From Part Four:
The debt ceiling debate occurring now is not distinct from the Balanced Budget Amendment push, both are an attack upon Sovereignty. Consider the head of a household and their right to make Promissory note agreements. When he/she does so they do it on behalf of the total household and all members receive the effect for better or worse, the family does not operate internally by means of exchange. The head of household right to utter currency (IOU's) is relinquish of citizens to Congress

Article One, Sec. Eight.

It is NOT in the power of Congress to relinquish this right away any further, to do so is Treason.
To do so is equivalent to Zeus chaining Prometheus to the rock.
(like robbing mankind of the use of Fire)
(Money is a tool, not very different from Fire as a tool)
I had intended to bring up this angle latter on but I decided not to wait and that breaking the ice on it now is was needed,
and it is a good spot to leave off.

So I promised you a metaphor connecting the Farmer and the Train Robber to both the Budget Battle and the USE of FIRE. I offer you a paradox, I will address this directly as possible while seemingly coming at it as indirectly as possible as was done in a recent letter of mine.

Dear Reader

Discounting the original intended meaning of "University Liberal Arts"

The best definition of Liberalism is; The system of thought that disavows the ability of the Human mind to know truth in the universe, rendering everything arbitrary and relative. ,, ?

The best definition of Conservatism is; The knee-jerk REACTIONARY chauvinistic resistance to change of any sort, rendering everything supra-revolutionary and invasive. ,,?

That said, as to the terms liberal and conservative regarding action or policy that is a different ocean.

Please consider the STOREHOUSE in some general supposed community of antiquity, ,, the priests in charge may have want to build up storage for as much surplus they can commandeer, which is wise and moral, ,, at other times they may have want to distribute the stores in times of hardship even to depletion, which is also wise and moral.

It is necessary to recognize that both these impulses are correct even as they seem to be at odds with each other.

If your Economics 101 textbook tries to ignore this,
morality that is, throw that sucker in the trash right now

As to the so called political views - it is all fraud when portrayed without the highest context.
The contexts you are presented are traps, don't try to make sense within the givens.
There are two and only two possible fundamental conditions of the Human mind; you either believe in, have faith in an ever expanding universe (not physical size) of continuous development of novelty. The Undiscovered Country (from which no soul has returned to give us report)
or
one believes in and has faith in a zero sum game cosmos in which one is a slave to the Second Law of Thermodynamics (entropy) (a fraud) and that legitimizes theft
and protection from theft by your best organized means.

• police state
• militant aggression
• Social Darwinism
• etc. etc.

From Part One:
A few days prior to my sitting and writing out this little essay I became aware of a scheduled showing of a HBO special called TOO BIG TO FAIL. I was impressed by the hub-bub this show was generating so I stayed up late and viewed the program and found it very entertaining. I do not mean that it a snide way, it is a serious subject. What I enjoyed most I think is that the actors involved demonstrated some sufficient competence in dealing with the subject matter, equivalent to what I think is reasonably expected of the general public. For clarity, the HBO program is not complete, there is much more to tell. The actors in dealing with the development of their characters learned more of value in that process than they would have had they matriculated an MBA curriculum at university or business school. There are indeed some half truths and particular damage control aspects in the show sufficient to cry fowl, cover up continues etc.

The point?,
well overall, it is a good benchmark, it proves that the average joe no longer has the excuse of claiming " oh all that crap is too complicated, that hurts my head, it's all mumbo jumbo, etc." I can not over stress the importance of this. It is in fact the primary reason I am writing this. Far too few Americans, still today do not even have the willingness to explore the subject or attempt an understanding of the case comparable to what these actors have achieved. The public awareness must go well beyond this benchmark if we are to survive as a nation. So for the record what was left out was any mention of Glass-Steagall and the fictitious value nature of derivatives, that's just for starters.

I welcome all suggestions for discussion topics and I welcome challenges to these ideas so far presented.

I would enjoy comments directed at the topics of;
Glass-Steagall
and
Derivatives
for sure.

If you wish to investigate Ben Franklin further here is a better link,
A Modest Enquiry into the Nature and Necessity of Paper Currency.


Now to scratch the surface of this Budget issue while not loosing sight of TBTF and all the events that led up to it.

The Balanced Budget amendment push has been around for a while, so I have some acquaintance with it. The Debt Ceiling fight is just a new twist on the use of the Tax Revolt as a weapon against sovereignty. The Tax Revolt impulse has been co-opted repeatedly in history as a tactic to induce populist self injury. The Tea Party activism has been used by the elites as part of the rock, and a hard place conundrum that allowed manipulation of the debate events to their purposes.
Let's examine the reported public sentiment along with the progress of the Tea Party movement as the events played out though TBTF. Well the teabaggers (sorry, Americans love slag, can't be helped) are a tax revolt that were consolidated by the rage against TARP. That rage was and is justified. It got funneled away from Wall St and focused on Detroit, aimed at the automaker management and the Trade Unions and then pitted worker interest against business interest. The Tea Party angst then focused upon the Affordable Care Act and then pitted citizen against big government, all the while the employment field collapse continued. The Stimulus funding became a package of wholly unrelated stop gap measures severely bogged down with pork and provided more evidence of spending run amok. Meanwhile the foreclosure spree on homeowners ran a pace up a notch higher, further depressing the inflated values. Property tax base is eroded and most States are at bankruptcy condition and it is there at the State level that things are going to fall apart and fast. Now just in case anyone missed it I will embed the video of The Crisis of Credit Visualized because we can not go any further with out some real dialog on the events of TBTF and if you think some is missing or needs to be challenged you should and your two cents.

I had written an essay back in '08 and then in early '11
I sharpened it into a short article, some people liked it. The problem was and still is wanting to talk about a great many things but wanting to do so from the highest possible frame of reference (context) and because of this kind of thing the first two paragraphs are always the hardest. When the HBO film came out with a lot of commotion I saw how I could break the ice on all of it, so that is "the why" of this column, the review of the reviews.

Let's discuss this; many readers here may insight upon this film from a very high context but perhaps not high enough. Perhaps the actors and film crew developed some significant insight during the filming and preparation but remain stuck in context references that still pulls the wool over their eyes on some particulars. Much of the general public is not even close to understanding and that is a big problem but at least the actors and film crew proved that most people should be able to get that far in it and that is a good place to start. Therefore the HBO show, a blatant cover up disguised as an uncovering, can be of Great service to us.

Left out was any mention of Glass-Steagall and the fictitious value nature of derivatives... ,,Well I watched the tape last night, again, so I must say to be factual, the opening sceen did show; The signing ceremony of The Securities Modernization Act/Financial Services Modernization Act (Gramm-Leach-Bliley) that killed Glass-Steagall but I did NOT hear the words Glass-Steagall, and the actor portraying Hank did use the word Derivatives ONCE during a board room scene at treasury. My contention is that this review of TBTF and the review of all other reviews of the HBO film must be done in the higher context that at least includes an examination of these two missing ingredients. You may be aware of some of these higher context yourself and found the film to be dull, not dull, does not matter. What would matter is had you recognized the missing-ness of the missing things or not AND what are you doing about it! We must allow for the happenstance that many people HAVE smelled a rat but don't know what to do.

From Part 2:
What is the moral of the story? The danger remains, TARP solved nothing, what occurred was a sequence of stop gap measures, each called into place because the previous was insufficient, what comes after QE2, to big to fail can happen again! Moreover it can be justifiably stated that the whole mess was a swindle. If we wish to continue the questions beyond the context of the HBO show, we can; where are the jobs, will the foreclosures ever stop, are we prepared to handle what comes next? From where I sit I see that the willingness to tolerate a such thing as Derivatives in the first place underscores the incompetence of of all those involved, unless you want to say it is all deliberate in which case then you have to come to grips with their being pure evil, the Banksters I mean. The drama of the HBO special helps us grapple with this, is it an either or distinction, we can look at the human element, poor Hank he did his best etc., what is it in these people's heads that keeps them from thinking outside the box even as they believe they are thinking outside the box but failing. Failing in the sense that nothing is really solved just postponed! That is if you believe the story line, if not then you must admit that their efforts were a great success, for them I mean.
If you have not peeked in at thelineinthesand.net look now and see Nick's perspective a on this.

THEIR success has been to enslave an even bigger chunk of the human race and utterly corrupt as many institutions that were capable of giving them resistance as possible. The big sin is not their avarice per ce but the driving of the planet into a dark age. One could wonder if indeed that is what someone genuinely desires? Think for a minute, the greatest portion of the bailout money is now flying around the commodities futures market, more speculation, driving up food prices, absolutely no impulse to increased production. This is divorced from supply and demand (so called) from the farmer and divorced from the consumer at the supermarket shelves, they mean to kill people.

More From Part 2:
The time scope of TO BIG TO FAIL spans from the outset of the "mortgage meltdown" as it hammered Bear Sterns up to the passing of the second round of TARP legislation and the cash infusion with preferred stock purchases of the large banks. Can you agree that my description of this sequence period as the tip of the iceberg be nothing less than an understatement? I think this is a well placed metaphor because it is meant to focus the eye on the unseen, exactly what we want to discuss. There are lots of names to throw about, shadow banking, the most popular, I'm guessing. Broadening the scope would require that many things be brought into the light so to speak, all that crazy lingo, when they say mark up don't the really mean mark down. Thing like this have the potential to truly waste our time but one thing we could spend our time on well is to define Value. (There are two other terms we could talk abou price, value)

Events within the HBO episode
From the colapse of Bear Sterns up to
TARP's inception

Review and review of the reviews and the reasons FOR Glass-Steagall and the end of Derivatives.

From Part 2:
Delving into the way Wall St. defines value may require a strong stomach. Many variations of perceived value should be added to this list and I propose it useful that we team up and take a stab at debunking them one by one. For now I wish to use the idea of value to get at something else of great importance.

Consider the farmer, ,, no consider yourself a farmer, you work, you get results to your benefit, your produce. The work you do has a value because of it's result, it keeps you alive. Food is food after all. Suppose you wanted to make a living as a Train Robber, the work you do has a value directly relative to the result you get, but its a crap shoot isn't it? You may get killed, no profit there, you may kill others then your a wanted man not just for train robbin' that has a cost. You may get a lot of loot and not have to rob a train ever again, or you get just enough to get by for a specific period of time and your work, if you can call it that, has value to you relative to the time that goes by before you feel the need to bust a train again. Let's not forget, one more possible case, everything could go right but there was only poor people on the train that day and all you effort is for nothing, wasted your time. What value does your work have then? Ok, go back to being a farmer, that is a gamble too in many ways, there are costs and ROI can fluctuate year by year, I get that but there is a specific difference between the two. Do you see it, the only real distinction? Regardless of how successful (or not) the Train Robber is there are only inputs and output for he himself. He never creates a thing extra or causes anything extra to come into existence. The Farmer on the other hand can reap a plenty more than he himself can use.

Can we legitimately say that the Framer's mind is one that has faith in that Undiscovered Country and his mind enjoys Epiphany, The Train Robber mind is one that has faith in the zero sum game while being very clever has a mind atrophied of Epiphany? Looking at the budget battle from this kind of standpoint do you see better solutions?

The extension of credit by Congress directly from the Treasury bypassing the Federal Reserve System IS a Constitutional procedure. When these means are used to put idle people together with jobs needed to be done our wealth can only increase, it is just to bad you can't measure it with money.

Once again, I am asking you to read Ben Franklin, well this is how you can induce Epiphany in others.

Examin an observed banter on Huffington Post:

Stronger Glass-Steagall sure, ,, ya know I don't even call it regulation It is set the rules VERY Clearly It is;? by what power, what strength, what device, will we obtain the common Liberty in which any and every soul tastes freedom? The American Revolutionary (radical) impulse was never an Ayn Rand style personal liberty movement. I know, but that's what makes this so confusing since the TeaBagger tax revolt was against TARP and TARP was pushed onto Congress by the borrow and spend Republicans and a borrow and spend Republican WH. Yet, they still faithfully vote Republican and_attack Democrats and Liberals?? The disconnect is glaring. ya know they conducted a dry run of all this in Massachusetts during the early '80s people ignored the fact that the kids were being priced out of the ability to live and raise a family in their own neighborhood, while simultaneously renovations became predicated to going along with it, otherwise your property value would drop. Sell, fix, or suffer! Time for Glass-Steagall, well time for a lot us of stuff, but top of the list is Glass-Steagall.

June 2, 2011
What is the moral of the story? The danger remains, TARP solved nothing, what occurred was a sequence of stop gap measures, each called into place because the previous was insufficient, what comes after QE2, to big to fail can happen again! Moreover it can be justifiably stated that the whole mess was a swindle. If we wish to continue the questions beyond the context of the HBO show we can, where are the jobs, will the foreclosures ever stop, are we prepared to handle what comes next? From where I sit I see that the willingness to tolerate a such thing as derivatives in the first place underscores the incompetence of of all those involved, unless you want to say it is all deliberate in which case then you have to come to grips with their being pure evil, the Banksters I mean. The drama of the HBO special helps us grapple with this, is it an either or distinction, we can look at the human element, poor Hank he did his best etc., what is it in these people's heads that keeps them from thinking outside the box even as they believe they are thinking outside the box but failing. Failing in the sense that nothing is really solved just postponed! That is if you believe the story line, if not then you must admit that their efforts were a great success, for them I mean.

The time scope of TOO BIG TO FAIL spans from the outset of the "mortgage meltdown" as it hammered Bear Sterns up to the passing of the second round of TARP legislation and the cash infusion with preferred stock purchases of the large banks. Can you agree that my description of this sequence period as the tip of the iceberg be nothing less than an understatement? I think this is a well placed metaphor because it is meant to focus the eye on the unseen, exactly what we want to discuss. There are lots of names to throw about, shadow banking, the most popular, I'm guessing. Broadening the scope would require that many things be brought into the light so to speak, all that crazy lingo, when they say mark up don't they really mean mark down. Thing like this have the potential to truly waste our time but one thing we could spend our time on well is to define Value. I trust you will discovery why I deem this important that I bring it up first; a list of terms.

• facility of conveyance value
• placeholder value
• nominal value
• fictitious value

Delving into the way Wall St. defines value may require a strong stomach. Many variations of perceived value should be added to this list and I propose it useful that we team up and take a stab at debunking them one by one. For now I wish to use the idea of value to get at something else of great importance.

Consider the Farmer, ,, no consider yourself a Farmer, you work, you get results to your benefit, your produce. The work you do has a value because of it's result, it keeps you alive. Food is food after all. Suppose you wanted to make a living as a Train Robber, the work you do has a value directly relative to the result you get, but its a crap shoot isn't it? You may get killed, no profit there, you may kill others then your a wanted man not just for train robbin' that has a cost. You may get a lot of loot and not have to rob a train ever again, or you get just enough to get by for a specific period of time and your work, if you can call it that, has value to you relative to the time that goes by before you feel the need to bust a train again. Let's not forget, one more possible case, everything could go right but there were only poor people on the train that day and all you effort is for nothing, wasted your time. What value does your work have then? Ok, go back to being a Farmer, that is a gamble too in many ways, there are costs and ROI can fluctuate year by year, I get that but there is a specific difference between the two. Do you see it, the only real distinction? Regardless of how successful (or not) the Train Robber is there are only inputs and output for he himself. He never creates a thing extra or causes anything extra to come into existence. The Farmer on the other hand can reap a plenty more than he himself can use.

The central issue I hope you would examine is the distinction between Physical profit and Monetary (fiscal) profit. One keeps you alive the other does not. At the beginning of an undertaking one could take account of the resources available to do the job and after a measurable segment of the process one could again take account. To be clear I do not mean a statistical analysis but rather a study of a dynamic process gaged by the intent involved and informed by intent of what to measure and how to measure it. If then after the completion of a portion of an endeavor one could measure an increase in money but yet a decrease in FOOD, WATER, ENERGY it can be said what did we win? What can we buy now that there is less of the things we want even though we have more money to buy it with? This is not an over simplification but a principle that helps us have clarity about what we want to measure and what measuring sticks we are going to employ to determine if we have success in reaching the goal.
What is the goal?
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June 15, 2011
Thus far we have introduced several interconnected notions, the first being the agreed estimate that far too few Americans understand the events that lead to the 2008 Meltdown and far too few Americans know the truth about what occurred around the TARP episode in that it was an attempt of the swindlers to save themselves AS SWINDLERS. They (the swindlers) failed to remove the threat, if you believe they ever intended to. The point that the HBO Too Big To Fail tele-drama, while a cover up in itself, is a distinct BENCHMARK that represents a limited understanding of which no American Citizen can be allowed to claim ignorance to or to be let off the hook in the realm of civic responsibility for action is a useful focus. That to save the Nation in these days now the average American must achieve insight and competence far beyond the time frame of this silly TV show, regardless of how entertaining it is to see poor Hank twisting in the wind so dramatized. we seek your assistance in this. To what end? In the near term help the Average Joe, John and Joan Q. Public see the clear need for the reestablishment of the Glass-Steagall Firewall to stop the bleeding or take the poison out.

My request to you is fight now for Glass-Steagall. Might I start by suggesting that in the US, having a wealthy elite social sector is not a bad thing, provided we tolerate no Royalty and heredity transmission of public office, including the fascist counterpart. What is the great sin? Is it the gluttony, the lavish living etc., well I certainly do poke ridicule to the extravagances of some of that upper class, I reserve my disdain for something else. When those whom control of capital is bestowed, sometime rightfully as reward for their entrepreneurship, loose sight of the difference between investment in developing the productive capabilities of real life sustaining wealth, without which money of any form has no value, and the creation of DEBT bubbles that as attempts to monetize instruments of fictitious value commandeer the food from the infants mouth, that gets my heckles up. Kill people for financial aggrandizements, not the American way! Please entertain that this could be the theme that we use when engaging our fellow common man. The concept of value is on the table. We need to be clear about how we measure it, how we gauge it in comparison, and what is it that we esteem that we render value to a thing. Consider the following language usage and how the average Joe would make sense of it.

The (Merchant) banking (Investment) crowd on wall street lost their shirt in a gamble, the government bailed them out. It was made to seam that if they did not get a bailout we would have a disaster for our nations economy (Credit Freeze). One angle on this was that peoples fear of loosing their 401k assets were incited and and a freeze up of local commercial (Main Street, S&L) banking loomed. The pathway offered to avert this was to bail out the big guys, was this pathway the only possible pathway to avert the contrived consequences? Would we be better off if the parasites did not get the bailout? Let's be clear about what occurred, one set of failed promissory notes were replaced with another set of promissory notes. Put it another way, the nominal monetary value (negotiable) of a financial instrument holding ownership of debt obligation (income stream) defaulted (ability or willingness of debtor to pay, ceased) was retried and substituted with the creation and extension of a new financial instrument representing ownership of the income stream (future value) derived from public coffers which is just as unpayable (in the medium to long term) as the first debt and just as negotiable (or un-negotiable I should say) for monetary value (can be discounted). So, what has changed? We now have more useless debt than before, useless because it does not set in motion the creation of a physical profit. This is a precise recipe for hyperinflation.

How close can the average Joe come to stating a correct definition of Capitalism, probably not very close at all. My hunch is most are in the dark about it. For Joe's sake lets say there are two kinds of Capitalism, both involve risk and both involve reward just like the metaphor of the Farmer and the Train Robber. One kind of risk we want to encourage, the rewards impact many and challenges confront us as well, the good kind and risks are shared with consent. Another kind of risk is not encouraged as only a few gain from the exploitation of many. Often the rewards reaped are empty (of questionable value) and corrupting and the challenges brought to bear on people are not of the kind that bring out the best in them. Please team up with me to help Average Joe wise up and learn the things he needs to know. Below is a list of topics that I am inviting comments for.

• Proper definition of Value and other topics of definition
• events since HBO's airing of Too Big To Fail
• events since TARP's inception
• events within the HBO episode
• events leading up to 2008 mayhem from 1999
• events prior to 1999

Definition of Value

Farmers raise produce and stock of many varieties with intention for surplus that they can trade (profit). Some people, hopefully most, that are not farmers still do productive work and want a share in the common productivity by means of exchange (money). All who labor have value attributed to their labor on the basis of what it does for them, that is as close to a constant as you can get. The value of the Means of Exchange can change and the value of Movable (useful) Commodities can change. So we have three things of value (nouns) but we are more interested in the relationship between these things (verbs). Since one term in each the three ratios can change all values of relationship change! This is very much like Ohm's Law but not not exactly. I have value to my own labor as it is and its relationship to other things, my production and the potential surplus above what I need and can consume, whether it be raw material, finish product, art/science/facility, farm production/food. My labor relates to the value of the means of exchange as means of exchange relates to the value of the commodities it can make access. My labor relates to the value of my commodities at hand as commodities at hand relate to the means of exchange they can make access. In a community where means of exchange are unnecessary these extended ratio relationships do not exist.

Now we declare that (money) the means of exchange has NO INTRINSIC value in and of itself, the commodities however retain their value relative to their usefulness to support life! Money only has value in it's relation to labor or commodity that has readiness to be exchanged. There are examples of availability of money being different along the lines of trade where the values relative to the commodity in transport changed according to means of exchange accessibility, as with the Colonial American tokens engraved "value me as you please". The commodity/labor ratio remained somewhat constant along the transportation path as the commodity was cash cheep at the source but dear at its destination, money could buy more further away from the hub of commerce. Transportation costs were factored in to pricing by location, so we see that means of exchange can have an additional value as a commodity. If transportation costs or money availability become universal these relationships disappear. It was this method of commerce combined with the impulse to internal improvements that was the American free enterprise/fair trade that protectionism sought to nurture and the perverted Free Trade of Adam Smith sought to destroy. The destructive side of Capitalism utilizes Financial Instruments as ownership of an income stream (debt payment) to commandeer away value in the accumulation of Monetary Instruments while making no facility to physical improvement. The Creative side of Capitalism extends a credit for a share of the reward and the appropriate authority of oversight to build physical improvement thus compensating the contributors of labor and materials as they contribute or ahead of time of the benefit of the completed project.
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June 24, 2011
Recap
There are many definitions of Value and we want to bring forth some examples of them. As a MINIMUM people all over the world, not just American voters should be compelled to understand the events of the Too Big To Fail episode and the swindle of TARP and that it solved NOTHING. The concept of Glass-Steagall as the stop the bleeding or take out the poison first step to save the Patient is central. Our task is one of coeducation and to peel the onion layer by layer.
The problem is we do not have much time.

The question posed, were alternatives available to deal with the meltdown or at least with the crisis of credit freeze? Yes there were, and steps could have been taken well in advance of the September 2008 period. The best pathway to deal with the total problem would have been and still is a bankruptcy receivership, chapter 13 style reorganization. In this kind of process no new debt is created to replace defaulted debt. A class of assets are partitioned aside and protected at face value. Another class of assets set apart are protected at a discounted value, determined by the bankruptcy process itself, that is what receivership is all about, save what can be saved. Certain other classes of assets wont be saved, they are written off, they are toxic. A person diagnosed with a dysfunctional kidney is prescribed dialysis to do a job that the overstressed kidney at that moment can't do. They gambled they lost, that's that, why should anyone else suffer. During this process working capital is provided for the interim as extended credit by Congress directly from the Treasury to allow commercial activity to continue deemed wholesome, necessary or beneficial to the public good. Treasury loans to Commercial banks NOT from the Federal Reserve (further indebtedness the government) keeping main St. running with reasonable conditions of how the funds are utilized. I know this last bit gets attacked as the government playing favorites. Well from where I stand I want the government to make clear distinction between FOOD WATER, ENERGY type stuff and Tulip Bubble bull shit, that's the point of Glass-Steagall. I want my government to play favorites in this regard. Here is a point for discussion, FDIC and Glass-Steagall work hand and glove, how can you have one without the other and not call it a swindle?

The essential nut here is the we as a people have at our disposal an instrument called government, a new kind of government the world had not seen before, that is our vehicle to exert authority upon our means of exchange (sovereignty) to benefit the general welfare, by LAW. It is by law that our government take responsibility to safeguard and secure our currency on our common behalf as no other institution can . When an institution fails at this it ceases to be our government. In strict rules of Capitalism debt has a useful purpose, resources can be organized without robbing them from people, markers are distributed, monetary instruments can be created to facilitate the project non-fiat, and those that guaranty the monetary value of those instruments gain a reward or incur a loss. Hence those guarantors are afforded appropriate oversight as guarantors NOT as owners of an income stream of some sacred debt payments (pound of flesh).

Now is the time to make some homework assignments and I will direct you off site, first I would like you to read a 1729 essay by Benjamin Franklin on paper money. This is important for it is necessary for you to be acquainted with the predicament of them then that faced of with the same enemy we face today. Since the first airing of the HBO's Too Big To Fail others have surfaced to decorate the show with criticism, this one outlines the tv show plot and invites ridicule as you see fit. Lastly a short youtube post to help explain the feeding frenzy as it played out in housing.

The debt ceiling debate occurring now is not distinct from the Balanced Budget Amendment push, both are an attack upon Sovereignty. Consider the head of a household and their right to make Promissory note agreements. When he/she does so they do it on behalf of the total household and all members receive the effect for better or worse, the family does not operate by means of exchange. The head of household right to utter currency (IOU's) is relinquished of citizens to Congress;
Article One, Sec. Eight.
It is NOT in the power of Congress to relinquish this right away ant further, to do so is Treason. To do so is equivalent to Zeus chaining Prometheus to the rock. I had intended to bring up this angle latter on but I decided not to wait and that breaking the ice on it now is was needed, and it is a good spot to leave off.
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Homework Assignments

• A Modest Enquiry into the Nature and Necessity of Paper Currency
  http://odur.let.rug.nl/usa/D/1726-1750/franklin/paper.htm

The banking crowd on wall street lost their shirt, our government bailed them out. It was made to seam that if they did not get a bailout we would have a disaster for our nations economy. One angle on this was that peoples fear of loosing their 401k assets were incited and and a freeze up of local commercial banking loomed. The pathway offered to avert this was to bail out the big guys, was this pathway the only possible pathway to avert the contrived consequences? Would we be better off if the parasites did not get the bailout? Let's be clear about what occurred, one set of failed promissory notes were replaced with another set of promissory notes. Put it another way, the nominal monetary value (negotiable) of a financial instrument holding ownership of debt obligation (income stream) defaulted (ability or willingness of debtor to pay, ceased) was retried and substituted with the creation and extension of a new financial instrument representing ownership of the income stream (future value) derived from public coffers which is just as unpayable (in the medium to long term) as the first debt and just as negotiable (or un-negotiable I should say) for monetary value (can be discounted). So, what has changed? We now have more useless debt than before, useless because it does not set in motion the creation of physical profit. This is a precise recipe for hyperinflation.

To answer the questions posed, the best pathway to deal with the total problem would have been and still is a bankruptcy receivership, chapter 13 style reorganization. In this kind of process no new debt is created to replace defaulted debt. A class of assets are partitioned aside and protected at face value. Another class of assets set apart are protected at a discounted value, determined by the bankruptcy process itself, that is what receivership is about, save what can be saved. Certain other classes of assets wont be saved, they are written off. They gambled they lost, that's that, why should anyone else suffer. During this process working capital is provided for the interim (as extended credit by Congress directly from the Treasury) to allow commercial activity to continue deemed wholesome, necessary or beneficial to the public good. The essential nut here is the we as a people have at our disposal an instrument called government, a new kind of government the world had not seen before, that is our vehicle to exert authority upon our means of exchange to benefit the general welfare, by LAW. It is by law that our government take responsibility to safeguard and secure our currency no other institution can on our common behalf. When an institution fails at this it ceases to be our government.

The extension of credit by Congress directly from the Treasury bypassing the Federal Reserve System IS a Constitutional procedure.

The swindling and looting that led up to this larger and more egregious swindle could not have been possible were it not for the 1999 elimination of the Glass-Steagall banking firewall enacted in 1933. To be exact and succinct on this point see The Angelides Report conclusion.