Stealing European American Wealth & Incomes by Donald Miller The collapse of the Obama spending machine has a long way to go yet, especially with regard to pilfering the earnings and savings of European Americans. There are many ways Obama & Bernanke can confiscate your income and wealth to establish a multiracial nation. GREAT GOLD CONFISCATION To understand some of this, it may be necessary for you to review the history of the great gold confiscation of 1933:
RAPID INFLATION NOT SUITABLE There are fundamentally only three ways to repay the Obama-Bernanke indebtedness—I disregard massive inflation because it would take too long to be effective and, if it happened too quickly, we’d begin to understand the Weimar Republic (1919-1933) really well and up close:
(1) CONFISCATE VALUE OF TAX-DEFERRED ACCOUNTS The federal government could claim a partial ownership interest in the trillions of dollars locked up in tax-deferred accounts. It could make such a claim on either of two notions, an overriding interest in speeding up the velocity of money, or that it has a shared ownership of the money in a tax-deferred account based on the tax-deferral feature itself—something like the user of an easement claiming an interest in the entire property traversed by the easement user. It wouldn’t be hard to get bank compliance, they would just be required to transfer the electronic cash in your tax-deferred account to the Treasury and have an appropriately valued Treasury note electronically inserted in the place of the electronic cash. Thus your tax-deferred account would be converted from an asset of yours to a debt instrument masquerading as a new asset. (2) CONFISCATE VALUE OF ALL EXTRACTED MATERIALS
(3) CONFISCATE MORTGAGE VALUE OF ALL OR SOME REAL PROPERTY The federal government could claim a larger interest in all or some real property (land, houses, factories, malls, and so on) as something it could mortgage to foreign countries’ financial institutions (China, Japan, etc.) or huge domestic financial institutions. This could generate a lot of new cash if the promise was ownership free and clear of certain classes of American real property—a no-risk situation if there ever was one—in the event of default. In a sense, the Kelo decision by the USSC a couple of years ago paved the way for such a mortgaging project by marrying it to a species of eminent domain.
Pleasant dreams in our brave new world. Comments:2
Posted by White Preservationist on Sun, 07 Jun 2009 01:52 | # Regarding the confiscation of ‘precious’ metals by the government (I’m not a proponent of their use or preciousness but I can understand why some people are in these unstable economic times), this recently happened in my area; the story:
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Posted by Babyriz on Sun, 07 Jun 2009 08:16 | # I agree to those policies which government implies. this for the benefit of the whole notion, this is also to ensure the security of Bank owned property 4
Posted by J Richards on Sun, 07 Jun 2009 11:59 | # <h2>Obama spending machine?</h2> Bad phrasing. Obama does what his handlers ask him to do. Beware of people blaming Obama for financial trouble. <h2>Only one way to pay the ‘Obama-Bernanke’ indebtedness</h2> Donald Miller says there are fundamentally only three ways to repay the ‘Obama-Bernanke’ indebtedness. None of his solutions will work. Let’s see why. The projected deficit for the current budget year is approximately $2 trillion. To make up for this deficit, the Treasury will sell bonds (IOUs) to the public. 10% of these or $200 million worth of bonds will be purchased by the New York Federal Reserve by money it creates out of nothing. The Fed will then transfer this $200 million to banks throughout the United States. These banks will lend 9 times this money or $1.8 trillion, at interest, again creating money out of nothing. The initial $200 million created by the Fed + $1.8 trillion created by other banks will take care of the $2 trillion budget deficit. The process of this money creation will be incremental to prevent a sudden expansion in the money supply. When banks get the initial $200 million, they’ll loan 90% of this amount, i.e., $180 million, which’ll be ending up in banks somehow or the other. Banks will then lend 90% of the $180 million, and so on. Desmond Jones mentioned the Bank of England (BOE) buying 75 billion pounds of gilts. The Bank of England is the equivalent of the Federal Reserve in the United States. The BOE, like the Fed, will pay for it by creating money out of nothing, and it’ll be owed this money and the interest on it. This money creation as debt, out of nothing, has been going on in the U.S. since the Federal Reserve Act was passed in 1913. When bankers get to create money out of nothing, as debt, and charge interest on it, it’s impossible to pay the debt we owe them. The way to pay off the debt is for the Treasury to buy the U.S. debt held by the public with United States notes (debt-free money created by the government), a process that will create neither inflation nor deflation, over a one-year period at the end of which banks will be forbidden from creating money in any form, i.e., banks can only lend a dollar for each dollar they possess. Note that the Bank of England was nationalized a while ago. This was just for show; the bankers remained in control. What we need is nationalization of the money supply. 5
Posted by Desmond Jones on Sun, 07 Jun 2009 20:39 | # JR, A return to Lincoln’s civil war greenbacks? 6
Posted by danielj on Sun, 07 Jun 2009 20:57 | # When bankers get to create money out of nothing, as debt, and charge interest on it, it’s impossible to pay the debt we owe them. So easy to understand but all I get is blank stares when I explain it to people. Note that the Bank of England was nationalized a while ago. This was just for show; the bankers remained in control. What we need is nationalization of the money supply. The Scottish equivalent was as well if I remember correctly. JR, A return to Lincoln’s civil war greenbacks? Why do you think he got kilt? 7
Posted by James Bowery on Mon, 08 Jun 2009 16:10 | # The economic crisis could have been averted by the simple expedient of passing my proposal to replace taxes on economic activity with a tax on the net liquidation value of assets at the short term treasury rate, and to replace government transfer programs with a citizen’s dividend proposal. The Federal Reserve is a part of the centralization of wealth and power but it is not the whole story. 8
Posted by Bill on Sat, 18 Sep 2010 10:53 | # Heck what do I know about American politics. Sarah Palin, Glenn Beck and the teapartiers are gearing themselves for the coming November mid term elections. Already I detect a dominant theme running through their election rhetoric. The dominant theme emerging in their respective speechifying is defining the battle ground of what is tearing America apart, normalness versus un American degeneracy. I think most white Americans are conservative and consider themselves to be normal common sense people with a sense of what is right. Palin and Beck are beginning to articulate this theme. The American people are recognising and responding in ever increasing numbers. I think they are on to a winner. The battle of 21st century politics is finally taking shape, Palin and Beck have hit the mother lode, they are telling the American people that their progressive opponents are the antithesis of what America is all about. American whites are smelling the coffee. (IMO) The coming November elections, (as will subsequent elections) are crystallising into the final decisive stage of the battle of 21st century. The hegemony of ideologies, between Progressive cultural Marxism and white Christian civilisation. Normalness versus degeneracy. Palin for 2012? Game on. PS. As I write this comment, Pope Benedict is on an official tour of Britain. The Pope is warning people of the West of the dangers of the attacks on them (Christmas) by the progressive movement. But I doubt whether the average punter can crack the coded message. 9
Posted by Bill on Wed, 22 Dec 2010 10:34 | # Failure of Economic Happy Talk - Daily Bell - Tuesday, December 21, 2010 Skimming down the comments section I came across this.
. The above appears is in the comments section and headed ‘Reply from the Daily Bell: Here you go ... (good summary of Dreamtime!):’ @ around 11.47 AM Much of above (extraction) resonates with my feelings (as I hear the Bell for the last lap of my life, no pun intended,) which I have posted here @MR elsewhere. Having said that, the remainder of the ‘Reply’ is really for American consumption. * My emphasis Post a comment:
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Posted by Desmond Jones on Sun, 07 Jun 2009 00:19 | #
The reason the British are not pushing about wheelbarrows full of pounds, apparently, is that the mark, in Weimar Germany, was being shorted.
http://www.webofdebt.com/articles/hyperinflation.php
THE TEQUILA TRAP:
THE REAL STORY BEHIND
THE ILLEGAL ALIEN INVASION
http://www.webofdebt.com/excerpts/chapter-22.php