Quotes with Wisdom
We diligently apply the principle of accountability to the poor and powerless, and the principle of forgiveness to the wealthy and powerful.
It is absurd that the United States has a central bank that is more accountable to the financial industry than it is to the public.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation
The elite have it so bad now that they are being forced to sell one of their 7 homes.
The revolving door between government offices and lobbying firms is so lucrative and so established that it can only be characterized as institutional corruption.
By no rational calculus can the outstanding debt be expected to be repaid without inflationary or deflationary adventures, even if further increase were stopped dead in its track. The discussion of the present financial crisis by academia and media avoids all reference to this fact.
If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production.
Paul Craig Roberts, former Assistant Secretary of the Treasury during President Reagan’s first term
And I sincerely believe that banking establishments are more dangerous than standing armies.
Americans are so confident about their future prospects that they can even refuse national health care – in the middle of the worst economic crisis since the Great Depression – at the very same time they happily prop up dying US banks and corporations with their own tax dollars. And then they can actually criticize a national healthcare plan as “socialist”! Hello? Yes, the lights are on in America, but is anybody home?
Those who cannot remember the past are condemned to repeat it.
Truth is treason in an empire of lies.
The ‘green shoots’ that set the pundits alight are nothing more than the direct effects of massive monetary expansion. What we have is nominal growth in the unproductive service and consumption sectors. In short, Bernanke is being praised by the drug addicts for not cutting them off. But the thing about addiction is that the longer you stay hooked, the more deadly the withdrawal.
“The Central Bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation, then by deflation the banks and corporations that grow up around them will deprive the people of all their property, until their children will wake up homeless on the continent their Fathers conquered.”
“In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together.”
Dwight D. Eisenhower
You’ve heard of mental depression; this is a mental recession, we have sort of become a nation of whiners.
Former Senator Phil Gramm
During the great depression, at least the bankers had the courtesy to jump out of windows, now these parasites ask for and expect $billions in bailouts.
The imaginative conceit that lies behind the accounting rule changes is that the toxic assets polluting bank balance sheets are not really toxic at all. They are in fact highly valuable assets that for some irrational reason no one wants to buy.
When will AIG be on its feet independently again? Never! And Fannie Mae? Never! They are both black holes intended to cover up the evidence, whose price tag is absorbed by the public.
The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions.
Eliot Spitzer, former governor and attorney-general of New York.
…If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
“Paper money eventually returns to its intrinsic value – ZERO”
And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place!
Richard Durbin, U.S. Senator – Illinois
Slowly but surely, the greatest manufacturing economy in the world destroyed itself by outsourcing its real source of strength, which was making things others wanted to buy.
The wealth of a nation is fundamentally based on the physical wealth it creates. Physical wealth consists of things that are beneficial to human life such as food, houses, clothes, cars, etc. The foundation of a nation’s wealth is the industries that create physical wealth: raw material extraction, energy, agriculture, and manufacturing. A nation is not made wealthy through banking, finance, litigation, or insurance.
On a side note, if you think this country rewards failure and punishes success, I’d like you to take a field trip to two homes.
1. The home of a retiree who worked hard and faithfully most of his adult life doing grunt work in some company that was mismanaged into the ground over the last ten years. (Think: Line workers for GM, mail room clerks at Enron, whoever.)
2. Now visit the home of a retiree who presided over that mismanagement before leaving the workforce.
In exchange for more affordable automobiles, America has traded good jobs. In exchange for cheap trinkets from China, America has mortgaged off its future with ballooning debt. In exchange for the hope of oil deals in Iraq, America has traded thousands of lives and up to $3 trillion before it’s over. While money is spent in Iraq to rebuild hospitals, schools, roads and bridges – all destroyed due to the US presence – taxpayers are stuck with the bill to rebuild this demolition.
People say that the government owns the banks and financials, however, it appears that the banks and financials actually own the government. With their lobbying money, the result is: unemployment, foreclosure, and eviction notices for the working class, and TARP $billions and record bonuses for those who got us into this mess.
We’re a country that, for the last decade, acquiesced meekly and quietly as our Government transferred huge amounts of national wealth to a tiny elite; launched a devastating war based on purely false pretenses; tortured, spied on us and literally claimed the right to invalidate law and the Constitution; and turned itself over to the highest bidders.
Globally, the Bank of International Settlements (BIS) reports a total of $57.3 trillion in credit default swaps, more than 28 times larger than AIG’s CDS portfolio. Clearly, the money available to the U.S. government is too small for a crisis of these dimensions.
Martin D. Weiss, Ph.D
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