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Comment by Jim Campbell, Citizen Journalist
This is an excellent concise article with a minute and a half video that will explain how the democrats and the Clintonistas screwed over the U.S. banking system, doing away with margin purchases and making the FED all the more powerful.
A strong argument can be made for its abolition leading to the melt down following the Fannie and Freddie debacle.
Jesus threw the money changers from the temple for a reason. It’s time to end the fed.
That’s my story and I’m sticking to it, I’m J.C. and I approve this message.
It Benefits the American Individual!
It only makes good common sense to separate investment from banking, so banking does not use your account as an asset, then lose it, and charge it back to you and the rest of us, the taxpayer via the FDIC, monetized by the Federal Reserve! Common Sense is making a comeback! Allen West supports Glass Stegall! I am extremely happy to hear it! YES, Indeed!
In an interview on FOX and Friends Weekend West stated…”I promoted on Independence Day, the reading of the entire Declaration of Independence! to understand the grievances Thomas Jefferson brought against King George, and to understand the idea of American individual sovereignty which is preeminent in this country.
So I think that when you look at the onerous tax policies that we have, we cannot have this taxmageddon where we have these rising tax rates that will CRUSH our small business owners. We need to make sure we reduce the regulatory burden that are effecting job growth in the private sector. We have got to open up the access to capital, and I think you should go back to the Glass Stegall Act, and repealing the Dodd-Frank act. We just have to get back to the basics of Economic security, energy security as well, and also we have to rightly promote our national security. The sequestration is not going in the right direction when we see a more volatile world.” (More Below)
Funny the same grievances Thomas Jefferson brought against King George, are the very same ones we have today against Obama and Romney! Oh yes indeed…..both of them!
When asked “are you satisfied with the way Mitt Romney has addressed those particular issues?? West replied, “Well, I think there is no doubt that he could do a lot better, but I’m not part of his inner circle of advisors, so I don’t know what they discuss….There is no doubt about the fact that President Obama is failing this country. But now .. were looking for leadership, that has the courage, the competance, the comittment, the conviction and the character . Just this past month 85,000 went on social security disability as opposed to 80,000 jobs being created, so once again we’re creating this system of economic dependence which is a form of modern 21 century slavery. We need to unleash the entrepreneurial spirit”
That is indeed what this set of restoration and repeal does. It unleashes the private sector to preform without micro management from Washington DC, that is the opposite of America’s stated principles! Allen West continues to serve the people of South Florida as US Representative and is seeking re-election in Florida’s 18th Congressional district.
Allen West on FOX & Friends Weekend!
How does Glass Stegall Work??
We have spent quite a bit of time devoted to advocating the restoration of Glass Stegall here, and there is a good reason! It allows the USA to focus on projects the nation needs to complete and get it done through free enterprise. Then it will allow you the individual to do the same.
…where Leadership is silent from both parties and divide the voters!
We know there are constants in law that are for good, and do not change. Laws against murder,
rape,theft, and slander are pretty well set in stone. Every crime after them fit in one of those categories. However on a national scale, there are laws where most citizens can agree. In terms of our economy we have been very close to having the very best of both worlds such as when Lincoln issued greenbacks and again even though under the Federal Reserve (new) we had Glass Stegall. Lets look at these two areas where legislation can come together to benefit all individuals! Establishing these as constants will place fear in the hearts of the “global elite”! They need a good dose! It is a place of intersection of democrat voters and republican voters. It is also not discussed by current (presumed) leadership of either party because communistic progressives (regressive) are gnawing away at both parties. Mainly because they would not receive the sweetheart deals they have come to depend on to gain power. The currency of nations is really and truly solutions. As long as we are arguing and accusing these leaders it will distract us from looking where we as a people agree and come to agreement on solutions forcing both parties to accept and never touch again under penalty of death!
When you understand that without Glass Stegall, they have a license to STEAL from you, then charge it back to you, via inflation and tax! When restored properly it will bind the Federal Reserve. Glass Stegall actually separates bad debt from honest debt. It removes the bad debt off the back of the tax payer, now, and sets it aside. Eventually, over time it takes the bad debts, renegotiate them although many might end up as trash. Glass Stegall also works by ending the Federal Reserve issued debt system and prevents it from printing more deflated dollars. It moves congress to approve the US Treasury to issue credit allowing the USA to spin out of the old defunct mutually assured destructive world debt system. It preserves US sovereignty! Don’t think any democrat you see hanging around DC will be for this, they love your being indebted to them for their mistakes and criminal practices.
Glass Stegall will be a win for the individual as well as free markets enterprise!
Shah Gilani, Contributor
Remember when bankers enjoyed regular two martini lunches and played golf a couple of afternoons every work week? If not, it’s probably because you’re too young.But, those were the good old days under Glass-Steagall, the Depression-era law that separated commercial banks and investment banks.
If you’re too young to remember, you may not know that banks playing speculative games on the securities playground crushed depositors and themselves, triggered The Crash that undermined confidence in all banks, and ushered in the Great Depression.
Glass-Steagall was the legislative reaction to too many playground accidents….
That’s kind of like the guy in the ice cream truck that stops on my block telling me the sundae he wants to sell me isn’t fattening, and so I should get two and prove it to myself.
The difference is if I get fat, I’m doing it alone. If a big bank fails it’s going to take down the whole system folks. They’re all interconnected in terms of crossover portfolio holdings, interbank lending mechanisms, counterparty exposure and a ton of other things that makes the big banks, all bigger now since 2008, and all too-big-to-fail.
So we delude ourselves into thinking that there are now mechanisms to detect massive problems (yeah right, didn’t we all see what was happening at the CIO over in London at that little bank, I forget its name) and unwind big banks if they fail, which, of course, they won’t because we’ll see that coming, right? Poppycock.
The ratings agencies are dopes, but it doesn’t mean that because they’ve been doped in the past that they still don’t have something of a legitimate message to deliver. The bank downgrades are a warning. JPMorgan’s trading losses (in your face Paul Volcker) are a warning.
There was never a need for Glass-Steagall and there’s certainly no need for a “new” Glass-half-empty–Steagall now. And if you believe that, I know a guy who wants to sell you some ice cream, or some neat, tidy little mortgage-backed securities that are still just a little underwater. Read more
We will still have US currency backed by the US Treasury, not the current private corporation of Federal Reserve. Used in combination with blind trusts will prevent lawmakers from legislating their company profits in the form of mandates to us the taxpaying citizen. Many Euro involved countries are considering using it to restore their own individual national currencies as a way to spin out of the Euro zone. It should have never been repealed! However this time it should take the Federal Reserve out with its restoration!
- Restore Glass Stegall (not the modified version) straight Glass Stegall
- End the Federal Reserve Banking monopoly
- Restore the US Treasury to the people’s control
- Initiate Blind trusts for lawmakers
- Repeal Sarbanes Oxley
- Repeal Dodd-Frank
Somebody please Restore American Free-Market Enterprise
That somebody is you and I!