Dijsselbloem: “We used taxpayer money to bail out the banks.”

Jeroen Dijsselbloem has been a major player in European financial circles.  A Dutch politician, Dijsselbloem became President of the Eurogroup, comprised of the finance ministers of the Eurozone, in January 2013 and served in that capacity until just recently.He offered a frank admission just last month about the naked, taxpayer-financed bailout of major banks.

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Dijsselbloem Admits “We Used Taxpayers’ Money To Bailout The Banks”

ZeroHedge, Nov 10, 2017:  Excerpts:

“We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers’ money – in the wrong way, in my opinion – to save the banks” outgoing Eurogroup head Jeroen Dijsselbloem said adding “so that the people criticizing us and saying that everything was being done for the benefit of the banks were to some extent right.”

“This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost,” he underlined.

“This was the reason for banking union and the introduction of higher standards, better supervision and a reform and rescue framework when banks have losses,” he said stressing  “precisely so that we don’t find ourselves in that situation again.”

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Again…:  “This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost.”

Exactly the same in the U.S.

Fine. The Fed did what it had to do.

Now it is time to level the playing field by granting U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector.

If taxpayer money can be used to bailout the very institutions which precipitated the financial crisis, then taxpayer money can be used to restore the financial health of the taxpayers.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

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Barclays Plc: #10 Recipient of Fed’s “Secret Liquidity Lifelines.”

Barclays Plc is a major multinational banking and financial services company headquartered in London.

Barclays has an impressive rap sheet of scandals, from violating the Foreign Corrupt Practices Act, to the LIBOR fiasco, to Food Speculation

Excerpts from  Bloomberg  Nov 28, 2011:

“There was not a direct subsidy to Barclays” from governments during the financial crisis, Chief Executive Officer Robert Diamond told a U.K. House of Commons hearing in London on June 8, 2011. While the company avoided taking government capital, it was more accepting of emergency cash from the U.S. Federal Reserve. Data show that the London-based bank borrowed $64.9 billion from the Fed on Dec. 4, 2008, more than two months after it agreed to buy the North American unit of Lehman Brothers Holdings Inc. in a bankruptcy auction. The London-based bank was still borrowing more than $40 billion from the Fed as late as June 2009, nine months after the Lehman deal closed. Sarah MacDonald, a Barclays spokeswoman, declined to say whether the bank also got liquidity from the Bank of England.

Peak amount of debt on 12/4/2008:  $64.9B                                 ____________________________

U.S. citizens deserve nothing less than to be granted the same direct access to liquidity that the Federal Reserve provided to Barclays during the great financial crisis.

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Deutsche Bank AG: #9 Recipient of Fed’s “Secret Liquidity Lifelines.”

Even foreign banking interests, with U.S. subsidiaries, enjoyed massive liquidity infusions to help them deal with their faltering financial conditions and debt burdens.

Deutsche Bank has a long list of scandalous practices: Money laundering in Russia, U.S. mortgage transactions (selling top rated complex financial products that instantly became worthless, Interest rate manipulation, violations of U.S. – Iran embargo.

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Excerpts from:  Bloomberg  Nov 28, 2011:  “Deutsche Bank AG, Germany’s biggest bank, navigated the financial crisis without capital injections from the German government. The Frankfurt-based bank, which in 2008 reported its first annual loss since World War II, wasn’t so shy about getting liquidity in secret from the U.S. Federal Reserve. The lender tapped the Fed for $66 billion on Nov. 6, 2008 — $28.2 billion from the Term Securities Lending Facility, $21.8 billion from single-tranche open market operations and $16 billion from the Term Auction Facility. John Gallagher, a Deutsche Bank spokesman, declined to say whether the bank took emergency loans during the crisis from other central banks, such as Germany’s Bundesbank.”     

Peak amount of debt held on 11-6-2008:  $66B                                      ……………………………………    

U.S. citizens deserve nothing less than to be granted the same access to liquidity (their own money) that was provided to major banking concerns – including foreign banks, like Deutsche Bank, during the financial crisis..

Deutsche Bank tapped billions from the Term Securities Lending Facility (TSLF), single-tranche open market operations (STOMO), and theTerm Auction Facility (TAF).

It is now time for the creation of a Citizens Credit Facility (CCF) to provide direct access to liquidity for U.S. citizens – to successfully manage their own financial challenges and reduce debt at the family level.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

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Shelton: “Fed, Inflation, and Fiscal Policy”

WSJ Letters: Who You Gonna Believe on Monetary Policy?

Judy Shelton on the Fed, inflation and fiscal policy.

June 24, 2021

Who’s in charge of inflation these days? Or perhaps better stated: Who’s to blame? When Congress engages in deficit spending, it must issue debt to cover the difference between federal budget revenues and expenditures. When the Federal Reserve purchases that Treasury debt, it creates new money to pay for it—and the Fed created trillions in new money during Covid by crediting depository accounts of banks.

Now that Covid seems to be receding as an economic threat, what happens to all that potential purchasing power? Who is overseeing monetary policy to ensure that inflation doesn’t undermine economic recovery? Joseph C. Sternberg poses the question: “Is There a Central Banker in the House?” (Political Economics, June 18) and wonders why, with inflation exceeding the Fed’s predictions, Fed Chairman Jerome Powell plays down the risk in his public comments. Delivering price stability is part of the U.S. central bank’s mandate from Congress, after all, yet the Fed remains in “accommodative” monetary mode.

It’s time to confront both the fiscal and monetary aspects of inflation: Government policies that cause prices to rise without expanding productive economic output amount to an expropriation of wealth—one that hurts the poor the most.

The latest “forward guidance” from Mr. Powell may assuage the fears of market investors who don’t want to see any reduction in the Fed’s monthly bond purchases. But it’s a different story for those struggling to pay rising bills—for groceries, gas, furniture and rent. “Who you gonna believe,” goes the famous line from the Marx Brothers’ “Duck Soup,” “me or your own eyes?”

Judy Shelton

Fredericksburg, Va.

Ms. Shelton, a senior fellow at the Independent Institute, was nominated to the Federal Reserve Board of Governors in 2020.

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The Leviticus 25 Plan is a perfect counter-plan to “expand productive economic output” without expropriating wealth.

It will revitalize productivity and economic growth, restore financial health to millions of American families, stabilize the U.S. Dollar for long-term strength and viability, generate $383 billion federal budget surpluses and price stability in the U.S. economic system.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2022 (3832 downloads)

Jamestown 1607 – A Model for The Leviticus 25 Plan 2022

Over 414 years ago socialism failed at Jamestown. Private property rights and free enterprise led to survival and prosperity.

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CATO: Private Property Saved Jamestown, And With It, America – 1607

May 14, 2007 • Commentary

By David Boaz / The CATO Institute

Four hundred years ago today 105 men and boys disembarked from three ships and established the first permanent English settlement in North America. They built a fort along what they called the James River, in honor of their king.

The land was lush and fertile, yet within three years most of the colonists died during what came to be known as “the starving time.” Only the establishment of private property saved the Jamestown colony.

What went wrong? There were the usual hardships of pioneers far from home, such as unfamiliar diseases. There were mixed relations with the Indians already living in Virginia. Sometimes the Indians and settlers traded, other times armed conflicts broke out. But according to a governor of the colony, George Percy, most of the colonists died of famine, despite the “good and fruitful” soil, the abundant deer and turkey, and the “strawberries, raspberries and fruits unknown” growing wild.

The problem was the lack of private property. As Tom Bethell writes in his book The Noblest Triumph: Property and Prosperity through the Ages, “The colonists were indolent because most of them were indentured servants, expected to toil for seven years and contribute the fruits of their labor to the common store.”

Understandably, men who don’t benefit from their hard work tend not to work very hard.

Over the first two years, more colonists arrived from England, including women. By 1609, there were 500 settlers. And within six months fewer than 100 were still alive. People were desperate. They ate dogs and cats, then rats and mice. They apparently ate their deceased neighbors. And some said that one man murdered and ate his pregnant wife.

By the spring, they had given up. They abandoned the fort and boarded ships to return to England. But miraculously, as they sailed out of Chesapeake Bay, they encountered three ships with new recruits, so they turned around and tried to make another go of it. The additional settlers and supplies kept them alive.

But when a new governor, Thomas Dale, arrived a year after the starving time, he was shocked to find the settlers bowling in the streets instead of working.

Dale’s most important reform was to institute private property. He allotted every man three acres of land and freed them to work for themselves. And then, the Virginia historian Matthew Page Andrews wrote, “As soon as the settlers were thrown upon their own resources, and each freeman had acquired the right of owning property, the colonists quickly developed what became the distinguishing characteristic of Americans – an aptitude for all kinds of craftsmanship coupled with an innate genius for experimentation and invention.”

John Rolfe, the husband of Pocahontas, said that once private property was instituted, men could engage in “gathering and reaping the fruits of their labors with much joy and comfort.”

The Jamestown colony became a success, and people from all over Europe flocked to America.

Private property is essential for economic growth; people don’t work and invest if they can’t reap the fruits of their labors. Property ensures that people will work to better their own condition and that of their families. And that work and investment then benefits the whole society, much more so than the attempt to force people to work directly for the common good.

But property does something else. As the American Revolutionary Arthur Lee, great‐​grandson of a Jamestown colonist, wrote, “The right of property is the guardian of every other right, and to deprive a people of this, is in fact to deprive them of their liberty.” Property is essential to making the government dependent on the people, not vice versa. It divides power, limits government, and protects freedom. No country has ever enjoyed freedom of the press, freedom of religion, or political liberty without secure property rights.

So, on this 400th anniversary, let us remember the original Jamestown settlers, who demonstrated the failure of collectivism. Their suffering during the starving time did more than any book could have done to lay a secure foundation for private property rights and thus for the freedom and prosperity we enjoy today.

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The Leviticus 25 Plan is essential for America’s survival today. We must return to a system where citizens retain the right to allocate resources individually, in ways that best meet their personal needs and desires in a free market system.

It is critical that America return to a system of economic liberty and individual freedom and self-reliance. We must eliminate dependence on government.

We must have an economic acceleration plan that returns America to a system of government fiscal restraint, the massive elimination of debt at the personal, and governmental levels, and state and federal budget surpluses.

The most powerful economic acceleration plan in the world is loaded up and ready to go.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2022 (3831 downloads)

U.S. Government on a Colossal Spending Binge. Fed to the Rescue. U.S. System at Risk. Solution: The Leviticus 25 Plan

Global Central Banks are all ‘mushrooming’ their balance sheets up to unheard of levels to try to keep their respective economies from sinking deeper into the global ‘debt bog.’

And they are losing the battle. Global Debt is exploding, and economies are stagnating.

Here in the U.S., the Federal government is on a colossal spending spree, adding hundreds of billions of dollars to already-bursting entitlement programs (rent relief benefits, 25% food stamp enhancement, covering for student loans in default, expanding medicaid, broadening eligibility for Medicare benefits, billions of dollars for ‘free’ Covid immunizations), and things like….

The White House Budget (newly released details):

Your Tax Dollars At Work

Aug 5, 2021:  A few quotes about taxpayer money spent on useless climate studies from a fascinating site called Open The Book

Quote The Third—White House Pluted Bloatocrats

Today, on July 1st, the Biden administration released the annual Report to Congress on White House Office Personnel. President Biden hired czars, expensive “fellows,” “assistants,” and spent on a much larger First Lady (FLOTUS) staff.

The payroll report included the name, status, salary and position title of all 567 White House employees costing taxpayers $49.6 million. (Search Biden’s White House payroll and Trump’s four years posted at OpenTheBooks.com.)

Since January, the Biden administration has quickly staffed up. Here are some key findings from our auditors at OpenTheBooks.com:

• There are 190 more employees on White House staff under Biden than under Trump (377) and 80 more than under Obama (487) at this point in their respective presidencies.

• $9.6 million increase in payroll spending vs. the Trump FY2017 payroll. In 2017, the Trump White House spent $40 million for 377 employees, while the Biden payroll amounts to $49.6 million for 567 employees. All spending amounts are inflation adjusted.

• Hires include 320 female staffers ($28.9 million salaries) vs. 240 male staffers ($20.8 million salaries). In terms of top staffers — Special Assistants — there are 52 female ($6.3 million salaries) vs. 10 males ($1.2 million).

• Currently, there are 12 staffers dedicated – at least in part – to Dr. Jill Biden vs. five staffers who served Melania Trump in her first year (FY2017).

• Counts of the “Assistants to the President” – the most trusted advisors to the president – are the same (22) in for the Biden administration and the Trump and Obama administrations. This year, these advisors make $180,000. 

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Meanwhile, over at the Fed…

The Federal Reserve Holds More Treasury Notes and Bonds than Ever Before

Peter G. Peterson Foundation –  July 28, 2021: https://www.pgpf.org/blog/2021/07/the-federal-reserve-holds-more-treasury-notes-and-bonds-than-ever-before

The U.S. Federal Reserve has significantly ramped up its holdings of Treasury securities as part of a broader effort to counteract the economic impact of the coronavirus (COVID-19) pandemic. Currently, the Federal Reserve holds more Treasury notes and bonds than ever before.

As of July 14, 2021, the Federal Reserve has a portfolio totaling $8.3 trillion in assets, an increase of about $3.6 trillion since March 18, 2020. Longer-term Treasury notes and bonds (excluding inflation-indexed securities) comprise nearly two-thirds of that expansion, with holdings of those two types of securities doubling from $2.2 trillion on March 18, 2020, to $4.5 trillion on July 14, 2021.

By comparison, the Federal Reserve only increased its holdings of Treasury notes and bonds by $116 billion, or roughly 25 percent, between December 5, 2007 and June 24, 2009 (a period known as the Great Recession). Over that same period, the Federal Reserve expanded its total portfolio from $920 billion in December 2007 to $2.1 trillion in June 2009, a total increase of $1.2 trillion. Much of that increase stemmed from the purchase of mortgage-backed securities and the implementation of new programs to address the economic slowdown.

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There is a dynamic economic acceleration plan, loaded up and ready to go, with the raw power to rescue America and restore economic liberty for U.S. citizens.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S citizen – Leviticus 25 Plan 2022 (3823 downloads)