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Vice President's comments on 'personal savings' miss the target

Vice President’s comments on ‘personal savings’ miss the target


March 7, 2006 – On Thursday, March 2, 2006 Vice President Dick Cheney, speaking at a conference on personal savings and retirement planning held in Washington D.C., urged Americans to save more money.  On ‘saving more money’ Cheney said, “The American dream begins with saving money and that should begin on the very first day of work.”  Cheney continued, “Too often, workers are living paycheck to paycheck and are not saving sufficiently.” 


Dick Cheney is a lot of things, many unattractive, but he is not stupid.  He knows that in 2005 Americans’ personal savings rate dropped to its lowest level since the Great Depression, a disturbing fact that most likely served as the opportunistic prompt for his comments about savings, and the pathway in which he could test the potential revivification of the President’s Social Security reform package.  What Cheney failed to mention to the conference attendees is that the paper he is pushing the American people to save more of has no real value other than the faith the holders have in the paper that it will continue to be accepted in exchange for goods and services.  Of course, I’m referring to those debt notes that we call ‘money’, nicknamed greenbacks, printed under the control of the private member banks that make up the banking syndicate doing business as the Federal Reserve.  Here’s what the Department of the Treasury has to say about the debt notes in your wallet:


 Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything.  This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.[1]


Here’s what Cheney, the Fed, and the Secretary Treasurer are not telling you about the paper they call money.  Not a single dollar bill in circulation anywhere in the world today got into circulation without first being borrowed.  That is why the greenback is called a debt note – it notes debt.  If all debts where to be paid back today, there would remain ZERO dollars in circulation, plus we would still be indebted to the member banks of the Federal Reserve banking cartel because each debt note borrowed from the Fed draws interest for the private, for-profit member banks of the Federal Reserve banking cartel.  Furthermore, most lending institutions that conduct business with and through the Federal Reserve loan up to ten times that amount of cash money they actually have on hand.  What that means is that the bank is loaning money it doesn’t have, fictitious money, to you and me, and then charging us face value plus interest!  It’s good to be king of the money supply!


To make matters worse, the so-called faith Americans have in the greenback is extremely vulnerable to attack by foreign governments because approximately forty percent of all U.S. dollars in circulation today are held overseas.  In fact, it is estimated that China holds $1 trillion of the U.S. $8.3 trillion national debt.  Today, as in the past, whenever the central banks of Asia, which are estimated to be holding $2 trillion in U.S. dollars, hint at diversifying foreign currency reserves and reducing the number of greenbacks they are holding, the stock market will lose over 100 to 200 points – almost immediately!  When stocks plummet as the direct result of a worthless fiat money system designed to encourage perpetual debt to the delight of the bankers, your so-called wealth, your retirement wealth held in your 401K, is confiscated!  Any American who had a 401K, in the 1980’s and early 90’s, who thought their retirement was sound and secure, knows what I’m talking about regarding this type of thievery – fraud that the Democrats and Republicans in Congress continue to support.  In the late 90’s as the stock market began to adjust downward, large retirement 401K nest eggs of millions of Americans disappeared into thin air as easily as the Fed creates money out of thin air. 


The manipulation of the money supply and interest rates by the Federal Reserve foster the booms and busts of the market place.  Booms trick Americans to invest in stocks and banking instruments, while the low interest rates invite borrowing up to the maximum ceilings of household debt to earnings ratios.  Once the people are saturated in debt, many at adjustable rates, and flush with stocks purchased at imaginary prices, the Fed orchestrates a downward trend or bust, which ultimately seizes property and cash (wealth) from the American people. 


This method, the method in which men like Dick Cheney and his supporters confiscate what little savings Middle America is able to put together is most often perpatrated through the Fed-created, hidden tax called inflation.  Is it any surprise that savings in 2005 fell to its lowest level since the Great Depression?  Remember, it was in 2005 that gas prices artificially skyrocketed (inflated) for no other reason than the major oil companies operating in the U.S. taking advantage of global political upheavals, many of which the Bush Doctrine created, along with the price-gouging opportunities as a direct result of a devastating hurricane season.  It was only a few months later when America learned that those same oil companies raked in record-breaking profits in 2005, and Cheney has the audacity to tell Americans they need to save more money?  Come on Dick! 


Combined, Americans spent $30 billion extra for gasoline alone in the last quarter of 2005, and Cheney reportedly is wondering where the ‘savings’ went?  No way.  He knows why America couldn’t save money in 2005 - because companies like his former employer – Halliburton, have been busy confiscating the people’s wealth via its subsidiaries raping the gulf coast region of the United States of the taxpayer resources provided to rebuild the region, as well as the criminal overcharges it has invoiced to the U.S. Government for its services in Afghanistan, Iraq, and soon Iran.


The greenback, with no value in and of itself, creates the mechanism for big companies like Exxon / Mobil to confiscate the savings of Americans through artificially inflated pricing based on emotionalism and greed.  Emotionalism, when it impacts the pricing of stocks, loans, goods, and services, is evidence of lost faith in paper, fiat money, which in turn promotes inflationary pricing.  Abolishing the Fed and making all U.S. dollars redeemable (backed) by gold will stabilize pricing of goods and services; basing prices on actual supply and demand rather than emotionalism, while securing the savings of Americans from wealth confiscating predators who want and need America to remain in the state of perpetual debt, and its people, enslaved with the fear that if they miss a payment, their property; property that 100 years ago our ancestors worked, saved, bought, and fully owned, will be confiscated by the banking cartel and sold to the highest bidder.  Gold money in the market place will not and cannot support inflationary, emotional pricing of goods and services.  When gold is the money anchor, elasticity of money is virtually abolished and pricing plus interest rates become very rigid.  Had America been using 100% gold-backed currency in 2005, big oil companies, both foreign and domestic, would not have been able to fictitiously inflated oil prices based on fear – gold doesn’t tolerate fool hearted follies or fraud.  The greenback does, and will continue to for as long as the American people tolerate the criminal, wealth-confiscating scheme called the Federal Reserve to operate in the United States. 


Dick Cheney knows this truth, and if you didn’t know, now you do.  If your credit rating hasn’t already been maxed out or even destroyed by the banking cartel, count how many credit card / loan offers you receive in the next thirty days, and then you tell me whether the Fed along with its member bank cartel doesn’t want America in a perpetual state of debt, and finally bankrupt, so that it can confiscate your assets while raping you with late fees and penalties, even though they loaned you the money with full knowledge that if you reached your intentionally high credit limit, which the banking cartel sets, you would have no means to even make the minimum monthly interest payment.  This isn’t an isolate scenario.  This is real time, Middle America, and its time to demand the abolishment of the Federal Reserve Act, and replace the greenback with a goldback. 


There is historical reference, much of which was delivered by our Founding Fathers, that forewarned Americans of the dangers associated with central banking and worthless paper money.  Here’s a closing thought from Thomas Jefferson: 


If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered. 

Thomas Jefferson


Based on current events, I suggest that our third President, Thomas Jefferson should be elevated to Prophet status because he called it right over 200 years ago. Today, everyday people working and living in the United States are paying the price that he predicted we would pay if we ever allowed private banks to control the issue of our money. 


[1] Department of the Treasury, FAQ’s: Currency, http://www.ustreas.gov/education/faq/currency/legal-tender.shtml, [Accessed February 24, 2006]

Freelance writer / author, Ed Haas, is the editor and columnist for the Muckraker Report.  Get smart.  Read the Muckraker Report.  [http://teamliberty.net]  To learn more about Ed’s current and previous work, visit Crafting Prose.  [http://craftingprose.com]   

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