If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. - Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)
"I believe that banking institutions are more dangerous to our liberties than standing armies." - Thomas Jefferson
... The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating. -Thomas Jefferson
History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James Madison
If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. -Andrew Jackson
The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln
Issue of currency should be lodged with the government and be protected from domination by Wall Street. We are opposed to...provisions [which] would place our currency and credit system in private hands. - Theodore Roosevelt
Despite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -Woodrow Wilson
Years later, reflecting on the major banks' control in Washington, President Franklin Roosevelt paid this indirect praise to his distant predecessor President Andrew Jackson, who had "killed" the 2nd Bank of the US (an earlier type of the Federal Reserve System). After Jackson's administration the bankers' influence was gradually restored and increased, culminating in the passage of the Federal Reserve Act of 1913. Roosevelt knew this history.
The real truth of the matter is,as you and I know, that a financial
element in the large centers has owned the government ever since
the days of Andrew Jackson... -Franklin D. Roosevelt
(in a letter to Colonel House, dated November 21, 1933)
This is pretty much why im making these threads. ", now days everyone wants things now, they don't want to save or work hard"
Ah, so your generation had some much better work ethic then the ones "nowadays". If anyone is wondering why I give baby boomers a hard time. This is why, right here. Completly clueless to how screwed things got while pointing the finger at those lazy people "nowadays". I wouldnt be reciprocating but honestly it's just too easy. You have 0 evidence to support your claims.
Well you are right about one thing, many arent saving. They cant afford to.
Economic Policy Institute (EPI) economist Jared Bernstein describes it this way:
The difficulties facing American workers predated the recession. There may be no more telling statistic…than the fact that the real wage for the median male was lower in 2007 than in 1973.
For the last few decades, [workers] have been losing employer-provided health coverage, or paying more out-of-pocket for premiums, health services, or medications. Their pensions are less secure, and have flipped from majority guaranteed benefit to guaranteed contribution, shifting the risk of an adequate retirement benefit from their employer to themselves and their family.
How does this sound like not wanting to work hard? They dont have a choice but to work much harder then before! Mind you this was in 2008 it's even WORSE now.
Sure I have a new home , but I bought it when I was in my mid thirties. when I was your age or younger intrest rates were 10 percent or more. No one could afford a new home. My point is this kruder, now days everyone wants things now, they don't want to save or work hard. They want that high paying job and they want it right away
Your argument has so many flaws.
How does the open market effect jobs that cant be outsourced? It's money printing and inflation.
Can you have a waiter serve you food from china? How does a food service joint have outside effects on it's business that are international? Or can a desktop support technician service your computer from india? It's the central bankers printing money and creating inflation. Driving real wages down.
Your 47, so you were able to afford a home and enjoy that bounce in inflation. That's the wealth you are seeing amongst your neighbors. So I can see why you think it's the open market...the fed has benefited you temporarily. The opposite side of the scenario is about to play out.
There in lies the problem most just seem complacent because, hey they were able to make 200k on a 50k house. What about the people who are making 70k a year and cant even afford a home now? Who cares your friends are driving luxury suv's right.
A lot of this is contribted from open markets, we are competing with low labor areas of the world. I look at my parents, they rarely had a new vehicle or for that matter anything new. Now all my neighbors have new suv,s in their drives. I contribute most of the things you posted to open markets not the banks robbing from us.
In 1979 the American worker's average hourly wage was equal to $15.91 (adjusted for inflation in 2001 dollars). By 1989 it had reached only $16.63/hour. That's a gain of only 7 cents a year for the entire Reagan decade.
But wait. Things get worse! By 1995 it had risen to only $16.71, or virtually no gain whatsoever over the 6 years between 1989 and 1995. During the great 'boom years' between 1995 and 2000 it rose briefly to $18.33 per hour. In other words, from 1979 to 2000, even before the most recent Bush recession, after more than two decades the American worker's average wages increased on average only 11.5 cents per hour per year! With nearly all of that coming in the five so-called 'boom' years of 1995-2000, and most of that lost once again in the last three years. And that includes for all workers, even those with college degrees.
The picture is worse for workers who had no college degree. That's more than 100 million workers, or 72.1% of the workforce. For them there was no 'boom of 1995-2000' whatsoever. Their average real hourly wages were less at the end of 2000 than they were in 1979! And since 2000 their wages have continued to slide further.
Just to add a bit of context to Jefferson's remarks...keep in mind he was leveraged up to his eye balls with British banks. He continuously borrowed well in excess of his ability to repay (without liquidation of assets) in order to support his extravagant lifestyle, and the outfitting of Montecello.
Thank you for removing race and gender from your arguments. That was soooooo 20th century, and those are things that are comparatively easy to be left behind. The banking problems however, not so easy - but if we cast off a lot of the past divisions that we have made a lot of progress on, refrain from putting blame or suspicion on a generation where it does not belong, then we'll do better as a whole.
...and the parental competence & business ethics of FAS traders. Now, you may continue an intelligent discourse on the merits of our banking system with anyone willing to discuss it, without cluttering up your argument with judgemental and divisive perjoratives. All this, while I clean my house and cook breakfast on a beautiful Saturday morning.
What do you mean by soooo 20th century? That our problems now have nothing to do with what these people were referring to?
Enlighten me...what do you envision as the banking problems. Why are those our problems as taxpayers? You are happy they bailed out the banks?
Why was lehman able to go BK, but C and AIG are too big to fail?
I will surely keep pointing fingers. Our liberties are being stolen by our government and your worried about some rednecks comments.