Topic: Federal Reserve Bailout
Print Us Out Of Taxes In the past 6 months alone, our Federal Reserve has printed out enough money to replace every single dollar stolen through income taxes.by Tim Gandee
(libertarian)
Wednesday, November 19, 2008
With all of this talk and action of bailing out Freddie Mac and Fannie Mae, Wall Street investment firms, banks, and now the Big 3 auto companies, the immediate and most relevant questions I like to ask is where is the money coming from and where can I get some?
In reviewing the Office of Management and Budget summary tables, anyone can plainly see the deficits of this and the upcoming year. There is a projection of a surplus in coming years, but these numbers do not represent many off-budget spending items, like the Iraq War, that are commonly used today in Washington. One look at these tables will give any citizen a pretty clear picture of the deficit spending according to Washington's own numbers. The 2008 Washington budget accounts for $410,000,000,000 in deficit spending alone. This deficit spending relates to the amount by which our government spending exceeds income. This, of course, would be the polar opposite of a budget surplus. Since we have more expenses than income, our government has resorted to lending to the Fed who then prints the money for us. Overall, our government has been spending with a platinum credit card and has racked up a whopping $10 trillion of debt and that amount has since gone up since you started reading this.
For all of you out there that believe this inflation program will be the pill that cures the disease and this deficit spending is something we need not worry about, Obama, just remember that this national debt does not include intragovernmental debt obligations held in the Social Security Trust Fund. Notice we hold debt in this Trust Fund and not assets.
Based on the government's policies since 1913, one could suspect to just see the printing presses continue in our future in order to keep the system afloat. Government will borrow against our future productivity and break the promises of these social and financial fixes by changing the target at which they fire the Fed money bombs or by reneging on their promises and changing the rules of what was promised. These lies have been accomplished by inflating the money supply to render any payments received through these swindles as irrelevant. In the end, our government will have to print its way out of this lack of funding and the printing circle will grow exponentially.
I truly believe our government does not care about the lowly peon taxpayer. Our government is myopic in their views and the concern for reelection generally takes precedence over anything else. Just keep in mind who the top contributors to the Presidential election were and take a look at who is line for printed Fed notes. In fact, some of the top political contributors are the people that are demanding action from the Fed. Our elected officials are listening and their donors that gave the most are the first to receive the endless supply of printed money. This is happening while the lower campaign contributors are left to share the cost through inflation.
As a side note, how many people in here knew there were more than two Presidential Candidates? Took a look at that last link if you did not know there were more than two candidates or if you just wish to see again who was bought out by whom.
Most recently our government, with the assistance of both President-elect Barack Obama and Senator John McCain, has decided that it would give a blank check to Treasury Secretary Paulson to decide on what people and corporations this printed money should be sent. Of course this money was not evenly distributed through its "window to all banks" as was evident through the recent purchase of National City Bank by PNC, but that is for another day and another column.
Since our government is already spending outside it means, it can only accomplish this spending by starting up the printing presses, increasing taxes, or the many other revenue sources of the government. Notice that they are stealing the most from the tax payer and social security payers. Also take a look and see to whom they are giving the most of that money back. While the handout line seems to be domestic fat cats, remember to whom we are exporting our inflation.
According to the IRS, our government has stolen $1,366,241,000,000 in federal income taxes from us citizens for the calendar year 2007. Yes, it is true. Income taxes are absolutely to be considered stealing as the only reason many others and I pay this income tax is under the threat of force and imprisonment. Perhaps there may be a select few out there may indeed pay taxes out of the kindness of their heart, but I am willing to bet those reading Nolan Chart, Campaign for Liberty, Lew Rockwell, and Daily Paul are simply going through our government shake-down as we wish to remain out of the cross hairs of the IRS.
Printed money and sound money have always gone through a shift between the two of them. It just so happens that our Federal Reserve will not admit that their fiat money policies aren't working. The Fed cannot help in freeing up credit markets. It cannot add liquidity to companies that have none. It also cannot save companies that are doomed to fail. The solution is only temporary.
Since the government wishes to fix problems by printing more money, then why won't the Fed turn on the printing presses to replace the Federal Income Robbery...I mean Tax? What about the problem that the US consumer does not have enough money to spend. Maybe the fix to the problem is to give the money back to the people and let them invest on what is best for them and not let the government select who gets to spend what.
If our government chooses to do something more invigorating for this country, one suggestion I have is to increase the money supply to cover all of our income taxes. The Fed has proven that they can do just this in a very short period of time and more printing is definitely on the way. We better get in line now while the getting is good for the printing press. In case you have yet to fill out your TARP application, there is still time and agents are ready to answer your questions and help process your claim.
This year alone, the Federal Reserve, in conjunction with the White House and Senate, has spent enough to cover about three year's worth of ALL of our income taxes. If totaling only the $700B TARP debt that was sold to us, Fannie Mae and Freddy Mac funding of $200B, and the current but rising cost for the Iraq War of $572B, we can see a total of $1.472 trillion in printing of Federal Reserve Notes. These three programs alone of printed money demonstrate the Federal Reserves ability to come up with more than enough notes to relinquish us of the need to pay income taxes.
While our government is going to keep the printing presses running, it could really give a boost to the average everyday American taxpayer. The Federal Reserve could have simply printed off the $1.3 trillion and change to replace the income tax revenues and then let everyone in this country keep their earnings and see how the average person invests it.
Just think of all of the new Chinese crap we could all buy so that we can keep exporting our inflation to other countries if we Americans kept every penny we earned.
Better yet, think of all of the money that would be circulated back to the banks as all of US debt holders (cars, homes, and credit cards) would have a lot more money to pay down our obligations. I bet this would free up the credit markets and save the world based on the reasons of Bernanke and Paulson for printing up money for their plans.
In the past 6 months alone, our Federal Reserve has printed out enough money to replace every single dollar stolen through income taxes. Our income taxes could have simply disappeared with printed money instead of the programs that have come about.
Guess what though. You don't matter to them.
The Federal Reserve has been authorized to print failing companies out of trouble, so they could easily print out the need for income taxes. I do not, however, encourage this printing behavior, as inflation does not cure economic woes and financial indiscretion. This would have been a better way to spent fake money though. If our government is going to print more forever, then they should give it to everyone. The printing press will remain active until they find a new currency to replace the falling dollar anyway, so let us all have our cake and eat it too.
Until the dollar replacement happens, perhaps the government should just tell us to stop paying income taxes and the helicopter can take care of that loss in the blink of an eye.
The moral of the story is if you want to get your stolen money (where do I get some?) back from the government (from where is this money coming??), you need to do only two things. Find out who the winner is going to be and then give that person more money than anyone else. Like the Big 3 you may have to beg in front of the world later to get your bribe money back, but you will get it if you get your knees dirty enough (link soon to come).
The views expressed in this
article are those of Tim Gandee only and do not represent
the views of Nolan Chart, LLC or its affiliates. Tim Gandee is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
This is really funny, and gut wrenchingly sad at the same time.
And it is so true; that phrase says it all: "They have no problems with money and debt - they will just print failing companies out of debt, print all taxpayers out owing any taxes, print the national debt away." It is just amazing what can be done and how all problems can be mad to disappear with a simple printing press.
Want to comment on this
article? Leave your comment here. Your email address is
required to track your comment. However, we will neither
publish your email address nor distribute it to other
organizations or persons. The only reason we might use
it would be if we needed to contact you regarding your
comment. All comments are subject to our
terms of use policy.
