Fall Of The Republic: The Presidency Of Barack H, Obama Page #7

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Well, that's what the big banks are saying, you know,

"Give us unlimited cash or we'll die.

And if we die, you'll die because we're too big to fail."

It is a false flag attack because Hank Paulson

will get up in front of Congress and say,

"We need 700 billion dollars because that thing,

that existential threat, the market, is attacking us

and we need this handout to fight Mr. Market.

Mr. Market is out there.

We need to fight Mr. Market. It's an existential threat."

Meanwhile he's the one... He is Mr. Market.

He's the one causing the problem.

We had Paulson, a representative of Goldman Sachs,

who happened to be running the US Treasury,

came forward with a hysterical briefing for the

Congress saying, "We, the Wall Street bankers,

demand 700 billion dollars in bailouts."

So they say, "Yes, we'll give you all the money you need."

Well, why don't, you know...? These are arsonists:

Paulson, Tim... Tim Geithner, Bernanke.

They're arsonists. They're asking for more matches.

And the Congress is saying,

"Who do we make the check out to?

Who do we sell these matches to?

Who do, who do, well who do we sell these matches to?

Is a ton of matches enough?

Can we send you some gasoline to go with those matches?"

Like, "Yes please!"

"Don't change our management.

Don't pay us what assets are worth.

Pay us way more than what our assets are really worth.

Don't make us use honest accounting.

Allow us to lie."

We've just, under congressional pressure,

changed the accounting rules for the express purpose

of making sure that the big banks

don't have to report honest losses.

The only way they can pass this bill

is by creating and sustaining a panic atmosphere.

That atmosphere is not justified.

Many of us were told in private conversations

that if we voted against this bill on Monday,

that the sky would fall,

the market would drop two or

three thousand points the first day,

another couple thousand the second day.

And a few members were even told that

there would be martial law in America if we voted, "No."

That's what I call fear mongering.

We have, you know, people in the government

threatening martial law or things to...

to get their way in the Executive branch against Congress.

You know... you know, if you put all these signs

together it doesn't look good at all.

To the extent we are a democracy

we're sort of a hair breadth's away from a police state.

Congress aided the bankers in carrying out

the biggest heist in history

with the so called banker bailout of 2008.

The bailout money, the 13 trillion or so dollars

that have been given to the banks,

is sitting on the balance sheet of the banks,

and that is incurring interest costs and

that's going to precipitate the need

to flush the system with more cash.

And at some point the dam will break

and you're gonna have very high inflation,

some predict hyperinflation.

You can not print phantom money out of thin air,

backed by nothing, and producing practically nothing,

without destroying the world economy.

So unless we cut out the toxic funds,

the toxic elements of this economy,

every time we put in money on this bailout,

it's just feeding the fire.

It's not making things better.

What should have happened is that those banks

and investment banks should have been seized.

They should have been seized by the

Federal Deposit Insurance Corporation.

Those are zombie banks.

The Chase Manhattan, JP Morgan Chase,

Bank of America, Citibank, Wells Fargo, Wachovia,

so on down the line to AIG and the insurance realm.

These are zombie institutions, insolvent, bankrupt.

The only thing to do with them is to seize them,

put them them through Chapter 11 bankruptcy.

That'll probably turn into

Chapter 7 bankruptcy, liquidation.

And above all, triage the derivatives on their books.

There's no way to bailout a 1.5 quadrillion dollar

black hole of derivatives.

But nevertheless, they tried.

They will, of course, try to regain some of this money back,

but the debts, unlike any other period in history,

are now a quantum size bigger than

the entire global GDP by a factor of 50 to 100.

It's... it's almost infinite amount of debt.

If you really look at the numbers,

because of the massive, massive debt...

And right now, total debt in this country

is about 375% of the Gross Domestic Product,

and that's not including derivatives.

If you put the derivatives in,

it's probably 20 to 30 times Gross Domestic Product.

It's beyond what anybody has ever even considered.

While they were looting North America into the ground,

the international banking syndicate was simultaneously

executing the same scam in over 100 other nations.

So, who got the money?

...to financial institutions in Europe and other countries.

Which ones?

I don't know.

Half-a-trillion dollars and

you don't know who got the money?

Well, Obama's got one difficulty with this Congress:

it's the number of freshmen Democrats that got elected.

Many of these people know that they got their seats from...

and... and... many of which got seats in... in...

the Senate and Congress from long-held Republican seats.

They know that the the people back in their states and in...

in their constituencies will not tolerate this any longer.

So, up against the Republicans and the blue dog

Democrats are these freshmen congressmen,

Democratic congressmen and senators, and they're not...

They don't seem like they want

to go along with that program.

So, if there's any hope it'll come from these freshmen.

The Constitution says,

"No money shall be drawn from the Treasury but

in consequence of appropriations made by law."

Do you think...?

This money is not drawn from the Treasury.

Well, let's talk about that.

Do you think its consistent with the spirit of

that provision of the Constitution for a group

like the FOMC to hand out a half-a-trillion dollars

to foreigners, without any action by this Congress?

Congress approved it in the Federal Reserve Act.

When was that?

Quite a long time ago. I don't know the exact date.

I think 19... The original Act is 1914, I believe.

I don't know whether this provision was in 1914 or not,

but the Federal Reserve Act was in 1913.

Alright, and at that time the entire

Gross National Product of this country

was well under half-a-trillion dollars, wasn't it?

I don't know.

Is it safe to say that nobody in 1913 contemplated that

your small little group of people would decide

to hand out half-a-trillion dollars to foreigners?

What the bailout legislation really did was give

a blank check backed up by US taxpayers

to offshore megabanks.

Of course, Congress has oversight.

If you read the Constitution,

our founders were very clear.

Anything to do with taxes and money is put into

the hands of both houses of Congress together.

Both houses of Congress together must approve it

because it's a "buck",

because that's why we fought the Revolution.

Taxation without representation was part of it.

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