philip berg

libertarian for congress

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Economic Justice

Inflation is not discussed much right now, but it is the a great creator of poverty and insecurity, especially among the elderly. Inflation destroys people's ability to plan for the future. Any money they save and put in the bank is robbed from them by inflation. People attempt to beat inflation by investing in stocks and real estate. Stocks, once considered a sure thing, have been a little rocky since 2000. Real estate has been a sure way to beat inflation for those who can enter the market, but the decline in interest rates since 1982 may be coming to an end and the sure thing may end.

The worst thing about inflation is that it pays for war. The cost of the Iraq war is funded completely by debt. The budget of the government was tight before the war began. Inflation pays for the war through the process of credit creation by the Federal Reserve and the banking system. How does it work? Let's say Haliburton sends Bush a bill for a billion bucks for expenses in Iraq. Let's say all the tax money is already spent. How are they going to pay Halliburton? Easy! Borrow the money. The Treasury prints up a bond, a promise to pay a billion dollars plus interst in thirty years. It sells the bond to a bank for a billion dollars in cash. The cash goes to Halliburton. If the bank gets low on cash, the Federal reserve creates cash out of thin air and buys the billion dollar bond from the bank. When the Federal Reserve buys a bond, that is called monetizing the debt. Oh you say, this is getting too complicated. Why can't you explain it so anyone can understand.

OK. Try this. Think of the Federal Reserve as a legalized counterfeiting operation. The Federal Reserve is no more Federal than Federal Express. It is owned by a cartel of banks originally led by JP Morgan and Co. It makes a profit every year and pays its stockholder banks a dividend. They can create money whenever they feel like it. They used to report how much money they created. Since March they even stopped doing that. They have continuously printed money since the day they were formed in 1913 by Woodrow Wilson to help pay for his dream to get us into World War One. Inflation is the main way the War is paid for.

Everybody tells me not to talk about the banking system in my campaign. They say it is too radical to talk about it. Too out of the mainstream and people won't be understand it. Well I'll let you be the judge. After all, isn't it all about the money? Especially war. Nobody makes bombs and Stealth bombers for charity. So let's talk War, Money and Banks.

First let's talk about why it is so taboo to talk about the banking system. The banks own a piece of every big corporation. If a major corporation, especially a media corporation, does not do the banker's will, the bankers take their infinite line of credit at the Fed and buy out the offending corporation. CNN was bought out. CBS was bought out. NBC was completely bought out by GE. ABC was bought out. Recently PBS ran a special about the life of Walter Cronkite, the beloved anchorman of CBS for around two decades. In the early days of Watergate he aired a two part two hour special on Watergate. Nixon's personal lawyer called the Chairman of CBS and threatened to suspend broadcast licenses and get Wall Street to ruin CBS's stock according to the PBS special.Why do you think questioning the legitimacy of a government protected monopoly at the center of our corporate system is considered so radical, so "out-of-the-mainstream? How does such an immense font of corporate power remain unquestioned? Why does Ken Lay and the officers of Enron get indicted and prosecuted when the bankers who funded their schemes and were caught red handed only pay a fine? Why were the bank analysts who publicly participated in the fraud that was WorldCom never indicted? Clark Clifford, the most powerful insider Democrat in history was brought down in a banking scandal. John Glenn was part of the Keating Five that ripped the government off for many hundreds of millions. Neal Bush was also a major banking crook. Both parties are up to their ears in collusion with the banks. This is the heart of the military industrial complex which really should be called the military financial complex as all the industry has been outsourced.

The Democratic Party enjoyed its first trip to the White House on the popular demands that the First National Bank of the United States be abolished by Andrew Jackson. What will it take to wake people up now? War takes Warbucks and the best way to get Warbucks is to print them. If elected I will attempt to educate Congress and the People about the danger of the Military Financial Complex. The education starts right here with you.

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