Jubilee Prosperity

Old Hickory Stonewall Lion Andrew Jackson, 9^th President and Populist, fought the Central Bank tooth and nail. Jackson was impeached by the monopoly bank cartel lobbied representatives and pardoned by the people in a new election in his favor.

The Panics of 1689, 1739, 1789, 1819, 1837, 1857, 1860, 1873, 1893, 1907, 1920 and 1929 were not stopped by the United States Bank, the National Banking system or The Federal Reserve.

Before Central Banks came along, they occurred every fifty years and were not followed by prolonged depressions. While FDIC and SIPC, Federal Deposit Insurance Corporation and Securities Investor Protection Corporation were thought be some to prevent panics, more recent experience with Indy Mac and others shows otherwise.

http://www.answers.com/topic/financial-panics

http://eh.net/encyclopedia/article/wicker.banking.panics.us

When the current US Treasury Secretary was Chairman of Goldman Sachs, like Treasury Secretaries before him, he and his colleagues lobbied Congress successfully to repeal the Glass Steagall Banking Act of 1933 which provided a firewall between banking, brokerage, hedge funds and insurance.

75,000 lobbyists bearing gifts couldn’t be wrong, could they?

Congress continued to mandate Federal Deposit Insurance on financial institutions that became riskier. Yet the lessons of the Savings and Loan Collapses and Resolution Trust Corporation when the First Bush and Clinton became President were ignored.

Heads bettors win and tails taxpayers lose. Increased systemic economic risk brought US banks to the brink with bailouts.

1933 Glass Steagall, legislated after the 89% 1929 bear market, separated conservative deposit banks from riskier leveraged insurance and investment firms to protect deposits and money with FDIC.

Our founding fathers specified in the Constitution and Coinage Act of 1792 that only gold and silver are money. Dealing with the Not worth a Continental Revolutionary War inflation, they knew something we forgot. The coinage act of 1873 demonetized silver and stabilized the Greenback with Comstock Lode gold after the Civil War Inflation.

http://www.silverbearcafe.com/private/6.08/irs.html

http://news.goldseek.com/GoldSeek/1161539040.php

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This entry was posted on Monday, April 6th, 2009 at 12:28 am and is filed under Prosperity. 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.