The Federal Reserve System

September 26th, 2013

With the continued Great Depression of the New Millennium, to the Federal Reserve I say:

“You can fool some people sometimes…

                …but you can’t fool all the people all the time.” 

And, maybe The Fed has me fooled as well.  But either way, I say it’s time The Fed declares a fiduciary responsibility to the People of the United States or it’s time for our Federal government to ‘Shred The Fed.’

Adam Trotter

Concerning the Federal Reserve System and Fiduciary Responsibility….

http://adamvernontrotter.blogspot.com/2010/10/concerning-federal-reserve-system-and.html

Thomas Jefferson and the Federal Reserve System.

http://adamvernontrotter.blogspot.com/2010/06/thomas-jefferson-and-federal-reserve.html

The Time to ‘Shred the Fed’ Appears to be At Hand.

http://adamvernontrotter.blogspot.com/2010/08/time-to-shred-fed-appears-to-be-at-hand.html

Definition of Terms: "Shred The Fed"

http://adamvernontrotter.blogspot.com/2011/02/definition-of-terms-shred-fed.html

The Great Depression of the New Millennium

http://poetrybyadamvernontrotter.blogspot.com/2011/03/great-depression-of-new-millennium.html

Sovereign Citizen Movement and the L.A. Times Article.

Feb. 25th, 2012

After reading an article in yesterday’s (Friday’s) Los Angeles Times about the ‘sovereign citizen movement,’ I decided to blog and chime in with my thoughts on any such movement and the newspaper’s condemnations thereof. The article, “Contempt for the law,” by Brian Bennett, Feb. 24th 2012, page A1, continues on page A15 under the heading “ ‘Citizens’ hold themselves above the law.” (http://articles.latimes.com/2012/feb/23/nation/la-na-terror-cop-killers-20120224) Given the history of the printed source of the article (The Los Angeles Times), this newspaper’s weakly masked political leanings typically displayed in its articles, and the reality of modern-day political tactics, I would tend to doubt much of the conclusions stated in this article. Furthermore, I would tend to doubt these conclusions regardless of the source. Because, in a nutshell, for any group to call for a strict interpretation of the U.S. Federal Constitution should not qualify that group as 'domestic terrorists.'

To begin with, the article speaks of how the Sovereign Citizen movement is now classified as a domestic terrorist organization as a result of “…two recent unpublished studies [wherein] the Homeland Security Department and the National Counter-terrorism Center ranked the sovereign citizen movement as a major threat along with islamic extremists and white supremacists.” The article also spoke of six police officers having been killed as a result of clashes with members of the movement. The movement is credited in the article as having 100,000+ members.

I don’t know a great deal about the Sovereign Citizen movement; but from what I know of it, the members don’t consider themselves to be above the law. From what I have been told, members of the Sovereign Citizen movement typically and exclusively recognize the U.S. Federal Constitution as the only law of the land – which could be a valid argument. They often contend that the Constitution and the Founding Fathers of the nation intended the inhabitants of the United States of America to be as sovereigns (or kings). As such, many laws outside the Constitution would therefore be more-or-less unjust. However, what I consider to be the Sovereign Citizen-type movement could ultimately be different from that which is addressed in the article – as I have never heard of any of the ‘Sovereigns’ being violent. So, there could exist varying degrees of this movement and varying degrees of tactics employed by the different elements of any such group, one would have to suppose.


Additionally, as I understand, the Sovereign Citizen movement takes issue with the current tax and revenue generating arms of the government – including as an example The Federal Reserve System – as it would appear that such may not have been authorized by the Constitution either. Nevertheless, as far as I can tell, the Sovereign Citizens might have a valid argument concerning the applicability of the Constitution in addition to their views leaning towards the possible absurdity of many other 'laws.' (See: Thomas Jefferson and the Federal Reserve System. See also: 11-11-11 Day, Repeal the Eleventh Amendment, I say! )


Similar to the Anti-Wall Street protesters and somewhat in-line with the Tea Party folks, the Sovereign Citizen movement, from my limited knowledge, seems to speak of how the nation’s banks appear to control OUR government and of how OUR government seems to consistently only endeavor for the banks and financial industries. And, as OUR government and the value of OUR currency continually display, there has been no significant change concerning the ‘policy regime’ of the Federal Reserve System in recent decades other than to implement policies that were to the apparent further detriment of the American people – regardless of any advertised or superficial calls for ‘change’ by any recently elected politician. The grass-roots movements, then, seem well-justified in illuminating this matter for the apparently blind (or banker-supported) politicians. To be clear, as an example, the Federal Reserve System is a private banking cartel that has absolute control over the U.S. nation’s money supply – which would seem unconstitutional. Clearly, the Federal Reserve System maintains no fiduciary responsibility to any entity other than itself. (If you don’t believe me, try and find something to contradict such a statement in the Fed’s website: http://www.federalreserve.gov/ and http://www.federalreserve.gov/pf/pf.htm ). (See also: Concerning the Federal Reserve System and Fiduciary Responsibility…. , and, Allow the Federal Government to Control America’s Currency, and, Definition of Terms: "Shred The Fed".)


WE are all aware of the typical propaganda efforts long disseminated from our governments regarding any group or individual opposed to the power structure as it currently exists. Such a gathered opposition to seated government officials and opposition to the current affairs of government would likely then have their names included on some fascist-type government list of those to be ‘black-listed.’ Given the often un-forthright and self-centered nature of OUR government entities, agencies, and officials, should the government types label a group as one to be avoided appears to this blogger as more of an unofficial endorsement that those blacklisted folks are probably worth hearing to some extent. In other words, it is difficult to believe OUR government (and press) about anything stated regarding groups of which the government does not approve. (See: “No-Fly List,” Safeguard or Political Weapon? And, Is the Nation Under Siege? Could We Trust the Nation’s Press to Tell Us? See also: Military Weapon Causes Annual Bird Kill From Arkansas Sky?)


The point of this blog entry is to highlight that when a coalition of ‘citizens’ (with 100,000+ members) questions the validity of the status quo of OUR government and the validity of the current - and often apparently dysfunctional - political power structure by way of a lawfully posed question, it seems illogical that such a commonly-held viewpoint/question necessarily makes that group ‘terroristic’ in nature. To call for the return of the Constitution as the ultimate - if not the only - law of the land is not terrorism; regardless of the extent to which the group demanding such is despised within the halls of OUR bloated and constitutionally-challenged government(s). As an example, there is nothing in the Constitution which might allow for the control of the nation’s money supply to be given to a non-government entity such as the Federal Reserve. Yet, our government has allowed such a situation to continue for the better part of a century. Then, to question such an unconstitutional enumeration of power to control the nation’s money supply does not appear as terroristic; at least not in my opinion. To the contrary, when an often self-serving national government that appears to work mostly (if not exclusively) for the financial industries (and the likes) is faced with a growing citizen-based group that opposes (among other things) the current and arguably unconstitutional situation whereby a banking cartel controls the nation’s money supply as well as the cartel’s control of the government, for the government to label such a group as terroristic realistically appears more as an endorsement of the likely just cause championed by any such group and therefore the group may be worth hearing.


IN the end, I can only wonder, by my voicing my opinion on matters such as these and by possibly displaying any sympathy or support for any such “Sovereign Citizen Movement” as I understand any such movement, would such an opinion make me a ‘domestic terrorist” as well? (See: Prepare to Defend Yourself from the Thought Police. And, The Thought Police Might Be on the Move. ) I don’t think I even want to know what the likely answer is to such a question. Regardless, A Just Government Fears Not…


Adam Trotter / AVT


See: 

Relevant to: The Sedition Act of 1798, 1 Stat. 596.

"Madison prepared the Report in support of the protest. His premise was that the Constitution created a form of government under which "The people, not the government, possess the absolute sovereignty." The structure of the government dispersed power in reflection of the people's distrust of concentrated power, and of power itself at all levels." (Justice Powell,

From: New York Times Co. v. Sullivan, 376 U.S. 254, 273 (U.S. 1964) (Lexis))

Federal Reserve : Banks : Citizenry : Volcker Rule :: Fox : Sharp Teeth : Hens : Hen House Door.

November 3rd, 2011


It is interesting that at this point in time the Federal Reserve, SEC, Comptroller of the Treasury, and the FDIC have all reportedly supported an effort to curtail the investment activities of the nation’s banks. The Volcker Rule reportedly aims to prevent the banks from investing for their own benefit (proprietary trades) and the Rule is to allow the banks only to invest funds in the markets on behalf of clients – with some exceptions, of course. The Rule is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act; with the Act totaling 848 pages, http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf - see page 245 for the Volcker Rule. Whether such a plan as the Volcker Rule (and maybe the banking act in general) has any worthwhile effects to benefit the American nation and its people is anyone’s guess and only time will tell.

One can surmise that the aforementioned government-type* entities have supported such an effort as the Volcker Rule to force the banks into lending money to consumers and businesses again – just like the banks of yesteryear. The Dodd-Frank Act, with its Volcker Act, also claims to be an attempt to head off future credit crises, should a recovery ever materialize from the current crisis. However, one must wonder why the SEC, the FDIC, the Comptroller, and the nation’s favored private banking cartel (the national bank we call the Fed*) did not assert such a plan when the banks were given trillions of tax dollars over the last several years.

We are all well aware of the potential of our often inept governments across the land – when taking any action – to make any given situation worse. As such, one can only wonder what may result from the current initiatives. For example, it would seem that to quash the profits of the nation’s banks via the Volcker Rule (or whatever) would only incite the banks to squeeze the consumer for more banking related fees – or any other fees the banks can dream up to increase their profits. Such a goal of squeezing customers for more money may well have been the impetus behind the recently proposed fee increases and charges for purchases made with bank issued debit cards (which the banks appeared to have abandoned as a result of public outcry concerning the topic), and such abandoned efforts may have been a result of the upcoming banking regulations.

Hypothetically, maybe the outlook from this legislation is not entirely bleak. Though not very likely, the Volcker Rule effort could cause the wealthy banks to gather the required gumption to legally challenge the constitutionality of the Federal Reserve System. If so, in the end, the Volcker Rule could lead to an actual win-win situation for the American consumer. Though given our government’s apparent favoritism with respect to the nation’s banks, it would seem not wise to anticipate any significant benefits to the consumer from our government or any other entity which has been sleeping with the banks throughout our nation’s history.

At best, maybe the apropos cliché is: ‘better late than never.’ Either way, this latest effort of the government entities and the Fed seems to conjure up another cliché, something like: ‘the fox closing the door to the hen house after all the chickens have been eaten.’

Adam Trotter / AVT


* Of course, we are all aware that the Federal Reserve, the banking cartel which runs the U.S. economy, is not a government agency. For those interested, see:


Volcker Rule
http://en.wikipedia.org/wiki/Volcker_Rule

Volcker Rule
http://topics.nytimes.com/top/reference/timestopics/subjects/v/volcker_rule/index.html


Volcker Rule, Once Simple, Now Boggles
http://www.nytimes.com/2011/10/22/business/volcker-rule-grows-from-simple-to-complex.html?_r=1&ref=volckerrule

Volcker Rule Is Out, How Much Will It Hurt? http://www.forbes.com/sites/halahtouryalai/2011/10/12/volcker-rule-is-out-how-much-will-it-hurt/


MF Global’s Collapse Exposes Prop-Trading Risk That Volcker Wants to Curb
http://www.bloomberg.com/news/2011-10-31/mf-global-exposes-prop-trading-risk-that-volcker-wants-to-curb.html


Regulators release plan for Volcker Rule limits on bank trading
http://www.washingtonpost.com/business/economy/regulators-release-plan-for-volcker-rule-limits-on-bank-trading/2011/10/11/gIQAjVacdL_story.html




Selected Sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act
SEC. 343. INSURANCE OF TRANSACTION ACCOUNTS.
http://www.fdic.gov/regulations/reform/dfa_selections.html#619



Thomas Jefferson and the Federal Reserve System.
http://adamvernontrotter.blogspot.com/2010/06/thomas-jefferson-and-federal-reserve.html


Concerning the Federal Reserve System and Fiduciary Responsibility….
http://adamvernontrotter.blogspot.com/2010/10/concerning-federal-reserve-system-and.html

Central Banks Only Cause the World’s Economic Problems, Not Solve Them.

August 11th, 2011


According to Bloomberg News, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota stated: “Central bankers alone cannot solve the world’s economic problems.” One thing WE citizens all can be sure of, however, is that Central Bankers alone can cause the world’s economic problems – and seem to do so with the blessing of national politicians who typically appear as nothing more than lackeys and errand boys of the central banks, of course.

The Federal Reserve System has enabled and brought about the devaluation of the U.S. Dollar/Federal Reserve Note. The massive devaluation of the U.S. currency is readily evidenced by the all-time-high dollar value of gold. (The Fed holds much of the nation’s gold – worth noting.) Also, the massive devaluation of the fiat dollar helped to cause the real estate bubble. The massive devaluation of the dollar clearly has caused the difficulty with the U.S. Bond – its rating and down-grading. So without a doubt, the central banks – or at least the Federal Reserve System – can and have caused the world’s current economic problems.

Adam Trotter / AVT


PS. Please remember that the likely unconstitutional Federal Reserve System is not a government agency. "Shred The Fed!!"


PSS. I will argue in support of these statements in blog entries to follow. AVT


See:
Fed’s Kocherlakota Hinted at Willingness to Break Ranks on Policy in 2010
http://www.bloomberg.com/news/2011-08-11/fed-s-kocherlakota-hinted-at-willingness-to-break-ranks-on-policy-in-2010.html

Fed to Hold Interest Rates Steady and Low – Fed Appears as Stupid and Slow!

August 9th, 2011


While the nation is in the throws of the Great Depression [and liquidity trap] of the New Millennium and with the recent [and probably long overdue] down-grading of U.S Government bonds, The Federal Reserve announced its plan to hold interest at all-time-low rates for two years. While history debatably has shown that lower interest rates during economic down-turns helps to increase dollars in the marketplace to spur economic growth, the present circumstances seem unlike anything in the nation’s history.

The Federal Reserve – while claiming to be acting in the nation’s interest – is quick to keep more and more dollars in the marketplace as this apparently allows the Fed to continue to ‘have its cake and eat it too.’ What I mean by such a statement is that the Fed clearly has a long-standing policy which includes the massive devaluation of the U.S. Dollar/Federal Reserve Note for any number of reasons of which I repeatedly have blogged. Now the Fed can try to flood more dollars into the marketplace through lower interest rates in a claimed attempt to help grow the economy out of this depression while also further devaluing the Dollar which appears as what the Fed has wanted for years. And, of course, it is likely the extremely devalued Dollar has led to this latest Great Depression [and liquidity trap]. This announced and extended low interest effort probably will be fruitless anyhow as the banks seem unwilling to lend money. In the end, Citizens should seek to understand why the Fed desires to appear as helping the nation while, in fact, it ultimately will continue its long-standing policy regime that has surely led us to this Great Depression [and liquidity trap] of the New Millennium – again, such a regime which includes as its cornerstone the extreme devaluation of the U.S. Dollar/Federal Reserve Note.

To continue along the same economic path that the Fed has invoked in the past and which likely caused the current economic difficulties surely seems foolish – in my opinion. So foolish does the policy regime of the Federal Reserve seem that it would appear that President Obama would do better to hire me as Treasury Secretary than to allow the Fed to do its own bidding and to continue its current policy regime with the apparent blessing of the Administration and Treasury Secretary Geithner (a Secretary who appears no more than as a mouthpiece for the Federal Reserve). Why do I say this? Read on….

What should the Federal Reserve System be doing in the midst of the Great Depression [and liquidity trap] of the New Millennium to help the nation? Well…, I think I know what they should be doing during this liquidity trap which has maintained this economic depression and I have blogged about my ideas in the past. Furthermore, without any doubt, I believe the nation would be better served to ‘Shred the [unconstitutional] Fed.’ The apparent fact remains, however, that the nation’s politicians are unwilling to ‘buck’ the all-mighty Federal Reserve System. (Ask me why, if you don’t think you know already.)

Of course, I am aware that no one may really understand how the nation’s and world’s economies function and interact. Regardless, in light of the Federal Reserve’s recent track record there appears one thing that we can all be sure of, such being that the nation would be in a better position economically if the Federal Reserve was to do exactly the opposite of what it thinks is best!!! Again, why do I say this? Because, given a liquidity trap compounded by an ever-devaluing Dollar, the low bond rates are the likely source of the economic problem!!! At the risk of sounding as arrogant as the Federal Reserve and our nation’s politicians, I find it odd that one such as I would even believe it necessary to explain such an issue to the fat-cats of the Federal Reserve that run and own our nation and its economy!!! As a result, I believe it is clear that The Federal Reserve and all those that endlessly support the Federal Reserve System are either stupid, in denial, or really don’t care about the welfare of the nation and its populace! It is clear at this point in time that the Fed doesn’t know what to do or doesn’t want to do as it should to fix the nation’s and world’s current economic mess.

Adam Vernon Trotter / AVT


See also:
Fed: Low rates to stay till at least mid-2013
http://www.marketwatch.com/story/fed-low-rates-to-stay-through-at-least-mid-2013-2011-08-09


U.S. Federal Government Debt Difficulties? What Should a Citizen Do?
http://adamvernontrotter.blogspot.com/2011/07/us-federal-government-debt-difficulties.html


Incompetence and Confusion: Federal Reserve to Raise Interest Rates? U.S.Dollar, Liquidity Trap, Inflation, and Savings.
http://adamvernontrotter.blogspot.com/2011/06/incompetence-and-confusion-federal.html

A Just Government Fears Not…
http://poetrybyadamvernontrotter.blogspot.com/2011/03/just-government-fears-not.html

U.S. Federal Government Debt Difficulties? What Should a Citizen Do?

July 26th, 2011


To me, solving the long and short-term financial debt levels of the U.S. Federal government appears as an easy-fix. In my opinion, the debt levels could be drastically reduced while government agencies maintained sufficient funding to perform their required functions and no tax increases would be necessary. However, OUR nation’s governments and the politicians who populate those entities seem unable to recognize how to concurrently attain these goals – goals which may seem as a dichotomy to those blinded by long-standing and unnecessary government paradigms.

With our politicians and governments seeming as ignorant or as maintaining motives for not solving the nation’s economic difficulties, the American Citizen is then left in a quandary. Should the Citizen denounce and reject the U.S. [Federal] government, its politicians, and its typical way of business, or should the Citizen demand action within the allowances of nation’s current framework to rectify the many ills of the nation’s on-going economic problems? Essentially, I would tend to the latter choice and some combination of the following actions/changes within the nation's framework are what I would offer as demands to help to bring back the overall economic well-being of the Citizenry – in keeping with our nation’s current framework which allows for such changes:

FIRST, the Citizenry should DEMAND THE REPEAL OF THE ELEVENTH (11th) AMENDMENT to the U.S. Federal Constitution. The First ten amendments to that sacred document are what WE in America recognize as OUR Bill of Rights. It’s ironic that the first follow-on amendment added to the Constitution – after the first ten – is so opposed to the spirit of the Bill of Rights. The first ten amendments, of course, being brilliantly authored to reflect what is known to be Right and proper. Then along comes the Eleventh Amendment which attempts to do its best to negate much of the first ten amendments when such is applied to a U.S. state or government agency (and its officials) in our Land. By allowing the politicians, officials/bureaucrats, and governments themselves to stand in opposition to what is known to be Right and proper and true, and then for the Constitution to provide a shield from any liability for the governments’ negligence/ignorance, appears as contrary to the American way – with the American way being that WE are accountable for our actions and WE attempt to correct our mistakes. However, there is no denying that the Eleventh Amendment allows for absolute negligence from OUR governments. As they are not liable or held accountable for their actions, the government entities and officials then have little reason to care of negligence or ineptitude, apparently.

The SECOND DEMAND that the American populace should put forward to fix OUR current economic mess, in my opinion, is to DEMAND THE REMOVAL OF ANY POWERS ENUMERATED TO THE FEDERAL RESERVE SYSTEM concerning OUR nation’s economic well-being – powers which would appear as improperly/unconstitutionally enumerated from OUR Federal government. Aside from the nation’s current economic mess, even former Fed Chairman Alan Greenspan himself stated in his book that the economic boom years of the President Clinton era were a testament to the inability of the Federal Reserve to properly control the nation’s economy. Forgoing his explanation for his statement, such a statement nevertheless shows the Fed is not as all-knowing as it would hope to appear concerning our nation’s economy in spite of having the better part of a century in which to practice its economic operations. So it would seem to this day that the nation would probably be better off without the Fed – as was the nation for much of its history. Whatever the Fed might be doing to better the nation’s economy, such does not appear to be bettering the matter for the nation and the populace. Then again, maybe the Fed does not want to better the economy of the nation – as it is not a government agency, it maintains no fiduciary responsibility to anyone other than itself, nor does this federal/national banking cartel seem to be required to uphold the nation’s Constitution either, as would be required of Federal government employees/entities.

As a possible THIRD DEMAND to be in the best interest of the populace to fix the American nation’s current economic mess, I might suggest that AN INTRINSIC/REAL VALUE BE SET FOR OUR NATIONAL CURRENCY. I am aware that we have all heard (or been told) that a non-fluctuating [U.S.] currency or fixed exchange rate could not function in the modern financial era. Of course, for many years, OUR nation had no nationally recognized/issued paper currency. Once adopted, OUR printed currency then generally maintained a fixed-exchange rate for significant periods of time. Then, long about the 1970’s, or so, the American/U.S. Dollar (or Federal Reserve Note) became a traded commodity – and from the People’s perspective, the nation has slipped down the hill of economic well-being ever since. All the while during the nation's economic slide, the value of the Federal Reserve's gold holdings have likely increased ten-fold. Of course, the currently traded fiat Dollar and its varying exchange rate is essentially managed by the Federal Reserve System (with our dollar also being known as the Federal Reserve Note) – which brings us back to the first two demands as delineated above in this writing.


So again, I would suggest that its time to dump the Federal Reserve System and probably time to repeal the Eleventh (11th) Amendment to the U.S. Federal Constitution as well as fixing OUR currency. I can’t guarantee that these steps will immediately solve all the nation’s economic difficulties nor do I claim that there exists no other valid idea(s) for bettering OUR current economic well-being. However, I could guarantee that such steps/demands as explained above would likely go a long way toward fixing much of the nation’s current economic woes.

Adam Trotter / AVT



The Economy is Bad. Where is The Fed?
http://adamvernontrotter.blogspot.com/2011/07/economy-is-bad-where-is-fed.html

The U.S. Federal Government: Its Debt and Its Apparent Stupidity.
http://adamvernontrotter.blogspot.com/2011/07/us-federal-government-its-debt-and-its.html

The Economy is Bad. Where is The Fed?

July 16th, 2011


The national U.S. economy seems really bad. Where is The Federal Reserve System [/The Fed] and what are they doing about the nation’s current economic situation? As The Federal Reserve System has had the better part of a century to practice running the nation’s economy and while concurrently/potentially owning OUR Federal government, what is the U.S. central bank (who we call ‘The Fed’) doing to make the situation better and to end the on-going “Great Depression of the New Millennium?”

Is The Fed merely inept – as seems most of the national-level, government-type entities which run OUR country? (The Fed is not a government entity, however.) Is The Fed attempting to reduce the U.S. nation to “third world developing nation" status – with The Fed’s endless devaluation of the American Dollar? Or, is The Fed attempting some other clandestine undertaking of which the rest of us are unaware and such an operation requires the concurrent devastation of the “American way of life”– as we are all aware The Fed essentially is not required to answer to anyone for its actions?

I understand attempting to run a nation’s economy has many challenges, no doubt! Nevertheless, the apparent long-standing and on-going policy regime of The Fed currently [and long since] appears as ineffectual at protecting the nation’s economic well-being.


Unless some rational and verifiable excuse exists for the inability of The Federal Reserve System to better the nation’s economic condition – other than an excuse of its own ineptitude, clearly the time is at hand to “SHRED THE FED!!” Surely, the nation’s economy would be better off with no national banking cartel acting as a central bank while said cartel concurrently controls our currency and financial institutions and while this same central bank/cartel (The Fed) routinely seeks “arbitrage opportunities” for itself in addition to claiming no fiduciary responsibility to anyone – seemingly the least of which would include a fiduciary responsibility to the American people and the U.S. nation!


Adam Vernon Trotter / AVT


PS. The Fed appears content to have its New York mouthpiece, Mr. Timothy Geithner, running the U.S. Treasury Department while handing trillions of dollars to its banking buddies in ‘stimulus’ monies. (See: Geithner Said to Consider Leaving Treasury After Debt Debate; located at: http://www.bloomberg.com/news/2011-06-30/geithner-said-to-weigh-leaving-treasury-after-debt-ceiling-debate-resolved.html)


Also see:
On The Federal Reserve’s Plan to Buy-Back $600B in U.S. Government Debt…
http://adamvernontrotter.blogspot.com/2010/11/on-federal-reserves-plan-to-buy-back.html


Thomas Jefferson and the Federal Reserve System.
http://adamvernontrotter.blogspot.com/2010/06/thomas-jefferson-and-federal-reserve.html


Incompetence and Confusion: Federal Reserve to Raise Interest Rates? U.S.Dollar, Liquidity Trap, Inflation, and Savings.
http://adamvernontrotter.blogspot.com/2011/06/incompetence-and-confusion-federal.html



Definition of Terms: "Shred The Fed"
http://adamvernontrotter.blogspot.com/2011/02/definition-of-terms-shred-fed.html



The Great Depression of the New Millennium
http://poetrybyadamvernontrotter.blogspot.com/2011/03/great-depression-of-new-millennium.html


The Time to ‘Shred the Fed’ Appears to be At Hand.
http://adamvernontrotter.blogspot.com/2010/08/time-to-shred-fed-appears-to-be-at-hand.html



Allow the Federal Government to Control America’s Currency.
http://adamvernontrotter.blogspot.com/2009/06/allow-federal-government-to-control.html


What Would Happen With No U.S. Federal Government Debt?
http://adamvernontrotter.blogspot.com/2010/11/what-would-happen-with-no-us-federal.html

The U.S. Federal Government: Its Debt and Its Apparent Stupidity.

July 5th, 2011

The decision makers in Washington appear to have never actually worked as an employee of the Federal government or don’t understand how the Federal bureaucracy actually spends its money or, for some unknown reason, don’t really want to reduce the Federal debt levels.

While once again having to stare in the face of near-imminent collapse unless it again raises its debt ceiling, the U.S. Federal government and its Law Makers appear at a complete loss of how to curtail the U.S. Federal debt – or as a result of mental deficiencies or loyalties to others rather than to the American people, the politicians/lawmakers simply do not really care to curtail the debt. Clearly, by merely revamping how the government spends its funds allocated to government agencies and contractors, the U.S. Federal government could likely save billions of dollars per fiscal year and could likely do so in a “win-win” manner for all. Changing the way the government spends its money/allocated funds would, most likely, significantly decrease Federal deficits which would in turn significantly reduce the Federal debt.

But then again, the lawmakers in Washington appear to be totally ignorant of where the likely majority of government waste actually exists. Such an ignorance as is currently apparent with the lawmakers could be a result of never having worked as a typical government employee – as many of the lawmakers have surely never worked as a regular government employee and appear to only have had the U.S. Federal government work for them.


Adam Vernon Trotter / AVT

PS. At the risk of sounding arrogant, if anyone wishes for the thoughts herein to be expanded/explained further, just ask.


See also:
What Would Happen With No U.S. Federal Government Debt?
http://adamvernontrotter.blogspot.com/2010/11/what-would-happen-with-no-us-federal.html

President Obama, Cut Whatever Budget You Want, We Are Accustomed To Such.
http://adamvernontrotter.blogspot.com/2011/01/president-obama-cut-whatever-budget-you.html


U.S. Credit Rating Has Been (or is being) Downgraded?
http://adamvernontrotter.blogspot.com/2009/06/us-credit-rating-has-been-or-is-being.html


A Just Government Fears Not…
http://poetrybyadamvernontrotter.blogspot.com/2011/03/just-government-fears-not.html

Incompetence and Confusion: Federal Reserve to Raise Interest Rates? U.S.Dollar, Liquidity Trap, Inflation, and Savings.

May 31st, 2011


The Federal Reserve System appears as an organization at odds with itself. On one hand it claims no fiduciary responsibility to anyone while on the other hand it claims to be concerned for economic welfare of the United States – while maintaining no apparent or mandated constitutional authority for its power, it should be noted. Furthermore, while employing the most arrogant of economic experts from the nation’s most arrogant of educational institutions, The Fed appears as completely incompetent while knowing no more of how to fix the currently listless U.S. economy than does the average simpleton. Additionally, The Fed appears as an organization which has been dishonest and has lied to the American people for so long that The Fed surely now takes the American public for complete idiots as well, all the while professing to the nation of how it cares for our economic welfare. Now, “A top Federal Reserve official says it is time to raise interest rates to avoid causing inflation and economic problems.” (See WSJ link below for quote source.)

The Fed has completely devalued the dollar to a fraction of its prior value (review the historic price of gold). Such currency devaluation was apparently done for any of several arguable reasons (to compete with cheap labor from other nations, to create a currency war, or most likely, to ‘swindle’ Chinese creditors). Not the least of these possible reasons for devaluing the dollar, it seems, was to artificially increase prices in an attempt to superficially – and by definition – put an end to any current economic depression (by artificially bolstering the U.S. GNP as a result of increased prices due to the devalued dollar) - which would help any politician running for reelection, btw.

As for raising interest rates to alleviate inflation pressures, clearly, the devalued dollar would be the only true driving factor for any increased pressures of inflation – as the majority of the population has long been unemployed or underemployed. Consequently, consumer demand and spending could not be causing any inflation. While some may counter that the increased price of fuel has caused inflation pressures to rise, it is likely that the increased price of fuel is also largely a result of the devalued U.S. Dollar (Federal Reserve Note) – a point which I will show at a future date when I have the time. Additionally, anyone that knows anything about economics knows that our government welcomes inflation for its contracting purposes in addition to its [and The Fed's] apparently concerted seigniorage efforts (see inflation tax, fiat dollar/money, and printing money).

As a testament to the level of fools for which The Fed apparently assumes comprises the majority of the U.S. populace, during the midst of the heightened and escalating devaluation of the Dollar – a devaluation resulting from The Fed’s actions, The Fed now wants the populace to increase its savings (according to the WSJ article below which quotes the head of the K.C. Fed). That is, The Fed apparently wants us to increase our savings levels while it continues to devalue the dollar – as if the U.S. populace could be as stupid as the Chinese creditors to allow the banks to hold our money/wealth while the central bank (The Fed) devalues the money to a level where it is worth less than when the money was put into any savings account. Even the Chinese fools/creditors eventually caught-on to what was happening in that regard. Now The Fed (apparently with no more foreigners around to swindle) expects the average American to be just as stupid as the Chinese had been. And additionally, of course, few Americans have jobs which would allow for saving any money, anyhow. What’s more, as a result of the economic depression, depressed real estate values, and nonexistent demand for workers, many retirement savings of aging Americans has long since been wiped-out – all the while during recent years The Fed maintaining an apparent historic position of desiring any such retirement savings to be invested in the equities markets and not kept in savings accounts.


Nevertheless, I must admit, given the listless U.S. economy and the liquidity trap which appears to have gripped the same, The Fed surely needs to do something different (other than lining its own pockets while increasing the value of its gold reserves which it has done superbly well over recent decades with the devalued dollar). Clearly the U.S. economy is in the throws of a liquidity trap. Few, other than myself – apparently, are even willing to admit the possibility of such a liquidity trap in the U.S. Most probably won’t admit such a possibility because they fear reprisals and retribution for stating such from the all-powerful Federal Reserve System and its government lackeys. When corporations pursue capital investments in infrastructure, for example, such typically increases the need for workers (which is a good thing). However, when corporations make these capital investments – say in new facilities, they often secure/sell bonds to ensure the financing of the capital improvement effort. There in lies the rub and the basis of the liquidity trap as well. Because, when interest rates are at an all time low rate of return (as they are currently), the interest rate ultimately has nowhere to go but up. When one buys a bond at one rate of return and then the rate is increased for new bonds, the value of the bond at the lower rate of return is then worth a lesser face value than when it was purchased. Therefore the holder of that bond at the lower interest rate has now lost money due to the availability of a bond at an increased interest rate. So in other words, no one wants to buy any bonds with such low rates of returns as they currently stand because such would surely be a losing investment to the purchaser of bonds. Furthermore, according to some, increased savings only worsens a liquidity trap – and, in fact, any economics textbook will tell you to throw money at a liquidity trap.

So what is The Fed’s true intent in this matter of seeking increased interest rates? Given its lack of fiduciary responsibility to anyone other than itself and its minimal transparency to observers, it is unlikely that any outsider will ever know what is the true intent of The Federal Reserve System. Given the hold and power The Fed has over our governments and politicians, it is unlikely that our governments and legal establishments will help us in this regard either. To be clear, the Nation's Founding Fathers stood against a national/Federal Bank and included no such allowance for a delegation of financial power/authority to a non-government agency/banking cartel [such as The Federal Reserve System] in our American Nation's Constitution.

Surely, it is probably best to let the economy drive itself rather than to let this banking cartel known as The Federal Reserve System make economic policy. After being in existence for nearly one hundred years, if The Fed has not determined by now what to do during times of economic woes to benefit the nation, what is the point in having it run our money supply and setting monetary and fiscal policy? As such, the time is clearly at hand to “SHRED THE FED”!!!


Adam Vernon Trotter / AVT


PS. Should time/history prove The Fed System to be less than forthright, let us hope that ultimate justice exists in the universe and that those bankers who were reported to have secretly met at Jekyll Island nearly one hundred years ago to frame The Federal Reserve System are now being subjected to that ultimate justice – as we can also hope the same ultimate justice will exist for the politicians, lawyers, and judges who continue to allow for the perpetuation of any seemingly corrupt and incompetent Federal Reserve System to this day.





Kansas City Fed's Hoenig Sees Need to Lift Rates
http://online.wsj.com/article/SB10001424052702303657404576353393578116276.html


Liquidity trap
http://en.wikipedia.org/wiki/Liquidity_trap


How Much Of The World Is In a Liquidity Trap? (Krugman)
http://krugman.blogs.nytimes.com/2010/03/17/how-much-of-the-world-is-in-a-liquidity-trap/



Liquidity Trap
http://www.investopedia.com/terms/l/liquiditytrap.asp



Definition of Terms: "Shred The Fed"
http://adamvernontrotter.blogspot.com/2011/02/definition-of-terms-shred-fed.html


Concerning the Federal Reserve System and Fiduciary Responsibility….
http://adamvernontrotter.blogspot.com/2010/10/concerning-federal-reserve-system-and.html


Thomas Jefferson and the Federal Reserve System.
http://adamvernontrotter.blogspot.com/2010/06/thomas-jefferson-and-federal-reserve.html

Definition of Terms: "Shred The Fed"

When I write/state ‘Shred The Fed’ or anything to a similar extent, I mean for one to do so in a Court of Law. By 'Shredding The Fed' in a Court of Law, one would thereby be removing any unconstitutional delegation/enumeration of power concerning control of the American Nation's money supply from the Federal Reserve System and returning control of the Nation's money supply to a government entity that would claim a fiduciary responsibility to the American People.

I could make that legal argument to remove this enumeration of power from the Fed, however. Just ask me how, should you be interested to know.
AVT

U.S. Government/Obama Administration Wants China to Stop Devaluing Its Currency. Which is the Free Nation and Which is Communistic/Fascist?

January 18th, 2011

In anticipation of the expected meeting tomorrow at the White House between President Obama and China’s President, ABC’s World News with Diane Sawyer reported this evening on the U.S. Government’s/Obama Administration’s efforts to “level the playing field" regarding trade with China. One of the topics of concern to the U.S. Government/Obama Administration is reportedly the continued devaluation of the Chinese currency.


Say what???!?!?!?


If that’s not the proverbial “pot calling the kettle black”. I mean… does our government consider the news viewing public idiotic – or is it merely ABC News that believes the viewers of its news program to be stupid? After such a report that appears totally ignorant of the apparent truth in this matter or, at a minimum, is attempting to not reveal the entire truth of the matter, I likely would not believe anything ABC News reports on the economy.

The United States – via the Federal Reserve System – has been devaluing our currency for most of the last one hundred years with particularly concerted efforts to this end during the last several years [if not decades]. One only needs to review the price of gold [in dollars] for evidence of our devalued currency (or read more of my blog). In fact, I am fairly confident that the Chinese government has re-linked the exchange rate of their currency to the U.S. Dollar a few years ago – displaying that they are not stupid either (see notes below). Therefore, if the dollar continues to become devalued, so in turn will the Chinese currency. Furthermore, unlike the Federal Reserve System and the ‘U.S Dollar,’ to my knowledge the Chinese government was never warned against the escalation of a “currency war” by the European Central Bank (ECB) as was the Federal Reserve System warned of such a few months back by the ECB regarding The Fed’s continued devaluation efforts of the ‘U.S. Dollar’/Federal Reserve Note. (See: http://adamvernontrotter.blogspot.com/2010/10/fed-to-buy-back-government-debt.html )

What is of particular interest and displayed by stories such as these, is the limited amount of reporting on items such as the continued devaluation efforts of the ‘U.S. Dollar’/Federal Reserve Note, the previously [albeit minimally] reported down-grading of American government securities instruments such as U.S. government bonds (downgraded by the Chinese, at least - and downgraded by others too as I recall, reports of which I can not locate at the time of this writing), and the limited amount of reporting of issues such as the Chinese government’s efforts to protect its financial interests by linking the exchange rate of its currency to the exchange rate of the dollar.

So again I ask, is it the U.S. government (and the Federal Reserve System) and/or ABC News who consider the U.S. general public and network news viewers to be total idiots with absolutely no knowledge of economics and international monetary policy or do these sources of information merely prefer not to report the entire truth? As time has now shown by tonight’s newscast, apparently all of them (ABC News, The Fed, and the U.S. Government) must consider the U.S. public/populace to be completely ignorant of economics and the current realities of international monetary policy. Clearly we can now legitimately ask: Can we no longer trust our news media sources to report the entire truth of any issue to the nation? (A question I have put forth previously, btw. See: http://adamvernontrotter.blogspot.com/2010/05/is-nation-under-siege-could-we-trust.html)

I mean…., concerning truth in reporting by the media as well as the truth regarding the continued devaluation of currency, which is the free nation and which nation is communistic / fascist?



Adam Trotter / AVT



See also:

How Currency Choices 'Made in China' Have Big Impact on U.S. Economy

REPORT AIR DATE: Jan. 18, 2011.
http://www.pbs.org/newshour/bb/business/jan-june11/chinacurrency_01-18.html

"SUMMARY
Economics correspondent Paul Solman looks at the ongoing dispute between the U.S. and China over currency and trade. Amid its trade deficit with China, the U.S. wants to pressure the Chinese to let their currency, the renminbi, rise in value instead of pegging it to the dollar.

PAUL SOLMAN: For many years, China glued its currency to the U.S. dollar. But, starting in 2005, China loosened its grip, letting the value of the dollar fall against the renminbi, some 20 percent over three years.
But, in 2008, the world financial crisis hit, and China reglued the renminbi to the dollar. In the aftermath, China has recovered, while the U.S. economy limps along, our unemployment rate distressingly high."


///


http://en.wikipedia.org/wiki/Fixed_exchange_rate (yea, I know we are not supposed to quote wikipedia)

“…There are no major economic players that use a fixed exchange rate (except the countries using the euro and the Chinese yuan). … Another, less used means of maintaining a fixed exchange rate is by simply making it illegal to trade currency at any other rate. This is difficult to enforce and often leads to a black market in foreign currency. Nonetheless, some countries are highly successful at using this method due to government monopolies over all money conversion. This was the method employed by the Chinese government to maintain a currency peg or tightly banded float against the US dollar. …” Which, as is typical for wikipedia, this information is seemingly contradicted further down the webpage.


///




An of course, there are others that say the Chinese currency is pegged to a ‘basket’ of currencies; but I don’t know how current this article is.

What is the United States Dollar (USD)?

http://www.gocurrency.com/countries/united_states.htm


“…A significant recent development is the action of the People's Republic of China: the renminbi had once been informally and controversially pegged to the dollar (since the mid-1990s, at 1 U.S. dollar = 8.28 Y); however the peg was removed on July 21, 2005. Instead, China has a managed float against a basket of currencies. …”



///



US Credit Rating Downgraded
It was only a matter of time...
http://www.wealthdaily.com/articles/us-credit-rating-downgraded/2594


Leading Chinese credit rating agency downgrades USA government bonds
http://blogs.telegraph.co.uk/finance/ianmcowie/100008566/leading-chinese-credit-rating-agency-downgrades-usa-bonds/

On The Federal Reserve’s Plan to Buy-Back $600B in U.S. Government Debt…

November 12th, 2010


Devaluing the currency to inflate prices for the upcoming election - or whatever, is most likely not the answer to our economic mess. Funny, even The Fed doesnt seem to understand what probably constitutes much of the problem. Guess I better apply for a job there, huh? Think they will have me? Doubt it, prbbly huh?

So what of The Fed’s plan to buy $600B in gov't debt? Any mid-level economics text book says to throw money at the economy, when faced with a liquidity trap. Why do I not think it will work this time? Which brings us to:


The Adam Vernon Trotter Theory of Business Management - appearing soon at a wall-post or blog-post near you (shortened version soon to be released)!! :)

http://adamvernontrotter.blogspot.com/2010/11/adam-vernon-trotter-theory-of-business.html


Adam V. Trotter / AVT

What Would Happen With No U.S. Federal Government Debt?

November 2nd, 2010

What would happen if the U.S. Federal government was able to pay off its debt? What would happen if the U.S. Federal government did pay off its outstanding debts and obligations? What would become of the nation’s financial business sectors – particularly those who trade in U.S. Federal government debt? Could one envision why some business and banking sectors would not desire a U.S. Federal government operating ‘in the black’ or having the ability to pay its debts and obligations as it went forward? Should we be anticipating or needing the mainstream American corporate news and press outlets to explain such a hypothetical situation to us?

Could a high powered banking cartel which routinely lends money to the U.S. Federal government have any reason to not desire a U.S. Federal government operating with no need for loans? And, what if the corporate U.S. Federal government was in receivership to this banking cartel and the government was nevertheless able to pay all of its obligations? Would receivership explain much of the enumeration of power to any banking cartel - regarding the commandeering of the U.S. economy by any such banking cartel? Could such a banking cartel ensure that U.S. Federal government was never able to pay the entire balance of its outstanding obligations - would that then be in the best interest of the cartel?

Adam V. Trotter / AVT



PS. To be sure, this blog post is not intended to question the validity of the United States public debt as such would appear as unconstitutional iaw Amendment XIV, Section 4, of the U.S. Federal Constitution.

The Time to ‘Shred the Fed’ Appears to be At Hand.

It appears the time is at hand to ‘Shred The Fed;’ that is to say, the time is at hand to shred/dismantle The Federal Reserve System. This non-governmental agency and band of likely criminals has been controlling our nation of THE UNITED STATES for too long (likewise, for any other name by which they choose to label our country or themselves). Any delegation of Congressional power to the banking cartel known as ‘The Federal Reserve System’ to control our nation’s currency system is clearly unconstitutional (per U.S. Federal Constitution, Article I, Section 8; and Article VI as well). The nation’s politicians, the nation’s judges, and the nation’s lawyers should clearly know - by now – of this unjust and unconstitutional practice concerning the allowance of The Fed to control our money supply. Those in positions of power and 'in the know' regarding the unconstitutionality of The Federal Reserve System are either part of the problem or care more for their personal bank accounts than they care for the well-being of the nation’s populace and likewise more than they care to uphold the Federal Constitution. Clearly, even Thomas Jefferson himself stood in opposition to any such Federal Bank as The Federal Reserve System. (See: http://adamvernontrotter.blogspot.com/2010/06/thomas-jefferson-and-federal-reserve.html )

Even if assuming, arguendo, The Fed is not is not a band of criminal elements seeking to line their own pockets with wealth at the expense of the American people (and at the expense of the rest of the world’s inhabitants as well), The Federal Reserve System has, of late, clearly been shown to be ineffectual and inept at maintaining a steady course for the nation’s economy. As such, there appears no reason to maintain this bastion of ineptitude that we know as The Federal Reserve System. Furthermore, The Fed obviously claims no fiduciary responsibility to the American people nor to our government - and apparently the Fed seems to only exist to ensure the U.S. Federal government maintains a significant debt level into the distant future. And, as no one knows whether the actions of The Fed actually produce any realistic outcome/change – other than change for the bankers and financial institutions themselves, The Fed appears to have accomplished nothing but a ‘con-man’s’ ‘scam’ on the nation while concurrently robbing us of our birthright and any intrinsic value of our dollar as well. If you don’t believe me on this point, simply look at the price of gold and the value of the dollar over the last eighty years (approximately) that the Fed has been in power controlling our nation’s money supply. ( See related blog at: http://adamvernontrotter.blogspot.com/2010/01/venezuelas-hugo-chavez-follows-federal.html . And worthy of note, why was it illegal for Americans to hold gold for so many years, once the Federal Reserve System took the reigns of the nation? Look for a future blog on this matter of barring gold from the citizenry.)

So again I state: It appears the time is at hand to ‘Shred the Fed’!!! It appears the only way to possibly accomplish such a feat is to rid our nation of all the elected officials that have consistently allowed this scam known as ‘The Federal Reserve System’ to maintain its existence and power over the nation. It would appear that the list of elected officials that have allowed this situation and ‘scam’ to manifest itself to its current level would include nearly every politician elected to date since the Great Depression of the 1930's – at least nearly every politician on a Federal level, and this list would also include every official in power in our justice systems as well (judges, lawyers, etc.). Clearly, there has never been any change in ‘policy regime’ since The Fed assumed power, at least no change in policy regime that was not to the benefit of The Fed and no change that was not perpetrated against the populace – regardless of any promised ‘change’ by any Federally elected official. Notwithstanding, the likely criminal nature of the existence of The Federal Reserve System and its control of our currency has become so entrenched in our society and our nation that only Congressional power could possibly hope to correct this long-standing wrong. Personally, I am inclined to believe that much of the political activities (such as wars), nationwide social woes (such as racial tensions), and in-fighting within the ranks of those in power in our nation are merely an orchestrated ‘smoke-screen’ to hide the likely true criminals of nation we know as ‘The Fed’ and its allies in positions of power throughout our society.

To be clear, I am no supporter of socialism or communism; such fascist-type ideas are unnecessary for our nation, in my opinion. Our nation merely needs leaders that care for the well-being of the populace more than the dollar amounts infused into any respective leader’s bank accounts – that is, a proper and just leader should care more for other concerns rather than monies amassed during the never-ending pursuit of the long-standing prostitution of the American Birthright.

Comments concerning the issues herein are welcome.

Adam Trotter / AVT

///

PS. Maybe the only way to effect any significant change in this regard is for me, myself, to run for Congress and to attempt to illuminate and expose the likely criminal nature of The Fed to the general public of the United States of America. (To this end, see: http://tornadotamer.blogspot.com/2009/07/vow-of-poverty.html.) That is, if I were to be given the opportunity to enlighten anyone, of course. And, of course, assuming that anyone should care in the slightest about these words and my practice of invoking my Substantive Right to Free Speech - as evidenced by the sentiments herein - and such speech has not merely equated to an attainable target on my back as viewed by those in large numbers that appear to care more for their pennies than they care for the lives of their fellow countryman and/ fellow mankind.

///

See:

Definition of Terms: "Shred the Fed"

http://adamvernontrotter.blogspot.com/2011/02/definition-of-terms-shred-fed.html

Thomas Jefferson and the Federal Reserve System.

June 7th, 2010

As shown by the Jefferson Papers maintained and posted by the Avalon Project at Yale Law School, it is doubtful Jefferson would have supported any national banking system such as the Federal Reserve System. See: http://avalon.law.yale.edu/18th_century/bank-tj.asp .

Maybe its time we revisit the thoughts of the nation’s founding fathers as we reassess what has become of our nation’s governments and the Constitutionality of same – Federal or otherwise. For anyone that cares, we must ask, how did we progress to where we now stand? And, upon what shaky foundations are our financial and political systems now based? Are these foundations legitimate or merely a result of an unknowing public and slick maneuvers? Also, who is responsible for any questionable allowances in light of the Constitution that may continue forward from this/whatever day? Have the current political and financial systems '...reduce[d] the whole to one power...' ?

Adam Trotter / AVT



From Jefferson’s Opinion on the Constitutionality of a Federal Bank: 1791

“…If has been urged that a bank will give great facility or convenience in the collection of taxes, Suppose this were true: yet the Constitution allows only the means which are "necessary," not those which are merely "convenient" for effecting the enumerated powers. If such a latitude of construction be allowed to this phrase as to give any non-enumerated power, it will go to everyone, for there is not one which ingenuity may not torture into a convenience in some instance or other, to some one of so long a list of enumerated powers. It would swallow up all the delegated powers, and reduce the whole to one power, as before observed. Therefore it was that the Constitution restrained them to the necessary means, that is to say, to those means without which the grant of power would be nugatory…”

“…Perhaps, indeed, bank bills may be a more convenient vehicle than treasury orders. But a little difference in the degree of convenience cannot constitute the necessity which the Constitution makes the ground for assuming any non-enumerated power.
Besides, the existing banks will, without a doubt, enter into arrangements for lending their agency, and the more favorable, as there will be a competition among them for it; whereas the bill delivers us up bound to the national bank, who are free to refuse all arrangement, but on their own terms, and the public not free, on such refusal, to employ any other bank. …”

“…It may be said that a bank whose bills would have a currency all over the States, would be more convenient than one whose currency is limited to a single State. So it would be still more convenient that there should be a bank, whose bills should have a currency all over the world. But it does not follow from this superior conveniency, that there exists anywhere a power to establish such a bank; or that the world may not go on very well without it.
Can it be thought that the Constitution intended that for a shade or two of convenience, more or less, Congress should be authorized to break down the most ancient and fundamental laws of the several States; such as those against Mortmain, the laws of Alienage, the rules of descent, the acts of distribution, the laws of escheat and forfeiture, the laws of monopoly? Nothing but a necessity invincible by any other means, can justify such a prostitution of laws, which constitute the pillars of our whole system of jurisprudence. Will Congress be too strait-laced to carry the Constitution into honest effect, unless they may pass over the foundation-laws of the State government for the slightest convenience of theirs ? …”

///


///


Mortmain: http://en.wikipedia.org/wiki/Mortmain (remember, it is Wikipedia, so….)

More History of Mortmain: http://www.newadvent.org/cathen/10579a.htm