Bank of England Chief Mervyn King Proposes Eliminating Fractional Reserve Banking

This is a very good posting on the Infowars.com site. Mervyn King says, “Eliminating fractional reserve banking explicitly recognises that the pretence that risk-free deposits can be supported by risky assets is alchemy. If there is a need for genuinely safe deposits the only way they can be provided, while ensuring costs and benefits are fully aligned, is to insist such deposits do not co-exist with risky assets.” Trouble is Ben Bernanke is on the side of the digital money printers.

David Cameron's government should revisit the 1844 Bank Charter Act, which stopped banks printing money as if it were confetti. The digital age demands that reckless banking, or casino banking as Vince Cable calls it, is stopped. The only people to gain are the bonus-grabbing bankers as the digitally created cash moves from one computer to another.

Ron Paul on the bailout - a bit more

Ron Paul is maintaining the good work in keeping tabs on various characters, Ben Bernanke being one of them. Here's Ron Paul's latest message (which I've just seen!).



I like this piece - "An essential element of a healthy free market, is that both success and failure must be permitted to happen when they are earned. But instead with a bailout, the rewards are reversed – the proceeds from successful entities are given to failing ones. How this is supposed to be good for our economy is beyond me." It's beyond a great many of us, but these fiscal phonies are really in some kind of dream world.

Here is Ron Paul painting a mental picture for Ben Bernanke. I'm surprised the Federal Reserve Chairman sleeps at night seeing as he's counting all those noughts on the end of the dollar sign!

Ron Paul tackles Bernanke on "thin air credit"

Where does Ben Benanke get this $700 billion from? Ron Paul thinks he's creating credit out of thin air. Nobody has said where this money is coming from. George Bush calls the whole plan "a sucker", Henry Paulson gets down on bended knee to plead for the plan to go through Congress after a shouting match in the White House. However, nobody tells us where this money is coming from.

The Federal Reserve Act to which Benanke alludes and from which he derives his authority to create thin-air money, came about because 101 years ago there was what was called the Bankers' Panic. It nearly did for the USA what the bankers of today have almost done. So we have the Federal Reserve System. In that it is well named. They are highly reserved when it comes to explaining things. Benanke agrees that price-fixing is wrong, but he goes only that far.

If I were an American I'd be asking two questions. Where's this coming from? Will I, and all my fellow countrymen, being paying it off for years to come? The Archbishop of York was right about Alice in Wonderland stuff. Lewis Carroll's famous character, Humpty Dumpty said he made words mean what he wanted them to mean. Humpty Dumpty's devotees are hard at work with this bail-out!

Americans dissatisfied with economy by 4 to 1!

The United States used to be the Land of Opportunity. Not anymore, it seems. Four-fifths apparently think their future lies between the average and the dire. According to a New York Times/CBS News poll, 81 percent of respondents said they believed that “things have pretty seriously gotten off on the wrong track,” up from 69 percent a year ago and 35 percent in early 2003. That's an acceleration of pessimistic thought beyond imagination!

Only 19 percent it must be assumed think life is OK. Could these be those that make up the Bush administration, Ben Bernanke and his Fed Friends, Wall Street "analysts" and sub-prime lenders? After all, they all have some reason to keep up the pretence that all is fine in the garden.

Just think. Walk down any street in any town in America and four out of five people you meet are of the opinion the country is on "the wrong track"! I remember Casey Jones being a tad upset if his trains got on the wrong track. Imminent collision was a strong possibility.

Sandi Heller, who works at the University of Colorado and is also studying for a master’s degree in business there, sums in up very well. “What I learned from economics is that the market is not always going to be a happy place. If the government steps in to help out, that will facilitate more of it happening.” She added, “There are a million and one better ways for the government to spend that money.” Precisely. But will they ever learn?

I really hope Americans seize the opportunity this November, not only to vote in a President that has some grasp of the impending problems, but also take back their democracy from the self-serving elite who have denied them ballot access, proper primary elections and a media that doesn't skew opinion and scramble the facts!