipulate all markets without interference will be solely left to the FED. They would be able to make any market in the world what they want it to be. There are no free markets now! I hope you understand this! The FED would have full fascistic economic control once known to pre-war Italy and Germany. This would give the FED’s owners the opportunity to totally loot what’s left of the American economic system and the American public purse.