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The Icelandic Solution
When the Federal Reserve was quietly brought to power in 1913, Henry Ford was paying Ford Motor Co. assemblers $5.00 a day for wages. Compared to wages and living conditions 50 or 100 years before, it was a king’s wage.
U.S. Federal Reserve Eccles Building 1937
$1,200 per year, income taxes were zero or near zero, the wife stayed home and raised the children in an economy running on Honest, Constitutional, Biblebased money. No need for her “second income”, Detroit boomed and prospered.
Ford assembly line 1913
The Constitutional Question is unasked and unanswered: did the U.S. Congress in 1913 have the Constitutional Authority to give the power to create America’s Money over to a private Bank Cartel. The Constitution, remember, limits the Government’s power to act.
The lesser question: why should America be compelled to pay the Bankers who own the Fed to create and circulate America’s Money?
Since 1913, the purchasing power of the so-called dollar has disintegrated to less than 2% of its original value. An enviable track-record for 103 years, wouldn’t you say? The Fed must be so proud . . . this is Orwellian Double-Think and Double-Talk, in your face.
The Icelandic Solution has been totally blacked-out—obliterated—by U.S. Lame-Stream Media. When the 2007 Economic Crises unfolded in the West, Iceland’s Parliment went bonkers and, in a National Referendum, put the crisis to a vote of the people:
A. Let the banks collapse, take your whipping now, watch the economy fall apart or
B. Borrow gobs and oodles more money from the banks and “kick the can down the road”. Pass the debts on to your Grandkids.
In America, we’ve been kicking the can down the road for decades. In 1937, a brand-new Plymouth automobile cost $439.00, out the Dealers door; in1947 a new home cost $7000 or less . . . and income taxes were nothing like today.
1947 New Home
The problem with kicking the can down the road is, eventually, you either run out of can, or you run out of road.
Those nut-jobs in Iceland voted to take their lumps and get it over with. The nin-cum-poops voted to take their whipping now.
What idiots they were. The fools, what a whipping it was.
The banks collapsed. The economy went in the toilet. Bank stock-holders were annihilated, their share prices went to nothing. In a nutshell, the proverbial doo-doo hit the fan. Iceland was bankrupt, wiped-out and too ashamed not to admit it.
Then people began asking the questions Bloomberg News, Fox Business and Jim Cramer don’t know enough to ask: “How did all this happen?” There was an investigation into the banks, the mortgage businesses and how the Icelandic Government tied into it all. Those goofy Icelanders got the right answers.
The result was the former Prime Minister of Iceland and the two top Money Center Bankers landed in Federal Prison. Hasta la vista, baby.
Prime Minister of Iceland, Geir Haarde
And then, freed of the Fraudsters and con men in Banking and Gov’t, the Icelandic Economy was restarted. And low and behold, 18 months later, Iceland had the best economy in the Euro-Zone. How could that have been possible? The American Corollary: Bill Clinton, George Bush #2 and Barack Obama, along with Alan “Mr. Greenjeans” Greenspan, BailOut Ben Bernanke and Janet Yellin, and their #2 goons, all take up residence in the Maximum Security Wing of Marion Federal Penitentiary @ Marion, Illinois. Or Leavenworth, if you prefer. I’d urge their transfer to Angola Penitentiary in Louisiana. The gumbo they serve in Angola is “top-drawer”.
Were it up to me, a Conga-line of Federal Judges who sanctioned the legality of the Banking Charade & Swindle, over the years, would join them. Imagine the gin-rummy tournaments. And how about some AttorneysGeneral, and their subordinates? Finally and at last, some new lawbooks for the Prison Lie Lawbrary. But I digress.
Since the 2007 Financial Debacle, when America was hours from collapse and ruin, the Federal Reserve has “lent trillions of (sic) “dollars” in so-called “Quantitative Easing” to the Banks on Wall Street and Europe. Wall Street was bailed out time and time again. And again.
And again. Main Street, whose taxes go straight to the Federal Reserve, got nothing. Zero. Zip. Nada. Obama, looking out for the Middle Class as he promised he would, was the Front-Man.
What? Fewer middle-class in 2016 than in 2008? Are you serious? But Obama promised. I remember.
What America requires is a New Government that will clean out the pigsty inside the Beltway and send Jon Corzine and a boatload of other Banksters and Politicians to the shithouse. It is so bad, we might have to let some pot smokers out of Federal Prison to make room for the more deserving miscreants and cretins named above.
But I digress again.
In defense of these thieves, the Total Debt Profile of the U.S. Economy, all governments, corporations, LLC’s, partnerships, individuals —ALL OF IT— now exceeds One Quadrillion, 500 Trillion dollars. That’s One Thousand Five Hundred Trillion dollars.
$1,500,000,000,000,000.00. Google “What does One Trillion Dollars Look Like”. Multiple that by 1,500. Take a look, or, “Go ahead, make my day!”
The total moral obligation, and actuarial, funded and unfunded, on budget and off-budget debt obligations of the whole of America’s “economic miracle” is now a nonsense number your Washington Politicians have convinced you is payable. Well, OK, your great grandchildren will pay it. Problem is, there is not enough carbon-black on this planet to make the ink required to put on paper promises to pay even a portion of that debt. Those grand-childen are safe! Huzzah!!
He who owes no money CAN’T GO BROKE.
If you can’t pay cash for it, you can’t afford it.
Maybe great-great-great grand-dad knew something after all.
Peter Jon Simpson is available as a consultant on a fee basis.
His economic counsel is just slightly to the right of General George Patton. Or Tammerlane. Caveat Emptor
320. 857. 2400
Ask for “The Erwin Rommel School of Law Banking Seminar”.
What they cannot and will not teach @ Harvard, on 2 DVD’s with 2 books, one a Federal Reserve Publication reprint. “You aint seen nuthin’ yet!”