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The Fed, inflation and currency wars

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From page A1 | November 30, 2012 | 60 Comments

photo-rickards-james-02

JAMES RICKARDS is the author of the book, Currency Wars. Courtesy photo

This year, the Mountain Democrat has covered the subject of the economy in a series of articles.

From stories describing how local people have lost their homes and jobs, to battles over higher taxes and fees, the thread running through all these articles is how people are affected by monetary policies.

Helping to make sense out of what is happening locally, nationally, and internationally, two individuals knowledgeable about the monetary system were interviewed on what is happening and how it affects us both economically and politically in this first of three articles.

One of those interviewed was G. Edward Griffin, who is an American film producer, certified financial planner, and author of several books, including one about the Federal Reserve called The Creature from Jekyll Island. He has a degree from the University of Michigan in speech and communications.

The second is James Rickards, author of the book Currency Wars: The Making of the Next Global Crisis. Rickards is a partner in JAC Capital Advisors, a hedge fund based in New York. Rickards has held senior positions at Citibank, Long-Term Capital Management and Caxton Associates and has appeared on CNBC, Bloomberg, Fox, CNN, BBC and NPR and is an Op-Ed contributor to the Financial Times, New York Times and Washington Post.

Rickards is also a visiting lecturer at Northwestern and the School of Advanced International Studies (SAIS), has delivered papers on risk at Singularity University, the Applied Physics Laboratory and the Los Alamos National Laboratory. He is an advisor on capital markets to the Director of National Intelligence and the Office of the Secretary of Defense. He holds a Master of Laws in Taxation from the NYU School of Law; a Juris Doctor from the University of Pennsylvania Law School; a Master of Arts in Economics from SAIS and a BA from Johns Hopkins.

The magic money machine at the Fed

Both Griffin and Rickards say much of America’s economic woes can be blamed on the Federal Reserve or the Fed. Since its founding in 1913, Rickards says it has destroyed 95 percent of the value of the dollar; Griffin says it’s more like 97 percent.

According to Griffin and others who have research the subject, the Fed is not an agency of the government and it has no reserves. Instead it is a cartel of private banks that has gained the most important monopoly of all — control of the country’s money supply.

Griffin said whenever the government needs money, the Fed simply creates it out of thin air and gives it to the government. That money then goes to government employees, contractors, foreign governments, and others. However, no one knows exactly who the Fed gives it to because it refuses a complete audit in order to protect its “independence.’

Eventually the money is deposited into commercial banks and using what’s called fractional reserve banking, the commercial banks are able to multiply the value of that money nine times in the form of loans at interest. In other words, for every $1,000 deposited with the bank, they can loan out $9,000. This so-called “high-powered money” is also created out of thin air.

The interest charged by the Fed on the use of their imaginary money goes first towards their expenses — which Griffin says are considerable — and then the remainder goes to the Treasury Department. Currently the interest due on this money is so large it will never be paid back. This raises the specter that the Fed, which recently announced it will buy $40 billion a month in mortgage-backed securities, may eventually take possession of a good portion of America’s assets in payment of the interest on the imaginary money they loaned us.

The Fed, the government and inflation

While Congress has the power to issue money interest free, it has chosen to support the Fed because of how the government benefits. According to Griffin, the government is always spending more money than it takes in in taxes. And if they had to cover all their expenditures with tax revenue, they’d be voted out of office or there would be a revolution.

So needing a large source of revenue other than taxation, they went into partnership with the Fed and gave them the authority to create money out of nothing. “That’s not all of it,” said Griffin, “but that’s the reason the government went along with this. They saw it as a means to get revenue without having to tax people and that’s the cause of inflation.”

However, inflation turns out to be the biggest tax of all although it’s a hidden one. On the surface, the price of everything appears to be going up when what’s happening is that the value of the dollar is declining because of money printing tied to government spending.

For example, back in 1955, a McDonald’s hamburger was 15 cents, a milk shake was 20 cents and fries were 10 cents. Today, it’s $1 for a basic hamburger, $1.20 for a milk shake, and 90 cents for fries.

Rickards notes that defenders of the Fed say the expanded money supply has improved the standard of living and maintain there’s no cause for complaint.
Income inequality
“But when you debase the money you create winners and losers,” he said. “The winners are banks, speculators, hedge funds, smart investors … there are a whole set of winners … The losers are everyday Americans. People who save. People who rely on insurance policies, retirement income, annuities, any kind of fixed income where it’s not going to go up….they are the losers. When the Fed pursues these policies, it transfers wealth from savers to speculators and banks and that increases income inequality.”

Rickards said that income inequality is actually worse in the United States than in places like Mexico. He said when he was growing up, “we always saw Mexico as the classic top-down oligarchical unequal income distribution society and yet America is even worse. The rich are getting richer and the poor are getting poorer.”

Rickards believes recent actions by the Fed to dramatically increase the money supply are deliberate efforts to create inflation in order to reduce what the U.S. owes to other countries. And though he doesn’t think these actions are intended to destroy the dollar, the debasement may have that effect anyway.

Devaluing debt to China

At present Americans benefit from the fact that the dollar acts as the world’s reserve currency. It has had that role since 1945 when the dollar was set as the peg against which other countries valued their currencies. It is that status which has allowed for the growth of America’s welfare-warfare state.

“But when things get bad enough we may find there’s another global reserve currency at the end of the day,” he said.”(The) short-term agenda is to get inflation into the economy because the U.S. cannot pay off its debts … 4 percent inflation for 17 years cuts the value of the dollar in half. So we can’t pay off our debts, but if we cut the value of the dollar in half, we can. So we’re sort of saying to the Chinese, hey, we owe you $3 trillion dollars, but we’re just going to print more money so here’s your $3 trillion dollars, but good luck buying a loaf of bread.”

Right now the U.S. is exporting its inflation because of the dollar’s status as the world’s reserve currency. According to Rickards, “For the time being, inflation is going abroad and is contributing to inflation in other countries because they are trying to peg their currency to the dollar and the way it works, we print more dollars and they find their way abroad in the form of purchasing their exports or direct foreign investments or hot money capital flows.

“If you’re China or another country and we’re trying to maintain your peg to the dollar, you have to print more of your own currency to soak up the dollars. The faster we print money, the faster other countries have to print to soak up dollars if they want to maintain the peg to the dollar. The result is inflation shows up overseas. (But it) will come home eventually.”

Contact Dawn Hodson at 530-344-5071 or dhodson@mtdemocrat.net. Follow @DHodsonMtDemo on Twitter.

LEAVE A COMMENT

Discussion | 60 comments

  • EvelynNovember 30, 2012 - 9:24 pm

    In 1952 Eustace Mullins wrote "The Secrets of the Federal Reserve". G Edward Griffins' book, "The Creature from Jekyll Island" - published 42 years later - remarkably resembles his predecessor's. Interestingly, Chapter One of the 1952 "Secrets" is titled "Jekyll Island".

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  • James E.November 30, 2012 - 10:10 pm

    Rich folks love to go to Jekyll Island. And, they've been going there for a long, long time. I, not being a rich folk, visited when I was stationed in Savannah.

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  • James E.November 30, 2012 - 10:22 pm

    Evelyn, it appears we are home alone.

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  • Phil VeerkampNovember 30, 2012 - 10:59 pm

    Every exponential function eventually "blows up". . . with the FED it blows up . . . without the FED it blows up.

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  • Phil VeerkampNovember 30, 2012 - 11:52 pm

    A = P(1+r/n)^nt

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  • Phil VeerkampDecember 01, 2012 - 12:26 am

    The product of a sum is equal to the sum of the products.

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  • EvelynDecember 01, 2012 - 9:28 am

    This looks like a good spot to park the following: BANK OF AMERICA CEO BRIAN MOYNIHAN APPARENTLY CAN'T REMEMBER ANYTHING @ http://www.rollingstone.com/politics/blogs/taibblog/no-evidence-he-was-stoned-but-bank-of-america-ceo-brian-moynihan-apparently-doesn-t-remember-much-of-the-last-four-years-20121127 ********** This Rolling Stone article links to the transcript of a New York court May 2012 videotaped deposition of Mr Moynihan in the matter of MBIA Insurance Corp. vs. Countrywide Home Loans, Inc. Rolling Stone says this "will go down as one of the great Nixonian-stonewalling efforts ever." Indeed!!! A transcript search reveals Mr. Moynihan saying at least 160 times "I don't know." "I don't recall." "I don't have knowledge." "I don't have an opinion."

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  • James E.December 01, 2012 - 10:41 am

    Evelyn, Mr. Moynihan will never be held to account. He is too big to fail.

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  • EvelynDecember 01, 2012 - 1:58 pm

    James, Moynihan probably is TBTF - unless he speaks "unwisely" or sometime down the road becomes a sacrificial lamb.

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  • EvelynDecember 01, 2012 - 1:59 pm

    Eustace Mullins’ 1952 “Secrets of the Federal Reserve” was the first nationally-circulated revelation of the secret meetings of the international bankers at Jekyll Island, Georgia, 1907-1910, at which place the draft of the Federal Reserve Act of 1913 was written. Mullins’ research at the Library of Congress was directed and reviewed daily by George Stimpson, founder of the National Press Club in Washington, whom The New York Times on September 28, 1952 called, "A highly regarded reference source in the capitol. Government officials, Congressmen, and reporters went to him for information on any subject." He made the following acknowledgment: “I wish to thank my former fellow members of the staff of the Library of Congress whose very kind assistance, cooperation and suggestions made the early versions of this book possible. I also wish to thank the staffs of the Newberry Library, Chicago, the New York City Public Library, the Alderman Library of the University of Virginia, and the McCormick Library of Washington and Lee University, Lexington, Virginia, for their invaluable assistance in the completion of thirty years of further research for this definitive work on the Federal Reserve System. “ ********** G Edward Griffin’s means of researching this highly complex subject is unclear. In the course of a 600 page book he references Mullins work on page 413 alone.

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  • Phil VeerkampDecember 01, 2012 - 2:31 pm

    Griffin's own credibility is not enhanced by citing Eustace Mullins. Griffin wrote and narrated the 1992 documentary The Discovery of Noah's Ark, based on U.S. Merchant Marine officer David Fasold's 1988 book, The Ark of Noah.[45] Griffin's film said that the original Noah's ark continued to exist in fossil form . . ." Griffins credibility is further eroded through his plagiarism of Mullins work. . . . LINK - Eustace Mullins' on FED, Ron Paul, Rockefeller & G. Edward Griffin

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  • Phil VeerkampDecember 01, 2012 - 2:41 pm

    LINK - Eustace Mullins on Fake Moon Landing and David Icke

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  • Phil VeerkampDecember 01, 2012 - 2:44 pm

    LINK - Eustace Mullins Antichrist will rule the World

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  • Phil VeerkampDecember 01, 2012 - 3:00 pm

    in his own words - youtube - LINK - Currency Wars - James Rickards

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  • cookie65December 02, 2012 - 3:37 am

    Our government has only one economic policy. Tax and spend. Borrow and spend. Print and spend. When you reach the limit, increase the limit.

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  • cookie65December 02, 2012 - 3:46 am

    In bankrupt Greece the debt per citzen is @ $39,000. In America where they will spend more today than they did yesterday the debt per citzen is @ $55,000 and growing. The single greatest benefactor to all that spending just happen to be the very same people who want more of it. The public sector.

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  • EvelynDecember 02, 2012 - 6:33 am

    Eustace Mullins' "Secrets of the Federal Reserve": HERE.

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  • Phil VeerkampDecember 02, 2012 - 6:47 am

    LINK - 2001 Eustace Mullins: Curse of Canaan, Freemasonry, True American History - Pro Active News

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  • Phil VeerkampDecember 02, 2012 - 7:09 am

    LINK - Eustace Mullins Money and the Conspiracy of Evil - POINT OF CLARIFICATION - i post eustace mullins links not to praise him. i post eustace mullins links to expose a fruitcake, wako example of the "special knowledge" industry (just-between you-and-me) - shush!!! THEY don't want you to know!!!

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  • Phil VeerkampDecember 02, 2012 - 7:29 am

    The foundation of VIRTUALLY ALL financial conspiracy literature is the protocols of the elders of zionTHE PROTOCOLS ARE A FORGERY.LINK - The Protocols of the Elders of Zion

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  • Phil VeerkampDecember 02, 2012 - 7:32 am

    OFF OFF

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  • EvelynDecember 02, 2012 - 7:33 am

    Fully understand that P.V. seeks not to praise. Two comments following on 3 similar items he posted yesterday. (1) Mullins' scholarly work on the Federal Reserve is my particular interest. (2) The title "Eustace Mullins Antichrist will rule the World" misleads insofar as the word "antichrist" is not in the interview itself. Rather, after discussion of Israel, Mullins focuses primarily on Ezra Pound, his mentor (also mentor to TS Eliot, Ernest Hemingway, William Butler Yeats & James Joyce – all Nobel literature prize recipients), and lastly, the Federal Reserve. ********** Rejection of Mullins’ “Secrets of the Federal Reserve” would be more meritorious coming from someone who actually had read the work.

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  • Phil VeerkampDecember 02, 2012 - 11:20 am

    Claiming Ezra pound as his mentor, " Mullins focuses primarily on Ezra Pound, his mentor . . . " tends to make the case that at the core of most/nearly all conspiracists lies the Protocols of the Elders of Zion. Ezra Pound - "While in America, Pound received an honorary doctorate from Hamilton College on 12 June 1939, and a week later he returned to Italy, where he began writing antisemitic material for Italian newspapers, including one entitled 'The Jews, Disease Incarnate.' He wrote to James Laughlin that Roosevelt represented Jewry, and signed the letter "Heil Hitler." . . . He wrote in The Japan Times that "Democracy is now currently defined in Europe as a 'country run by Jews,'" and told Oswald Mosley's newspaper the English were a slave race governed by the Rothschilds since Waterloo. . . . You let in the Jew and the Jew rotted your empire, and you yourselves out-jewed the Jew ... And the big Jew has rotted EVERY nation he has wormed into. —from one of Pound's radio broadcasts, 15 March 1942 Ezra Pound as ones mentor? Fine.

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  • Phil VeerkampDecember 02, 2012 - 11:21 am

    http://en.wikipedia.org/wiki/Ezra_Pound

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  • Phil VeerkampDecember 02, 2012 - 11:46 am

    Ezra Pound, also mentor to TS Eliot, Ernest Hemingway, William Butler Yeats & James Joyce – all Nobel literature prize recipients - which tends to prove that brilliance is no shield against brilliantly presented bigotry wrapped in intellectually shiny wraps neatly tied with impressive curriculum vitae spoken with authority in a crisp English accent. BTW Henry Ford was also a victim. Brilliant advocates of a lie do not convert the lie to truth, but they can produce a genocide . . . again . . . and . . . again. The lie of the Protocols seems immortal.

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  • DeeDecember 02, 2012 - 12:01 pm

    This is an interesting article and threadl

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  • EvelynDecember 02, 2012 - 12:20 pm

    The exchange regarding Eustace Mullins’ “Secrets of the Federal Reserve” could take all sorts of further detours, some profitable, some amusing or inflammatory. Not having the heart for more, however, I withdraw with these final comments: (1) Fair & open discussion reliably can be squashed using well-worn labels in the mold of “conspiracy theorist”. (2) Ezra Pound’s contribution to Mullins’ work lay in asking him to research the Federal Reserve. (3) READING A WORK PROVIDES THE FOUNDATION FOR HONEST CRITIQUE.

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  • Phil VeerkampDecember 02, 2012 - 12:52 pm

    Really? READING A WORK (“Secrets of the Federal Reserve”) PROVIDES THE FOUNDATION FOR HONEST CRITIQUE? I question the worthiness of "honestly debating" a redesign and fresh rollout with fresh paint and extra doodads of ”last year’s” Protocols of the Elders of Zion.

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  • EvelynAugust 03, 2013 - 5:17 pm

    QUESTION: Who originally wrote: "For years the Federal Reserve was the second or third most secret institution in town. The Sunshine Act of 1976 penetrated the curtain a trifle."

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  • Phil VeerkampAugust 03, 2013 - 5:31 pm

    This article HAS TO BE one of Ms. Hodson's least worthy "works" of journalism. Why drag it out of the trash heap . . . airing it out will not make it stink less.

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  • Phil VeerkampAugust 03, 2013 - 5:41 pm

    The FED is soooo yesterday's devil. Lets exorcise new demons . . . LINK - The Bank for International Settlements (BIS) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". As an international institution, it is not accountable to any single national government.

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  • EvelynAugust 03, 2013 - 5:52 pm

    See today's 11:48 am HERE quoting Carroll Quigley. ********* “[T]he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank, in the hands of men like … Benjamin Strong of the New York Federal Reserve Bank … sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”

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  • EvelynAugust 03, 2013 - 6:47 pm

    Regarding the Bank for International Settlements, Eustace Mullins, so roundly condemned in these pages, wrote: ”The New York Herald Tribune of February 18, 1930, quoted by Congressman Louis McFadden in the House on February 26, 1930, said, "One of Belgium’s two directors on the Bank for International Settlements will be Emile Francqui of the Societe Generale, a member of both the Young and Dawes Plan Committees. The board of directors of the international bank will have no more colorful character than Emile Francqui, former Minister of Finance, veteran of the Congo and China . . . he is rated as the richest man in Belgium, and among the twelve richest men in Europe."

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  • Phil VeerkampAugust 03, 2013 - 7:35 pm

    ABSOLUTELY, Evelyn!!! Paupers, cowboys, car salesmen, random names from the hat . . . all proletariat would be more qualified and suited to guide the BIS than those scoundrels pointed out by FakeMoonLanding Mullens. Global monetary strategy and policy ought to be subject to the will if the people who are born with native knowledge of the "product of sums", compounding interest . . . Let the people vote . . . for . . . MORE MONEY!!!! And when bubbles burst let the mob exact "justice". That's th' ticket!

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  • EvelynAugust 03, 2013 - 7:45 pm

    About "Yesterday's Devil": In 1934 the Hon. Louis T. McFadden of Pennsylvania, who had served as Chairman of the Banking & Currency Committee for over 10 years, prefaced his remarks on the Floor of the House of Representatives with: ""Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over. This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it." - HERE

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  • EvelynAugust 03, 2013 - 7:50 pm

    Phil: I'm not familiar with anything by Mullins on moon landings. In which works are they to be found?

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  • Phil VeerkampAugust 03, 2013 - 8:29 pm

    Mullins you tube interview - in his own words - further down this thread @ December 01, 2012 - 2:41 pm - LINK - Eustace Mullins on Fake Moon Landing and David Icke

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  • Phil VeerkampAugust 03, 2013 - 8:33 pm

    amusing . . . LINK - Eustace Mullins Antichrist will rule the World

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  • EvelynAugust 03, 2013 - 8:42 pm

    Can't find your moon landing quote HERE. Since you can, please bring it forward as a comment.

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  • EvelynAugust 03, 2013 - 8:43 pm

    As for Mullins on an Antichrist, it's not a work that's ever interested me. Which part of it is "amusing"?

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  • EvelynAugust 03, 2013 - 8:50 pm

    Mullins' primary work was on the Federal Reserve. Discount that if you must, though recognizing that there is significant agreement between his writings and those of Carroll Quigley and the position taken by the Hon. Louis T. McFadden. Surely you're not now going to throw out Carroll Quigley just because somewhere something was said about moon landings! Generally one looks to primary fields of expertise.

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  • EvelynAugust 03, 2013 - 9:00 pm

    Mullins is in good company when using the term Antichrist

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  • Phil VeerkampAugust 03, 2013 - 9:16 pm

    LINK -Mullens re fake landing - "that was exposed years ago . . . show business" clearly, Evelyn, you seem to be LISTENING impaired.

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  • EvelynAugust 03, 2013 - 9:22 pm

    Actually, it's more like literacy impaired!!!

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  • Phil VeerkampAugust 03, 2013 - 9:30 pm

    Evelyn, you imply that Quigley has founded an element of his(Quigley's) work on Mullens' when you invite the impeachment of Quigley based on Mullens' moon quackery. Can you produce a citation of Quigley referencing Mullens? . . . . or are you trifling with foolery?

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  • EvelynAugust 03, 2013 - 9:36 pm

    "Foolery" seems definitely to have entered the fray!!! Nay, I simply invite you to compare above quotes for commonalities. If none to be found, so be it.

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  • EvelynAugust 03, 2013 - 9:38 pm

    (As Mullins' first work on the Fed long preceded Quigley, Mullins scarcely would have been in a position to quote Quigley.)

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  • Phil VeerkampAugust 03, 2013 - 9:42 pm

    LINK - the keepers of the beast - THE BEAST IS: A = P(1+r/n)^nt . . . it is not a person, people, race, RELIGION or privileged few . . . THE BEAST IS A = P(1+r/n)^nt . . . IT'S THE MATH!!!

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  • EvelynAugust 03, 2013 - 9:43 pm

    As for Quigley, noticeably lacking from his 1348 page tome is a Reference section or any citations. I always wondered if perhaps he didn't borrow without attribution.

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  • EvelynAugust 03, 2013 - 9:46 pm

    Would your math apply to Islamic banks?

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  • EvelynAugust 03, 2013 - 9:47 pm

    I'm signing off for the night. Bye.................

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  • Phil VeerkampAugust 03, 2013 - 9:53 pm

    yes, Western banks are studyingLINK - Islamic banking (Arabic: المصرفية الإسلامية‎) is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. As such, a more correct term for 'Islamic banking' is 'Sharia compliant finance'.[1] Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans of money.

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  • James E.August 03, 2013 - 10:59 pm

    Walmart, we were talking about Walmart, right? The Walton family is worth $100 billion dollars. If the had paid their employees adequately from the start they would be worth $75 Billion. Isn't $75 billion enough. Sam Walton refused to pay the federal minimum wage -- when he was caught the judge ordered him to pay minimum wage plus backpay for his employees. He complied and cut checks for the backpay, but informed his managers that any employee that cashed his/her check was to be fired. Guess Sam wasn't the nice guy we all thought he was. Some say that Sam did it all. Wrong, his employees did it all from the first day of his first store. When Walmart moved to Placerville, they got a big tax break from the county and then proceeded to shut down many small stores. A company to be admired? I don't think so.

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  • Phil VeerkampAugust 04, 2013 - 7:31 am

    James, you will be pleased to know that I am reporting directly from Ely, NV and that there is no Wal-Mart in Ely, NV. (FYI, my mention of Wal-Mart is the second occurrence on this thread) I'm now coming home to EDC to civilization - NOW!!!

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  • robertdnollAugust 04, 2013 - 8:48 am

    why complain about wal mart then shop there for twinkes and beenie weenies?

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  • James E.August 04, 2013 - 8:57 am

    Mr.Dnoll, glad to see you have returned. Why did you make the comment that the Korean Vet story was pathetic? I don't shop at Walmart -- and, haven't been able to find Twinkees at Raley's or Safeway. Don't know if they are being sold out in 10 minutes or distribution hasn't reached Placerville.

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  • James E.August 04, 2013 - 9:05 am

    ADDED: Hmmm, how does Mr. Dnoll know that Walmart carries Beenie Weenie? He seems very knowledgable of their product line. Hmmm.

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  • FranAugust 04, 2013 - 9:15 am

    Walmart carries beanie weenies...huh...lolol. I dont go there--but will now, just to purchase this item. I dont like twinkes...I liked chocodiles. But ill eat anything covered in chocolate.

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  • EvelynAugust 05, 2013 - 11:47 am

    'The “New Economy” Is The No Jobs Economy' - HERE: As former executives of the “banks too big to fail” and their proteges run the US Treasury, the financial regulatory agencies, and the Federal Reserve, US economic policy has been focused on bailing out the excessively large banks created by mindless deregulation. The purpose of US economic policy is to save the large banks from their bad bets on poorly understood new financial instruments in the gambling casino created by deregulation.

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  • FranAugust 05, 2013 - 11:54 am

    Communist Party makes a comeback ... in Japan (At least they are calling it what it is...) http://tinyurl.com/lg2gq5z

    Reply | Report abusive comment
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Obituaries

Bobby Lloyd Bridges

By Contributor | From Page: A2

 
Harry Frank Harper

By Contributor | From Page: A2

Marion “Wayne” Griswold

By Contributor | From Page: A2

 
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Real Estate

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Comics

Speed Bump

By Contributor | From Page: A8

 
Tundra

By Contributor | From Page: A8

Horoscope, Thursday, April 24, 2014

By Contributor | From Page: A8

 
Horoscope, Wednesday, April 23, 2014

By Contributor | From Page: A8

Working It Out

By Contributor | From Page: A8

 
TV Listings

By Contributor | From Page: A8

Shoe

By Contributor | From Page: A8

 
Sudoku

By Contributor | From Page: A8

Rubes

By Contributor | From Page: A8

 
New York Times Crossword

By Contributor | From Page: A8

Flying McCoys

By Contributor | From Page: A8