By Al Duncan
March 25, 2011
In 1966, long before he became Fed Chairman, Alan Greenspan, wrote the following: “…the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government.”
He goes on to say, “Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation.”
He then concludes with the most revealing statements yet, “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.”
On February 21, 2005, Congressman Ron Paul wrote an article entitled: "The Maestro Changes his Tune.” Addressing the 1966 Greenspan essay, of which I included excerpts above, Paul states: “Nearly 40 years ago, Federal Reserve chair Alan Greenspan wrote persuasively in favor of a gold monetary standard in an essay entitled Gold and Economic Freedom. In that essay he neatly summarized the fundamental problem with fiat currency (paper money backed by nothing) in a few short sentences: ‘Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.’”
Paul continues, “Today, however, Mr. Greenspan has become one of those central planners he once denounced, and his views on fiat currency have changed accordingly. As the ultimate insider, he cannot or will not challenge the status quo, no matter what the consequences to the American economy.”
Paul then reveals something sinister, “I had an opportunity to ask him about his change of heart when he appeared before the House Financial Services committee last week. Although Mr. Greenspan is a master of evasion, he was surprisingly forthright in his responses to me. In short, he claimed he was wrong about his predictions of calamity for the fiat U.S. dollar that the Federal Reserve does a good job of essentially mimicking a gold standard, and that inflation is well under control. He even made the preposterous assertion that the Fed does not facilitate government expansion and deficit spending. In other words, he utterly repudiated the arguments he made 40 years ago.”
Just 11 months after Ron Paul interrogated Alan Greenspan, he retired as of Fed Chairman, January 31, 2006. Just 2 years after that, February 25, 2008, Reuters published an article entitled: “Greenspan tells Gulf Oil Producers To Dump The Dollar.” Although Greenspan lied to Rep. Paul, he knew exactly what his actions would generate, which is why he later warned the Gulf oil producers to get out of the dollar. Was he simply a willing colleague in a conspiracy to destroy the dollar, wreck the U.S. economy and confiscate the wealth of the working/middle-class American, or was he like many other public officials, simply a hireling?
In a, March 17, 2011, speech before the U.S. House of Representatives Committee on Financial Services Monetary Policy, Ron Paul stated, “True inflation is defined as an increase in the money supply, an increase in the money supply leads to a rise in prices. Inflation is a monetary phenomenon, and its destructive effects have ruined societies from the Roman Empire to Weimar Germany to modern-day Zimbabwe.
“Over the past year,” he continues, “the price of cotton is up more than 170%, oil is up over 40% and many categories of food staples are seeing double-digit price growth. This means that food, clothing, and gasoline will become increasingly expensive over the coming year. While some might argue that this new frugality is a good thing, frugality is virtuous only when it results from free choice, not when it is forced upon the citizenry by the Fed's ruinous monetary policy. As the supply of money increases, more money chases the same amount of goods, and prices rise. Indeed, tyrants of many stripes have debased their nations' currencies while denying responsibility for the suffering that results.”
Paul concludes, “Inflation also harms savers, encouraging reckless indebtedness and a more present-oriented pattern of consumption. Hard work and thrift are punished, so economic actors naturally respond by spending more, borrowing more, and saving less. After all, why save rapidly depreciating dollars?”
There is no better way to destroy a nation than to debase its currency.
Ex-Fed Chairman Alan Greenspan and Rep. Ron Paul agree, inflation is a form of taxation—it’s a dirty trick to steal the wealth from the working, middle class. If an item costs $1 today, and due to inflation it costs $2 tomorrow, the government receives double the taxes for that same item. The consumer gets the same item at twice the price, and double the taxation.
Republican Fed Chairman Ben Bernanke, initially appointed by President George Bush October 2005, confessed in a speech he gave in 2008: “Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. Regarding the Great Depression, you're right, we did it. We're very sorry.”
In an article aptly titled “Banana Ben Strikes Again,” August 2009, Michael Pento quotes from a 2003 Ben Bernanke speech: “‘Monetization of the debt risks faster inflation—something bond investors, foreign or domestic, would not like.’ Despite those facts, Bernanke thought it wise to increase the size of the monetary base by $86 billion. As a result, Gulf Arab states agreed to launch a single currency to free themselves from a declining dollar. This is recognition of a failed world reserve currency. The next change our government will bring you will be that of a banana republic.”
During an investigation to determine where the TARP and the stimulus funds went, Sen. Bernie Sanders declared that the American people had the right to know, and then asked Bernanke to divulge to whom he loaned the $3 trillion bailout funds, Bernanke emphatically answered, “No.” When asked about the Fed loaning taxpayers money to the banks at 0% interest, while banks charge taxpayers 22% in credit card interest, he replied, “It is legal.” When questioned further, he stated that we’re better off with the Glass Steagall Act removed.
Yet, August 2009, President Obama announced, “Ben Bernanke’s nomination would provide crucial continuity as the country works through its gravest economic challenges in decades.” Time Magazine crowned Ben Bernanke as person of the year and the Senate Banking Committee approved his nomination to lead the Fed for another four years.
Economist, John Williams, of Shadow Government Statistics, believes, with Generally Accepted Accounting Practices showing total federal obligations at $76 trillion—more than five-times the level of U.S. GDP by the end of 2011, the U.S. economy is moving into a long-term insolvency and a Hyperinflationary Great Depression.
China holds about $1.5 trillion and Japan holds about $1 trillion in reserve. For years, China and Japan have been buying U.S. debt at approximately $3 billion a day. They are now hesitant to support America’s suicidal actions, and are appealing for a new international currency.
According to Jane Wardell of the Washington Times, March 14, 2011, “Japan’s devastating earthquake and tsunami may cost the global insurance industry as much as $60 billion.” This will make it very difficult for Japan to continue purchasing U.S. Treasuries notes.
In reference to the recent recession, Henry Kissinger, in an article printed in the International Herald Tribune, January 2009, states: “President Obama should use this crisis as a chance for a new world order.” He then warns: “The alternative to a new international order is chaos.”
Henry Kissinger’s grave threat merits examination. Either America enters into the new world order willingly, or America will be forced into this international order by means of a created-chaos. Judging by the daily events, escalating chaos will force, not only America, but also the world, to accept the new global order. For those that don’t believe Kissinger wields adequate clout to accomplish his threat have but to consider that he is Rockefeller’s right-hand man, and the recent statement by Obama’s National Security Advisor, James Jones, while addressing the Council on Foreign Relations, confessing that he takes his orders daily from Dr. Henry Kissinger.
Has the world gone mad? Could decades of idiotic political blunders be coincidental? If then by chance, there would have to be at least one action in favor of the people? Or is there structure in this madness, a diabolical construct capable of producing the largest transfer of wealth and power in the history of the world? Was Franklin D. Roosevelt right when he said, "In politics, nothing happens by accident. If it happens, you can bet it was planned that way."
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I submit to you that there is a master plan that explicitly lays out the elite’s agenda. While the elite boast of their exploits and intentions, the Bible states in a matter-of-factly manner what will happen. Portions of the Bible have alarming similarities to the elite’s plan. If you do not believe the Bible is the absolute Word of God, you will also have difficulty accepting a master plan. I compare everything happening today with Bible prophecy. So the question arises, is the master plan actually following Bible prophecy or is the Bible purely presenting God’s predetermination to mankind? Whatever the case, it would behoove all us to know what God is saying and to develop a corrigible relationship with Him.
To be concluded next week.
© 2011 Al Duncan - All Rights Reserved
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“Al Duncan is the author of The Master Plan, which is now being revised. He is also compiling a booklet of about 60 short articles for publication and future availability. Until recently, he wrote a weekly column for a local newspaper, the Lake County Record Bee, distributed by Associated Press. The readers were basically secular and unaware of the New World Order, so his articles were written hoping to educate the reader on this subject. However, Al realizes that NewsWithViews attracts an informed reader, who is seeking to expand his or her understanding of the truths behind the daily events, and how these truths can best help them meet the challenges ahead.
the fourth generation of Real Estate Brokers and for the past eight years
he has owned Al Duncan Real Estate, Inc. in Clearlake, California. For
the past seven years he has been on the financial committee, participated
as a Sunday greeter and head usher at Lake County Bible Fellowship in