Jubilee Prosperity

There’s a lot of anti-TTTTTT nonsense floating around, how 0.25% securities transaction taxes in NYC and Sweden were vetoed some time ago because they would cause economic decline and unemployment.

Oh, like now, after they were not implemented?

Disingenuous at best, uninformed, stupid or Machiavellian at worst.

In the interest of full disclosure, Ronnie Lowenstein, the author of a 2003 NYC IBO hit piece against Wall Street paying its fair share of taxes, was a Federal Reserve Economist with a PhD from Columbia where Federal Reserve Chairs studied.

The anti-transaction tax 2002 study was written for the scandal-ridden World Bank, hello, known for bailing out too clever by half bankrupt dictators by repossessing resources and taxing people who do the actual work into austerity.

Most economists work for the Fed, banks, corporations, government or Wall Street Houses. Thus they may be blind to their corporate or institutional moral hazard and conflicts of interest affecting We The People.

It’s about job security.

The Federal Reserve is of course neither Federal Government nor Reserve.

The secret stock privately owned Fed has the exclusive franchise to create fiat dollars out of thin air. It uses these dollars to increase the money supply by buying increased Treasury and now Agency debt.

When the Fed wants to decrease the money supply and contract the markets, as has been happening with the disappeared M-3 and falling real economy since before 2008, it sells the agency and Treasury bonds back to primary dealers and banks, taking cash out of circulation.

Increased debt requires more and more interest paid by long-suffering taxpayers whose employment has disappeared or pension plans have plummeted. Indeed, after transfer payments and defense, interest is now the third largest US Budget item, not a good sign for those who have to pay their bills on time.

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This entry was posted on Saturday, October 3rd, 2009 at 11:00 pm and is filed under Money doctor and Counselor. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.