did you know your money is worth nothing? did you know that the federal reserve has no gold to back up the money you are earning/spending? did you know that the federal government is right this second in debt -$9,692,336,382,649. did you know that the fica payroll taxes you pay only totals $2,327,778,916,132 in social security savings. did you know that all other fica taxes only total $3,909,191,541,385 in government trust funds. did you know the public debt... thats you and me... we total -$5,783,146,759,162... in the hole. ouch.
to learn more, please visit federalbudget.com
to make a difference, please visit voteforchange.com
4 comments:
our money is still backed, yo!
not buy reedeemable assets... this is since the federal reserve was de regulated my friend :) ... please see below: congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue. The idea was that if the Congress dissolved the Federal Reserve System, the United States would take over the notes (liabilities). This would meet the requirements of Section 411, but the government would also take over the assets, which would be of equal value. Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them. Now, the Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.
i didn't say you could go down to the bank and redeem your dollars for ounces of gold...but the common fallacy is that our dollars are unbacked, period.
if our dollars weren't backed they wouldn't hold value - doesn't matter if you can trade them in for anything or not. your money being backed by a lien (if you were to take out a loan) does the same thing for our economy as if it is backed by gold.
took too many classes on this as an econ major....i could go for days...
“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...[thus creating] out of nothing a...debt which the American people are obliged to pay with interest.”
- Congressman Wright Patman
Who believes that the fed is owned and operated by the government? If you do check this quick video of Alan Greenspan, former chairmen of the Federal Reserve Bank. He admits the bank is independent and answers to no one.
http://www.youtube.com/watch?v=ol3mEe8TH7w
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