No Amnesty For Wall Street

by Chuck Baldwin

At the time of this writing, the U.S. House and Senate are poised to pass a $700 billion bailout to Wall Street. At the behest of President George W. Bush, the U.S. taxpayers are going to be on the hook for what can only be referred to as the biggest fraud in U.S. history.

Virtually our entire financial system is based on an illusion. We spend more than we earn, we consume more than we produce, we borrow more than we save, and we cling to the fantasy that this can go on forever. The glue that holds this crumbling scheme together is a fiat currency known as the Federal Reserve Note, which was created out of thin air by an international banking cartel called the Federal Reserve.

According to Congressman Ron Paul, in the last three years, the Federal Reserve has created over $4 trillion in new money. The result of all this “money-out-of-thin-air” fraud is never-ending inflation. And the more prices rise, the more the dollar collapses. Folks, this is not sustainable.

Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by the bailout of Freddie and Fannie that will cost the taxpayers up to $200 billion. Then the Fed announced the bailout of AIG to the tune of $85 billion. Mind you, AIG is an enormous global entity with assets totaling more than $1.1 trillion. Moreover, the Feds agreed to pump $180 billion into global money markets. And the Treasury Department promised $50 billion to insure the holdings of money market mutual funds for a year. Now, taxpayers are being asked to provide $700 billion to Wall Street. (I hope readers are aware that, not only will American banks be bailed out, but foreign banks will also be bailed out. Then again, at least half of the Federal Reserve is comprised of foreign banks, anyway.) In other words, the Federal Reserve is preparing to spend upwards of $1 trillion or more. Remember again, this is fiat money, meaning it is money printed out of thin air.

All of this began when the U.S. Congress abrogated its responsibility to maintain sound money principles on behalf of the American people (as required by the Constitution) and created the Federal Reserve. This took place in 1913. The President was Woodrow Wilson. (I strongly encourage readers to buy G. Edward Griffin’s book, The Creature from Jekyll Island.) Since then, the U.S. economy has suffered through one Great Depression and several recessions–all of which have been orchestrated by this international banking cartel. Now, we are facing total economic collapse.

But don’t worry: the international bankers will lose nothing–not even their bonuses. They will maintain their mansions, yachts, private jets, and Swiss bank accounts. No matter how bad it gets on Main Street, the banksters on Wall Street will still have the best of it–President Bush and the Congress will make sure of that. This is one thing Republicans and Democrats can agree on.

America’s founders were rightfully skeptical of granting too much power to bankers. Thomas Jefferson said, “If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

Jefferson also believed that “banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

Daniel Webster warned, “Of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes them with paper money.”

Webster also said, “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no, Sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors, and a ruined people.”

Our first and greatest President George Washington said, “Paper money has had the effect in your State [Rhode Island] that it ever will have, to ruin commerce–oppress the honest, and open the door to every species of fraud and injustice.”

If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, “Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

What President Andrew Jackson said to the bankers in 1832 is exactly what an American President should say to these criminal international bankers today. But what George Bush, John McCain, and Barack Obama want to do is provide amnesty for the international bankers, just as they want to provide amnesty for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for illegal aliens, either. Instead of sending these banksters on extended vacations to the Bahamas with millions of taxpayer dollars in their pockets, we should be sending them straight to jail!

The only way to fix this economic mess that the international bankers have created is to return America to sound money principles, as prescribed in the U.S. Constitution. This means dismantling the Federal Reserve and the Internal Revenue Service, overturning the 16th Amendment and the personal income tax, and returning the American monetary system to hard assets: gold and silver. Anything short of this will only delay and worsen the inevitable collapse that has already begun.

If you appreciate this column and want to help me distribute these editorial opinions to an ever-growing audience, donations may now be made by credit card, check, or Money Order. Use this link:

http://www.chuckbaldwinlive.com/donate.php

Disclaimer: I am currently a candidate for President of the United States on the Constitution Party ticket. My official campaign web site is located at: http://www.baldwin08.com/

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  17. Too much ideology, too little practicality. Mr. Baldwin should take some wisdom (and perhaps some quotes…) from Alexander Hamilton and Milton Friedman!

    I support many of Ron Paul’s beliefs and am considering writing him in on the ballot. However, Mr. Paul goes too far in his criticism of the Federal Reserve and the international banking system. Yes, the Fed needs to shrink considerably and we must implement a mechanism to insure accountability and restraint. But to call for its complete abolition and the destruction of this country’s banking system is pure lunacy. Like it or not, “Main Street” (to use the obnoxious, hackneyed expression) benefits greatly from Wall Street and, for the most part, bankers are not greedy scum as the media would have you believe.

    I will not consider voting for Baldwin in this election, as he does not adequately represent my beliefs. It personally upsets me that Mr. Paul felt the need to endorse Mr. Baldwin, or any candidate for that matter, as I believe this goes against his primary principle. Vote for the candidate that most closely represents what you believe in. By throwing his weight behind Baldwin, Mr. Paul has influenced many of his staunch supporters to back the candidate without examining his policies, background, etc. While I hope most of Paul’s supporters take a good look at Mr. Baldwin and all other third party candidates, it is my suspicion that many will vote Baldwin in ’08 simply because Mr. Paul endorsed him. This is NOT voting on principle!

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  18. The fact that none of these “men” in charge are going to reap what they have sown is a slap in the face to the American public. If you can’t pay your mortgage, guess what… Here’s your box and a sign to go beg on the street with. The people who sit there and collect the very money that hard working Americans have paid to the government are the same people that will close doors to your business, shut you out of your house and ruin your credit rating without losing one wink of sleep. Americans, don’t take this lying down! Vote in November and tell both of the Ass and the Elephant to go home. Our money is worthless. We give so much to other countries and recieve but a fraction of it back. It’s time to take control of OUR country and our homes again. You want to talk about preserving America? Capitolism has it’s advantages and disadvantages. Failing businesses is one of the risks you take. If you want to bailout someone, bail out the millions of Americans who are behind on mortgages and have bad credit decisions. I bet that wasn’t part of anyone’s plan. By RETURNING that money to the taxpayer and helping them, the money goes where it needs to. Banks get their money, creditors get their payment, and the economy gets a boost, morally and financially. It does not go to pad an account for a senior executive or a corporation that took advantage of people and conned them or “sold” them things they couldn’t afford. Yes, there should be personal accountability, but who doesn’t want the american dream of home ownership?

    Don’t reward those who supported this bailout. BE HEARD in November. Your senator not up for re-election in November? Remember this time of crisis when they are. Write it on a piece of paper and staple it to your voter card. DO SOMETHING ABOUT IT! I Will. Mr. Baldwin, I am listening and you have my attention. Keep pressing on. There is another way to make history in this election. Third parties can win.

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  19. Why would that be so terrible?? This country owes 50 trillion. Debt of every american!!!! THis is not the richest country in the world but the poorest. Federal Reserve should be dismantled along with the IRS.

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  20. It would be terrible if people took to the streets and painted “No Bailout” on the presidential campaign signs that pollute our neighborhoods.

    I heard someone mention this and I would strongly advise against it.

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