Panel II: Is the U.S. Headed Toward Bankruptcy?


Panel II: Is the U.S. Headed Toward Bankruptcy?

Panel II: Is the U.S. Headed Toward Bankruptcy?

Pat Toomey, Chris Van Hollen, Neil Barofsky, Austan Goolsbee, Grover Norquist, Kim Strassel.



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2 Responses to “Panel II: Is the U.S. Headed Toward Bankruptcy?”

  1. mikrat says:

    Sorry to tell you this – but he US has been IN bankruptcy since 1933.

  2. mikrat says:

    Subject: .The Bankruptcy of The United States
    United States Congressional Record, March 17, 1993 Vol. 33, page H-1303
    Speaker-Rep. James Traficant, Jr. (Ohio) addressing the House:

    “Mr. Speaker, we are here now in chapter 11.. Members of Congress are
    official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a
    coroner’s report that will lead to our demise.

    It is an established fact that the United States Federal Government has
    been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1,
    Public Law 89-719; declared by President Roosevelt, being bankrupt and
    insolvent. H.J.R. 192, 73rd Congress m session June 5, 1933 – Joint
    Resolution To Suspend The Gold Standard and Abrogate The Gold Clause
    dissolved the Sovereign Authority of the United States and the official
    capacities of all United States Governmental Offices, Officers, and
    Departments and is further evidence that the United States Federal
    Government exists today in name only.

    The receivers of the United States Bankruptcy are the International
    Bankers, via the United Nations, the World Bank and the International
    Monetary Fund. All United States Offices, Officials, and Departments are now
    operating within a de facto status in name only under Emergency War Powers.
    With the Constitutional Republican form of Government now dissolved, the
    receivers of the Bankruptcy have adopted a new form of government for the
    United States. This new form of government is known as a Democracy, being an
    established Socialist/Communist order under a new governor for America. This
    act was instituted and established by transferring and/or placing the Office
    of the Secretary of Treasury to that of the Governor of the International
    Monetary Fund. Public Law 94-564, page 8, Section H.R. 13955 reads in part:
    “The U.S. Secretary of Treasury receives no compensation for representing
    the United States.”

    Gold and silver were such a powerful money during the founding of the
    united states of America, that the founding fathers declared that only gold
    or silver coins can be “money” in America. Since gold and silver coinage
    were heavy and inconvenient for a lot of transactions, they were stored in
    banks and a claim check was issued as a money substitute. People traded
    their coupons as money, or “currency.” Currency is not money, but a money
    substitute. Redeemable currency must promise to pay a dollar equivalent in
    gold or silver money. Federal Reserve Notes (FRNs) make no such promises,
    and are not “money.” A Federal Reserve Note is a debt obligation of the
    federal United States government, not “money?’ The federal United States
    government and the U.S. Congress were not and have never been authorized by
    the Constitution for the united states of America to issue currency of any
    kind, but only lawful money, -gold and silver coin.
    It is essential that we comprehend the distinction between real money and
    paper money substitute. One cannot get rich by accumulating money
    substitutes, one can only get deeper into debt. We the People no longer have
    any “money.” Most Americans have not been paid any “money” for a very long
    time, perhaps not in their entire life. Now do you comprehend why you feel
    broke? Now, do you understand why you are “bankrupt,” along with the rest of
    the country?

    Federal Reserve Notes (FRNs) are unsigned checks written on a closed
    account. FRNs are an inflatable paper system designed to create debt through
    inflation (devaluation of currency). when ever there is an increase of the
    supply of a money substitute in the economy without a corresponding increase
    in the gold and silver backing, inflation occurs.

    Inflation is an invisible form of taxation that irresponsible governments
    inflict on their citizens. The Federal Reserve Bank who controls the supply
    and movement of FRNs has everybody fooled. They have access to an unlimited
    supply of FRNs, paying only for the printing costs of what they need. FRNs
    are nothing more than promissory notes for U.S. Treasury securities
    (T-Bills) – a promise to pay the debt to the Federal Reserve Bank.
    There is a fundamental difference between “paying” and “discharging” a
    debt. To pay a debt, you must pay with value or substance (i.e. gold,
    silver, barter or a commodity). With FRNs, you can only discharge a debt.
    You cannot pay a debt with a debt currency system. You cannot service a debt
    with a currency that has no backing in value or substance. No contract in
    Common law is valid unless it involves an exchange of “good & valuable
    consideration.” Un-payable debt transfers power and control to the sovereign
    power structure that has no interest in money, law, equity or justice
    because they have so much wealth already.

    Their lust is for power and control. Since the inception of central
    banking, they have controlled the fates of nations.

    The Federal Reserve System is based on the Canon law and the principles of
    sovereignty protected in the Constitution and the Bill of Rights. In fact,
    the international bankers used a “Canon Law Trust” as their model, adding
    stock and naming it a “Joint Stock Trust.” The U.S. Congress had passed a
    law making it illegal for any legal “person” to duplicate a “Joint Stock
    Trust” in 1873. The Federal Reserve Act was legislated post-facto (to 1870),
    although post-facto laws are strictly forbidden by the Constitution. [1:9:3]
    The Federal Reserve System is a sovereign power structure separate and
    distinct from the federal United States government. The Federal Reserve is a
    maritime lender, and/or maritime insurance underwriter to the federal United
    States operating exclusively under Admiralty/Maritime law. The lender or
    underwriter bears the risks, and the Maritime law compelling specific
    performance in paying the interest, or premiums are the same.

    Assets of the debtor can also be hypothecated (to pledge something as a
    security without taking possession of it.) as security by the lender or
    underwriter. The Federal Reserve Act stipulated that the interest on the
    debt was to be paid in gold. There was no stipulation in the Federal Reserve
    Act for ever paying the principle.

    Prior to 1913, most Americans owned clear, allodial title to property, free
    and clear of any liens or mortgages until the Federal Reserve Act (1913)
    “Hypothecated” all property within the federal United States to the Board of
    Governors of the Federal Reserve, -in which the Trustees (stockholders) held
    legal title. The U.S. citizen (tenant, franchisee) was registered as a
    “beneficiary” of the trust via his/her birth certificate. In 1933, the
    federal United States hypothecated all of the present and future properties,
    assets and labor of their “subjects,” the 14th Amendment U.S. citizen, to
    the Federal Reserve System.

    In return, the Federal Reserve System agreed to extend the federal United
    States corporation all the credit “money substitute” it needed. Like any
    other debtor, the federal United States government had to assign collateral
    and security to their creditors as a condition of the loan. Since the
    federal United States didn’t have any assets, they assigned the private
    property of their “economic slaves”, the U.S. citizens as collateral against
    the un-payable federal debt. They also pledged the unincorporated federal
    territories, national parks forests, birth certificates, and nonprofit
    organizations, as collateral against the federal debt. All has already been
    transferred as payment to the international bankers.

    Unwittingly, America has returned to its pre-American Revolution, feudal
    roots whereby all land is held by a sovereign and the common people had no
    rights to hold allodial title to property. Once again, We the People are the
    tenants and sharecroppers renting our own property from a Sovereign in the
    guise of the Federal Reserve Bank. We the people have exchanged one master
    for another.

    This has been going on for over eighty years without the “informed
    knowledge” of the American people, without a voice protesting loud enough.
    Now it’s easy to grasp why America is fundamentally bankrupt.

    Why don’t more people own their properties outright?

    Why are 90% of Americans mortgaged to the hilt and have little or no assets
    after all debts and liabilities have been paid? Why does it feel like you
    are working harder and harder and getting less and less?

    We are reaping what has been sown, and the results of our harvest is a
    painful bankruptcy, and a foreclosure on American property, precious
    liberties, and a way of life. Few of our elected representatives in
    Washington, D.C. have dared to tell the truth. The federal United States is
    bankrupt. Our children will inherit this un-payable debt, and the tyranny to
    enforce paying it.

    America has become completely bankrupt in world leadership, financial
    credit and its reputation for courage, vision and human rights. This is an
    undeclared economic war, bankruptcy, and economic slavery of the most
    corrupt order! Wake up America! Take back
    your Country.”

    is hitting the Socialist CFR/TC and the Communist UN where it hurts! LMsr. ]

    Image: United States Congressional Record, March 17, 1993 Vol. 33, page H-1303

    Added by: Chester L McWhorter Sr: Forming the Federal Reserve System are the
    primary Federal Reserve “Banks” of: Boston, New York, Philadelphia,
    Cleveland, Richmond, Atlanta, Chicago, St Louis, Minneapolis, Kansas City,
    Dallas, and San Francisco. These banks are not real cannot cash a
    check there, open an account, etc. These “banks” are also holding companies
    of smaller banks.
    In all of this discussion about income tax, we should be ever mindful of the
    fact that CONGRESS is the key. CONGRESS votes to spend the money. Congress
    gives the IRS its power. Congress gives the IRS its OWN budget. Congress is
    elected by the people. The IRS is A DECOY.


    Read whole story here:


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