“Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue.”
“Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are “backed” by all the goods and services in the economy.”
“backed” ahem . . .
House Approves $700B Financial Rescue Package
Lest we forget!
“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
The Bailout: An Owner’s Manual
“Actually, it’s a bit bigger than $700 billion. The version of the bill that passed Friday contains some expensive add-ons, including a provision that keeps the alternative minimum tax (AMT) from encroaching upon the middle class in 2008, clean-energy tax incentives, disaster relief and the extension of expiring tax cuts for businesses and individuals. It also expands government insurance on bank deposits from $100,000 to $250,000 through 2009.”
The Federal government often legislates by dictate and threat. They threaten the loss of federal funding if the speed limit isn’t within their dictates…they threaten loss of federal funding if the local schools don’t comply with federal education dictates..etc., etc…now this kind of threat…ultimately, governing by threat, intimidation, coercion, bribery, payoff,….etc….seems to be the American Way..
”The Bank of Shanghai can transfer all of it’s toxic assets to the Bank of Shanghai of Los Angeles, it’s subsidiary, which can then sell them the next day to the treasury…”
notice how incredibly biased the CNBC commentater is toward this bill….
Guidelines Expand FBI’s Surveillance Powers
Techniques May Be Used in U.S. Without Any Fact Linking Subject to Terrorism
The Debate Decoder
Welcome To Camp Obama
Voters coast-to-coast are receiving e-mails from the Obama campaign encouraging them to sign up to learn pre-election agitation tactics at “Camp Obama.” Red kerchiefs, anyone?
Ray Boltz gay
Watch the fourth frame of this interview…and beyond this dictators aspirations….tell me HOW could the American public elect a man who hash shuch terrible eshes. It would absolutely drive me crazy to have to lishen to thish **it for the nexsht four yearsh. They are ALL liars, deceivers and tools of the Order….please elect one that can speak the lies without a speech impediment!