Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve - The Hill's Floor Action

By Pete Kasperowicz - 08/02/11 10:13 AM ET

Rep. Ron Paul on Monday introduced legislation that would lower the federal government's debt by canceling the roughly $1.6 trillion in debt held by the Federal Reserve.

Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.

The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury debt represent a debt that the government owes to itself, and one that also leads to an unwanted and inflationary increase in the money supply.

Paul has also said the Fed is allowing the federal government to continue a spending binge it otherwise would not be able to afford, and is forcing the Fed to print money to keep up.

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• Rep. Paul: When a cut is not a cut

"If the federal government cannot cut spending and bring the budget back into balance, the Fed undoubtedly will be forced to simply monetize trillions of dollars in Treasury debt, which is nothing more than a stealth form of default," Paul said back in May.

Paul is highly critical of the debt-ceiling agreement that the House approved Monday, and said that rather than require real cuts in spending, the bill mostly cuts planned spending levels in the future. According to the legislation, discretionary spending in 2012 would be just $7 billion less than in 2011, and in 2013 it would be just $3 billion less than 2011 before allowing increases above 2011 levels.

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"No plan under serious consideration cuts spending in the way you and I think about it," Paul wrote in a piece that appeared on The Hill's Congress Blog. "Instead, the 'cuts' being discussed are illusory, and are not cuts from current amounts being spent, but cuts in projected spending increases."

A Culture of Denial - Alex Jones Tv 1/3

U.S. Debt Jumped $400 Billion in First Hours After Obama Signed Debt-Limit Bill

U.S. Debt Jumped $400 Billion in First Hours After Obama Signed Debt-Limit Bill | CNSnews.com

Wednesday, August 03, 2011
By Terence P. Jeffrey

President Barack Obama signs legislation increasing the federal government's debt limit on Tuesday, Aug. 2, 2011. (White House photo/Pete Souza)

(CNSNews.com) - The debt of the federal government—as reported by the U.S. Treasury Department in the official Daily Treasury Statement—jumped by $400 billion on Tuesday afternoon within hours of when President Barack Obama signed the legislation that lifted the debt limit by as much as $2.4 trillion.

Every business day at 4:00 p.m., the Treasury publishes the Daily Treasury Statement, summarizing the U.S. government financial accounts as they stood as of the close of business on the previous day.

At 4:00 p.m this afternoon, the Treasury published the statement summarizes the accounts of the U.S. government as they stood as of the close of business yesterday, Tuesday, Aug. 2, 2011.

Table III-C of the statement, which summaries the national debt, indicated that at the beginning of Tuesday, the U.S. debt subject to the limit was $14.294000 trillion. At the close of business Tuesday, the statement said, the debt subject to the limit was $14.694,000 trillion—an increase of $400 billion.

Charlie Veitch Deleted Post From Love Police Website

Blog Hijacked: The Death of The Love Police

Posted by: Charlie | Category: Blog | Date: 4th August, 2011 (12:24am)

Dear Readers,

This is not Charlie. This is the person that knows him better than anyone else.

I felt I needed to tell you all the truth about Charlie, especially since so many of you donated to fund his lifestyle. Please read carefully, save it, repost it if you like. He will delete this blog as soon as he sees it. He has a strong distaste for the truth.

Charlie preached in the streets about love and truth – but these are two values which he does not hold for himself. The majority of those in the government, and in the police force, are better human beings than Charlie is.

Charlie is not hired by MI5, or a paid ‘shill’. The truth is dirtier than that. Put simply, Charlie is a liar and a cheat. He never once practiced what he preached.

He tried to tell you all that his girlfriend, aged 20, was his ‘goddess’ – he came across like a family man, a loving man, an aspirational figure. In reality, he was very, very dark.

He admits that he cheated on every girlfriend that he ever had, from short term to the most serious long term relationships – but when he started the Love Police, he said he realised how wrong this was, and that he was a changed man. This was a sick veneer. At the time, he was cheating on his new girlfriend – the woman you knew to be the other half of the Love Police. The one that tirelessly campaigned to get him out of jail every time he was arrested. We don’t need to go into too much detail – the cheating was continuous, diverse, and relentless.

However – last year, in the honeymood period of his new relationship, he made a video called ‘Jasmine and the Morning Star’, featuring a 15 year old girl. Many of you voiced your concerns about the nature of the filming – it seemed perverted and almost paedophilic. You were right. Luckily, this girl’s mother was a bit wise to him, and accompanied the child to his flat in London, unexpected by him. He tried grooming her nevertheless, whispering to her that they had a special ‘connection’ and so on, but he could not make his sexual move in front of her mother. He had wanted her alone. He finally did get her alone, when the poor girl was only 16 years old. He got her very drunk, took her to his home, and slept with her despite her initial protests, and despite him apparently being in love with his ‘goddess’. Afterwards, the child went to the bathroom to be sick, and called a friend who luckily collected her. The story gets worse. The next day, she was very upset and told her mother. Her 40 year old mother confessed that she too, had been taken out by Charlie, and that he had also slept with her when she was too drunk to know what she was doing – just the night before he slept with her 16 year old child. Yes. I feel incredibly sick too.

He has today posted new videos that he has made with this child. The girl realises now that filming with him again was a mistake, and would like all footage of herself removed. He makes her feel uncomfortable and unsafe. She is aware of his dark, ulterior motives. It is not the first time Charlie has used children. When he was in his early 20s, he had a secret ‘relationship’ with a 14 year old schoolgirl.

Charlie was on a huge ego trip and was prepared to break young, innocent hearts along the way. He cheated with anyone he could get his hands on. He cheated on his ‘goddess’ at every festival he was stupidly given free tickets too – from ‘Sunrise’, to (ironically) ‘TruthJuice’, whilst his girlfriend was taking her university exams. Anyone that knows his ex-girlfriend knows that she devoted herself to him fully, giving pure, true love and dedication – but receiving only deceit in return.

He and this long term girlfriend started living together after the torture of the royal wedding arrest. We all know that she achieved mainstream coverage of the arrest, speaking to broadsheets and broadcasters as big as the BBC, to try to help Charlie. But whilst she was away, he actually cheated on her with their new flatmate who was, again, drunk, initially protested, and who was vulnerable having just come out of a 5 year relationship.

She was suspicious and would often ask if he was being loyal. He lied, and apparently continues to lie, and refuses to apologise. Only he knows how many other people he used, and cheated on her with.

His ‘goddess’ saw that he needed professional help, and offered guidance and forgiveness – but he chose to stay the dark and evil man that he is. Now that the truth has come out about the young girl he was grooming since 15, I know she would not forgive him or love him anyway. Paedophilia is the darkest of all evil. They never change.

Many of you have been dismayed not just by his change of mind about 9/11, but moreover by the treatment of his viewers concerning this change of mind. Now you know that he NEVER was about truth, or love – his whole entertainment of you was a lie. The BBC3 programme features a man of disgrace. He was simply lapping up the attention and donations you gave him, at a loose end after being made redundant in the city. So now, I say, the Love Police is dead. You should all:

Unsubscribe from this blog.

Unsubscribe from his Youtube.

Delete him on Facebook.

Don’t load him with more hate, and certainly not praise – simply ignore him.

And Charlie – take down your Youtube channel. For all of our sake, don’t make anymore videos.

You are a shameful man. You need to seek professional help, and then come back to the people you betrayed and used, and apologise. The truth hurts but it is for the best. You keep convincing yourself that you are a wonderful person, but maybe now that the world knows the truth, you will also be able to look yourself in the mirror and realise what you are and how much hurt you have given those you loved most. You are a liar, a pervert, a fraud, and a cheat.

You used a young, vulnerable child for sex, whilst pretending to be something you are not – she, and her mother, deserve an apology. You took donations from people whilst pretending to be something you are not – they ALL deserve an apology. Finally, your ‘goddess’ donated her whole world, youth, and heart to you, whilst you pretended to be someone you are not – she deserves a sincere apology.

Finally, I apologise sincerely that it came to this. But no more can I witness hero worship, and donations, for a fraudulent man, on a fraudulent basis. There are children dying of disease and starvation that could do with those thousands of pounds we spent on him, to keep them breathing.

I learned that many ‘truthseekers’ in fact thrive on lies. But I maintain that the truth, and love, are the most important values in the world. And I write this only out of truth and love. Sometimes, karma needs help on its way.

David Icke has 'No Class' - claims charlie veitch

The American Animal Farm

Articles: The American Animal Farm

George Orwell wrote his famous Animal Farmallegory about the corrupting potential of socialism in 1943. The novel was not published for two years because the liberal Bloomsburyestablishment did not want to offend the new Labour Party majority in London or Stalinist allies in Moscow. After WWII, Orwell defended his fable, saying that his intention was to illustrate how easily otherwise intelligent people could be "misled by propaganda in a democracy."

Political ideology in America has devolved to forms that would make Orwell cringe today: socialists (née Marxists) and democratic socialists (née Keynesians). The former views government as an all-purpose solution and the latter views government as a "stimulator," a kind of economic and social Wizard of Oz. The two are more alike than they are different. The fatal flaw of both is the chronic inability of voters and their elected representatives to distinguish between wants and needs. Elections are now confused with democracy, and the majority seldom votes for the common good -- or their own best interests.

Neither debt nor deficits are national security crises. Both are just two symptoms of civic decline, a bloodless coup in slow motion. The end may come slowly or catastrophically, but collapse seems inevitable. And the solution isn't Democrats or Republicans; both parties are now "democratic" in name only. Neither major party represents the will nor the best interests of the people.

Before the turn of the 21^st century, Francis Fukuyama wrote a provocative essay for National Interest where he argued that the fall of the Soviet Union represented the "end of (authoritarian) history" as we knew it and a triumph of "liberal democracy." Fukuyama didn't have much to say about the advent of totalitarian Islamism or the spread of virulent socialism in the West. Indeed, Frank might have been more candid had he called the 20^th century a triumph of "social," not liberal, democracy. Fascists and old-school Communists may be gone, but socialism has metastasized in every Western democracy under the tutelage of "progressives."

Socialism, with the able assistance of Islamism, is now poised to do to Europe, the British Commonwealth, and America what Nazis, Fascists, and Communists could not. The threat from social democrats may be more subtle than the naked aggression of Islamists, but the endgame might be the same. The illusions of socialism and the worst instincts of democracy are now joined in a death spiral.

The fatal flaws of social democracy include but are not limited to promises that cannot possibly be kept; outlays that might always exceed income; the necessity for Orwellian mendacity; the absence of all moral hazards; and ultimately, a terminal erosion of the electoral process and democracy itself.

Promissory Default

Social democracy is a kind of piñata politics, a system where special interests seek like-minded politicians who will cater to a host of creative dependencies. Few distinctions are made between real needs and simple cupidity. Once established, most federal programs quickly outlive their usefulness. Results become immaterial.

Once funded, the legislature might be lobbied by bureaucrats from within and beneficiaries from without. Social democracy is a perpetual motion machine where the prime function of government is spare parts -- spare parts for itself. Mission statements for most social agencies are adorned with adjectival admonitions like "better" or "improved," yet few if any measures of effectiveness are ever established or enforced. The "wars" on poverty, illiteracy, drugs, and terrorism and their associated federal departments are all examples of dismal, yet expensive failures. The only function that most federal agencies do well is write checks -- checks against funds which must be borrowed from folks that may not have our best interests at heart.

The liberal or progressive proposal for solving the deficit/debt dilemma is "more of the same": tax and spend. The strategy is aptly defined as "leading from behind." Four in ten spending dollars must be borrowed today to keep America afloat. Paul Krugman tells us we must spend now, cut later. Later, unfortunately, never comes.

Double-"D" Economics

For the first time in history, the specter of sovereign default stalks the wealthiest nation on Earth. The wealthiest was also, heretofore, the most successful democracy. Democratic capitalism, once thought to be the engine of post-agrarian American success, has been undone by a socialist revolution without guns.

Debt and deficit, or double-"D" economics, assumes that growth and proportionate tax receipts will always compensate for imprudent spending. Like Fitzgerald's green light, this elusive future is always visible but never near. Spending your way out of debt is an oxymoron, a kind of logic that thrives only among civic knaves, politicians, and public employees. No prudent banker will raise the credit limit for an insolvent cardholder. Assumptions about ever-growing revenues are similar to public employee expectations about pay and raises. Apparatchiks and dependents see the public trough as a bottomless pit.

In a rare bit of candor, journalists have christened European insolvents as "PIIGS" (Portugal, Ireland, Italy, Greece, and Spain). The acronym does not yet include America, but well it might. Some pigs are more equal than others. The Yankee boar, like Orwell's Napoleon, has the power to wreck the international barnyard.

Mandated Mendacity

The proper Orwellian state requires a language of euphemisms. Discretionary and non-discretionary spending are two of the best. The latter term is designed to protect sacred cows -- as if any spending is ever "mandatory." Taxes are never taxes; words like "investments," investments that never pay, mask the pain. Keynesian deficit spending masquerades as "stimulus." If a stimulus package doesn't work, clearly it wasn't big enough. A corruption of language is necessary for any successful fraud. Mendacity is a standard kit for grifters and social democrats.

The most egregious deception turns rhetoric and logic on their heads. Those who argue that spending should not exceed income are libeled as immature, radical, insensitive, and dangerous. Those who would end the spending bender are labeled as right-wing "nuts." Somehow a balanced budget threatens the future, full faith, and credit of America. In the bizarre world of social democracy, all facts and logic are subverted by compulsive spending and fiscal deficit disorders. Blaming the thrifty for impending default is a little like blaming fire on the alarm.

Moral hazards

There are no moral hazards in the world of social democrats. Indeed, government is not required to produce goods, nor does it necessarily deliver services. In spite of decades of Keynesian stimulus, government at all levels has become a net consumer, not a creator of wealth. And most programs and departments are vampires, they cannot be killed. Failure always looms, yet there are no penalties for poor performance. No-fault politics is a value that crosses party lines. Of 15 cabinet departments, six have been in default for decades. All are immune to reform or the axe.

Consider just three: Defense, Welfare, and Education. America has waged a host of wars since WWII. Few have been unambiguous successes. Indeed, among four ongoing wars in the Muslim world, the word "victory" is the most notable casualty. At home, two cabinet departments now service the welfare state. Even progressives argue that misguided federal largess has created a host of pathologies and dependencies that never existed before the advent of the "nanny" state. And American education is a domestic and international joke. The technology sector, that is supposed to be America's economic salvation, must go abroad to India and China to find qualified employees.

Default democracy

In the 18^th century, the founding fathers restricted the voting franchise to the landed gentry. The idea was to restrict governance to the successful and accomplished citizens. If nothing else, successful and enterprising men were thought to serve as role models. No one anticipated a 20^th-century oligarchy of venal lawyer/politicians without term limits.

Like the wise men of 5^th-century Athens, early American political philosophers were aware that even a representative republic could be hijacked -- where cupidity and self-interest could thrive at the expense of the common good. It's no accident that the word "democracy" does not appear in the Declaration of Independence or the Constitution.

The original vision of an entrepreneurial, capitalist republic has devolved now to a social democratic nightmare where government programs actually suffocate initiative and enterprise. Literal, and figurative, industry is now vilified from the Oval Office. At the local level, especially in urban areas, social democrats thrive in dysfunctional, one-party towns. These urban blights cannot afford incompetence, even; it must be subsidized.

Fifty percent of the population pays no income taxes, but they do have the vote. This constituency has no skin in the game except, maybe, to collect a government check. There's no incentive for fiscal prudence when deadbeats can be bought with other people's money.

The American crisis was not created by reformers or conservatives. It was created by a bovine electorate and a porcine federal government -- a horrible model that actually cultivates social pathologies for political purposes. More than four out of ten dollars spent by Washington must be borrowed to finance what now amounts to an American "Animal Farm." Indeed, George! The pigs have taken over again. Napoleon and Squealer are back.

G. Murphy Donovan writes frequently about national security matters. He writes also at Agnotology inJournalism. The author was a colleague of Fukuyama at the RAND Corporation, Santa Monica.

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Factories, service firms see slow growth in June

Factories, service firms see slow growth in June - USATODAY.com

Services firms expand at slowest pace in 17 months

Services firms expand at slowest pace in 17 months - Yahoo! Finance

Christopher S. Rugaber, AP Economics Writer, On Wednesday August 3, 2011, 10:23 am

WASHINGTON (AP) -- The U.S. service firms, which employ nearly 90 percent of the country's work force, experienced their weakest growth in 17 months in July. The report confirms other data that show the economy is struggling two years after the recession ended.

The Institute for Supply Management said Wednesday its index for services companies fell to 52.7, from 53.3 in June. Any reading above 50 indicates expansion.

The ISM's index covers a range of service industries, including health care, retail, and financial services. The index reached a five-year high of 59.7 in February, but has fallen since then.

Growth slowed to less than 1 percent in the first six months of this year, the government said Friday. Consumer spending, which fuels 70 percent of economic activity, fell 0.2 percent in June. It was the first decline since September 2009.

Less spending has hurt service-sector companies such as restaurants, retailers, and amusement parks.

As the economy has slowed, so has hiring. Employers added only 18,000 jobs in June, the fewest in nine months. The unemployment rate rose to 9.2 percent.

The government will release the July jobs report Friday. Economists predict only 90,000 jobs were added last month and the unemployment rate was unchanged. The economy needs roughly three times that many jobs to reduce the unemployment rate.

Much of the slowdown stems from a spike in gas prices since last year. That reduces the amount of money consumers can spend on discretionary goods such as furniture, electronics, and appliances. Spending on those categories has fallen for three straight months.

Spending fell largely because most Americans aren't seeing any pay increases. Incomes rose only 0.1 percent in June, the department said, the smallest gain since September. Americans are also saving more, boosting the savings rate to 5.4 percent.

Manufacturing output has also been hit by supply disruptions stemming from Japan's March 11 earthquake, which caused auto companies in the U.S. to reduce production.

Many analysts had predicted the economy would turn around in the second half of the year once those temporary factors began to fade.

But the ISM's manufacturing report, released Monday, showed the economy is still deteriorating. The manufacturing index fell to 50.9, its lowest level in two years.

Most economists have reduced their growth forecasts. Paul Dales, an economist at Capital Economic, now expects growth of only 2 percent in the second half of the year, down from an earlier forecast of 2.5 percent

Poisoned Eggs, Tortured Chicken Corpses

$225m Housing Units For Illegals Living On Social Security

$225m Housing Units For Illegals Living On Social Security

By Frosty Wooldridge
8-2-11

Every time you turn around, our Congress finds another method for screwing the American taxpayer. This nine minute video will show you how Obama and Congress pay billions of our tax dollars to house, feed, educate and maintain illegal aliens. In Tacoma, Washington, this 1,300 unit housing complex houses illegal Koreans, Mexicans, Chinese, Indians and other ethnic groups in a first class project paid for by your tax dollars. They don't have to mow their own lawns or pick up their trash. Your tax dollars pay for those services. While Congress gives illegal aliens $436 billion annually across 15 federal agencies according to the Edwin Rubenstein report at www.TheSocialContract.com , it's inconceivable that 13.4 million American children live in poverty. It's reprehensible that 14.5 million Americans suffer unemployment. It's beyond comprehension that 43 million Americans subsist on food stamps. Yet, every 30 days, Congress pumps another 200,000 legal immigrants into this country that cannot feed, house, clothe, educate or maintain themselves. Instead, our tax dollars do it for them. This video will show you how corrupt our Congress is and how much we pay for it: http://blogs4borders.blogspot.com/2011/07/elaborate-welfare-housing-project-for.html Frosty Wooldridge has bicycled across six continents - from the Arctic to the South Pole - as well as six times across the USA, coast to coast and border to border. In 2005, he bicycled from the Arctic Circle, Norway to Athens, Greece. He presents "The Coming Population Crisis in America: and what you can do about it" to civic clubs, church groups, high schools and colleges. He works to bring about sensible world population balance at www.frostywooldridge.com He is the author of: America on the Brink: The Next Added 100 Million Americans. Copies available: 1 888 280 7715

US STOCKS-Massive rout spells trouble for Wall Street

US STOCKS-Massive rout spells trouble for Wall Street | Reuters

Tue Aug 2, 2011 4:34pm EDT

* S&P 500 turns negative for year

* S&P closes below 200-day moving average

* Global growth fears weigh on stocks

* Dow off 2.2 pct, S&P off 2.6 pct, Nasdaq 2.8 pct

* For up-to-the-minute market news see [STXNEWS/US] (Updates to close)

By Edward Krudy

NEW YORK, Aug 2 (Reuters) - The S&P 500 turned negative for the year on Tuesday as the wrangling over the U.S. debt ceiling faded and investors turned their attention to the stalling economy.

The broad-based index fell for a seventh day and crashed through the key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008.

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