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Submitted via IRC for TheMightyBuzzard
A bill recently introduced in Texas seeks to obliterate the Federal Reserve's much-maligned monopoly on currency by establishing gold and silver as legal tender — but the groundbreaking legislation, if passed, would also prohibit those precious metals from being seized by State authorities.
[...] Senator Bob Hall introduced the bill last month, which, the Tenth Amendment Center explains, "declares specifically that certain gold and silver coins are legal tender, and prohibits any tax, charge, assessment, fee, or penalty on any exchange of Federal Reserve notes (dollars) for gold or silver. The bill authorizes the payment of taxes and fees in gold & silver in certain circumstances. It would also prohibit the seizure of gold or silver by state authorities."
Would this matter in a nation where money is mostly plastic nowadays anyway?
Source: http://thefreethoughtproject.com/texas-bill-gold-silver-money-federal-reserve/
(Score: 0) by Anonymous Coward on Sunday April 16 2017, @06:11PM (1 child)
There's even a name for that kind of stock market activity: Buying on margin [google.com]
the great depression - which differed little from the more recent depression of 2008
Previous bubbles which had burst were the result of "irrational exuberance", as former Fed chairman, Alan Greenspan named it.
The 21st Century version added another layer: Institutional dishonesty.
Mortgage lenders granted loans to folks they knew were unqualified.
They bundled those and sold them off as quickly as possible to greedy suckers looking for easy profits.
(Companies whose business it is to rate the quality of investments lied about those, compounding the problem.)
If there was any chance of a mortgage lender getting stuck with the crap mortgages, they would place bets against those with hedge funds.
...and none of the folks involved in this at the high levels have been sent to prison.
...or been put on trial, or been charged with crimes.
-- OriginalOwner_ [soylentnews.org]
(Score: 2) by kaszz on Sunday April 16 2017, @10:11PM
Perhaps the irrational exuberance was actually intentional exuberance to get people to loan and then bust so the assets later could be bought at a bargain for the people that really runs the show, albeit with huge discretion.
Just imagine if you had a lot of money to buy assets in 1930 when the market had just crashed. And had some insight into future earnings.
(Like in Timecop (1994) 13 minutes in)
...and none of the folks involved in this at the high levels have been sent to prison.
...or been put on trial, or been charged with crimes.
In other words the government is run by crooks. And after all if the congressmen and senators are informed of anything bad happening before the rest of the market because they get to sit on privileged meetings and get to trade without any insider charges. They have little incentive to fix the perverted incentives.