Do we need a 2nd American revolution?
Today Stu interviews Captain Jim Kinney. Jim Kinney, Captain, US Navy (ret) is the founder of Inspire & Ignite. Inspire & Ignite has been created to ignite a Second American Revolution calling for constitutional changes designed to reduce the systemic corruption so apparent in our federal legislature today. For the past forty years, Jim’s experiences have thoroughly prepared him for this opportunity. After more than 25 years of active service in the Navy including 3 commands and a tour on the Joint Chiefs of Staff he retired at the rank of Captain and was awarded the highest peacetime award authorized by the Department of Defense.
After leaving the Navy, he was responsible for a $2.5M 501c3 for nearly 10 years before spending 4 years in the pastorate before joining the Huckabee Campaign and then launching the Inspire & Ignite effort.
Jim also has a radio feature which can be heard across The Truth Radio Network.
This book is a must read for every American dismayed at the massive debt the government is amassing and does not think this is the right direction for our country. This book is a must read for every American discouraged with the corruption in Congress and believes the system can be better. There is hope…the Second American Revolution!
BUY THE SECOND AMERICAN REVOLUTION BY: JIM KINNEY NOW!
32 Comments on “Do we need a 2nd American revolution?”
Mayer Amschel Rothschild is quoted to have said:
“Give me control over a nation’s currency and I don’t care who makes the laws.”
Whoever leads the next American Revolution must understand the role of money in a society. It is no fluke that dictators, when they first come to power, first disarm the citizens then remove gold and silver from the monetary system.
“Napoleon said: “When a government is dependent for money upon the bankers, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes … financiers are without patriotism and without decency…” Karl Marx said in the Communist Manifesto: “Money plays the largest part in determining the course of history.” The Rothschilds found out early, that when you control the money, you basically control everything else……..
In the mid 1700′s the Colonies were prospering because they were issuing their own money, called Colonial Scrip, which was strictly regulated, and didn’t require the payment of any interest. When the bankers in Great Britain heard this, the British Parliament passed a law prohibiting the currency, forcing them to accept the debt money issued by them. Contrary to what history teaches, the American Revolution was not ignited by a tax on tea. According to Benjamin Franklin, it was because “the conditions were so reversed that the era of prosperity ended.” He said: “The Colonies would gladly have borne the little tax on tea and other matters had it not been the poverty caused by the bad influence of the English bankers on the Parliament, which has caused in the Colonies hatred of England and the Revolutionary War.”
In 1787, our new Constitution gave Congress the power to “coin money, (and) regulate the value thereof (Article 1, Section 8).” After Great Britain tried to destroy and control the currency of our new country, Congress realized the danger of fiat, or paper money created by law. In 1775, paper money had been issued to finance the war, and independent state legislatures passed laws requiring citizens to accept it as legal tender. Since it was created from nothing, and not backed by any precious metal, inflation developed. By the end of the war, it took 500 paper dollars to get one silver dollar. Our forefathers wrote in Article I, Section 10, of the U.S. Constitution: “No State shall enter into any treaty, alliance or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make any thing by gold and silver coin a tender in payment of debts…….”
NOTHING BUT GOLD OR SILVER. The Federal Reserve is an independent institution totally free from government regulations or transparency.
“Central Banking was initiated by international banker William Paterson in 1691, when he obtained the Charter for the Bank of England, which put the control of England’s money in a privately owned company which had the right to issue notes payable on demand against the security of bank loans to the crown. One of their first transactions was to loan 1.2 million pounds at 8% interest to William of Orange to help the king pay the cost of his war with Louis XIV of France. Paterson said: “The bank hath benefit of interest on all monies which it creates out of nothing.” Reginald McKenna, British Chancellor of the Exchequer (or Treasury), said 230 years later: “The banks can and do create money … And they who control the credit of the nation direct the policy of governments and hold in the hollow of their hands the destiny of the people.”
Hamilton’s elitist views and real purpose for wanting Central Banking came to light, when he wrote: “All communities divide themselves into the few and the many. The first are rich and well-born, the other the mass of the people. The people are turbulent and changing; they seldom judge or determine right.”
In 1791, Jefferson said: “To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we (will then) be taxed in our meat and our drink, in our necessities and in our comforts, in our labor and in our amusements. If we can prevent the government from wasting the labor of the people under the pretense of caring for them, they (will) be happy.” Even though Thomas Jefferson and James Madison (later to be our 4th President, 1809-17) opposed the Bill, Washington signed it into law on February 25, 1791. Alexander Hamilton became a very rich man. He and Aaron Burr helped establish the Manhattan Co. in New York City, which developed into a very prosperous banking institution. It would later be controlled by the Warburg-Kuhn-Loeb interests, and in 1955 it merged with Rockefeller’s Chase Bank to create the Chase Manhattan Bank.
When Jefferson (1801-09) became President, he opposed the bank as being unconstitutional, and when the 20 year charter came up for renewal in 1811, it was denied. Nathan Rothschild, head of the family bank in England, had recognized America’s potential, and made loans to a few states, and in fact became the official European banker for the U.S. Government. Because he supported the Bank of the United States, he threatened: “Either the application for renewal of the Charter is granted, or the United States will find itself in a most disastrous war.” He then ordered British troops to “teach these impudent Americans a lesson. Bring them back to Colonial status.” This brought on the War of 1812, our second war with England, which facilitated the rechartering of the Bank of the United States. The war raised our national debt from $45 million to $127 million.
Jefferson wrote to James Monroe (who later served as our 5th President, 1817-25) in January, 1815: “The dominion which the banking institutions have obtained over the minds of our citizens … must be broken, or it will break us.” In 1816, Jefferson wrote to John Tyler (who became our 10th President, 1841-45): “If the American people ever allow private banks to control the issuance of their currency, first by inflation, and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their father’s conquered … I believe that banking institutions are more dangerous to our liberties than standing armies … The issuing power should be taken from the banks and restored to the Government, to whom it properly belongs.”
Salmon P. Chase, Secretary of the Treasury (1861-64) under Lincoln, publicly said that his role “in promoting the passage of the National Banking Act was the greatest financial mistake of my life. It has built up a monopoly which affects every interest in the country. It should be repealed, but before that can be accomplished, the people will be arrayed on one side and the bankers on the other, in a contest such as we have never seen before in this country.”
Lincoln said: “The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few and the Republic is destroyed … I feel at the moment more anxiety for the safety of my country than ever before, even in the midst of war.”
For a full history of central banking and how it enslaves the people while enriching the few go to this site: http://www.the7thfire.com/new_world_order/final_warning/federal_reserve_act.htm
Stu and Jim, I urge you to study some monetary history. Much has been written by our founding fathers on Central Banks and fiat currency and none of it is good.
Thomas Jefferson
“I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The
issuing power (of money) should be taken away from the banks and restored to the people to
whom it properly belongs.” — Thomas Jefferson, U.S. President.
Thomas Jefferson:
The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.
“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 it’s issuance.” — James Madison
“Whoever controls the volume of money in any country is absolute master of all industry and
commerce.” — James A. Garfield, President of the United States
George Washington – in a letter to Jabez Bowen, Rhode Island, Jan. 9, 1787
“Every lover of his country will therefore be solicitous to find out some speedy remedy for this alarming evil. There is no possible substitute for the loss of commerce. Our first grand object, therefore, is its restoration. I presume not to dictate or direct. It is a subject that will require the deepest deliberations and researches of the wisest and more experienced men in America to fully comprehend. It probably belongs to no one man existing to possess all the qualifications required to trace the course of American commerce through all intricate paths nor to those and only those that shall lead the United States to future glory and prosperity. I am sanguine in the belief of the possibility that we may one day become a great commercial and flourishing nation.
But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them.”
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”
“This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." — Charles A. Lindbergh, Sr. , 1913
"The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the
currency… I do not like to think that any law can be passed that will make it possible to submerg
EVEN FEDERAL RESERVE MEMBER BANKS ADMIT TO THE LEGALIZED FRAUD:
“When you or I write a check there must be sufficient funds in out account to cover the check,
but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.” — Putting it simply, Boston Federal Reserve Bank
“Neither paper currency nor deposits have value as commodities, intrinsically, a ‘dollar’ bill is just
a piece of paper. Deposits are merely book entries.” — Modern Money Mechanics Workbook,
Federal Reserve Bank of Chicago, 1975
“The Federal Reserve Banks are not federal instrumentalities…” — Lewis vs. United States
9th Circuit 1992
“The regional Federal Reserve banks are not government agencies. …but are independent,
privately owned and locally controlled corporations.” — Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982
FROM THE MAN THAT SIGNED THE FEDERAL RESERVE INTO EXISTENCE:
“A great industrial nation is controlled by it’s system of credit. Our system of credit is concentrated 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 world–no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men.” — President Woodrow Wilson
IS IT NO WONDER THAT FROM 1800 TO 1913 THE VALUE OF THE US DOLLAR DOUBLED AND AMERICA ENJOYED AN INCREDIBLE ERA OF PROSPERITY? YET FROM 1913 TO 2009 THE US DOLLAR HAS LOST 97% OF ITS VALUE.
Remember the words of Mayer Amschel Rothschild, “Give me control over a nation’s currency and I don’t care who makes the laws.”
Why don’t you take a look at the structure of the Federal Reserve, especially its advisory board. Why is it that the Fed has never been fully audited. Henry Ford is correct in that very few Americans understand the Banking system and how it operates. Here is what he said,
” It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford
THE BANKERS TELL US THE TRUTH AND STILL WE DO NOT LISTEN.
“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.” — SIR JOSIAH STAMP, (President of the Bank of England in the 1920′s, the second richest man in Britain):
You will understand how corrupt the system is when hyperinflation wipes out the accumulated wealth of millions of hard working Americans. The social welfare state would not be possible without a central bank.
Here finally is part of what Alan Greenspan wrote in 1966 when he was still a disciple of Ann Ryand.
…… the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale.
Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited.
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which — through a complex series of steps — the banks accept in place of tangible assets and treat as if they were an actual deposit, i.e., as the equivalent of what was formerly a deposit of gold. The holder of a government bond or of a bank deposit created by paper reserves believes that he has a valid claim on a real asset. But the fact is that there are now more claims outstanding than real assets. The law of supply and demand is not to be conned.
As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy’s books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
Alan Greenspan, Gold and Economic Freedom (1966)
GO BACK TO AN ASSET BACKED CURRENCY AND THE STATISTS WOULD BE OUT OF BUSINESS.
I will support no man and no political party that continues to support the continuation of the current monetary system. We must go back to an asset backed currency and return economic power back to the people.
I WILL MAKE THIS PREDICTION. BEFORE THIS YEAR IS OUT, INFLATION WILL BEGIN TO BE THE LEAD STORY IN THE NEWS. BY THE END OF 2010, HYPERINFLATION WILL BE WELL ON ITS WAY IF IT IS NOT HERE ALREADY.
BEFORE THE NEXT PRESIDENTIAL ELECTION THERE WILL BE TALK OF ESTABLISHING A NEW CURRENCY. BY THEN THE AMERICAN PEOPLE WILL HAVE BEEN IMPOVERISHED AND A VAST TRANSFER OF WEALTH WILL HAVE TAKEN PLACE. Contrary to what people think, the transfer will be from the middle class and poor to the a wealthy elite. American assets will be on sale to foreign investors who have the cash to buy us cheap.
My guess is that as prices rise the government will blame greedy corporations or oil companies or workers seeking higher wages and will implement price controls. Price controls will lead to shortages and to a black market. I expect there will be an increase in violence and crime.
The Revolution is coming. What is unknown is who will lead it?
To all who are following, There are many issues with the current state of government in america…noty the least of which is our monetary policies which are based on nothing more than promises made to repay.
However, I don’t believe we can take back much of the territory that needs to be reclaimed unless we first gain control of our Congress. The Restore America amendment attempts to make Congress more accountable to the voters. When (if?) that happens, then we can make some headway in changing things like the current Federal Reserve unaccountability and the lack of any tangible assts to back our currency…and many other issues as well. But I submit that all the other issues, including monetary policies cannot be resolved with any certainty unles Congress is restrained.
Jim
Producer Josh,
Mike send me your address, last name, and phone number I will send you a copy of Captin Jim Kinney’s book. We have 3 copies to give away and you get one. Send it to jpowell@wtru.com. I will log on tommarow to choose another winner. Good Luck!
-Producer Josh-Truth Talk Live staff
Mike: It isn’t all about money you know!! THAT is the least of America’s….and the world’s problems.
I can see you now singing, ”Money makes the world go around….the world go around…the world go around…!”
mherman, “It isn’t all about money you know!! THAT is the least of America’s….and the world’s problems.
I can see you now singing, ”Money makes the world go around….the world go around…the world go around…”
You miss the point completely. What we call money is NOT MONEY it is debt. What we call money can only be brought into existence by DEBT. It is created out of nothing but enters the books on a DEBT. IT IS NOT MONEY. What we call money does not make the world go around. It makes those with access to it at its creation fabulously wealthy without having to lift a finger. It impoverishes workers and savers. It finances wars. It is a fraud and goes completely against the Bible.
Jim: “However, I don’t believe we can take back much of the territory that needs to be reclaimed unless we first gain control of our Congress.”
Government and the debt have been growing since the Fed was created. It grew under Reagan, Bush 41, Clinton, Bush 43, and now under Barak Obama. It grew under both Republican and Democrat Congresses. It was George Bush that gave us Tarp 1. It was under Richard Nixon that Penn Central Railroad was bailed out, then taken over by government to become Amtrack at the cost of billions of dollars. Penn was bailout, its debts paid, to save the banks that had loaned it money. It was also too big to fail.
My point is, that unless the Fed is controlled nothing changes. It’s the banksters that are running the show. It is the Fed that’s the cancer. Rothchild was right when he said, “Allow me to control a nations money and I don’t care who makes the laws.”
Under President George Bush 43, and a Republican controlled House, the national debt doubled from $5 trillion to $10 trillion. But the dirty little secret is that unfunded liabilities, mostly Social Security and Medicare, now represent over $60 trillion. No president, not even Reagan, no Congress, not even under Republican leadership, has suggested that Social Security be made a separate account. Why? Because they use the excess payments into the system and spend it. What no other institution in America can do (corporate officers would go to jail if they spent the retirement money of their employees), our government does. How can they get away with it? Simple, just go back to a question asked of William Proxmire in the early 1970s in regards to Social Security and the Baby Boomers (LBJ had comingled Social Security and the general fund just prior to his leaving office). It is said that Proxmire stated, ” People will get their social security money. It may not buy much but they will get it.” Proxmire was a fiscal conservative that understood full well how government even then was out of control. He is famous for his Golden Fleece award for irresponsible Government Spending. Proxmire knew, what some had figured out when Social Security was established, that the system was a Ponzi scheme doomed to fail. But unlike most Ponzi schemes, the government through the Fed, would just print the money to pay its bills. People in government knew but no action was ever taken. Some tried, like Sen. Daniel Patrick Moynahan who suggested part of Social Security be privatized, but to no avail. George Bush raised the issue early in his administration, only to be demagogued.
How Long Have We Known?
Are we just now finding out that Social Security is a fraud?
No, we’ve known from the beginning. Here is an article written by Clarence Manion, the former Dean of the Law School at Notre Dame, written back in November of 1955. Dean Manion reveals that
• The U.S. Supreme Court approved Social Security in 1937 as a taxing scheme.
• The Court said Congress did not have to set the Social Security “contributions” aside for people’s retirement.
• Even if Congress chose to stop paying all Social Security benefits, it could still withhold Social Security “contributions” and use them to fund Planned Parenthood and the War in Iraq.
• “The fraud of the great deception is the deliberate and official misrepresentation of social security taxes as payments of insurance premiums for the right to get back specified benefits at a specified time. There is no such right.”
• The “trust fund” contains government I.O.U’s, not assets, on which interest must be paid, requiring more taxes to be levied.
• Testifying before the Ways and Means Committee of the House of Representatives in 1952, the chief actuary of the Social Security Administration said, “The present trust fund is not quite large enough to pay off the benefits of existing beneficiaries”
• If you are paying social security taxes now, there is thus $15 billion less than nothing in the fund that you are supposed to be accumulating against your retirement and old age. Small wonder that the Secretary of the Treasury recently testified that “under the present provisions of collections and disbursement the Old Age Survivor’s Insurance system is actuarially unsound.”*
* Congressional Record, July 5, 1955, page A 4871.
The “Trust Fund” now has more than $15 TRILLION+ less than nothing.
All of this was published in November, 1955, more than 50 years ago. Politicians have known for decades that they can claim they “didn’t raise taxes” because they’re spending your social security “contributions” for the same wasteful and unconstitutional projects they spend your taxes on.
They can do this because the government can print up bonds (debt) go over to the Fed, which brings the money into existence through its computers (they no longer have to go to the trouble of printing the money) and thus buy the bonds. This is monetizing the debt. So congressmen can attached useless spending to bills and not worry about raising taxes. From 2001 to 2006, under a Republican controlled House of Representatives, more pork passed through Congress than at any other time. George W. Bush did not veto a single spending bill. George Bush threw more money down the rat hole of public education than any other president.
Government officials know that they do not have to increase taxes so long as they have access to a printing press, the Fed. But inflation, which is “too much money chasing a limited number of products” is the worst tax of all. It is a tax that few people understand and almost no one sees but everyone feels. It is theft…theft of people’s hard earned savings….theft of their labor….theft of future generations. It is a tax that government will blame on others, when it is government that creates the inflation tax. When it hits the American people hard the government will try to reign in rising prices by implementing price controls. This will lead to shortages and a black market. America will then resemble a Banana Republic.
Josh, I sent you an email with my address. I can come by the studio and pick up the book and save you the expense of mailing it. I am in that area from time to time. As a matter of fact I have to go to Wal-Mart this morning and can stop by your office. Thanks again for the book. I am a voracious reader and love books on history, politics, and economics.
Mike
I will try to lay the issue of the Fed to rest for a while. But mark my words, we will begin to see the full effects of our monetary system before this year is out. Please consider the following:
1. Government has $100s of spent billions in stimulus.
2. The economy continues to get worse.
3. The Banks received hundreds of billions in bailout money and now interest rates are going up.
4. Unemployment is hitting multi-decade highs (U3 is at 9.4% while U6 is over 16% – U6 is more representative of true unemployment and comes close to how we calculated it decades past.)
5. Prices continue to rise in nearly everything we use (food, energy, healthcare) on a daily basis. Only asset prices are declining like the stock market and real estate.
Demand – Pull inflation will not be the problem. Cost – Push inflation is what we are seeing as the result of Trillions of dollars brought into existence by the Fed and Treasury.
I have been posting messages here on Truth Talk live since Doug Tjaden was on the air. At the time Doug and I both said, “Things are going to get worse….alot worse.” So far that tune has played out and I continue to say, “It is going to get worse…MUCH MUCH WORSE.”
Mike, The offices are closed today due to the holiday. I will put the book up front for you on Monday when ever you get a chance you can come pick it up. Everyone else I still have two copies to give away I will log back on today at 2pm (EST) and pick another winner(s). Thanks for Listening!
-Producer Josh
Mike: OK It’s not all about money whatever you call it. It is a SPIRITUAL problem.
mherman: “Mike: OK It’s not all about money whatever you call it. It is a SPIRITUAL problem.”
Finally you got my point. Man is inherently evil. His desire for wealth, power, and a life of easy is insatiable. Why then trust a small group of men with enormous power….the power to control the supply of money….the power to create it out of thin air. Doing so is the equivalent to locking an alcoholic in a liquor store over the weekend, or a person addicted to pornography in a room with a computer and no monitoring system in place. I have often used the analogy of this current crisis by stating, ” what the Fed did when it loosened monetary policy was equal to a father giving his teenage soon the keys to a new Corvette and a bottle of Scotch, then being surprised when said teen wraps the car around a tree.”
Gold and silver are no ones liability. Gold and silver must be mined and processed. The labor required to produce gold and silver coin is equal their purchasing power, therefore it is honest money. Can it be abused? Of course it can but not to the extent that fiat money can. Fiat money, by its very nature is evil….it is a fraud by its very nature. Add to that man’s wicked heart and you have the recipe for disaster……for pain inflicted on the masses as the fruits of their labor is stolen.
mherman, If you would like one of Jim kinneys books email me your Name, address, and phone number to jpowell@wtru.com we still have one more to give away I will return @ 10PM choose another winner. Good Luck!
-Producer Josh
Mike: ”Finally you got my point.”
I’v had the point all along, perhaps you just thought I didn’t.
I read Leonard Ravenhills first book, ”Why Revival Tarries”, and it stirred me so much. That was some years ago, and I need stirring again…..we all do. We can’t trust in anything or anyone but the Lord in these days. But we urgently need to seek His face…..this is my heart, I just need my flesh to realise it!!! (Little smile)
Truthtalk: You realise I am over in Britain Josh?
mherman: “But we urgently need to seek His face….”
What does “seek His face mean?”
A great video for the 4th of July. Bob Basso impersonates a modern day Thomas Paine.
WE THE PEOPLE STIMULUS PACKAGE
http://www.youtube.com/watch?v=jeYscnFpEyA
Everyone needs to watch and listen to this one. It is right in line with the theme of this program.
I do object to elimination of the Electoral College. The only way to protect the currency is to take away the power of the Fed to create it out of thin air.
Two more good videos to watch if you want to see the cancer that is eating away at the very soul of the United States. Watch them if you have the courage to see what is coming.
http://inflation.us/videos.html (This video is broken up into various parts. Be sure to watch all segments. It automatically goes from one segment to the next.) Notice my themes for people to protect themselves: 1. Food 2. Energy 3. Precious metals 4. Currencies (bonds or CDs) of commodity producing nations 5. Water the most precious of all natural resources 6. The emerging markets, especially the BRIC nations.
The second video is funny but so true. A short music video:
http://www.youtube.com/watch?v=0FKvRgvnhEI
HAPPY FORTH OF JULY.
Mike: ”What does “seek His face mean?””
You don’t know?
mherman: “Mike: ”What does “seek His face mean?”” You don’t know?”
I hear this expression all the time and just wonder what it means to those that use it. I don’t. So in answer to your question, NO….I do not know what it means.
Mike: It is getting on your face and seeking God until you enter into His presence or you hear from Him.
mherman: “Mike: It is getting on your face and seeking God until you enter into His presence or you hear from Him.”
I don’t expect to be in His presences until I die. The only way I know to hear from Him is to read the Bible and do my absolute best to understand what it says. Through prayer, I speak to Him and through His word, He speaks to me.
mherman, here is a speech by someone you should know on your side of the pond, Mervyn King. I guess you would say is the equal of our Fed head Ben Bernanke. Please note that Mervyn gives the same reason for inflation that our Milton Friedman gave so many years ago, “Inflation will always be a monetary event.”
You man not believe me but certainly you can believe the Governor of the Bank of England.
http://www.bankofengland.co.uk/publications/speeches/2008/speech349.pdf
Mike: Then you are missing a very intimate experience with Jesus. We can enter into His Presence by the Spirit that lives in us. Don’t you know that you are seated in heavenly places in Christ? Have you never ”felt” His Presence by the Spirit within you? I have, and it is very powerful and sometimes almost overwhelming. I have also felt the holiness of God such that I have had to fall to my knees ”before” Him.
He has spoken to me in other ways too besides the Bible. He can speak to you through the ministry of your Pastor, or through someone else. I had an experience where I was walking through town and I was doubting Gods love for me, though I knew it I just felt unworthy of it, and I looked down on the pavement, and there, set in the slab was a plaque, and it had some words from a well known song…..they said, ”You know I love you, I always will….” It wasn’t just the words, it is what I felt in my spirit too….HE was speaking to me!!
He can speak right into your spirit too, when you just know that He is saying something to you. One day I was driving into the countryside and I stopped and parked by the roadside. I was just thinking about something, and I happened to look up at the rear view mirror. I think I must have been feeling a bit unworthy then because He suddenly spoke into my spirit, ”I have no rear view mirror.” In other words, He doesn’t look back at what we did yesterday or the day before. It was very profound.
I speak to Him most of the day, mostly in my thoughts and from my heart. I find ”prayers” hard, they seem so repetitious, so I lift my spirit and heart up to Him every morning after I have read the Word, and my thoughts are of who is on my mind to pray for. He knows what we need before we even ask you see. Well, that’s some of my personal experiences with the Lord.
That is my experience anyway.
Mike: #25. For some reason I can’t open this programme.
mherman, gotta run for now. It’s the 4th of July….you know that dreadful day when the colonies declared their independence from Mother England. Do you suppose that war was fought because of a measly tax on tea. On Tea!? Most of the other taxes had been repealed. Maybe what infuriated the colonist here was the fact that England imposed its will on our money. The American Colonies that were prospering just fine with their own “limited” colonial script. Colonial Script was in fact not backed by gold or silver but it was indirectly backed by real estate (land) and limited in production by the various colonial governments. It actually traded equal to the price of gold and led to great prosperity in the colonies. When Momma country found out about it, she put a stop to its issuance and circulation by refusing to accept it in payment of taxes.
Ben Franklin commented on the situation and basically said that the Revolution was due more to British intervention in a our “non interest paying paper money” than the tea tax.
Adam Smith
Adam Smith wrote of the Pennsylvania currency in his famed 1776 work The Wealth of Nations:
The government of Pennsylvania, without amassing any [gold or silver], invented a method of lending, not money indeed, but what is equivalent to money to its subjects. [It advanced] to private people at interest, upon [land as collateral], paper bills of credit…made transferable from hand to hand like bank notes, and declared by act of assembly to be legal tender in all payments…[the system] went a considerable way toward defraying the annual expense…of that…government [low taxes]. [Pennsylvania’s] paper currency…is said never to have sunk below the value of gold and silver which was current in the colony before the…issue of paper money”
Mike: I’m sorry but I don’t know a lot about the history of America, possibly because I was too interested in other subjects at school. It is obviously your specialist subject just as astronomy is mine.
mherman, it’s a PDF file. In it he basically says, “part of reason for inflation is the expansion of the money supply.” This is really a remarkable statement in that he is admitting that inflation is caused by excess funny money.
Here is a story you may be interested in:
UK Inflation Heading Back to 2%- What’s Mervyn King Smoking?
Economics / Inflation
May 21, 2008 – 05:14 PM
By: Adrian_Ash
“…The fiat-money experiment – along with the financial life-forms and hallucinations it spawned – has broken out of the lab and onto the street…”
WHEN ALBERT HOFMANN – the Swiss chemist who discovered LSD – passed away at the start of this month, newspaper editors the world over reported it as the death of the man “who experienced the first ever bad trip.”
But from what…ummm…friends tell me, however, Hofmann’s trip seems no worse than most others.
“Beginning dizziness,” he wrote in his lab journal for 19 April 1943 . Looking to find a stimulant for the circulatory and respiratory systems, he’d just concocted – and taken – a big dose of lysergic acid diethylamide-25.
“Feeling of anxiety,” he added. “Difficulty in concentration. Visual disturbances. Desire to laugh.”
Then, underneath, he scrawled the words “most severe crisis”.
Hofmann fled the lab on his bicycle, which appeared to stay stationary even as it wheeled him back home. There his neighbor – who brought him a glass of milk to calm him down – appeared as a witch in a colored mask. He felt possessed by demons. The furniture in his bedroom began to menace him.
Which is all pretty run of the mill stuff if you tinker with psychotropics.
But such “fantastic images” don’t always ease into the sensations of “good fortune and gratitude” Hofmann enjoyed later that day. Hallucinations can still cause the “most severe crisis” – even without some fool laying Witches Hat by the Incredible String Band on the turntable.
“Inflation will return to the 2% target,” claimed Mervyn King, head of the Bank of England last week. “Growth will eventually recover to a sustainable rate.”
No tripping out there, perhaps. Just like Albert Hofmann’s wobbly bike-ride six decades ago, the credit cycle will get us all home in due course, ready to turn once again from boom to bubble to bust.
But what was the Governor smoking when he claimed that “in these [current] circumstances, the household saving rate is likely to rise”…?
The Bank of England has been cutting UK interest rates since September. Its latest Inflation Report says it will continue to cut interest rates “in line with [bond] market expectations,” too.
And UK households have grown their savings only once when interest rates fell in the last four-and-half decades. That brief period lasted for two years at the start of the 1990s.
Both before and since – and most markedly during the previous post-war recessions (of 1974 and 1981) – people have tweaked their savings almost precisely in line with changes to the rate of interest, as set by the Bank of England itself.
“This is part of a rebalancing of the UK economy, away from spending and importing, towards saving and exporting,” claimed Mervyn King to reporters last week, pointing at the surge in household savings swirling above his head before asking if anyone wanted to split a Juicy Fruit chewing gum.
The sky’s turned all purple in Washington too if US policy-makers think the credit crunch will somehow boost household savings. Consumers aged 45 and above are in fact raiding retirement accounts, reports the American Association of Retired Persons (AARP) – “a horrific scenario,” according to Tom Nelson, the CEO.
“People are feeling this pinch in the short term…but the long-term consequences that are facing these individuals – and our economy – for years, if not decades, are frightening.”
One in four middle-aged workers surveyed by the AARP says they’re delaying retirement because of the crunch. The same proportion is withdrawing funds from pension and other savings accounts. The youngest baby-boomers are also failing to pay utility bills, reports MarketWatch – and “even cutting back on medications.”
Well, they’re cutting back on reported medications at least. Who can say what’s being cooked up at home with the kids’ old chemistry sets, dusted down from the attic?
Put another way, “who had heard of collateralized debt obligations just 10 years ago?” as Niall Ferguson, history professor at Harvard, asked in a speech opening New York’s Museum of Finance in January this year.
“Collateralized loan obligations? Credit derivatives? These forms of financial instrument are of very recent origin. So are the hedge funds; so are the private equity partnerships; so are the sovereign wealth funds; and so are those wonderfully named entities, the conduits…”
Ferguson then flashed up a series of charts “to illustrate the speed with which these phenomena have proliferated.” First, mortgage-backed securities, starting in 1980 – “when scarcely any such thing existed” – and totalling $3.5 trillion-worth today. Then he cited “the whole range” of other newly-born asset-backed instruments – automobile loans, equipment loans, student loans, credit card-backed debt derivatives…
“Over the counter derivatives outstanding?” the professor asked. “Well, if you’d asked someone to name that figure in 1987 it would have been a very small number indeed. Today we’re talking about $450 trillion…”
Ferguson ‘s theme bears repeating; he likens the huge growth in complex financial products to an evolutionary spurt. Whereas here at BullionVault , we see it more as a bio-chemical experiment gone wrong. Now the primeval gunk is oozing over the edge of the petri dish…leaking out under the laboratory door…and the hare-brained PhDs mixing up the medicine are too spaced by half to even guess at what they’ve created.
“This is the kind of explosion of lifeforms that we also see in the natural world,” Ferguson went on, “and one is bound to ask what caused it. Well, what causes it in the natural world is usually some fundamental change in the climate, in the environment. And it seems to me that what happened from around 1980 was that the financial climate became unusually benign…Financial institutions took advantage of a warm climate, so to speak, to proliferate, to multiply and to speciate.”
Taking hedge funds as an example, Ferguson notes that in 1990, those financial life-forms known as “hedge funds” numbered around 600 (also including funds of funds). Now they’ve reproduced and multiplied up towards 10,000.
“As a form, the hedge fund dates back to the 1940s. But this population explosion is of very recent origin.”
The raw numbers also hide a “regular, annual dying out”; there’s chronic survivorship bias in the data. In 2006, for example, 717 hedge funds were culled; the 2007 figure should be even larger. And here, believes Ferguson , we see survival of the fittest in action. If he’s wrong, perhaps it’s just the contingency of life itself, allowing the standard proportion of idiots to thrive and market their “top decile” performance to a new generation of unwitting investors.
The survivors have been getting larger too, with the top five hedge funds running assets of around $100 billion. All told, in fact, hedge funds accounts for between one-third and one-half of all trading on the US and UK equity markets. Yet they barely showed up in newspaper and TV reports before 1997, when the death of Long-Term Capital caused a blip in their break-neck rate of evolution.
Where Ferguson ‘s analogy breaks down is in his admission of “intelligent design”. Whether or not you hold with this evolutionary sop to religion, casting central bankers in the role of “minor gods” gives them more power than they really hold, even if it’s less power than they believe they can wield.
Niall Ferguson accepts this. ” Without occasional bouts of what Joseph Schumpeter, the Harvard economist, termed creative destruction,” he wrote in the Financial Times last December, “the evolutionary process will be thwarted. Japan’s experience in the 1990s stands as a warning to legislators and regulators that an entire banking sector can become a kind of economic dead hand if institutions are propped up despite underperformance.”
But the bad trip of Japanese deflation – now running for almost two decades in equities and real estate prices – failed to scare off the amateur chemists at the Bank of England, Federal Reserve and European Central Bank, however. Tinkering with near-zero and sub-zero real rates of interest at the start of this decade, they helped create two impossible hallucinations.
First, that the resulting credit expansion would fail to show up in consumer inflation. Second, that the credit cycle could just keep running on without ever needing to turn, just like the wheels on Albert Hofmann’s bike.
“A lot of reporters ask me these days whether we’re in the midst of a commodity bubble,” said Dr. Benn Steil, senior fellow at the Council on Foreign Relations, at the Hard Assets Conference in New York last week.
“In fact, I’m going to Washington to give a Senate testimony . [Because] my perspective is that the more interesting, and indeed more important, question to ask is whether we’re at the end of what I would call a ‘fiat currency bubble’.”
Like Professor Ferguson, Dr. Steil looks back “to the early 1980s” to identify the start of whatever it is we’re now watching mutate, if not die.
Under Paul Volker at the Federal Reserve, “inflation, and at least equally importantly inflation expectations, were driven out of the system through a pretty ruthless policy of very tight money, high interest rates. Very tight money.”
What followed was “the golden age of the fiat Dollar” says Steil, reminding us that credit expansion was unshackled from Gold in 1971, when Richard Nixon stopped redeeming the US currency for bullion altogether. It took tight money – “very tight money” – to bring the resulting inflation of the 1970s under control.
The fiat money experiment then hit its straps with the “explosion” of financial life-forms witnessed from 1980 right up to last summer. Indeed, it all ran just fine until around 2002, when the cost of key raw materials – notably wheat and oil, as in Steil’s charts above – began to shoot higher in terms of Dollars and other government currencies.
Measured against Gold Prices , however, they’ve barely budged. “That shouldn’t surprise people,” says Steil, “because as we go back to the era of the gold standard from about 1880 until the outbreak of the first World War in 1914, prices around the world in countries that were on the gold standard were also remarkable flat.
“The figure looked just like this. So Gold is behaving as it has historically.”
Now the fiat-money experiment – as well as the financial life-forms and hallucinations it spawned – has run out of control. Thank goodness we have Dr. Ben Bernanke and his old colleague Mervyn King to talk Wall Street and the City back down from their moment of “worst crisis ever”.
http://www.marketoracle.co.uk/Article4795.html
The charts in the article are most interesting.
Mike: Thanks for the info.
If any one else would like a copy of Jim Kinney’s book and is in the USA please email me at jpowell@wtru.com include your name address and phone number. Also please date your emails as I only have two to give away. The first two to email me will get the book. Thanks
-Producer Josh