America does indeed need a ‘debt resettlement’ plan to extract itself from its ever-deepening credit hole. There are, however, proper ways to do this, and there are ineffectual ways…

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Paul Craig Roberts: America Needs A Debt Jubilee

ZeroHedge, May 7, 2019 – Excerpts:

In America today the population is drowning in unpayable debts—student loan debt, credit card debt, home mortgage debt, state and local government debt, and business debt—but policymakers have reserved forgiveness only for the debt associated with the bad and irresponsible investments of the big banks and financial institutions.  The Federal Reserve printed $4 trillion to buy up the banks’ bad debt while permitting ten million homeowners to be foreclosed. Student loan debt prevents university graduates from forming independent households. Mortgage and credit card debt prevents households from having discretionary income with which to drive retail sales.  But modern day economics has no prescription for preventing our society from failing from debt overload

The problems of monopoly, monopsony, oligopoly are real.  Especially so when indebted Americans have their high productivity, high value-added jobs off-shored and then face robotics displacing the lower paid domestic service jobs that are their current employment. The profit maximizing activities of corporations reduce Americans’ incomes but not their debts.  Thus, debt service becomes more difficult.

In the US today we have a situation in which the New York banks control Federal Reserve policy and financial legislation—the deregulation of the banking system and its subsequent bailout, for example.  We have a situation in which monopolies, monopsonies, and oligopolies are stronger than the central government, which is unable to rein them in or act against them in any way. Corporations dispossess citizens of their jobs by offshoring the jobs. Creditor demands prevent university graduates from forming households. Debt service preempts retail demand except by further debt expansion.  

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America must ‘untangle’ itself from these life-draining tentacles of debt in the cleanest, most effective way possible.

The Leviticus 25 Plan is a comprehensive economic acceleration plan featuring a powerful debt resettlement foundation which accomplishes a wide range of highly desirable outcomes with long-ranging benefits.

The Leviticus 25 Plan is not a wealth redistribution plan and it is not ‘means-tested.’ Each and every U.S. may participate – under the same terms.

The Plan restores citizen-driven economics and and citizen-centered health care. It reduces the scope of government control over the daily affairs of citizens and reduces dependence on government for the basic necessities of daily life.

The Plan generates immediate $465 billion budget surpluses for the federal government – and pays for itself entirely over a 10-15 year period. It generates enormous tax revenue gains and cost-savings for state and local economies.

It re-establishes free-market dynamics in the economy, re-incentivizes work, and improves productivity across the board.

The Leviticus 25 Plan strengthens the financial health of American families. It restores economic liberty for all.

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

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3286 downloads)

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The Fed Will Give Banks A $36 Billion Taxpayer-Funded Subsidy This Year

ZeroHedge, May 4, 2019
Submitted by Elliott Middleton – Excerpts:
Before 2009, the Fed did not pay interest on banks’ excess reserves held at the Fed. This practice was introduced as a taxpayer-funded subsidy to the banks during the crisis (taxpayer-funded because the Fed turns over any profit at the end of the year to the Treasury).

After beginning this practice, the Fed’s chief trader, Simon Potter, realized it could be used to raise interest rates without expelling excess reserves from the Fed, by sucking liquidity out of the short-term markets. In fall 2015, it began raising the interest rate on excess reserves, with the anticipated effect.

At a current rate of about $36 billion a year, this is a cost to the Treasury that is indefensible. This amount is about half the budget for food stamps, for example, which politicians want to cut. There is no provision for these funds ever to be paid back. It is welfare for the bankers.

If the banks had been required to take excess reserves back onto their books it would have required financial disclosure of their quality, which is probably toxic for many. However, with the Financial Accounting Standards Board recently promulgating Financial Accounting Statements 56 and, previously, 157, the “extend and pretend” statement, it would seem they feel less and less need for financial disclosure of any kind. FAS 56 states that the government does not have to disclose what it spends taxpayers’ money on because of national security concerns.

[snip]

Until a modicum of transparency is returned to financial accounting, both monetary and fiscal policy are flying blind. The world staggers under its load of bad (i.e., unpayable) debt being carried on banks’ books.

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It is time ‘untilt’ this playing field.and unleash some raw economic power into the system....

The Leviticus 25 Plan will bring U.S. tax-paying citizens back into the liquidity loop that has, over the past dozen years, so heavily favored the banks.

This re-balancing move will restore financial health to American families, improve the quality of collateral, improve currency rates in distressed loans, and fire up a new round of economic power in the U.S..

It will eliminate massive layers of debt in Main Street America and generate $465 billion budget surpluses for the Federal Government (2020-2024).

It is time for a new round of power to begin flowing through America’s economic veins.

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

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3283 downloads)

The Fall of 2008 marked the beginning of a long continual slide in the value of the U.S. Dollar vs. hard assets as the Fed initiated various forms of direct (and indirect) debt monetization and emergency loans – much of it directed at major financial institutions (both U.S. and foreign).  And U.S. taxpayers have been picking up the ‘inflation’ bill (primarily food and energy) ever since.

“The Quiet Coup,” by Simon Johnson, The Atlantic May 2009 – Excerpts:

In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. This is precisely what drove Lehman Brothers into bankruptcy on September 15 [2008], causing all sources of funding to the U.S. financial sector to dry up overnight. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people.

But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.

Of course, this was mostly an illusion. Regulators, legislators, and academics almost all assumed that the managers of these banks knew what they were doing. In retrospect, they didn’t. AIG’s Financial Products division, for instance, made $2.5 billion in pretax profits in 2005, largely by selling underpriced insurance on complex, poorly understood securities. Often described as “picking up nickels in front of a steamroller,” this strategy is profitable in ordinary years, and catastrophic in bad ones. As of last fall [2008], AIG had outstanding insurance on more than $400 billion in securities. To date, the U.S. government, in an effort to rescue the company, has committed about $180 billion in investments and loans to cover losses that AIG’s sophisticated risk modeling had said were virtually impossible.

Stanley O’Neal, the CEO of Merrill Lynch, pushed his firm heavily into the mortgage-backed-securities market at its peak in 2005 and 2006; in October 2007, he acknowledged, “The bottom line is, we—I—got it wrong by being overexposed to subprime, and we suffered as a result of impaired liquidity in that market. No one is more disappointed than I am in that result.” O’Neal took home a $14 million bonus in 2006; in 2007, he walked away from Merrill with a severance package worth $162 million, although it is presumably worth much less today.

In October [2009], John Thain, Merrill Lynch’s final CEO, reportedly lobbied his board of directors for a bonus of $30 million or more, eventually reducing his demand to $10 million in December; he withdrew the request, under a firestorm of protest, only after it was leaked to The Wall Street Journal. Merrill Lynch as a whole was no better: it moved its bonus payments, $4 billion in total, forward to December, presumably to avoid the possibility that they would be reduced by Bank of America, which would own Merrill beginning on January 1. Wall Street paid out $18 billion in year-end bonuses last year [2008] to its New York City employees, after the government disbursed $243 billion in emergency assistance to the financial sector.

In a financial panic, the government must respond with both speed and overwhelming force. The root problem is uncertainty—in our case, uncertainty about whether the major banks have sufficient assets to cover their liabilities. Half measures combined with wishful thinking and a wait-and-see attitude cannot overcome this uncertainty. And the longer the response takes, the longer the uncertainty will stymie the flow of credit, sap consumer confidence, and cripple the economy—ultimately making the problem much harder to solve. Yet the principal characteristics of the government’s response to the financial crisis have been delay, lack of transparency, and an unwillingness to upset the financial sector.

…[TARP] money was used to recapitalize banks, buying shares in them on terms that were grossly favorable to the banks themselves. As the crisis has deepened and financial institutions have needed more help, the government has gotten more and more creative in figuring out ways to provide banks with subsidies that are too complex for the general public to understand….

Full article:  http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/307364/

Simon Johnson, a professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008. He blogs about the financial crisis at baselinescenario.com, along with James Kwak, who also contributed to this essay.

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Note – The Leviticus 25 Plan, featuring direct credit extensions from the Federal Reserve to American families via a ‘Citizens Credit Facility,’ would provide for massive debt reduction and at the family level, and financial rejuvenation for Main Street America. 

This ‘ground level’ solution is critical for reducing the scope of Government, slashing government deficits, and re-igniting long-term economic growth.

Any objection that The Leviticus 25 Plan might be unfair to banks ignores the damage that banks did to themselves and to the economy with their greed-slaked thirst for risk and profits during the preceding 10 years.  

The time has arrived for American families to receive their own just considerations – direct credit extensions from the Federal Reserve.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3277 downloads)

Thank you Hank Paulson, Tim Geithner, and Ben Bernanke – from the bottom of Warren Buffett’s heart…

The U.S. government responded to critical liquidity shortages within Wall Street’s financial sector and a crumbling U.S. economy during the 2008-09 financial crisis, by funnelling trillions of dollars in direct cash transfers, emergency loans, credit guarantees, and balance-sheet-clearing toxic mortgage debt purchases – to many of America’s premier financial corporations.

Billionaire Warren Buffett lobbied hard for the massive bailouts…. and with good reason. At least eight of these companies receiving billions of dollars of taxpayer bailouts were owned by Mr. Buffett’s Berkshire Hathaway.

Buffett’s Betrayal: Rolfe Winkler | Reuters / Aug 4, 2009 – Excerpts:
A good chunk of his [Warren Buffett’s] fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out.

Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money. The TARP at one point had nearly $100 billion invested in these companies and, according to new data released by Thomson Reuters, FDIC backs more than $130 billion of their debt.

To put that in perspective, 75 percent of the debt these companies have issued since late November has come with a federal guarantee.

Without FDIC’s debt guarantee program, even impregnable Goldman would have collapsed.

And this excludes the emergency, opaque lending facilities from the Federal Reserve that also helped rescue the big banks. Without all these bailouts, the financial system would have been forced to recapitalize itself.

Banks that couldn’t finance their balance sheets would have sold toxic assets at market prices, and the losses would have wiped out their shareholder’s equity. With $7 billion at stake, Buffett is one of the biggest of these shareholders.

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Meanwhile, back at the ranch in 2015… the country’s second richest man was back, ‘sticking it to’ the very people whose billions of dollars bailed him out seven short years ago – U.S. taxpayers.

Warren Buffett, Slumlord – Predatory Loans, Kickbacks & Preying On The Poor  

ZeroHedge, Apr 6, 2015 – Excerpts:                                                                  

Buffett’s mobile-home empire promises low-income Americans the dream of homeownership. But Clayton [controlled by America’s second richest man, billionaire Warren Buffet], relied on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance, an investigation by The Seattle Times and Center for Public Integrity has found.

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America does not need ‘wealth redistribution,’ as many socialist-minded politicians are demanding.

We do need, and deserve, equal access to liquidity

U.S. citizens deserve nothing less than to be granted the same direct access to liquidity that was so generously provided by the U.S. Federal Reserve to Wall Street’s wealthy elites during financial crisis years, 2007 – 2012.

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

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3277 downloads)

And transfuse they did.

The U.S. Treasury turned the spigot into the ‘flow’ position with the Troubled Asset Relief Program (TARP).

And the Fed followed that up by turning the spigot into the ‘gusher’ position with their emergency lending, discount window lending, and their QE-based purchases of cesspool-grade MBS and agency debt from various global lending institutions.

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Notes on the liquidity transfusions:
SIGTARP, the oversight agency of the Troubled Asset Relief Program (TARP), in its July 2009 report, vetted by Treasury, noted that the U.S. Government’s “Total Potential Support Related to Crisis” (page 138) amounted to $23.7 trillion. While this figure represents a backstop commitment, not a measure of total potential loss, it is nonetheless an astounding degree of support, in the form of liquidity infusions, credit extensions and guarantees, various other forms of assistance for financial institutions and other business entities affected by the financial crisis.

One example of the mechanics of these backstop commitments involved two of the major investment-banks which were at the forefront of the U.S. financial crisis, Goldman Sachs and JP Morgan who, through their high-risk exposure to subprime debt and derivatives, received enormous financial assistance at the expense of U.S. taxpayers.

Goldman Sachs and J.P. Morgan received these direct liquidity infusions during the financial crisis via Fed disbursements through the Primary Dealer Credit Facility and numerous other credit facilities. The two (according to ZeroHedge 4-1-11) “had the temerity to pledge bonds that had defaulted (i.e. had a rating of D)… as in bankrupt, and pretty much worthless. . . that have no value whatsoever. . .” Goldman Sachs received $24.7 million and JP Morgan $1.4 million on the worthless collateral (September 15, 2008). Goldman Sachs pledged D-rated securities again September 29, 2008 and received $82.7 million (Citigroup received $102.8 million; Merrill Lynch – $217.8 million; Morgan Stanley – $261.0 million; UBS – $202.2 million).

In addition, the same two investment banking giants, Goldman Sachs and JP Morgan, earned free interest (again at taxpayer expense) through their access to credit extensions at the Federal Reserve discount window. Within two years, Goldman Sachs was paying out $111.3 million in “delayed bonuses” for the years 2007 and 2009 (NY Times 12-15-10).

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U.S. citizens deserve nothing less than the same direct access to liquidity extensions, through a ‘Citizens Credit Facility,’ to restore financial health at the family level, that were provided to major domestic and foreign financial institutions during the financial crisis.

The initial credit extension outlay with The Leviticus 25 Plan ($18.0 trillion – assuming an 80% participation rate by U.S. citizens) would hardly be prohibitive, in light of the trillions of dollars in Federal Reserve and Treasury outlays over the past 5 years to major U.S. banking and financial institutions (Morgan Stanley, Citigroup, Bank of America, State Street Corp, Goldman Sachs, Merrill Lynch, JPMorgan Chase, Wachovia, Lehman Brothers, Wells Fargo, Bear Stearns) and major foreign financial institutions (Royal Bank of Scotland, UGS AG, Deutsche Bank AG, Barclays, Credit Suisse. Dexia, BNP Paribas).

The Federal Reserve’s various credit facilities, discount window transactions, emergency loans, Foreign Exchange swap lines, Interest on Excess Reserves (IOER) for foreign banks, and Treasury’s TARP and stimulus programs have done little to improve the financial status for the majority of American families. These government programs have also done nothing to change the dominance and risk profile of “too big to fail banks,” and they have done little to lessen the counterparty default risk in the global derivatives markets.

The time is now to balance things out, and grant U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector.

Special Note: The Leviticus 25 plan generates $465 billion budget surpluses over each of the first 5 years of activation – and pays for itself entirely over a 10-15 year period. There is no other plan in America that can match the raw economic power of this plan.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3268 downloads)

Alan Greenspan says economy will start to fade “very dramatically” because of entitlement burdens – CNBC, Apr 12, 2019 – Excerpts:

Key points:

• Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs, former Fed Chairman Alan Greenspan tells CNBC.
• He also cites the effects of weakness around the world.

Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs and weakness around the world, former Federal Reserve Chairman Alan Greenspan told CNBC.

The long-time central bank chief repeated his warnings about the weight that Social Security, Medicare and other programs are having on what have been otherwise solid gains over the past few years.

“I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar”….

“Without any major change in entitlements, entitlements are going to rise. Why? Because the population is aging. There’s no way to reverse that, and the politics of it are awful, as you well know,” Greenspan added.

While he said the economy looks “reasonably good” in the short run, he expects that over the longer term, growth “fades very dramatically.”

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According to Greenspan, “entitlements are going to rise”… and “there’s no way to reverse that.”

Chairman Greenspan is mistaken.

There is a powerhouse new economic plan which will dramatically change the entitlement spending landscape. It will also generate $465 billion budget surpluses for the federal government and some life-saving budget improvements at the state and local levels.

It will re-fire the economic growth engines, bolster the U.S. Dollar on a long-term basis, stabilize the banking industry, and restore financial security and economic liberty for American families..

The Leviticus 25 Plan 2020 – An economic acceleration plan for America

$75,000 per U.S. citizen / Plan summary: http://leviticus25plan.org/statistics/

The Leviticus 25 Plan

“PROCLAIM LIBERTY THROUGHOUT ALL THE LAND

UNTO ALL THE INHABITANTS THEREOF”  Leviticus 25:10

Andrew Huszar directed the Federal Reserve’s [QE1] $1.25 trillion agency mortgage-backed security purchase program which kicked off during March 2009.

Here are his after-thoughts…or “confessions”  (Andrew Huszar: Confessions of a Quantitative Easer – WSJ.com – excerpts):

“We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.

“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what is really is: the greatest backdoor Wall Street bailout of all time.“

Five years ago this month, on Black Friday, the Fed launched an unprecedented shopping spree. By that point in the financial crisis, Congress had already passed legislation, the Troubled Asset Relief Program, to halt the U.S. banking system’s free fall. Beyond Wall Street, though, the economic pain was still soaring. In the last three months of 2008 alone, almost two million Americans would lose their jobs.

The Fed said it wanted to help—through a new program of massive bond purchases. There were secondary goals, but Chairman Ben Bernanke made clear that the Fed’s central motivation was to “affect credit conditions for households and businesses”: to drive down the cost of credit so that more Americans hurting from the tanking economy could use it to weather the downturn. For this reason, he originally called the initiative “credit easing.”

In its almost 100-year history, the Fed had never bought one mortgage bond. Now my program was buying so many each day through active, unscripted trading that we constantly risked driving bond prices too high and crashing global confidence in key financial markets. We were working feverishly to preserve the impression that the Fed knew what it was doing.

It wasn’t long before my old doubts resurfaced. Despite the Fed’s rhetoric, my program wasn’t helping to make credit any more accessible for the average American. The banks were only issuing fewer and fewer loans. More insidiously, whatever credit they were extending wasn’t getting much cheaper. QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash.

Trading for the first round of QE ended on March 31, 2010. The final results confirmed that, while there had been only trivial relief for Main Street, the U.S. central bank’s bond purchases had been an absolute coup for Wall Street. The banks hadn’t just benefited from the lower cost of making loans. They’d also enjoyed huge capital gains on the rising values of their securities holdings and fat commissions from brokering most of the Fed’s QE transactions. Wall Street had experienced its most profitable year ever in 2009, and 2010 was starting off in much the same way.

That was when I realized the Fed had lost any remaining ability to think independently from Wall Street. Demoralized, I returned to the private sector.

Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history.

And the impact? Even by the Fed’s sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn’t really working.

Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets.”                                                                               _____________________________

The Leviticus 25 Plan levels the playing field by providing direct credit extensions to U.S. citizens.  This would provide real, sustainable economic stimulus for Main Street America.  And it would restore economic liberty across the land.

America, it is time for a change.  It is time for a bold, new economic plan.

The Leviticus 25 Plan – An economic acceleration plan for America

$75,000 per U.S. citizen.

A short trip down memory lane, courtesy of Bloomberg – 2014, brings to light more of the Fed’s creative thinking and programmatic ‘liquidity free-wheeling’ during the great financial crisis.

The nation of Libya, officially christened, the “Great Socialist People’s Libyan Arab Jamahirya” (March 2, 1977), received generous liquidity transfusions from the U.S. Federal Reserve during the 2007-2010 financial crisis.

This is the same Libya whose intelligence service and Libyan embassy planned the 1986 bombing of the West Berlin nightclub, LaBelle, targeting U.S. servicemen (2 killed and dozens injured).

And this is the same Libya that was involved in the tragic Lockerbie airline terror bombing on December 21, 1988, that brought down Pan Am Flight 103 over Lockerbie, Scotland, killing 283 passengers and 16 crew members. A 3-year investigation pinpointed Libyan involvement. Libya later took responsibility (but did not admit ‘guilt’) and paid reparations to families, in order to get relief from ‘sanctions.’

And now…April 1, 2011 (Bloomberg)                                                                               Libya-Owned Arab Banking Corp. Drew at Least $5 Billion From Fed in Crisis  Excerpts:

Arab Banking Corp., the lender part-owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.

The bank, then 29 percent-owned by the Libyan state, had aggregate borrowings in that period of $35 billion — while the largest single loan amount outstanding was $1.2 billion in July 2009, according to Fed data released yesterday. In October 2008, when lending to financial institutions by the central bank’s so-called discount window peaked at $111 billion, Arab Banking took repeated loans totaling more than $2 billion.

Fed officials say all the discount window loans made during the worst financial crisis since the 1930s have been repaid with interest.

The U.S. government has frozen assets linked to the regime of Libyan ruler Muammar Qaddafi and engaged in air strikes against his military forces, which are battling a rebel uprising in the North African country. Arab Banking got an exemption that allows the firm to continue operating while barring it from engaging in any transactions with the Libyan government, according to the U.S. Treasury Department.

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This brief history lesson provides an important liquidity perspective on ‘fair play’…

U.S. citizens deserve nothing less than the same access to liquidity that was granted to the Arab National Bank Corp., along with scores of other domestic and foreign banks, at the height of the financial crisis – to help them along in their ‘time of need.’

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3130 downloads)

“Freedom to order our own conduct in the sphere where material circumstances force a choice upon us, and responsibility for the arrangement of our own life according to our own conscience, is the air in which alone moral sense grows and in which moral values are daily recreated in the free decision of the individual. Responsibility, not to a superior, but to one’s own conscience, the awareness of a duty not exacted by compulsion, the necessity to decide which of the things one values are to be sacrificed to others, and to bear the consequences of one’s own decision, are the very essence of any morals which deserve the name.”   – Friedrich A. von Hayek, The Road to Serfdom

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When government gains control of the material circumstances which must order the very lives of its citizens, the moral sense of a nation is sacrificed.

It is time to return the control of material circumstances back to the people, advancing the free expression of moral values, recreated daily in the free decisions of individual citizens to order their daily lives in accordance with their own consciences.

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

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3113 downloads)

Summer, 2011: A look back in history…

The International Monetary Fund (IMF) disbursed $780 million in a bailout package to Greece in July 2011. They funded a second large bailout package of $36.7 billion in March 2012 (Reuters, 3-15-12).

IMF receives somewhere between 17.07% to 21% of its budget courtesy of the U.S. government.  Make that “U.S. taxpayers.”

A new report, hot off the presses, sheds additional light on exactly where a healthy share of that money went (ZeroHedge 03/04/2015):                                                          

IMF Director Admits: Greek Bailout Was “To Save German & French Banks”
The IMF has admitted that the various Greek bailouts were not for The Greeks at all…

“They gave money to save German and French banks, not Greece,” Paolo Batista, one of the Executive Directors of International Monetary Fund told Greek private Alpha TV on Tuesday.   Source: Keep Talking Greece

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If the U.S. Government can transfuse the IMF with U.S. taxpayer dollars to bailout German and French banks for their Greek debt gambling binge… then the U.S. Government can direct the Federal Reserve, right now, to activate a U.S. citizens credit facility to grant U.S. citizens the same direct access to liquidity that major foreign and domestic banks received during the Great Financial Crisis.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3096 downloads)