The EXEGETIST: A Library Of Independent Political Thought. By: Jack H. Dawsey

The Mother of Ponzi

By: Jack Dawsey

Ponzi Scam: “A fraudulent investing scam that promises high rates of return at little risk to investors. The scheme generates returns for older investors by acquiring new investors. The scam actually yields the promised returns to earlier investors -as long as there are more new investors.”

While that’s the technical definition of a Ponzi scam, it has broader applications.  For example, imagine yourself with the legal authority to create money without having to manufacture anything of worth.   And afterwards, have the ability to invest the money in tax-free foreign government corporations, or tax free bonds, or betting on Black-Jack in Vegas.  And if you lose the money at the tables, not to worry, you have the authority to print more. Isn’t that impossible?  Not really. The Federal Reserve System, in collaboration with a democrat and republican Congress do it all the time.  While the Congress authorizes to increase the nation’s debt ceiling, the Feds print the money.

Our modern monetary system has evolved (for the worse) into an incestuous relationship between the Congress of the United States and the private banking cartel, known as the Federal Reserve. [By the way, the Federal Reserve is neither Federal nor is it a Reserve.  It’s a private corporation].  

Don’t sit with baited breath waiting for the media, or a political party, or a prominent figure within the party to expose this relationship.  Most reporters don’t understand the process well enough to even challenge it, and fewer understand the nature of unredeemable paper currency.

The American people are under the misconception that their currency –otherwise known as a Federal Reserve Note- has sustaining value.  Fact is the dollar is worth no more than a promise IOU from the Congress.  Your dollar is “virtual” money.  It has little to no future redeeming value as in the day of your father, or when you were in grade school.  Bottom line:  all U.S. currency issued today is “Fed Notes.”

The only backing for a Fed Note is: (a) the “trust in God” motto and (b), the stability of a global economy.  Personally, I don’t think the economy is very stable, do you?  And I’m reasonably sure that a blind trust, predicated on money, does not favorably impress or get the attention of the Lord. 

Today, the dollar is practically worthless.  If you don’t believe me, try redeeming your “Fed Note” in silver or gold at your local bank.  Or, hold that single piece of Legal Tender until the end of the first quarter, i.e. March 31 or the next quarter, 30 June 2010, and see how much food it will buy at the supermarket.

In short, (and in my opinion), our current monetary system is based purely on a lie, or if you prefer a softer term, faith.   Lie or faith, “We the people…” are betrayed; more importantly, our grandchildren.     

In trade for the abundance of these newly issued Fed Notes, your grandchildren will inherit an egregious debt.  Slavery or financial bondage, whichever term you prefer, they can’t recover from this debt.  In exchange, Congress tells us they’re creating “shovel-ready” jobs.  We’re told that they are going to recover the jobs that America lost in manufacturing to Mexico, India, Pakistan, Malaysia, China, and Taiwan, and that more jobs in sales are on the horizon.  (By the way, it was a republican and democrat Congress that took these jobs from us in the fist place, and sent them to these foreign countries).  I’m waiting for another yarn from this President and our U.S. Congress telling me they’re creating more jobs in the screen-door industry –screens to fit the door of a submarine.   

Lastly, and in my opinion, if  we’re going to print reams and reams and reams of Fed Notes, and drive our nation deeper in debt, how about insisting that in exchange for these Fed Notes that we get something of value, such as the construction of new schools, or repairing bridges and overpasses, or constructing new interstate highways? How about in exchange they manufacture high speed trains -as in Europe and Asia- trains that travel 200MPH?   Shucks, the draining of the swamps in Florida and Georgia to rid them of pesky mosquitoes is better than the present IOU system.   

In closing, let’s stimulate the U.S. economy -not the Federal Reserve, or the investment bankers on Wall Street.  And by all means, we ought not to stimulate another democrat or republican Congress with a Déjà Vu vote in November.

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