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No Bailout for Wall Street
Constitution Party presidential candidate argues that the $700 billion bailout is bad for taxpayers.
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.
 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 enjoyed this column and want to help me distribute these editorial
opinions to an ever-growing audience, donations may now be made by credit
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*Disclaimer:
I am currently a candidate for President of the United States on the
Constitution Party ticket. Click here
for my official campaign web site.
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