Jeff Randall of The Daily Telegraph gives us a view from abroad on the economic crisis and proposed bailout in "US taxpayers are being enrolled in an economic chain gang,"
Having failed to deliver victory in the War on Terror, President Bush is hoping for better luck in the War on Error. His goal is to limit damage from the egregious mistakes of sub-prime mortgages; his tactics are to carpet-bomb the banking system with federal funds. The upshot, in Jeffersonian terms, is that US taxpayers are about to be enrolled in an economic chain gang.
In place of rip-roaring markets, according to a Wall Street trader, America has embraced "trickle-down communism". This system involves the state paying "cash for trash" to benefit a few miscreants, and then hoping that some of the taxpayers' largesse will trickle down to the masses.
After Hurricane Katrina and the flooding of New Orleans, Mr Bush's record on rescue missions does not inspire confidence. As for [Secretary of the Treasury "Hank"] Paulson, if he's so insightful, why, when he was earning an $18 million bonus at Goldman in 2006, did he not spot the radio-active dump piling up in his industry's back-yard?
The comments section following the article also yields an interesting contribution from one "James." He begins by referencing to Thomas Jefferson's opposition to a system of monetary poilcy now operative in the US and UK via the Federsal Reserve (photo, right) and Bank of England (photo, left) respectively,
whereby privately-held central banks are given exclsive licence to print a nation's money and lend it to the people...at interest. Income tax in the US was devised to pay the interest on these monies.
After the USA's independence from England, Several US presidents resisted various attempts by the (European-backed) bankers to instate a central banking system in the newly-liberated nation. [Later,] Abraham Lincoln famously rejected European banker's (sic) offers for loaned cash to fight the Civil War..., opting instead to ask...Congress to print its own money. The central bankers didn't like it because it offered them nowhere near the amount of money a debt-based currency proffers the issuer.
But in the end, the bankers got their coveted great deal, after the launches and demises of the First and Second US National Banks, by way of the Federal Reserve
which is neither Federal nor a Reserve. It is a consotium of private banks, with exclusive licence to print all the nation's money, and lend it to the nation at interest. What we are witnessing today is the culmination of years of preparation and planning by bankers and their vested interests to usher in a new era of global enslavement, the kind of which Jefferson (and others, including Benjamin Franklin) warned us about.
Jeremiah Stamp, Governor of the Bank of England in 1920's famously wrote: "It is easy to dodge our responsibilities. However, we cannot dodge the consequences of having dodged our responsibilties". He too, warned about the perils of central bankers and their intentions.